OEI Otish Energy Inc.

Otish Energy Corp. (the "Company") (TSX VENTURE: OEI) announces that it will not be proceeding with its private placement announced on October 26, 2009. The Company has however negotiated, subject to the acceptance of the TSX Venture Exchange, a new private placement totalling $600,000. These funds will be raised by the Company issuing up to 7,142,857 flow-through common shares at a price of $0.07 per share and up to 1,428,571 non-flow-through units at a price of $0.07 per unit, each unit consisting of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of the Company at a price of $0.12 for a period of two years; provided however, that in the event the closing price of the Company's shares on the TSX Venture Exchange exceeds $0.40 for 20 consecutive trading days, the Company shall have the right to accelerate the exercise period of the Warrants to a date that is not less than 30 days from the date of the Company provides notice of its election to accelerate the exercise period.

Finder's fees may be payable on a portion of the private placement, in accordance with the policies of the TSX Venture Exchange.

A portion of the net proceeds of the private placement will be used to further exploration on the Company's recently acquired Chicobi and Noyelles gold properties, Lac du Raton and Lac des Coudes REE properties and for working capital purposes.

On Behalf of the Board,

Otish Energy Inc.

Steve Smith, President

Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts: Otish Energy Inc. Steve Smith President 604-642-0115 604-642-0116 (FAX) steve@otishenergyinc.com www.otishenergyinc.com