NYMEX-Cleared Crude Oil, Heating Oil, and Gasoline Derivative Contracts Now Trading on Optionable's OPEX Trading Platform

NYMEX-CLEARED CRUDE OIL, HEATING OIL, AND GASOLINE DERIVATIVE CONTRACTS NOW TRADING ON OPTIONABLE’S OPEX TRADING PLATFORM

Briarcliff Manor, NY, December 27, 2006 – Optionable, Inc. (OTCBB: OPBL), a leading provider of natural gas and other energy derivatives brokerage services, announced today that crude oil, heating oil and gasoline derivative contracts are now available through the Company’s OPEX trading platform. Like the natural gas derivative contracts already trading on OPEX , the crude oil, heating oil and gasoline contracts trading on the OPEX platform are all cleared through the award-winning NYMEX ClearPort® electronic trading and clearing platform.

“Our plan has been to build, step-by-step, energy commodities markets for our OPEX electronic platform and the live trading of OTC crude oil, heating oil and gasoline derivative contracts has actually come a little faster than originally expected,” said Optionable CEO Kevin Cassidy. “The response to OPEX among the large banks, brokerage houses and hedge funds has been extraordinary and we look forward to continuing to build this business. Every week we have been trading more and more natural gas contracts electronically, and we look for the same momentum to build in electronic trading of the rest of our energy derivatives.”

The OPEX Trading Platform facilitates trading strategies that are currently executed on the OTC (over-the-counter market) and the commodity exchanges. OPEX is configured to trade dozens of option trading strategies enjoyed in the market, offering vital information such as the size of the best bid and ask price, and can be customized by the trader to create individual strategies. The OPEX trading platform permits traders to execute transactions on OPEX and have them electronically cleared through the award-winning NYMEX ClearPort clearing technology.

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 is developing 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 servicemark of Optionable, Inc.

Contact Information:

Rudy Barrio (investors)
Allen & Caron Inc
Tel: 212 691 8087
Email: r.barrio@allencaron.com

or

Brian Kennedy (media)
Allen & Caron Inc
Tel: 212 691 8087
Email: brian@allencaron.com