Opti Canada Inc (CVE:OPC) (PINK:OPCDF) stock price continues to rise impatiently as the contemplated sale of business draws closer.
OPC stock price added 4.2% on Wednesday under a heavy trading volume of 4.86 million, which was four times the average 1.2 million. This addition continued the vague but steady uptrend lasting since early October.
The stock price action draws strength from a pending acquisition deal and the recently published third quarter operational results.
On November 17, the company announced to have received all the regulatory approvals necessary to complete the sale of the business. The acquisition is expected to be completed by the end of November 2011 if all the remaining conditions are met.
On July 20, 2011 OPTI announced to have made an agreement with CNOOC Luxembourg S. r.l, a subsidiary of CNOOC Limited. Under the agreement, CNOOC will acquire the Second Lien Notes and all of the outstanding shares of OPTI in a deal valued around $2.1 billion. The sale of business was to come up as a solution to the company’s huge debt problems.
Despite the sticky situation with the creditors, the company continues to grow their production rates and might emerge as a successful business once the debts are settled. The company said in a press release on November 1 they have achieved the highest to date quarterly bitumen production of 32 thousand barrels per day, raising their average to 29.5 thousand.
