UPDATE 1-Opti says takeover bid didn't spur strategic review

* Says oil sands project on track to reliable production

* Says high debt partly responsible for strategic review (Adds analyst's comment, updates share price)

CALGARY, Alberta, Nov 4 (Reuters) - Opti Canada Inc (OPC.TO: Quote, Profile, Research), known for its stake in a major Alberta oil sands project, may put itself up for sale because the project is on track to start producing more reliably, not in response to any takeover bid, its chief executive said on Wednesday.

Opti's shares have been under pressure as output from the project, called Long Lake, has risen slower than expected. The company's high debt level was also a factor in its decision to hire financial advisers to help it examine strategic options, executives said.

"The process was not initiated in response to any specific inquiry or offer," CEO Christopher Slubicki said in a conference call. "Opti has had discussions and will continue to have discussions with parties over time."

Opti shares were up 23 Canadian cents, or 12 percent, at C$2.13 on the Toronto Stock Exchange on volume of 3.3 million shares.

The stock had fallen 42 percent over the past year as Opti and its partner, Nexen Inc (NXY.TO: Quote, Profile, Research), struggled to raise output from Long Lake, saying last month that the project was unlikely to reach its 60,000 barrel per day capacity until at least 2011.

Nexen and Opti completed a major maintenance turnaround at the C$6.1 billion ($5.75 billion) steam-driven project in September, and that was a driver behind the decision, announced on Tuesday, to weigh options for boosting value, Slubicki said.

The work included replacing hundreds of valves at the production facility and testing numerous parts of the upgrader, which turns the heavy crude from the oil sands into refinery-ready synthetic oil.