UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 (X) ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 For
the fiscal year ended December 31, 2010
 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
 000-52602
 BRISTOL ENERGY FUND L.P.
  New York
    
    20-2718952(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 c/o Ceres Managed Futures LLC
522 Fifth Avenue - 14th Floor
New York, New York 10036
  (212) 296-1999
  None
 Redeemable Units
of Limited Partnership Interest
   Yes  No X
  Yes  No X
  Yes X No
 S-T
 Yes  No
   Large accelerated filer  _
    
    Accelerated filer _
    
    Non-accelerated filer  X(Do not check if a smaller reporting company)
    
    Smaller reporting company _
  Yes  No X




---



##### 



PART I
 
 Item 1. Business .
 General
Development of Business
 Financial Statements and Supplementary Data
  Managements Discussion and Analysis of Financial Condition and Results of
Operations
      2




---



##### 



30-day 3-month
 Financial Information about Segments Selected Financial Data
 Narrative Description of Business
    Financial Information About Geographic Areas
 3




---



##### 



Available
Information
 Reports to Security Holders
 Enforceability of Civil Liabilities Against Foreign Persons
 Smaller
Reporting Companies
 Item 1A. Risk Factors .
 As a result of leverage, small changes in the price of the Partnerships positions may result
in major losses.
  An investor may lose all of its investment.
  The Partnership will pay substantial fees and expenses regardless of profitability.
  An investors ability to redeem  units is limited.
  Conflicts of interest exist.
  1.
    
    The General Partner and the Partnerships/Masters commodity broker are affiliates;2.
    
    The Advisor, the Partnerships/Masters commodity broker and their principals and affiliates may trade in
commodity interests for their own accounts; and3.
    
    An investors financial advisor will receive ongoing compensation for providing
services to the investors account.
 Investing in units might not provide the desired diversification of an investors overall
portfolio.
  Past performance is no assurance of future results.
  An investors tax liability may exceed cash distributions.
  Regulatory changes could restrict the Partnerships operations.
  Speculative position and trading limits may reduce profitability.
  4




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##### 



Item 2. Properties .
  Item 3. Legal Proceedings .
    Credit-Crisis-Related Litigation and Other Matters
  Subprime Mortgage-Related Litigation and Other Matters
      Item 4. [Removed and Reserved]
 5




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##### 



PART II
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities .
 (a)
    
    Market Information. The Partnership has issued no stock. There is no
public market for the Redeemable Units.(b)
    
    Holders. The number of holders of Redeemable Units as of December 31,
2010 was 4,367.(c)
    
    Dividends. The Partnership did not declare a
distribution in 2010 or 2009. The Partnership does not intend to declare
distributions in the
foreseeable future.(d)
    
    Securities Authorized for Issuance Under Equity Compensatory Plans.
None.(e)
    
    Performance Graph.
Not applicable.(f)
    
    Recent Sales of Unregistered Securities; Use of Proceeds from Registered Securities. For the year ended December 31, 2010, there were additional subscriptions
of 79,891.6932 Redeemable Units totaling $122,716,000. For the year ended December 31, 2009, there
were additional subscriptions of 94,176.4822 Redeemable Units totaling $154,716,468, General Partner
contributions representing 1,461.7931 unit equivalents totaling $2,500,000 and an allocation of 3,832.7087
Redeemable Units of Special Limited Partner Interest totaling $6,371,890. For the year ended December
31, 2008, there were additional subscriptions of 80,923.5894 Redeemable Units totaling $120,116,000, General
Partner contributions representing 1,320.0586 unit equivalents totaling $2,000,000 and an allocation of
10,030.0211 Redeemable Units of Special Limited Partner Interest totaling $15,059,328.The Redeemable Units
and the redeemable units of Special Limited Partnership Interest
were purchased by accredited investors as described in Regulation D.Proceeds from the additional subscriptions of Redeemable Units are used in the trading of
commodity interests including futures contracts, options and forward contracts.(g)
    
    Purchases of Equity Securities by the Issuer and Affiliated Purchasers.The following chart sets forth the purchases of Redeemable Units by the Partnership.
 (d) Maximum Number(c) Total Number
    
    
    
    (or Approximate
      Dollarof Redeemable Units
    
    
    
    Value) of Redeemable(a) Total Number
    
    
    
    (b) Average
    
    
    
    Purchased as Part
      of
    
    
    
    Units that May Yet
      Beof Redeemable Units
    
    
    
    Price Paid per
    
    
    
    Publicly Announced
    
    
    
    Purchased Under
      thePeriod
    
    
    Purchased*
    
    
    
    Redeemable Unit**
    
    
    
    Plans or Programs
    
    
    
    Plans or ProgramsOctober 1, 2010 -
      October 31, 2010
    
    
    
    6,941.0487
    
    
    
    $
    1,298.64
    
    
    
    
    N/A
    
    
    
    
    N/ANovember 1, 2010 -
      November 30, 2010
    
    
    

11,201.5927
    
    
    
    $

1,306.35
    
    
    
    
    N/A
    
    
    
    
    N/ADecember 1, 2010-
      December 31, 2010
    
    
    

17,531.0375
    
    
    
    $

1,267.09
    
    
    
    
    N/A
    
    
    
    
    N/A35,673.6789
    
    
    
    $

1,285.56
 *
    
    Generally, limited partners are permitted to redeem their Redeemable Units as of the last day of each month on
three business days notice to the General Partner. Under certain circumstances, the General Partner can compel redemption, although
to date, the General Partner has not exercised this right. Purchases of Redeemable Units by the Partnership reflected
in the chart above were made in the ordinary course of the Partnerships business in connection with effecting
redemptions for limited partners.**
    
    Redemptions of Redeemable Units are effected as of the last day of each month at the net asset value per
Redeemable Unit as of that day. No fee will be charged for redemptions. 6




---



##### 



Item 6. Selected Financial Data .
  2010
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Net realized
and unrealized trading gains (losses) net of expenses allocated
from the Master and brokerage
 fees (including clearing fees) of $17,510,544, $15,712,498, $11,245,204,
$6,869,475, and $3,746,194, respectively

    $
    (113,408,742
    )
    $
    57,088,217
    
    
    $
57,508,623


    $
    19,685,242
    
    
    $
    (1,037,567
    )Interest
income allocated from Master

    
    409,291
    
    
    276,735
    
    
    
2,824,017


    
    6,174,844
    
    
    
    3,873,346$
    (112,999,451
    )
    $
    57,364,952
    
    
    $
60,332,640


    $
    25,860,086
    
    
    $
    2,835,779Net income
(loss) before allocation to Special Limited
Partner

    $
    (124,945,780
    )
    $
    46,693,535
    
    
    $
52,530,383


    $
    20,972,211
    
    
    $
    207,112Allocation to Special Limited Partner

    $
    
    
    $
    (6,371,890
    )
    
    $
(15,059,328
)

    $
    (2,014,644
    )
    
    $
    (659,994
    )Net income
(loss) after allocation to Special Limited Partner

    $
    (124,945,780
    )
    $
    40,321,645
    
    
    $
37,471,055


    $
    18,957,567
    
    
    $
    (452,882
    )Increase
(decrease) in net asset value per unit

    $
    (378.64
    )
    $
    178.97
    
    
    $
236.71


    $
    131.40
    
    
    $
    59.66Net asset value per unit

    $
    1,267.09
    
    $
    1,645.73
    
    
    $
1,466.76


    $
    1,230.05
    
    
    $
    1,098.65Total assets

    $
    402,501,983
    
    $
    479,968,308
    
    
    $
338,957,991


    $
    207,910,511
    
    
    $
    156,089,358
 Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations .
 Overview
    
    
    due diligence examinations of the Advisor;
    
    selection, appointment and termination of the Advisor;
    
    negotiation of the Management Agreement; and
    
    monitoring the activity of the Advisor.
   SandRidge
Capital, L.P.
   7




---



##### 



Liquidity
   (i)
    
    The Master invests its assets only in commodity interests that the Advisor believes
are traded in sufficient volume to permit ease of taking and liquidating positions.
Sufficient volume, in this context, refers to a level of liquidity that the Advisor
believes will permit it to enter and exit trades without noticeably moving the market.(ii)
    
    The Advisor will not initiate additional positions in any commodity if these positions
would result in aggregate positions requiring a margin of more than
66 2⁄3% of the Masters
net assets allocated to that Advisor.(iii)
    
    The Master may occasionally accept delivery of a commodity. Unless such delivery is
disposed of promptly by retendering the warehouse receipt representing the delivery to the
appropriate clearinghouse, the physical commodity position is fully hedged.(iv)
    
    The Master does not employ the trading technique commonly known as pyramiding, in
which the speculator uses unrealized profits on existing positions as margin for the
purchases or sale of additional positions in the same or related commodities.(v)
    
    The Master does not utilize borrowings other than short-term borrowings if the Master
takes delivery of any cash commodities.(vi)
    
    The Advisor may, from time to time, employ trading strategies such as spreads or
straddles on behalf of the Master. Spread
and straddle
describes a commodity futures trading strategies involving the simultaneous buying and
selling of futures contracts on the same commodity but involving different delivery dates
or markets.
 
 8




---



##### 



(vii)
    
    The Master will not permit the churning of its commodity trading account. The term
churning refers to the practice of entering and exiting trades with a frequency
unwarranted by legitimate efforts to profit from the trades, indicating the desire to
generate commission income.
 i.e.
      Financial Statements and Supplementary Data
 9




---



##### 



Capital resources
      Results of Operations
  Financial Statements and Supplementary Data
     10




---



##### 



11




---



##### 



Off-balance
sheet Arrangements
 Contractual
Obligations
 Operational Risk
   Operational/Settlement Risk
 Technological Risk
 Legal/Documentation Risk
 Financial Control Risk
 Critical Accounting Policies
 Partnerships Investments
 Partnerships
and Masters Fair Value Measurements.
    Futures
Contracts.
 Options.
 12




---



##### 



Item 7A. Quantitative and Qualitative Disclosures About Market Risk .
 Introduction
    13




---



##### 



Qualitative and Quantitative Disclosures About Market
Risk
 Quantifying the Partnerships/Masters Trading Value at Risk
       14




---



##### 



The
Masters Trading Value at Risk in Different Market Sectors
  December 31,
2010
 % of Total
    
    
    High
    
    
    Low
    
    
    AverageMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    

Value at Risk
    
    

Value at Risk*Energy
    
    $
    61,391,255
    
    
    
    11.61%
    
    
    $
    85,692,107
    
    
    $
    18,754,664
    
    
    $
    56,852,448Total
    
    $
    61,391,255
    
    
    
    11.61%
 
 *
    
    Annual average of month-end Value at Risk.  December 31,
2009
 Low
    
    
    Average% of Total
    
    
    High
    
    
    Value at
    
    
    Value atMarket Sector
    
    Value at Risk
    
    
    Capitalization
    
    
    Value at Risk
    
    

Risk
    
    

Risk*Energy
    
    $
    19,220,494
    
    
    
    2.81%
    
    
    $
    40,574,022
    
    
    $
    11,157,117
    
    
    $
    24,955,810Total
    
    $
    19,220,494
    
    
    
    2.81%
 
 *
    
    Annual average of month-end Value at Risk. 15




---



##### 



Material Limitations on Value at Risk as an Assessment of Market Risk
  Non-Trading Risk
  Qualitative Disclosures Regarding Primary Trading Risk Exposures
   Energy
   16




---



##### 



Qualitative Disclosures Regarding Means of Managing Risk Exposure
     17




---



##### 



Item 8. Financial Statements and Supplementary Data .
 BRISTOL ENERGY FUND L.P.
  18




---



##### 



To the Limited
    Partners of
 Bristol Energy
    Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999
  19




---



##### 



Managements
    Report on Internal Control over
    Financial Reporting
            Internal Control-Integrated Framework
  -s- Walter DavisWalter
    Davis
    President and Director
    Ceres Managed Futures LLC
    General Partner,
    Bristol Energy Fund L.P.

-s- Jennifer MagroJennifer
    Magro
    Chief Financial Officer and Director
    Ceres Managed Futures LLC
    General Partner,
    Bristol Energy Fund L.P.   20




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 
    
 21




---



##### 



Report of Independent Registered Public Accounting Firm
 
 Internal Control  Integrated Framework
  22




---



##### 



23




---



##### 



Bristol Energy
    Fund L.P.Statements of Financial ConditionDecember 31, 2010 and 2009
  2010


2009Assets:Investment in Master, at fair value (Note 1)

$
402,350,613


$
479,820,291Cash (Note 3c)


151,370



148,017Total assets

$
402,501,983


$
479,968,308Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage fees (Note 3c)

$
1,257,819


$
1,499,901Management fees (Note 3b)


668,594



797,316Administrative fees (Note 3a)


167,149



199,329Professional fees


73,647



59,629Other


14,119



19,136Redemptions payable (Note 5)


22,213,402



6,793,491Total liabilities


24,394,730



9,368,802Partners Capital: (Notes 1 and 5)General Partner, 3,346.8277 unit equivalents outstanding at
    December 31, 2010 and 2009, respectively


4,240,732



5,507,975Special Limited Partner, 800.7772 Redeemable Units outstanding
    at December 31, 2010 and 2009, respectively


1,014,657



1,317,863Limited Partners, 294,258.5619 and 281,803.7996 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


372,851,864



463,773,668Total partners capital


378,107,253



470,599,506Total liabilities and partners capital

$
402,501,983


$
479,968,308Net asset value per unit

$
1,267.09


$
1,645.73   See accompanying notes to financial statements.
  24




---



##### 



Bristol Energy
    Fund L.P.Statements of Income and Expenses
    for the years endedDecember 31, 2010, 2009 and
    2008
  2010


2009


2008Income:Net realized gains (losses) on closed contracts allocated from
    Master

$
(79,184,747
)

$
10,866,259


$
155,738,943Change in net unrealized gains (losses) on open contracts
    allocated from Master


(15,521,914
)


62,545,418



(86,506,035
)Interest income allocated from Master


409,291



276,735



2,824,017Expenses allocated from Master


(1,191,537
)


(610,962
)


(479,081
)Total income (loss)


(95,488,907
)


73,077,450



71,577,844Expenses:Brokerage fees (Note 3c)


17,510,544



15,712,498



11,245,204Management fees (Note 3b)


9,308,420



8,351,500



5,976,427Administrative fees (Note 3a)


2,327,106



2,087,876



1,494,106Professional fees


227,258



165,907



257,814Other


83,545



66,134



73,910Total expenses


29,456,873



26,383,915



19,047,461Net income (loss) before allocation to Special Limited Partner


(124,945,780
)


46,693,535



52,530,383Allocation to Special Limited Partner (Note 3b)






(6,371,890
)


(15,059,328
)Net income (loss) after allocation to Special Limited Partner

$
(124,945,780
)

$
40,321,645


$
37,471,055Net income (loss) per unit (Note 6)

$
(378.64
)

$
178.97


$
236.71Weighted average units outstanding


324,536.1059



254,181.1224



203,840.2947   See accompanying notes to financial statements.
  25




---



##### 



Bristol Energy
    Fund L.P.Statements of Changes in Partners
    Capital
    for the years endedDecember 31, 2010, 2009 and
    2008
  SpecialLimited


Limited


GeneralPartners


Partner


Partner


TotalPartners Capital at December 31, 2007

$
201,579,372


$
2,914,442


$
694,949


$
205,188,763Subscriptions of 80,923.5894 Redeemable Units and 1,320.0586
    General Partner unit equivalents


120,116,000







2,000,000



122,116,000Allocation of 10,030.0211 Redeemable Units of Special Limited
    Partner Interest (Note 3b)






15,059,328







15,059,328Redemptions of 28,475.0102 Redeemable Units


(41,596,424
)










(41,596,424
)Redemptions of 4,169.3687 Redeemable Units of Special Limited
    Partner Interest






(6,099,870
)






(6,099,870
)Net income (loss) available for pro rata distribution


37,203,545



197,566



69,944



37,471,055Partners Capital at December 31, 2008


317,302,493



12,071,466



2,764,893



332,138,852Subscriptions of 94,176.4822 Redeemable Units and 1,461.7931
    General Partner unit equivalents


154,716,468







2,500,000



157,216,468Allocation of 3,832.7087 Redeemable Units of Special Limited
    Partner Interest (Note 3b)






6,371,890







6,371,890Redemptions of 28,700.7737 Redeemable Units


(46,455,006
)










(46,455,006
)Redemptions of 11,261.9528 Redeemable Units of Special Limited
    Partner Interest






(18,994,343
)






(18,994,343
)Net income (loss) available for pro rata distribution


38,209,713



1,868,850



243,082



40,321,645Partners Capital at December 31, 2009


463,773,668



1,317,863



5,507,975



470,599,506Subscriptions of 79,891.6932 Redeemable Units


122,716,000











122,716,000Redemptions of 67,436.9309 Redeemable Units


(90,262,473
)










(90,262,473
)Net income (loss) available for pro rata distribution


(123,375,331
)


(303,206
)


(1,267,243
)


(124,945,780
)Partners Capital at December 31, 2010

$
372,851,864


$
1,014,657


$
4,240,732


$
378,107,253Net asset value per unit:   2008:

$
1,466.762009:

$
1,645.732010:

$
1,267.09
   See accompanying notes to financial statements.
  26




---



##### 



Bristol Energy
    Fund L.P.

    Notes to Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:                27




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (GAAP) requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities, income and expenses, and related disclosures of
    contingent assets and liabilities in the financial statements
    and accompanying notes. As a result, actual results could differ
    from these estimates.b.
    Statement of Cash Flows.  The Partnership is
    not required to provide a Statement of Cash Flows.c.
    Partnerships Investments.  The
    Partnership values its investment in the Master at its net asset
    value per unit as calculated by the Master. The Master values
    its investments as described in Note 2, Accounting
    Policies, on the attached Masters financial
    statements.  Partnerships and Masters Fair Value
    Measurements.
       28




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
402,350,613


$



$
402,350,613


$
Total fair value

$
402,350,613


$



$
402,350,613


$
   Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
479,820,291


$



$
479,820,291


$
Total fair value

$
479,820,291


$



$
479,820,291


$
   Masters Investments and Fair Value
    Measurements.
  d.
    Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on its share of the Partnerships income and
    expenses.      e.
    Subsequent Events.  Management of the
    Partnership evaluates events that occur after the balance sheet
    date but before financial statements are filed. Management has
    assessed the subsequent events through the date of filings and
    determined that there were no subsequent events requiring
    adjustment of or disclosure in the financial statements.  f.
    Net Income (Loss) per Unit.Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 6, Financial Highlights.  3.  Agreements:
  a.
    Limited Partnership Agreement:    29




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    b.
    Management Agreement:        c.
    Customer Agreement:  give-up 30-day 3-month
  30




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    4.
    Trading
    Activities:          5.
    Subscriptions,
    Distributions and Redemptions:    6.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
(342.15
)

$
246.59


$
346.08Interest income allocated from Master


1.23



1.13



14.60Expenses and allocation to Special Limited Partner**


(37.72
)


(68.75
)


(123.97
)Increase (decrease) for the year


(378.64
)


178.97



236.71Net asset value per unit, beginning of year


1,645.73



1,466.76



1,230.05Net asset value per unit, end of year

$
1,267.09


$
1,645.73


$
1,466.76    *
    
    Includes Partnership brokerage fees and expenses allocated from
    Master.**
    
    Excludes Partnership brokerage fees and expenses allocated from
    Master and includes allocation to Special Limited Partner.  31




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   2010


2009


2008Ratios to average net assets:Net investment income (loss) before allocation to Special
    Limited Partner***


(6.6
)%


(6.6
)%


(5.8
)%Operating expenses


6.7
%


6.7
%


6.8
%Allocation to Special Limited Partner



%


1.6
%


5.3
%Total expenses and allocation to Special Limited Partner


6.7
%


8.3
%


12.1
%Total return:Total return before allocation to Special Limited Partner


(23.0
)%


13.7
%


24.7
%Allocation to Special Limited Partner



%


(1.5
)%


(5.5
)%Total return after allocation to Special Limited Partner


(23.0
)%


12.2
%


19.2
%    ***
    
    Interest income allocated from Master less total expenses.    7.
    Financial
    Instrument Risks:  over-the-counter
        32




---



##### 



Bristol Energy
    Fund L.P.
    Notes to Financial Statements
    December 31, 2010
            33




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2010 to
    
    July 1, 2010 to
    
    April 1, 2010 to
    
    January 1, 2010 toDecember 31, 2010
    
    September 30, 2010
    
    June 30, 2010
    
    March 31, 2010Net realized and
unrealized trading
gains  (losses), expenses and interest income allocated from Master, net
of brokerage
fees

    
    $
    (8,384,185
    )
    
    $
    (35,878,471
    )
    
    $
    (53,430,224
    )
    
    $
    (15,306,571
    )Net income
(loss) before allocation to Special Limited Partner

    
    $
    (11,098,051
    )
    
    $
    (38,695,212
    )
    
    $
    (56,669,678
    )
    
    $
    (18,482,839
    )Net income
(loss) after allocation to Special Limited Partner
    
    $
    (11,098,051
    )
    
    $
    (38,695,212
    )
    
    $
    (56,669,678
    )
    
    $
    (18,482,839
    )Increase (decrease)
in net asset value
per unit
    
    $
    (35.19
    )
    
    $
    (115.04
    )
    
    $
    (168.96
    )
    
    $
    (59.45
    )
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    

September 30, 2009
    

June 30, 2009
    

March
31, 2009Net realized and
unrealized trading
gains  (losses), expenses and interest income allocated from Master, net
of brokerage
 fees
    
    $
    (9,553,007
    )
    
    $
    20,517,794
    
    
    $
    19,523,892
    
    
    $
    26,876,273Net income
(loss) before allocation to Special Limited Partner
    
    $
    (12,631,348
    )
    
    $
    17,717,287
    
    
    $
    17,032,345
    
    
    $
    24,575,251Net income (loss) after allocation to Special Limited Partner
    
    $
    (12,631,348
    )
    
    $
    14,192,729
    
    
    $
    14,185,013
    
    
    $
    24,575,251Increase (decrease)
in net asset value
per unit

    
    $
    (42.52
    )
    
    $
    56.55
    
    
    $
    59.29
    
    
    $
    105.65
 34




---



##### 



To the Limited
    Partners of
    CMF SandRidge Master Fund L.P.
    
  By:
    Walter Davis      Ceres Managed Futures LLC
    212-296-1999
  35




---



##### 



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
      
 36




---



##### 



Report of Independent Auditors
 
   
 37




---



##### 



CMF SandRidge
    Master Fund L.P.Statements of Financial Condition
    December 31, 2010 and 2009
  2010


2009Assets:Equity in trading account:Cash (Note 3c)

$
508,243,783


$
691,877,329Cash margin (Note 3c)


71,084,284



22,651,198Options purchased, at fair value (cost $3,846,540 and $1,392,000
    at December 31, 2010 and 2009, respectively)


2,303,244



1,092,800Total assets

$
581,631,311


$
715,621,327Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
52,768,215


$
29,412,753Options premium received, at fair value (premium $45,000 and
    $994,000 at December 31, 2010 and 2009, respectively)


24,250



1,249,600Accrued expenses:Professional fees


103,589



49,481Total liabilities


52,896,054



30,711,834Partners Capital:General Partner, 0.0000 unit equivalents at December 31,
    2010 and 2009






Limited Partners, 293,086.2072 and 311,109.5773 Redeemable Units
    outstanding at December 31, 2010 and 2009, respectively


528,735,257



684,909,493Total liabilities and partners capital

$
581,631,311


$
715,621,327Net asset value per unit

$
1,804.03


$
2,201.51   See accompanying notes to financial statements.
  38




---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2010
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap Mar. 11  Dec. 14


39,104


$
(34,520,010
)


(6.52
)%NYMEX Henry Hub Natural Gas Swap Mar. 11  Dec. 14


19,716



(65,069,790
)


(12.31
)NYMEX Henry Hub Natural Gas Oct. 11  Apr. 12


1,381



(204,317
)


(0.04
)NYMEX Henry Hub Penultimate Apr. 11


308



216,370



0.04Total futures and exchange-cleared swap contracts purchased






(99,577,747
)


(18.83
)Futures and Exchange-Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Apr. 11


13,080



17,903,400



3.39NYMEX Henry Hub Natural Gas Swap Feb. 11  Dec. 13


14,996



35,275,930



6.67NYMEX Henry Hub Natural Gas Feb. 11  Jan. 12


10,765



(6,369,798
)


(1.21
)Total futures and exchange-cleared swap contracts sold






46,809,532



8.85Options PurchasedPutsEnergy


4,228



2,303,244



0.44Total options purchased






2,303,244



0.44Options Premium ReceivedPutsEnergy


50



(24,250
)


(0.01
)Total options premium received






(24,250
)


(0.01
)Total fair value





$
(50,489,221
)


(9.55
)%   See accompanying notes to financial statements.
  39




---



##### 



CMF SandRidge
    Master Fund L.P.
 Condensed
    Schedule of Investments
    December 31, 2009
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange-Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap Apr. 10  Dec. 14


33,801


$
(11,509,797
)


(1.68
)%NYMEX Henry Hub Natural Gas Swap Mar. 10  Dec. 14


14,452



(7,309,750
)


(1.07
)NYMEX Henry Hub Natural Gas May 10  May 11


4,825



(5,954,147
)


(0.87
)NYMEX Henry Hub Penultimate Mar. 10


524



495,220



0.07Total futures and exchange-cleared swap contracts purchased






(24,278,474
)


(3.55
)Futures and Exchange-Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Mar. 10  March 11


22,040



(6,466,193
)


(0.94
)NYMEX Henry Hub Natural Gas Swap May 10  Dec. 13


10,108



5,801,850



0.84NYMEX Henry Hub Natural Gas Mar. 10  Sept. 10


6,621



(4,469,936
)


(0.65
)Total futures and exchange-cleared swap contracts sold






(5,134,279
)


(0.75
)Options PurchasedPutsEnergy


240



1,092,800



0.16Total options purchased






1,092,800



0.16Options Premium ReceivedCallsEnergy


240



(1,249,600
)


(0.18
)Total options premium received






(1,249,600
)


(0.18
)Total fair value





$
(29,569,553
)


(4.32
)%   See accompanying notes to financial statements.
  40




---



##### 



CMF SandRidge
    Master Fund L.P.

    Statements of Income and Expenses
    for the years ended
    December 31, 2010, 2009 and 2008
  2010


2009


2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts

$
(108,429,533
)

$
18,484,633


$
209,086,188Change in net unrealized gains (losses) on open contracts


(24,323,208
)


80,708,073



(109,479,479
)Gain (loss) from trading, net


(132,752,741
)


99,192,706



99,606,709Interest income


569,344



388,904



4,119,717Total income (loss)


(132,183,397
)


99,581,610



103,726,426Expenses:Clearing fees


1,277,117



623,298



390,792Professional fees


378,018



210,642



269,306Total expenses


1,655,135



833,940



660,098Net income (loss)

$
(133,838,532
)

$
98,747,670


$
103,066,328Net income (loss) per unit (Note 6)

$
(395.76
)

$
388.51


$
468.42Weighted average units outstanding


335,607.0115



275,661.9324



241,781.3550   See accompanying notes to financial statements.
  41




---



##### 



CMF SandRidge
    Master Fund L.P.

    Statements of Changes in Partners Capital
    for the years ended
    December 31, 2010, 2009 and 2008
  PartnersCapitalPartners Capital at December 31, 2007

$
312,531,725Net income (loss)


103,066,328Subscriptions of 80,081.4747 Redeemable Units


141,534,374Redemptions of 61,402.1561 Redeemable Units


(103,294,264
)Distribution of interest income to feeder funds


(4,119,717
)Partners Capital at December 31, 2008


449,718,446Net income (loss)


98,747,670Subscriptions of 127,771.5856 Redeemable Units


270,602,300Redemptions of 64,512.0418 Redeemable Units


(133,770,019
)Distribution of interest income to feeder funds


(388,904
)Partners Capital at December 31, 2009


684,909,493Net income (loss)


(133,838,532
)Subscriptions of 93,708.5149 Redeemable Units


199,373,500Redemptions of 111,731.8850 Redeemable Units


(221,139,860
)Distribution of interest income to feeder funds


(569,344
)Partners Capital at December 31, 2010

$
528,735,257     2008:

$
1,814.482009:

$
2,201.512010:

$
1,804.03
   See accompanying notes to financial statements.
  42




---



##### 



CMF SandRidge
    Master Fund L.P.
 Notes to
    Financial Statements
    December 31, 2010
  1.
    Partnership
    Organization:          43




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    2.
    Accounting
    Policies:  a.
    Use of Estimates.  The preparation of financial
    statements and accompanying notes in conformity with accounting
    principles generally accepted in the United States of America
    (GAAP) requires management to make estimates and
    assumptions that affect the reported amounts of assets and
    liabilities, income and expenses, and related disclosures of
    contingent assets and liabilities in the financial statements
    and accompanying notes. As a result, actual results could differ
    from these estimates.b.
    Statement of Cash Flows.  The Master is not
    required to provide a Statement of Cash Flows.c.
    Masters Investments.  All commodity
    interests of the Master (including derivative financial
    instruments and derivative commodity instruments) are held for
    trading purposes. The commodity interests are recorded on trade
    date and open contracts are recorded at fair value (as described
    below) at the measurement date. Investments in commodity
    interests denominated in foreign currencies are translated into
    U.S. dollars at the exchange rates prevailing at the
    measurement date. Gains or losses are realized when contracts
    are liquidated. Unrealized gains or losses on open contracts are
    included as a component of equity in trading account on the
    Statements of Financial Condition. Realized gains or losses and
    any change in net unrealized gains or losses from the preceding
    period are reported in the Statements of Income and Expenses.  Masters Fair Value Measurements.
      44




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Sets


Observable Inputs


Inputs12/31/2010


(Level 1)


(Level 2)


(Level 3)AssetsOptions purchased

$
2,303,244


$
2,303,244


$



$
Total assets


2,303,244



2,303,244







LiabilitiesFutures and Exchange-Cleared Swaps

$
52,768,215


$
52,768,215


$



$
Options premium received


24,250



24,250







Total liabilities


52,792,465



52,792,465







Total fair value

$
(50,489,221
)

$
(50,489,221
)

$



$
   Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Sets


Observable Inputs


Inputs12/31/2009


(Level 1)


(Level 2)


(Level 3)AssetsOptions purchased

$
1,092,800


$
1,092,800


$



$
Total assets

$
1,092,800


$
1,092,800


$



$
LiabilitiesFutures and Exchange-Cleared Swaps

$
29,412,753


$
29,412,753


$



$
Options premium received


1,249,600



1,249,600







Total liabilities


30,662,353



30,662,353







Total fair value

$
(29,569,553
)

$
(29,569,553
)

$



$
   d.
    Futures Contracts.  The Master trades futures
    contracts and exchange-cleared swaps. Exchange-cleared swaps are
    traded as futures. A futures contract is a firm commitment to
    buy or sell a specified quantity of investments, currency or a
    standardized amount of a deliverable grade commodity, at a
    specified price on a specified future date, unless the contract
    is closed before the delivery date or if the delivery quantity
    is something where physical delivery cannot occur (such as the
    S&P 500 Index), whereby such contract is settled in
    cash. Payments (variation margin) may be made or
    received by the Master each business day, depending on the daily
    fluctuations in the value of the underlying contracts, and are
    recorded as unrealized gains or losses by the Master. When the
    contract is closed, the Master records a realized gain or loss
    equal to the difference between the value of the contract at the
    time it was opened and the value at the time it was closed.
    Transactions in futures contracts require participants to make
    both initial margin deposits of cash or other assets and
    variation margin deposits, through the futures broker, directly
    with the exchange on which the contracts are traded. Realized
    gains (losses) and changes in unrealized gains (losses) on
    futures contracts are included in the Statements of Income and
    Expenses.e.
    Options.  The Master may purchase and write
    (sell), both exchange listed and
    over-the-counter
    (OTC), options on commodities or financial
    instruments. An option is a contract allowing, but not
    requiring, its holder to buy (call) or sell (put) a specific or
    standard commodity or financial  45




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  instrument at a specified price during a specified time period.
    The option premium is the total price paid or received for the
    option contract. When the Master writes an option, the premium
    received is recorded as a liability in the Statements of
    Financial Condition and marked to market daily. When the Master
    purchases an option, the premium paid is recorded as an asset in
    the Statements of Financial Condition and marked to market
    daily. Realized gains (losses) and changes in unrealized gains
    (losses) on options contracts are included in the Statements of
    Income and Expenses.  f.
    Income and Expenses Recognition.  All of the
    income and expenses and realized and unrealized gains and losses
    on trading of commodity interests are determined on each
    valuation day and allocated pro rata among the Funds at the time
    of such determination.g.
    Income Taxes.  Income taxes have not been
    provided as each partner is individually liable for the taxes,
    if any, on their share of the Masters income and expenses.      h.
    Subsequent Events.  Management of the Master
    evaluates events that occur after the balance sheet date but
    before financial statements are filed. Management has assessed
    the subsequent events through the date of filing and determined
    that there were no subsequent events requiring adjustment of or
    disclosure in the financial statements.i.
    Net Income (Loss) per Unit.  Net income (loss)
    per unit is calculated in accordance with investment company
    guidance. See Note 6, Financial Highlights.  3.
    Agreements:  a.
    Limited Partnership Agreement:    b.
    Management Agreement:    46




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
   c.
    Customer Agreement:  give-up,
  4.
    Trading
    Activities:        47




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
    December 31, 2010AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
69,685,031Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
69,685,031LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(122,453,246
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(122,453,246
)Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
(52,768,215
)*AssetsOptions PurchasedEnergy

$
2,303,244Options purchased

$
2,303,244
**LiabilitiesOptions Premium ReceivedEnergy

$
(24,250
)Options premium received

$
(24,250
)***     *
    
    This amount is in Net unrealized depreciation on open
    futures and exchange-cleared swap contracts on the
    Statements of Financial Condition.**
    
    This amount is in Options purchased, at fair value
    on the Statements of Financial Condition.***
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.   48




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  December 31, 2009AssetsFutures and Exchange-Cleared Swap ContractsEnergy

$
37,079,802Total unrealized appreciation on open futures and
    exchange-cleared swap contracts

$
37,079,802LiabilitiesFutures and Exchange-Cleared Swap ContractsEnergy

$
(66,492,555
)Total unrealized depreciation on open futures and
    exchange-cleared swap contracts

$
(66,492,555
)Net unrealized depreciation on open futures and exchange-cleared
    swap contracts

$
(29,412,753
)*AssetsOptions PurchasedEnergy

$
1,092,800Options purchased

$
1,092,800
**LiabilitiesOptions Premium ReceivedEnergy

$
(1,249,600
)Options premium received

$
(1,249,600
)***     *
    
    This amount is in Net unrealized depreciation on open
    futures and exchange-cleared swap contracts on the
    Statements of Financial Condition.**
    
    This amount is in Options purchased, at fair value
    on the Statements of Financial Condition.***
    
    This amount is in Options premium received, at fair
    value on the Statements of Financial Condition.    December 31, 2010

December 31, 2009Sector

Gain (loss) from trading

Gain (loss) from tradingEnergy

$
(132,752,741
)

$
99,192,706Total

$
(132,752,741
)****

$
99,192,706
****  ****
    
    This amount is in Gain(loss) from trading, net  on
    the Statements of Income and Expenses.  5.
    Subscriptions,
    Distributions and Redemptions:    49




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
  6.
    Financial
    Highlights:    2010


2009


2008Net realized and unrealized gains (losses)*

$
(396.32
)

$
387.81


$
451.86Interest income


1.72



1.48



17.69Expenses**


(1.16
)


(0.78
)


(1.13
)Increase (decrease) for the year


(395.76
)


388.51



468.42Distribution of interest income to feeder funds


(1.72
)


(1.48
)


(17.69
)Net asset value per unit, beginning of year


2,201.51



1,814.48



1,363.75Net asset value per unit, end of year

$
1,804.03


$
2,201.51


$
1,814.48   *
    
    Includes clearing fees.**
    
    Excludes clearing fees.  2010


2009


2008Ratios to average net assets:Net investment income (loss)***


(0.2
)%


(0.1
)%


0.9
%Operating expenses


0.3
%


0.1
%


0.2
%Total return


(18.1
)%


21.3
%


34.3
%    ***
    
    Interest income less total expenses.    7.
    Financial
    Instrument Risks:      50




---



##### 



CMF SandRidge
    Master Fund L.P.
    Notes to Financial Statements
    December 31, 2010
            51




---



##### 



For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2010 to
    
    July 1, 2010 to
    
    April 1, 2010 to
    
    January 1, 2010 toDecember 31, 2010
    

September 30, 2010
    

June 30, 2010
    

March 31, 2010Net realized and unrealized trading
gains (losses) net of brokerage
 fees and clearing fees
including interest income
    
    $
    (5,661,827
    )
    
    $
    (43,128,767
    )
    
    $
    (69,249,622
    )
    
    $
    (15,420,298
    )Net income (loss)
    
    $
    (5,770,015
    )
    
    $
    (43,234,755
    )
    
    $
    (69,339,310
    )
    
    $
    (15,494,452
    )Increase
(decrease) in net asset
value per unit
    
    $
    (20.91
    )
    
    $
    (130.16
    )
    
    $
    (198.93
    )
    
    $
    (45.76
    )
 For the period from
    
    For the period from
    
    For the period from
    
    For the period fromOctober 1, 2009 to
    
    July 1, 2009 to
    
    April 1, 2009 to
    
    January 1, 2009 toDecember 31, 2009
    
    September 30, 2009
    
    June 30, 2009
    
    March 31, 2009Net realized and
unrealized trading
gains (losses) net of
brokerage
 fees and
clearing fees
including interest
income
    
    $
    (7,776,936
    )
    
    $
    34,084,889
    
    
    $
    31,810,672
    
    
    $
    40,839,687Net income (loss)
    
    $
    (7,833,376
    )
    
    $
    34,047,914
    
    
    $
    31,760,955
    
    
    $
    40,772,177Increase
(decrease) in net
asset value per
 unit

    $
    (21.17
    )
    
    $
    125.50
    
    
    $
    122.39
    
    
    $
    161.79
 52




---



##### 



Item 9. Changes in and
 Disagreements with Accountants on Accounting and Financial
Disclosure .
    Item 9A. Controls and Procedures.
    internal control over financial reporting
 
    
    pertain to the maintenance of records that in reasonable detail accurately and fairly
reflect the transactions and dispositions of the assets of the Partnership;
    
    provide reasonable assurance that (i) transactions are recorded as necessary to
permit preparation of financial statements in accordance with GAAP, and (ii) the Partnerships receipts are handled and expenditures
are made only pursuant to authorizations of the General Partner; and
    
    provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Partnerships assets that could have a material
effect on the financial statements.
 Financial Statements and Supplementary
Data
  Item 9B. Other Information .
  53




---



##### 



PART III
 Item 10. Directors, Executive Officers and Corporate Governance .
      54




---



##### 



55




---



##### 



Item 11. Executive Compensation .
 Business,
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters .
 Security
ownership of certain beneficial owners
 Security ownership of management
 (1)  Title of 
               Class
    (2)       Name of 
Beneficial 
Owner
    (3)       Amount and 
Nature of 
Beneficial 
Ownership
    (4)  Percent of 
ClassGeneral Partner unit equivalents
    General Partner
    3,346.8277
    1.1%
 Changes in control
 Item 13. Certain Relationships and Related Transactions and Director Independence .
 Transactions
with related persons.
 Review,
approval or ratification of transactions with related persons.
 Promoters and certain control persons Business Financial Statements and Supplementary Data Executive Compensation
 Item 14. Principal Accountant Fees and Services .
 Audit Fees
 Deloitte
  PwC2010
  $
  93,100
  $
  N/A2009
  $
  86,900(1)
  $
  9,169(2)
  (1)
    
    For
the period July 23, 2009 to December 31, 2009.(2)
    
    For
the period January 1, 2009 to July 22, 2009. Audit-Related
Fees
 Tax Fees
   All Other Fees
   56




---



##### 



PART IV
 Item 15. Exhibits and Financial Statement Schedules .
  Statements of Financial Condition at December 31, 2010
and 2009.Condensed Schedules of Investments at December 31, 2010
and 2009.Statements of Income and Expenses for the years ended
December 31, 2010, 2009 and 2008.Statements of Changes in Partners Capital for the years
ended December 31, 2010, 2009 and 2008.Notes to Financial Statements.
  3.1
    
    (a)
    
    Certificate of Limited Partnership dated April 15, 2005 (filed as Exhibit 3.1 to the General
Form for Registration of Securities on Form 10 filed on April 30, 2007 and incorporated herein
by reference).(b)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated September 21, 2005
(filed as Exhibit 3.1(a) to the General Form for Registration of Securities on Form 10 filed
on April 30, 2007 and incorporated herein by reference).(c)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated September 19, 2008
(filed as Exhibit 3.1(c) to the Quarterly Report on Form 10-Q filed on November 16, 2009 and incorporated herein by reference).(d)
    
    Certificate of Amendment of the Certificate of Limited Partnership dated September 28, 2009
(filed as Exhibit 99.1 to the Current Report on Form 8-K filed on September 30, 2009 and incorporated herein by reference).(e)
    
    Certificate of Amendment of the
Certificate of Limited Partnership dated June 30, 2010
(filed as Exhibit 3.1(e) to the Current Report on Form 8-K
filed on July 2, 2010 and incorporated herein by reference).3.2
    
    
    
    Third Amended and Restated Limited
Partnership Agreement (filed as Exhibit 3.1 to the Current Report on Form 8-K filed on April 27, 2010 and incorporated herein by reference).10.1
    
    (a)
    
    Advisory Agreement among the Partnership, the General Partner and SandRidge
Capital, L.P. (filed as Exhibit 10.1 to the General Form for Registration of Securities on Form
10 filed on April 30, 2007 and incorporated herein by reference).(b)
    
    Letter from the General Partner to SandRidge Capital, L.P. extending the Advisory Agreement
through June 30, 2011 (filed herein).10.2
    
    (a)
    
    Customer Agreement between the Partnership, the General Partner and CGM (filed as
Exhibit 10.2 to the General Form for Registration of Securities on Form 10 filed on April 30,
2007 and incorporated herein by reference).(b)
    
    Addendum to the Customer Agreement between the Partnership, the General Partner
and CGM (filed as Exhibit 10.2(a) to the General Form for Registration of Securities on Form
10 filed on April 30, 2007 and incorporated herein by reference).10.3
    
    
    
    Amended and Restated Agency Agreement between the Partnership, the General Partner
and CGM and MSSB (filed as Exhibit 10.1 to the Current Report on
Form 8-K filed on August 3, 2010 and incorporated herein by reference).10.4
    
    
    
    Form of Subscription Agreement (filed as Exhibit 10.4 to the Quarterly Report on
Form 10-Q filed on November 16, 2009 and incorporated herein by reference).10.5
    
    
    
    Joinder Agreement among the Partnership, the General Partner, CGM and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the Quarterly Report
on Form 10-Q filed on August 14, 2009 and incorporated herein by
reference).16.1
    
    
    
    Letter dated July 23, 2009 from PricewaterhouseCoopers LLP regarding Change in Certifying Accountant (filed as Exhibit 16.1 to the Form 8-K filed on July 24, 2009).16.2
    
    
    
    Letter dated June 26, 2008  from KPMG LLP regarding Change in Certifying Accountant (filed as Exhibit 16.1 to the Form 8-K filed on July 1, 2008).
 The exhibits required to be filed by Item 601 of regulation S-K are incorporated herein by
referenceExhibit 31.1  Rule 13a-14(a)/15d-14(a) Certification (Certification of President and
Director)Exhibit 31.2  Rule 13a-14(a)/15d-14(a) Certification (Certification of Chief Financial
Officer and Director)Exhibit 32.1  Section 1350 Certification (Certification of President and Director)Exhibit 32.2  Section 1350 Certification (Certification of Chief Financial Officer and
Director)
 57




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##### 



SIGNATURES
  BRISTOL ENERGY FUND L.P.By:
    Ceres Managed Futures LLC(General Partner)By:

/s/
Walter DavisWalter Davis 
President & DirectorDate: March 31, 2011  /s/ Walter Davis
    
    /s/ Michael McGrathWalter
Davis
President and Director
    
    Michael McGrath
DirectorCeres
Managed Futures LLC
    
    Ceres
Managed Futures LLCDate:
March 31, 2011
    
    Date:
March 31, 2011/s/ Jennifer Magro
    
    /s/ Douglas J. KettererJennifer Magro 
Chief Financial Officer and Director
(Principal Accounting Officer)
    
    Douglas J. Ketterer
Director Ceres
Managed Futures LLCCeres
Managed Futures LLCDate:
March 31, 2011
    
    Date:
March 31, 2011/s/
Patrick T. Egan
    
    /s/ Alper DagliogluPatrick T. Egan
Director
Ceres Managed Futures LLC
    
    Alper Daglioglu
Director
Ceres Managed Futures LLCDate:
March 31, 2011
    
    Date:
March 31, 2011/s/ Ian Bernstein
    
    /s/ Harry HandlerIan Bernstein
Director  Ceres
Managed Futures LLC
    
    Harry HandlerDirector
Ceres Managed Futures LLCDate:
March 31, 2011
    
    Date:
March 31, 2011
    58