VANCOUVER, Canada, August 31, 2010 – Otish Energy Corp. (the “Company”) (TSXV: OEI) has closed its non-brokered private placement for gross proceeds totalling $500,000. These funds were raised through the issue by the company of 7,142,857 units at a price of seven cents per unit, each unit consisting of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder, on exercise, to purchase one common share for a period of two years, at a price of 10 cents until August 20, 2011 and at a price of 15 cents until August 20, 2012.

Total commissions of $29,671.20 were paid by the company to agents as consideration for arranging the
offering. The company also issued agent warrants, which entitle the agents to purchase up to 355,474
common shares of the company at a price of at a price of 10 cents per share until August 20, 2011 and at a
price of 15 cents per share until August 20, 2012.

The securities issued pursuant to this offering, and any common shares to be issued upon the exercise of
the warrants and agent’s warrants are subject to a hold period expiring December 21, 2010.
On Behalf of the Board of Otish Energy Inc.

“Steve Smith”
President