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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2009) - Otish Energy Corp. (the "Company") (TSX VENTURE:OEI) announces that it will be proceeding with the consolidation of its issued share capital on a 4:1 basis. The Company received shareholder approval to the consolidation at its annual and special meeting held on February 26, 2009. Following completion of the consolidation, the Company will have 14,447,942 shares outstanding.

The Company has also entered into a property purchase and sale agreement (the "Agreement") with Nicolas Lavoie and Martin Neron (the "Vendors"), both of Chicoutimi, Quebec, to acquire (the "Acquisition") a 100% interest in 9 mineral claims forming the Lac du Raton Property in the Quesnel Township, Lac St-Jean Area of Quebec (the "Property"). In consideration for the Acquisition, the Company has agreed to pay to the Vendors the sum of $30,000 and issue 120,000 post-consolidated common shares in its capital stock, over a period of two years. The Property is subject to a 2% NSR in favour of the Vendors. The Company will have the option to reduce the NSR, at any time, to 1% for a cash payment of $1,000,000 to the Vendors.

The Lac du Raton property comprises felsic and alkaline intrusive rocks with stockwerk of magnetite Matoush Northhosted by charnockitic and felsic gneisses. Three (3) grab samples from outcrops yielded total rare earth elements (TREE) values up to 1.22% with Nd (neodymium) content as high as 0.19%. Neodymium is the prime metal in the manufacturing of special magnets for the automotive industry. Results are as follows:

In order to fund the initial acquisition costs and exploration commitments of the Acquisition, the Company has negotiated a private placement totalling $1,000,000. These funds will be raised by the Company issuing a combination of up to 7,500,000 post-consolidated flow-through common shares at a post-consolidated price of $0.10 per share, and up to 2,500,000 non-flow-through units at a post-consolidated price of $0.10 per unit, each unit consisting of one post-consolidated common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional post-consolidated common share of the Company at a post-consolidated price of $0.15 for the first year and $0.20 for the second year; 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 also be used to further exploration on the Company's Matoush North and Tonka properties and for working capital purposes.

This press release was reviewed by Benoit Moreau, P.Geo, a Qualified Person, according to NI-43-101, and also Otish Energy's VP-Exploration and a Corporate Director of the Company. This transaction is subject to due diligence and the approval of the TSX Venture Exchange.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.