TERMINATION AGREEMENT

                                                                    Exhibit 10.2


                              TERMINATION AGREEMENT

         THIS TERMINATION AGREEMENT, dated as of the 31st day of January, 2007,
among Optionable, Inc., a Delaware corporation (the "Company"), and Capital
Energy Services, LLC, a New York limited liability company ("CES").

         WHEREAS the Company and CES entered into a Master Services Agreement
(as supplemented, the "Agreement"), effective April 1, 2004 relating to services
performed by the Company to CES, which CES and the Company now wish to
terminate,

         NOW THEREFORE, for good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties hereby agree as follows:

1.         The parties hereby termina