Versatile Obita, 23, who came through the Royals’ academy, has signed a three-year deal, while skipper McShane will stay at the Madejski Stadium for another two years.
Reading manager Jaap Stam told the club’s official website: “Jordan was here years before I joined the club and over that time he has proven his ability as a winger, a left-back and a wing-back.
“Players with a great left foot are hard to find and his set-pieces, delivery into the opposition’s box and passing ability across the pitch were all very important to us as he shared that left side with Tyler (Blackett) last season, so I’m very happy we have been able to keep him at the club with this new contract.”
On central defender McShane, Stam added: “Macca entered the last year of his contract this season and it is important to ensure your experienced players remain part of your squad and help the club move forward.
“His mentality was so important to the team as a whole, as was his role in helping us play the ball out from the back – and I’m very pleased he has agreed to remain a key part of this squad and what we want to achieve at Reading.”
Royals chief executive Ron Gourlay said: “Aside from the seven summer signings we have made this summer, it has been our firm intention to secure the futures of key first-team personnel – players who earned us so much success last season and whom we believe are integral in helping us achieve more in the future.”