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ADDITION MAY RECOMMENDATIONS 4-22-06

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ADDITIONAL MAY RECOMMENDATIONS - THREE (3) PLAYS:

Let's establish ourshort term energy positions at this point
We are recommending put writes in the following issues:

EPL - Energy Partners - production of oil and natural gas in the United States. It has interests in 38 producing fields and 5 fields under development located in the Gulf of Mexico Shelf and the Gulf Coast onshore regions. As of December 31, 2005, the company had estimated proved reserves of approximately 166.9 billion cubic feet of natural gas and 31.5 million barrels of oil. Energy Partners was founded by Richard A. Bachmann in 1998 and is headquartered in New Orleans, Louisiana.


PEIX - Pacific Ethanol, Inc. is currently in the business of marketing ethanol in the Western United States through Kinergy Marketing, a wholly-owned subsidiary of the Company and the largest West Coast-based marketer of renewable fuels. The Company intends, in the near future, to construct an ethanol production facility at its Madera County, California, site.


SUF - SulphCo has developed a patented safe and economic process employing ultrasound technology to desulfurize and hydrogenate crude oil and other oil related products. The company's technology upgrades sour heavy crude oils into sweeter, lighter crudes, producing more gallons of usable oil per barrel.

We are recommending the following specific put writes below:

EPL 27.95
SELL EPL MAY SYM: EPL-QE
Target Price $30.00 25 Put
Potential Profit(10 x = $300.00
Initial Margin $5,890 10 (contracts)
Return on Investment 5.09%
Cost Basis in Stock = $24.70
Days to Expiration = 27
Stock goes on Watch List Price at: $27.00
STOP EXIT STRATEGY
Close option position if Stock CLOSES less than $25.00

PEIX $30.12
SELL PEIX MAY SYM: PFQ-QX
Target Price $50.00 22.5 Put
Potential Profit(10 x = $500.00

Initial Margin $6,524 10 (contracts)
Return on Investment 7.66%
Cost Basis in Stock = $22.00
Days to Expiration = 27
Stock goes on Watch List Price at: $27.00
STOP EXIT STRATEGY
Close option position if Stock CLOSES less than $22.50



SUF $9.09
SELL SUF MAY SYM: SUF-QU
Target Price $35.00 7.5 Put
Potential Profit(10 x = $350.00

Initial Margin $2,168 10 (contracts)
Return on Investment 16.14%
Cost Basis in Stock = $7.15
Days to Expiration = 27
Stock goes on Watch List Price at: $8.50
STOP EXIT STRATEGY
Close option position if Stock CLOSES less than $7.50


When these positions are filled this will bring our total MAY positions to
FIVE (5).

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