Amendment to
                  Master Services Agreement dated April 1, 2004
                                     And to
                       Loan Agreement dated March 22, 2004


     The undersigned  acknowledge  and agree to the following  amendments to (i)
Master Services Agreement ("Master Services  Agreement") dated April 1, 2004, as
modified,  between  Optionable,  Inc. ("OPEX") and Capital Energy Services,  LLC
("CES") and (ii) Loan  Agreement  ("Loan  Agreement")  dated March 22, 2004,  as
modified, between OPEX and Mark Nordlicht ("Nordlicht").

1. Capitalized terms not defined herein shall have the meanings ascribed to them
in the Master Services Agreement or the Loan Agreement, as the case may be.

2.  The  Master  Services  Agreement  is  hereby  amended  by  deleting  Section
2(e)iii.1. thereof and inserting the following in its place and stead:

          1. The  Repayment  Allocation  is defined as  follows;  A  percentage,
          established  at the  discretion  of the Finance  Committee of OPEX, of
          OPEX's cash flows from operating  activities adjusted for purchases of
          property and equipment,  on a quarterly basis  ("Adjusted Cash Flow").
          The  Repayment  Amount may be greater than the Adjusted  Cash Flow. In
          establishing this amount,  the Finance Committee will consider,  among
          other financial  metrics,  significant  anticipated  expenditures  and
          working  capital  needs,  overall  financial  position  and such other
          factors as it deems appropriate.

3. The Loan  Agreement is hereby amended by deleting  Section 2c.1.  thereof and
inserting the following in its place and stead:

          1. The  Repayment  Allocation  is defined as  follows;  A  percentage,
          established  at  the  discretion  of  the  Finance  Committee  of  the
          Borrower,  of the  Borrower's  cash  flows from  operating  activities
          adjusted  for  purchases  of property  and  equipment,  on a quarterly
          basis("Adjusted  Cash Flow"). The Repayment Amount may be greater than
          the Adjusted  Cash Flow..  In  establishing  this amount,  the Finance
          Committee  of  the  Borrower  will  consider,  among  other  financial
          metrics,  significant  anticipated  expenditures  and working  capital
          needs,  overall financial  position and such other factors as it deems
          appropriate.

4.  Other  than as so  modified,  the  Master  Services  Agreement  and the Loan
Agreement remain in full force and effect.

     IN WITNESS  WHEREOF,  the undersigned have caused this Agreement to be duly
executed and delivered as of April 10, 2006.

                                                  OPTIONABLE, INC.


                                                  By:      /s/ Albert Helmig
                                                               -------------
                                                  Name:        Albert Helmig

                                                  Title:       Director



                                                  CAPITAL ENERGY SERVICES, LLC



                                                  By:    /s/ Kevin P. Cassidy
                                                             ----------------
                                                  Name:      Kevin P.Cassidy

                                                  Title:     Managing Director


                                                  By:     /s/ Kevin P. Cassidy
                                                              ----------------
                                                  Name:       Kevin P. Cassidy


                                                  By:     /s/ Mark Nordlicht
                                                              --------------
                                                  Name:       Mark Nordlicht


                                                  By:     /s/ Edward J. O'Connor
                                                              ------------------
                                                  Name:       Edward J. O'Connor