UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  FORM 10-Q
  (X) QUARTERLY
    REPORT PURSUANT TO SECTION 13 or 15(d)
  OF THE SECURITIES EXCHANGE ACT OF 1934
  For the
    Quarterly Period ended September 30, 2009
  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


(I.R.S. Employerincorporation or organization)


Identification No.
)   c/o Ceres
    Managed Futures LLC
    55 East 59th Street, 10th Floor
    New York, New York 10022
  (Address of
    principal executive offices) (Zip Code)
  (212) 559-2011
  (Registrants
    telephone number, including area code)
    Yes X  No
  S-T
 Yes   No
  12b-2
  Large
    accelerated filer
    Accelerated filer
    Non
    Accelerated filer X
    Smaller
reporting company  rule 12b-2
  Yes   No X




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##### 



BRISTOL ENERGY FUND L.P.
  FORM 10-Q
  INDEX
  PageNumberPART I - Financial Information:Item 1.

Financial Statements:Statements of Financial Condition at September 30,
    2009 and December 31, 2008 (unaudited)

3Statements of Income and Expenses
    and Changes in Partners Capital for the three and nine 
    months ended September 30, 2009 and 2008
    (unaudited)

4Notes to Financial Statements, including the Financial
    Statements of CMF SandRidge Master Fund L.P.
    (unaudited)

5  16Item 2.

Managements Discussion and
    Analysis of Financial Condition
    and Results of Operations

17  20Item 3.

Quantitative and Qualitative
    Disclosures about Market Risk

21Item 4.

Controls and Procedures

22PART II - Other Information

23  25ExhibitsEx. 3.1(c) Certificate of Amendment of the Certificate of Limited Partnership dated September 19, 2008Ex. 3.2 Second Amended and Restated Limited Partnership AgreementEx. 10.4        Form of Subscription AgreementEx. 31.1 CertificationEx. 31.2 CertificationEx. 32.1 CertificationEx. 32.2 Certification   2




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##### 



PART I
Item 1. Financial Statements
 Bristol Energy Fund L.P.
Statements of Financial Condition
(Unaudited)
 September 30,
    
    
    December 31,2009
    
    
    2008Assets:Investment in Master, at fair value
    
    $
    461,064,530
    
    
    $
    338,731,012Cash
    
    
    165,479
    
    
    
    226,979Total assets
    
    $
    461,230,009
    
    
    $
    338,957,991Liabilities and Partners Capital:Liabilities:Accrued expenses:Brokerage commissions
    
    $
    1,441,344
    
    
    $
    1,059,244Advisory fees
    
    
    766,185
    
    
    
    562,931Administrative fees
    
    
    191,546
    
    
    
    140,733Other
    
    
    77,743
    
    
    
    140,291Redemptions payable
    
    
    11,145,938
    
    
    
    4,915,940Total liabilities
    
    
    13,622,756
    
    
    
    6,819,139Partners Capital:General
Partner 1,885.0346 Unit equivalents outstanding at September 30,
2009 and December 31, 2008
    
    
    3,182,410
    
    
    
    2,764,893Special
Limited Partner 6,142.7300 and 8,230.0213 Redeemable
Units outstanding at September 30, 2009 and December 31, 2008, respectively
    
    
    10,370,464
    
    
    
    12,071,466Limited
Partners 257,102.8208 and 216,328.0911 Redeemable Units
of Limited Partnership Interest outstanding at September 30, 2009
and December 31, 2008, respectively
    
    
    434,054,379
    
    
    
    317,302,493Total partners capital
    
    
    447,607,253
    
    
    
    332,138,852Total liabilities and partners capital
    
    $
    461,230,009
    
    
    $
    338,957,991
  3




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##### 



Bristol Energy Fund L.P.
    Statements of Income and Expenses and Changes in Partners Capital
    (Unaudited) Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net realized gains (losses) on closed contracts allocated from Master
    
    $
    25,011,961
    
    
    $
    (7,008,809
    )
    
    $
    (7,248,956
    )
    
    $
    23,684,279Change in
net unrealized gains (losses) on open contracts allocated from
Master
    
    
    (269,646
    )
    
    
    (17,360,316
    )
    
    
    85,597,002
    
    
    
    37,989,829Interest income allocated from Master
    
    
    94,498
    
    
    
    982,490
    
    
    
    249,015
    
    
    
    2,715,141Expenses allocated from Master
    
    
    (158,588
    )
    
    
    (102,089
    )
    
    
    (497,969
    )
    
    
    (328,407
    )Total income (loss)
    
    
    24,678,225
    
    
    
    (23,488,724
    )
    
    
    78,099,092
    
    
    
    64,060,842Expenses:Brokerage commissions
    
    
    4,160,431
    
    
    
    3,092,803
    
    
    
    11,181,132
    
    
    
    8,038,681Advisory fees
    
    
    2,211,477
    
    
    
    1,643,654
    
    
    
    5,942,717
    
    
    
    4,272,341Administrative fees
    
    
    552,870
    
    
    
    410,914
    
    
    
    1,485,680
    
    
    
    1,068,084Other
    
    
    36,160
    
    
    
    107,060
    
    
    
    164,680
    
    
    
    268,163Total
expenses
    
    
    6,960,938
    
    
    
    5,254,431
    
    
    
    18,774,209
    
    
    
    13,647,269Net income (loss) before allocation to Special Limited Partner
    
    
    17,717,287
    
    
    
    (28,743,155
    )
    
    
    59,324,883
    
    
    
    50,413,573Allocation to Special Limited Partner
    
    
    (3,524,558
    )
    
    
    
    
    
    
    (6,371,890
    )
    
    
    (15,059,328
    )Net income (loss) after allocation to Special Limited Partner
    
    
    14,192,729
    
    
    
    (28,743,155
    )
    
    
    52,952,993
    
    
    
    35,354,245Additions
 Special Limited Partner
    
    
    3,524,558
    
    
    
    
    
    
    
    6,371,890
    
    
    
    15,059,328Additions  General Partner
    
    
    
    
    
    
    500,000
    
    
    
    
    
    
    
    2,000,000Additions  Limited Partners
    
    
    50,337,000
    
    
    
    46,597,000
    
    
    
    98,788,468
    
    
    
    100,425,000Redemptions  Limited Partners
    
    
    (4,564,652
    )
    
    
    (4,297,164
    )
    
    
    (32,650,510
    )
    
    
    (24,096,670
    )Redemptions
  Special Limited Partner
    
    
    (9,994,440
    )
    
    
    
    
    
    
    (9,994,440
    )
    
    
    Net increase (decrease) in Partners Capital
    
    
    53,495,195
    
    
    
    14,056,681
    
    
    
    115,468,401
    
    
    
    128,741,903Partners Capital, beginning of period
    
    
    394,112,058
    
    
    
    319,873,985
    
    
    
    332,138,852
    
    
    
    205,188,763Partners Capital, end of period
    
    $
    447,607,253
    
    
    $
    333,930,666
    
    
    $
    447,607,253
    
    
    $
    333,930,666Net Asset Value per Unit
(265,130.5854  and  229,091.7782 Units outstanding
at September 30, 2009 and 2008, respectively)
    
    $
    1,688.25
    
    
    $
    1,457.63
    
    
    $
    1,688.25
    
    
    $
    1,457.63Net income per Redeemable Unit of Limited Partnership
Interest and General Partner Unit equivalent
    
    $
    56.55
    
    
    $
    (132.79
    )
    
    $
    221.49
    
    
    $
    227.58Weighted average units outstanding
    
    
    260,414.5657
    
    
    
    221,863.3735
    
    
    
    244,260.1567
    
    
    
    144,369.5542
   4




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##### 



Bristol Energy Fund L.P.Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  1.
    General:             5




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
  Form 10-K
            6




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##### 



Bristol Energy Fund L.P.Notes to Financial Statements
    September 30, 2009
    (Unaudited)
   CMF SandRidge Master Fund L.P.
    Statements of Financial Condition
    (Unaudited)
 September 30,
    
    
    December 31,2009
    
    
    2008Assets:Equity in trading account:Cash
    
    $
    587,216,619
    
    
    $
    530,398,527Cash margin
    
    
    29,552,327
    
    
    
    29,705,022Net unrealized appreciation on open futures
and exchange cleared swap contracts
    
    
    3,305,396
    
    
    
    Options owned, at fair value (cost $1,871,000
and $3,510,375 at September 30, 2009 and
December 31, 2008, respectively)
    
    
    1,356,600
    
    
    
    4,987,535Total assets
    
    $
    621,430,942
    
    
    $
    565,091,084Liabilities and Partners Capital:Liabilities:Net unrealized depreciation on open futures
and exchange cleared swap contracts
    
    $
    
    
    
    $
    110,973,333Options written, at fair value (premium
$1,262,000 and $3,103,510 at September 30, 2009
and December 31, 2008, respectively)
    
    
    678,640
    
    
    
    4,282,963Accrued expenses:Professional fees
    
    
    73,535
    
    
    
    116,342Total liabilities
    
    
    752,175
    
    
    
    115,372,638Partners Capital:General Partner, 0.0000 Unit equivalents at
September 30, 2009 and December 31, 2008
    
    
    
    
    
    
    Limited Partners, 279,231.5441 and
247,850.0335 Redeemable
Units of Limited Partnership Interest
outstanding at September 30, 2009 and
December 31, 2008, respectively
    
    
    620,678,767
    
    
    
    449,718,446Total liabilities and partners capital
    
    $
    621,430,942
    
    
    $
    565,091,084
  7




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Schedule of Investments
    September 30, 2009
    (Unaudited)
  Number of
    
    
    
    
    
    
    % of PartnersContracts
    
    
    Fair Value
    
    
    CapitalFutures
and Exchange Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap Jan. 10 - Dec. 13
    
    
    21,147
    
    
    $
    15,798,188
    
    
    
    2.55
    %NYMEX Henry
Hub Natural Gas Swap March 10 - Dec. 14
    
    
    5,436
    
    
    
    1,320,090
    
    
    
    0.21NYMEX Henry
Hub Natural Gas May 10 - April 11
    
    
    1,247
    
    
    
    1,634,496
    
    
    
    0.26Total futures and exchange cleared swap contracts purchased
    
    
    
    
    
    
    18,752,774
    
    
    
    3.02Futures and
Exchange Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Dec. 09 - March 11
    
    
    9,238
    
    
    
    (8,438,433
    )
    
    
    (1.36
    )NYMEX Henry Hub Natural Gas Swap Jan. 10 - Dec. 13
    
    
    10,312
    
    
    
    68,490
    
    
    
    0.01NYMEX Henry Hub Natural Gas Nov. 09 - Jan. 11
    
    
    2,572
    
    
    
    (6,993,115
    )
    
    
    (1.13
    )NYMEX Henry Hub Penultimate Dec. 09
    
    
    272
    
    
    
    (84,320
    )
    
    
    (0.01
    )Total futures and exchange cleared swap contracts sold
    
    
    
    
    
    
    (15,447,378
    )
    
    
    (2.49
    )Options
OwnedPutsEnergy
    
    
    440
    
    
    
    641,560
    
    
    
    0.10CallsEnergy
    
    
    80
    
    
    
    715,040
    
    
    
    0.12Total Options Owned
    
    
    
    
    
    
    1,356,600
    
    
    
    0.22Options
WrittenPutsEnergy
    
    
    360
    
    
    
    (678,640
    )
    
    
    (0.11
    )Total Options Written
    
    
    
    
    
    
    (678,640
    )
    
    
    (0.11
    )Total fair value
    
    
    
    
    
    $
    3,983,356
    
    
    
    0.64
    %
  8




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Schedule of Investments
    December 31, 2008
    (Unaudited)
  Number of





% of PartnersContracts


Fair Value


CapitalFutures and Exchange Cleared Swap Contracts PurchasedEnergyICE Henry Hub Natural Gas Swap April 09  Dec. 14


30,555


$
(72,012,250
)


(16.01
)%NYMEX Natural Gas Swap Oct. 09  Dec. 14


10,464



(43,628,900
)


(9.70
)NYMEX Natural Gas Aug. 09  Oct. 10


6,052



(113,269,862
)


(25.19
)Total futures and exchange cleared swap contracts purchased






(228,911,012
)


(50.90
)Futures and Exchange Cleared Swap Contracts SoldEnergyICE Henry Hub Natural Gas Swap Feb. 09  Oct. 10


25,108



34,592,590



7.69NYMEX Henry Hub Natural Gas Feb. 09  Dec. 12


10,624



42,565,560



9.46NYMEX Natural Gas Feb. 09  Sep. 09


6,572



40,779,529



9.07Total futures and exchange cleared swap contracts sold






117,937,679



26.22Options OwnedPutsEnergy


730



4,987,535



1.11Total Options Owned






4,987,535



1.11Options WrittenCallsEnergy


15



(4,380
)


(0.00
)*PutsEnergy


1,675



(4,278,583
)


(0.95
)Total Options Written






(4,282,963
)


(0.95
)Total fair value





$
(110,268,761
)


(24.52
)%   9




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  CMF
    SandRidge Master Fund L.P.
    Statements of Income and Expenses and Changes in Partners Capital
    (Unaudited)
  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Income:Net gains (losses) on trading of commodity interests:Net realized gains (losses) on closed contracts
    
    $
    34,278,630
    
    
    $
    (8,997,827
    )
    
    $
    (7,143,421
    )
    
    $
    34,194,475Change in
net unrealized gains (losses) on open contracts
    
    
    (147,342
    )
    
    
    (23,598,267
    )
    
    
    114,049,982
    
    
    
    55,406,885Gain (loss) from trading, net
    
    
    34,131,288
    
    
    
    (32,596,094
    )
    
    
    106,906,561
    
    
    
    89,601,360Interest income
    
    
    133,705
    
    
    
    1,361,807
    
    
    
    349,268
    
    
    
    3,970,235Total income
(loss)
    
    
    34,264,993
    
    
    
    (31,234,287
    )
    
    
    107,255,829
    
    
    
    93,571,595Expenses:Clearing fees

    
    
    180,104
    
    
    
    70,981
    
    
    
    520,581
    
    
    
    256,306Professional fees
    
    
    36,975
    
    
    
    64,976
    
    
    
    154,202
    
    
    
    204,331Total
expenses
    
    
    217,079
    
    
    
    135,957
    
    
    
    674,783
    
    
    
    460,637Net income (loss)
    
    
    34,047,914
    
    
    
    (31,370,244
    )
    
    
    106,581,046
    
    
    
    93,110,958Additions  Limited Partners
    
    
    61,194,332
    
    
    
    54,747,000
    
    
    
    151,753,622
    
    
    
    121,843,374Redemptions  Limited Partners
    
    
    (26,179,748
    )
    
    
    (27,931,864
    )
    
    
    (87,025,079
    )
    
    
    (77,442,484
    )Distribution of interest income to feeder funds
    
    
    (133,705
    )
    
    
    (1,361,807
    )
    
    
    (349,268
    )
    
    
    (3,970,235
    )Net increase
(decrease) in Partners Capital
    
    
    68,928,793
    
    
    
    (5,916,915
    )
    
    
    170,960,321
    
    
    
    133,541,613Partners Capital, beginning of period
    
    
    551,749,974
    
    
    
    451,990,253
    
    
    
    449,718,446
    
    
    
    312,531,725Partners Capital, end of period
    
    $
    620,678,767
    
    
    $
    446,073,338
    
    
    $
    620,678,767
    
    
    $
    446,073,338Net Asset Value per Redeemable Unit
(279,231.5441 and 251,252.6487 Redeemable Units outstanding
at September 30, 2009 and 2008, respectively)

    
    $
    2,222.81
    
    
    $
    1,775.40
    
    
    $
    2,222.81
    
    
    $
    1,775.40Net income (loss) per Redeemable Unit of Limited Partnership
Interest


    $
    125.50
    
    
    $
    (131.21
    )
    
    $
    409.68
    
    
    $
    428.75Weighted average units outstanding


    
    278,434.7019
    
    
    
    249,681.0107
    
    
    
    265,282.0809
    
    
    
    237,107.3490
  10




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  2.
    Financial
    Highlights:    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*

    $
    81.22
    
    
    $
    (127.27
    )
    
    $
    278.07
    
    
    $
    327.75Interest income allocated from Master

    
    0.37
    
    
    
    4.45
    
    
    
    1.03
    
    
    
    14.13Expenses and allocation to Special Limited Partner**

    
    (25.04
    )
    
    
    (9.97
    )
    
    
    (57.61
    )
    
    
    (114.30
    )Increase (decrease) for the period

    
    56.55
    
    
    
    (132.79
    )
    
    
    221.49
    
    
    
    227.58Net Asset Value per Redeemable Unit, beginning of period

    
    1,631.70
    
    
    
    1,590.42
    
    
    
    1,466.76
    
    
    
    1,230.05Net Asset Value per Redeemable Unit, end of period

    $
    1,688.25
    
    
    $
    1,457.63
    
    
    $
    1,688.25
    
    
    $
    1,457.63   *
    
    Includes Partnership commissions and expenses allocated from
    Master.**
    
    Excludes Partnership commissions and expenses allocated
    from Master and includes allocation to Special Limited Partner.  Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratio to average net assets:***Net investment income (loss) before allocation to Special
    Limited Partner****

    
    (6.6
    )%
    
    
    (5.4
    )%
    
    
    (6.6
    )%
    
    
    (5.5
    )%Operating expenses

    
    6.7
    %
    
    
    6.6
    %
    
    
    6.7
    %
    
    
    6.8
    %Allocation to Special Limited Partner

    
    0.8
    %
    
    
    
    %
    
    
    1.7
    %
    
    
    5.5
    %Total expenses and allocation to Special Limited Partner

    
    7.5
    %
    
    
    6.6
    %
    
    
    8.4
    %
    
    
    12.3
    %Total return:Total return before allocation to Special Limited Partner

    
    4.3
    %
    
    
    (8.3
    )%
    
    
    16.8
    %
    
    
    23.9
    %Allocation to Special Limited Partner

    
    (0.8
    )%
    
    
    
    %
    
    
    (1.7
    )%
    
    
    (5.4
    )%Total return after allocation to Special Limited Partner

    
    3.5
    %
    
    
    (8.3
    )%
    
    
    15.1
    %
    
    
    18.5
    %   ***
    
    Annualized (except for allocation to Special Limited Partner, if
    applicable).****
    
    Interest income allocated from Master less total expenses.   11




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##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Net realized and unrealized gains (losses)*

    $
    125.14
    
    
    $
    (136.53
    )
    
    $
    408.93
    
    
    $
    412.53Interest income

    
    0.49
    
    
    
    5.58
    
    
    
    1.35
    
    
    
    17.10Expenses **

    
    (0.13
    )
    
    
    (0.26
    )
    
    
    (0.60
    )
    
    
    (0.88
    )Increase (decrease) for the period

    
    125.50
    
    
    
    (131.21
    )
    
    
    409.68
    
    
    
    428.75Distribution of interest income to feeder funds

    
    (0.49
    )
    
    
    (5.58
    )
    
    
    (1.35
    )
    
    
    (17.10
    )Net Asset Value per Redeemable Unit, beginning of period

    
    2,097.80
    
    
    
    1,912.19
    
    
    
    1,814.48
    
    
    
    1,363.75Net Asset Value per  Redeemable Unit, end of period

    $
    2,222.81
    
    
    $
    1,775.40
    
    
    $
    2,222.81
    
    
    $
    1,775.40   *
    
    Includes clearing fees.**
    
    Excludes clearing fees. Three Months Ended
    
    
    Nine Months EndedSeptember 30,
    
    
    September 30,2009
    
    
    2008
    
    
    2009
    
    
    2008Ratios to average net assets:***Net investment income (loss) ****

    
    (0.1
    )%
    
    
    1.1
    %
    
    
    (0.1
    )%
    
    
    1.2
    %Operating expense

    
    0.1
    %
    
    
    0.1
    %
    
    
    0.2
    %
    
    
    0.2
    %Total return

    
    6.0
    %
    
    
    (6.9
    )%
    
    
    22.6
    %
    
    
    31.4
    %   ***
    
    Annualized.****
    
    Interest income less total expenses.    3.
    Trading
    Activities:       12




---



##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
September 30, 2009
    (Unaudited)
    September 30, 2009
    
    
    
    September 30, 2009Assets
    
    
    
    
    AssetsFutures and Exchange Cleared Swap Contracts
    
    
    
    
    Options OwnedEnergy
    
    $
    27,895,589
    
    Energy
    
    $
    1,356,600Total unrealized appreciation on open futures and exchange cleared swap contracts
    
    $
    27,895,589
    
    Options owned
    
    $
    1,356,600
    **Liabilities
    
    
    
    
    LiabilitiesFutures and Exchange Cleared Swap Contracts
    
    
    
    
    Options WrittenEnergy
    
    $
    (24,590,193
    )
    Energy
    
    $
    (678,640
    )Total unrealized depreciation on open futures and exchange cleared swap contracts
    
    $
    (24,590,193
    )
    Options written
    
    $
    (678,640
    )***Net
unrealized appreciation on open futures contracts
    
    $
    3,305,396
    *
 
 *
    
    This amount is included in Net unrealized
appreciation on open futures and exchange cleared swap contracts on the Statements of Financial Condition.**
    
    This amount is included in options owned at fair value on the Statements of Financial
Condition.***
    
    This amount is included in options written at fair
value on the Statements of Financial
Condition.  Three Months Ended
    
    Nine Months EndedSeptember 30, 2009
    
    September 30, 2009Sector
    
    Gain (loss) from trading
    
    Gain (loss) from tradingEnergy
    
    $
    34,131,288
    
    
    $
    106,906,561Total
    
    $
    34,131,288
    
    
    $
    106,906,561
 13




---



##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  4.
    Fair
    Value Measurements:  Investments.
  Fair Value Measurements.
    Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs9/30/2009


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
461,064,530


$



$
461,064,530


$
Total fair value

$
461,064,530


$



$
461,064,530


$
  Quoted Prices in





SignificantActive Markets for


Significant Other


UnobservableIdentical Assets


Observable Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsInvestment in Master

$
338,731,012


$



$
338,731,012


$
Total fair value

$
338,731,012


$



$
338,731,012


$
 14




---



##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
    September 30, 2009
    (Unaudited)
  Investments.
  Fair Value Measurements.
    Quoted Prices in
    
    
    Significant Other
    
    
    SignificantActive Markets for
    
    
    Observable
    
    
    UnobservableIdentical Assets
    
    
    Inputs
    
    
    Inputs9/30/2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)AssetsFutures and
Exchange Cleared Swaps
    
    $
    3,305,396
    
    
    $
    3,305,396
    
    
    $
    
    
    
    $
    Options owned
    
    
    1,356,600
    
    
    
    1,356,600
    
    
    
    
    
    
    
    Total assets
    
    $
    4,661,996
    
    
    $
    4,661,996
    
    
    $
    
    
    
    $
    LiabilitiesOptions written
    
    $
    678,640
    
    
    $
    678,640
    
    
    $
    
    
    
    $
    Total liabilities
    
    
    678,640
    
    
    
    678,640
    
    
    
    
    
    
    
    Total fair value
    
    $
    3,983,356
    
    
    $
    3,983,356
    
    
    $
    
    
    
    $
    Quoted Prices in


Significant Other


SignificantActive Markets for


Observable


UnobservableIdentical Assets


Inputs


Inputs12/31/2008


(Level 1)


(Level 2)


(Level 3)AssetsOptions owned

$
4,987,535


$
4,987,535


$



$
Total assets

$
4,987,535


$
4,987,535


$




$
LiabilitiesFutures and Exchange Cleared Swaps

$
110,973,333


$
110,973,333


$



$
Options written


4,282,963



4,282,963







Total liabilities


115,256,296



115,256,296







Total fair value

$
(110,268,761
)

$
(110,268,761
)

$



$

  15




---



##### 



Bristol Energy Fund L.P.
    Notes to Financial Statements
   September 30, 2009
    (Unaudited)
  5.
    Financial
    Instrument Risks:  over-the-counter
           16




---



##### 



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Liquidity
    and Capital Resources
        and/or
    Critical
    Accounting Policies
 Use of Estimates.
 Statement
of Cash Flows.
 Investments.
 Fair Value Measurements.
  17




---



##### 



Futures
Contracts.
 Options.
 Income Taxes.
   Recent Accounting
Pronouncements
 Subsequent Events.
 18




---



##### 



Results
    of Operations
           19




---



##### 



30-day 3-month and/or 90-day
          20




---



##### 



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk            one-day
  Form 10-K
  September 30, 2009
    (Unaudited)
  Three Months Ended September 30, 2009% of Total


High


Low


AverageMarket Sector

Value at Risk


Capitalization


Value at Risk


Value at Risk


Value at Risk*Energy

$
25,720,664



4.14
%

$
25,720,664


$
18,754,664


$
24,319,593Total

$
25,720,664



4.14
%    21




---



##### 



Item 4.
    Controls
    and Procedures      Rules 13a-15(e) 15d-15(e)
  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.   22




---



##### 



PART II.
    OTHER INFORMATION Item 1. Legal Proceedings
  Subprime Mortgage-Related Litigation
 Asher, et al. v. Citigroup Inc., et al. Pellegrini v. Citigroup Inc.,
et al. In re Citigroup Inc. Bond Litigation
 Utah Retirement Systems v. Strauss, et al.
 In Re American Home Mortgage Securities Litigation
 In Re American International Group, Inc. 2008 Securities
Litigation
 Auction Rate SecuritiesRelated Litigation and Other Matters
 K-V Pharmaceutical Co. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 In Re Citigroup Auction Rate Securities Litigation
 Ocwen Financial
Corp., et al. v. CGMI In Re Citigroup Auction Rate Securities Litigation
 Other Matters
 ECA
Acquisitions, Inc., et al. v. MAT Three LLC, et al.
 Adelphia Communications Corporation
  IPO Securities Litigation
  Other Matters
 Terra Securities Asa
Konkursbo, et al. v. Citigroup Inc., et al
 23




---



##### 



Item 1A.
    Risk
    Factors    Speculative position and trading limits may reduce profitability.
  Regulatory changes could restrict the Partnerships operations.
  Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds        (d) Maximum Number(c) Total Number



(or Approximateof Redeemable Units



Dollar Value) of(a) Total







Purchased as Part



Redeemable Units thatNumber of



(b) Average



of Publicly



May Yet BeRedeemable



Price Paid per



Announced



Purchased Under thePeriod


Units Purchased*



Redeemable Unit**



Plans or Programs



Plans or ProgramsJuly 1, 2009 -
    July 31, 2009



1,312.9801



$
1,668.03




N/A




N/AAugust 1, 2009 -
    August 31, 2009



718.6462



$
1,701.90




N/A




N/ASeptember 1, 2009 -
    September 30, 2009



6,602.0659



$
1,688.25




N/A




N/ATotal



8,633.6922



$
1,686.31      Item 3.
    Defaults
    Upon Senior Securities  None  Item 4.
    Submission
    of Matters to a Vote of Security Holders 
    None  Item 5.
    Other
    Information  None  24




---



##### 











|                 | 
|---------------- | 
|Item 6. Exhibits



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 herewith).(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).3.2
    
    
    
    Second Amended and Restated Limited Partnership Agreement (filed herewith).10.1
    
    (a)
    
    Advisory Agreement among the Partnership, Citigroup Managed Futures LLC and SandRidge
Capital, LP (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, LP extending the Advisory Agreement
from July 1, 2008 to June 30, 2009 (filed as Exhibit 10.7 to the Annual Report on Form 10-K
for the fiscal year ended December 31, 2008 filed on March 31, 2009 and incorporated herein
by reference).10.2
    
    (a)
    
    Customer Agreement between the Partnership, Citigroup Managed Futures LLC 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, Citigroup Managed Futures LLC
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, Citigroup Managed Futures LLC
and CGM (filed as Exhibit 10.3 to the General Form for Registration of Securities on Form 10
filed on April 30, 2007 and incorporated herein by reference).10.4
    
    
    
    Form of Subscription Agreement (filed herewith).10.5
    
    
    
    Joinder Agreement among the Partnership, Citigroup Managed Futures LLC, Citigroup Global
Markets Inc. and Morgan Stanley Smith Barney LLC (filed as Exhibit 10 to the Quarterly Report
of Form 10-Q for the quarterly period ended June 30, 2009 and incorporated herein by
reference).31.1
    
    
    
    Rule 13a-14(a)/15d-14(a)
Certification (Certification of President and Director).31.2
    
    
    
    Rule 13a-14(a)/15d-14(a)
Certification (Certification of Chief Financial Officer and Director).32.1
    
    
    
    Section 1350
    Certification (Certification of President and Director).32.2
    
    
    
    Section 1350
    Certification (Certification of Chief Financial Officer and Director).


25



---



##### 



SIGNATURES
    BRISTOL ENERGY FUND L.P.
  By:
    Ceres Managed Futures LLC     By:
    /s/  Jerry
    Pascucci        By:
    /s/  Jennifer
    Magro   
   26