China's CNOOC Closes Acquisition of OPTI Canada

Calgary-based oil sands company, OPTI Canada Inc., announced that its acquisition by CNOOC Luxembourg S.à r.l, an indirect wholly-owned subsidiary of China-based CNOOC Limited, has been completed. CNOOC is a producer of offshore crude oil and natural gas and an oil and gas exploration and production company. The total value of the acquisition is approximately US$2.1 billion, which includes net consideration of US$1.2 million payable to holders of OPTI’s Second Lien Notes, US$37.5 million payable to backstop parties, US$34 million payable to former shareholders and the assumption of US$825 million first lien notes.