OPEX Analytics Provides Institutional Investors Real Time Mark-to-Market Valuations of Energy Option Portfolios

Briarcliff Manor, NY, October 3, 2006 – Optionable, Inc. (OTCBB: OPBL), a leading provider of natural gas and other energy derivatives brokerage services, through its new OPEX Analytics service provides institutions with a unique ability to have real time mark-to-market valuations to access risks and monitor their natural gas and crude oil options portfolios.

“The recent news stories about hedge funds’ investments in energy options highlighted institutional investors’ critical need to have real time mark-to-market valuations for their holdings as opposed to the theoretical valuations frequently used to monitor investments,” said Kevin Cassidy, Chief Executive Officer of Optionable. “OPEX Analytics provides a critical solution to monitor risks and changes in investment portfolios by providing up-to-date, reliable information as to the real-time market valuations of options. This product will be an invaluable tool for clients in monitoring their natural gas and energy derivative portfolios.”

In line with management’s commitment to diversifying the products offered to institutional clients, Optionable recently announced its OPEX Analytics service that will offer a direct communications link to the back and mid-offices of clients enabling them to maintain up-to-date valuations based on real market options trading. The service will be administered by an OPEX analyst who will receive requests from the clients’ back office or risk management personnel for real market data on option structures, whether they are long dated options or swaptions. Clients will be able to continually re-evaluate their books at any given time based on real time market information.

“In the past few days a large international bank and a hedge have both retained our OPEX Analytics service. We are continuously striving to meet the needs of our customers for further energy brokerage services and we believe OPEX Analytics will provide a vital solution previously unavailable in the market,” concluded Cassidy.

About Optionable

Optionable, Inc. is a leading provider of natural gas and other energy derivatives trading and brokerage services, headquartered in Briarcliff Manor, NY. The company provides its services to brokerage firms, financial institutions, energy traders and hedge funds nationwide. In addition to the traditional voice brokerage business, Optionable recently launched an automated derivatives trading platform. OPEX is a real-time electronic trade matching and brokerage system designed to improve liquidity and transparency in the energy derivatives market. For more information about Optionable and OPEX please visit www.optionable.com.


Safe Harbor Statement

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with market acceptance of OPEX, our ability to retain key employees, reliance of strategic relationships, intense and increasing competition, concentration of services revenues related to natural gas derivatives, increased governmental regulations as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Optionable assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

OPEX is a service mark of Optionable, Inc.

CONTACT
Allan Jordan
The Global Consulting Group
Tel: (646) 284-9452
Email: ajordan@hfgcg.com