Optionable Announces New Headquarters, Promotions and Hirings

OPTIONABLE ANNOUNCES NEW HEADQUARTERS,PROMOTIONS AND HIRINGS

Briarcliff Manor, NY, January 16, 2007 – Optionable, Inc. (OTCBB: OPBL), a leading provider of natural gas and other energy derivatives brokerage services, announced today that due to the Company’s rapid growth in providing energy brokerage services, it is moving its headquarters to larger facilities, and that it has promoted Thomas Schnell to Vice President - OTC Brokerage Service, and hired Mili Ashar as Senior Developer.

Optionable President Ed O’Connor said, “We are pleased to be expanding at a rate that requires us to find a larger space. We were able to secure new office space in Valhalla, Westchester County, and almost double the square footage while successfully negotiating a price per square foot that is comparable to our existing lease.”

O’Connor continued, “We wish to congratulate Tom in his new position as Vice President - OTC Brokerage Service and Mili Ashar on joining Optionable as Senior Developer. Tom has been with our team for several years and has demonstrated his skill as an energy broker and his commitment to our organization. We are confident that Tom will continue to add value in his new role as Vice-President. In addition, as we continue to grow, Mili will be a great asset to our development team of eight members as she brings 10 years of IT experience in the financial services industry to Optionable.”

Optionable will be moving its headquarters to 465 Columbus Avenue, Valhalla, NY in February 2007. The new headquarters is approximately 5,000 square feet which is much larger than its current facility of 3,000 square feet.

Prior to joining Optionable, Schnell was an energy options broker for the past 10 years, with NY-based Orion Energy Services on the OTC desk from 1997 to 2001. Before joining Orion Energy, Schnell was an energy broker with NY-based FX Options on the floor of the NYMEX from 1996 to 1997.

He was awarded a B.S. from Muhlenberg College in 1992.

Ashar joins Optionable from Harrison, NY-based CITICAPITAL where she was Assistant Vice President/Senior Programmer Analyst since 2003. Prior to that Ashar was Senior Systems Officer/Senior Programmer Analyst from 2000 to 2002. Before joining CITICAPITAL, Ashar was a Programmer/Analyst with White Plains-based CMGI Solutions from 1999 to 2000, and was a Techincal Support Engineer with Natick, MA-based THE MATHWORKS INC., from 1997 to 1999.

Ashar was awarded a B.S in Mechanical Engineering from Johns Hopkins University in 1997.

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 developed 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.


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