OPTI Canada Inc loses a third of its value, Hits Yr Low after trading resumes; hires Lazard Freres to advise on strategic options

By Midnight Trader,  February 01, 2011, 03:39:20 PM EDT

OPTI Canada Inc. (OPC.TO), which is under financial pressure due to lower-than-expected oil sands output, reportedly said on Tuesday it hired a new financial adviser to assist in a search for strategic options, which include asset sales or finding a buyer for the company.

OPC has lost a third of its value and has touched a new year low of just 44 cents today.

OPC was under a trading halt. Its shares had lost 27.5% prior to the 11:01 a.m. stoppage ahead of the news announcement by the company. Nearly 15.6 mln shares changed hands prior to the halt.

OPC.TO is developing a steam-assisted gravity drainage oilsands project in the Alberta oilsands with Nexen Inc. (NXY.TO,NXY). It owns a 35% stake in the Long Lake project, which averaged 29,100 barrels of bitumen daily during December.

Nexen shares were off $0.13 to $25.02 in late-morning trade.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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