OEI Otish Energy Inc.

Otish Energy Inc. (the "Company") (TSX VENTURE: OEI) is pleased to announce the closing of its non-brokered private placement totalling $959,592, which includes participation by the Mineralfields Group(i). These funds were raised through the issuance by the Company of 11,148,540 flow-through shares at a price of $0.07 per share and 2,559,920 non-flow-through units ("NFT Units") at a price of $0.07 per unit, each NFT Unit consisting of one non-flow-through common share and one common share purchase warrant entitling the holder to purchase one additional common share of the Company for a period of two years at a price of $0.12; 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.

Commissions totalling $36,840.09 were paid to Canaccord Financial Ltd., Global Securities Corporation and Limited Market Dealer Inc.(i), as consideration for arranging a portion of the private placement. In addition, a total of 172,571 broker's warrants were issued to Global Securities and Limited Market Dealer, each broker warrant entitling the holder to purchase one common share of the Company for a period of two years at a price of $0.10.

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.

The shares issued pursuant to the private placement, and any shares to be issued on exercise of the share purchase warrants and broker's warrants, are subject to a hold period expiring May 1, 2010.

(i) MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Information about MineralFields Group is available at www.mineralfields.com.

On Behalf of the Board of 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