Document:

Exhibit 10.4
	 

	 
		Please check here if
 employed by
		Citigroup
 Global Markets Inc. or an 
 affiliate. _______
	 

	 
		 
	 

	 
		Smith Barney Account No.: 

		________________________
		
	 

	 
		SMITH BARNEY BRISTOL ENERGY FUND
		L.P.
	 

	 
		(a New York limited partnership)
	 

	 
		Subscription Agreement
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		Citigroup Managed Futures LLC
	 

	 
		731 Lexington Avenue - 25th
		Floor
	 

	 
		New York, New York 10022
	 

	 
		Re: Smith Barney Bristol Energy Fund L.P.
	 

	 
		Ladies and Gentlemen:
	 

	 
		1. Subscription for Units. I hereby irrevocably subscribe for the amount of Units
		(and partial Units rounded to four decimal places) of Limited Partnership
		Interest (“Units”) of Smith Barney Bristol Energy Fund L.P. (the
		“Partnership”) as indicated on page 6 hereof. I understand that each
		Unit will be offered at Net Asset Value per Unit on the date of sale. I hereby
		authorize Citigroup Global Markets Inc. (“CGM”) to debit my Smith
		Barney account in the amount of my subscription as described in the Private
		Placement Offering Memorandum and Disclosure Document dated December 18, 2006,
		as amended or supplemented from time to time (the
		“Memorandum”).
	 

	 
		I am aware that this subscription is not
		binding on the Partnership unless and until it is accepted by the General
		Partner, which may reject this subscription in whole or in part for any reason
		whatsoever. I understand that the General Partner will advise me within five
		business days of receipt of my funds and this Agreement if my subscription has
		been rejected. I further understand that if this subscription is not accepted,
		the full amount of my subscription will be promptly returned to me without
		deduction.
	 

	 
		2. Representations, Warranties and Covenants of
		Subscriber. As an inducement to the
		General Partner on behalf of the Partnership to sell me the Units for which I
		have subscribed I hereby represent, warrant and agree as follows:
	 

	 
		(a) I am over 21 years old, am legally
		competent to execute this Subscription Agreement and have received and reviewed
		the Memorandum and the Partnership’s most recent monthly statement and
		annual report, if any, and except as set forth in the Memorandum, no
		representations or warranties have been made to me by the Partnership, its
		General Partner or their agents, with respect to the business of the
		Partnership, the financial condition of the Partnership, the deductibility of
		any item for tax purposes or the economic, tax, or any other aspects or
		consequences of a purchase of a Unit, and I have not relied upon any
		information concerning the offering, written or oral, other than that contained
		in the Memorandum or provided by the General Partner at my request. In
		addition, I have been represented by such legal and tax counsel and others
		selected by me as I have found it necessary to consult concerning this
		transaction. I am in compliance with all federal and state regulatory
		requirements applicable to this investment. With respect to the tax aspects of
		my investment, I am relying upon the advice of my own personal tax advisors and
		upon my own knowledge with respect thereto.
	 

	 
		(b) I have carefully reviewed the various
		conflicts of interest set forth in the Memorandum, including those arising from
		the fact that the General Partner is an affiliate of CGM, the selling agent and
		commodity broker/dealer for the Partnership.
	 

	 
		(c) I hereby acknowledge and agree to the
		terms of the Customer Agreement between the Partnership and CGM and to payment
		to CGM of the flat rate brokerage fee as described in the Memorandum. I
		understand that lower brokerage fees might be available, but that the General
		Partner will not negotiate with CGM or any other broker to obtain such lower
		rates.
	 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
	 

	 

	 
		(d) The Partnership has made available to
		me, prior to the date hereof, the opportunity to ask questions of, and to
		receive answers from, the General Partner and its representatives, concerning
		the terms and conditions of the offering, and has afforded me access to obtain
		any information, documents, financial statements, records and books (i)
		relating to the Partnership, its business, the offering and an investment in
		the Partnership, and (ii) necessary to verify the accuracy of any information,
		documents, financial statements, records and books furnished in connection with
		the offering. All materials and information requested by me, including any
		information requested to verify any information furnished, have been made
		available and have been examined to my satisfaction.
	 

	 
		(e) I understand that the Partnership
		offering has not been registered under the Securities Act of 1933, as amended
		(the “Act”), or pursuant to the provisions of the securities or other
		laws of certain jurisdictions, in reliance on exemptions for private offerings
		contained in the Act and in the laws of certain jurisdictions. I am fully aware
		of the restrictions on sale, transferability and assignment of the Units as set
		forth in the Limited Partnership Agreement, and that I must bear the economic
		risk of my investment in the Partnership for an indefinite period of time
		because the offering has not been registered under the Act. I understand that
		the Units cannot be offered or sold unless they are subsequently registered
		under the Act or an exemption from such registration is available, and that any
		transfer requires the consent of the General Partner, who may determine not to
		permit any specific transfer.
	 

	 
		(f) I represent that I am aware of the
		speculative nature of this investment and of the high degree of risk involved,
		that I can bear the economic risks of this investment and can afford a complete
		loss of my investment. As evidence of the foregoing, I hereby represent to you
		that I: (i) have sufficient liquid assets to pay the purchase price for my
		interest in the Partnership; (ii) have adequate means of providing for my
		current needs and possible personal contingencies and have no present need for
		liquidity of my investment in the Partnership; (iii) have adequate net worth
		and sufficient means to sustain a complete loss of my investment in the
		Partnership; (iv) either (A) I am an accredited investor as defined in Rule 501
		(a) of the Act, the terms of which are set forth in Exhibit I to this
		Subscription Agreement by virtue of the subparagraph indicated on page B-6 or
		(B) I have a net worth (exclusive of home, furnishings and automobiles) at
		least three times my investment in the Partnership or my actual gross income
		for the last two calendar years was, and my projected gross income for the
		current calendar year will be, not less than three times my investment in the
		Partnership for each year; (v) have substantial experience in making similar
		investments; (vi) have, alone or with my purchaser representative, sufficient
		knowledge to be able to evaluate the merits and risks of this investment; and
		(vii) have made this decision to invest in the Partnership based on my own or
		my purchaser representative’s independent evaluation.
	 

	 
		(g) I will not transfer or assign this
		Subscription Agreement, or any of my interest herein. I am acquiring my
		interest in the Partnership hereunder for my own account and for investment
		purposes only and not with a view to or for the transfer, assignment, resale or
		distribution thereof, in whole or in part. I have no present plans to enter
		into any such contract, undertaking, agreement or arrangement. I understand
		that the General Partner may in its absolute discretion require any limited
		partner to redeem all or part of his Units, upon ten days’ notice to such
		limited partner. 
	 

	 
		(h) If I am not a citizen or resident of the
		United States for U.S. tax purposes, I agree to pay or reimburse CGM or the
		Partnership for any taxes, including but not limited to withholding tax imposed
		with respect to my Units.
	 

	 
		(i) I understand that as part of the
		Partnership’s responsibility for the prevention of money laundering, CGM
		or the general partner may require a detailed verification of identity and the
		source of payment. In the event of delay or failure by me to produce any
		information required for verification purposes, the general partner may refuse
		to accept my application and subscription funds relating thereto or may refuse
		to process a redemption request until proper information has been
		provided.
	 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
	 

	 

	 
		(j) FOR ALL ACCREDITED INVESTORS. I hereby
		represent and affirm that (i) I have a net worth alone or with my spouse
		exceeding 10 times my investment; (ii) I have either alone or
		with my professional advisor the capacity to protect my interests in connection
		with this transaction or (iii) I am able to bear the economic risk of the
		investment.
	 

	 
		(k) I represent that the information
		contained herein is complete and accurate as of the date hereof and may be
		relied upon by the General Partner. I further represent that I will notify the
		General Partner immediately of any adverse change in any such information which
		may occur prior to the acceptance of my subscription and will promptly send the
		General Partner written confirmation thereof.
	 

	 
		(l) If I am a collective investment vehicle,
		I am in compliance with all applicable Federal regulatory requirements
		including the registration rules of the Commodity Futures Trading Commission
		(“CFTC”).
	 

	 
		3. Acceptance of Limited Partnership Agreement and Power of
		Attorney. I hereby apply to become a
		limited partner as of the date upon which the sale of my Units becomes
		effective, and I hereby agree to each and every term of the Limited Partnership
		Agreement as if my signature were subscribed thereto. I hereby constitute and
		appoint the General Partner of the Partnership, with full power of
		substitution, as my true and lawful attorney to execute, acknowledge, file and
		record in my name, place and stead: (a) a Limited Partnership Agreement (the
		“Partnership Agreement”) of the Partnership substantially in the form
		included as an Appendix to the Memorandum; (b) all certificates and other
		instruments which the General Partner of the Partnership shall deem appropriate
		to create, qualify, continue or dissolve the Partnership as a limited
		partnership in the jurisdictions in which the Partnership may be formed or
		conduct business; (c) all agreements amending or modifying the Partnership
		Agreement that may be appropriate to reflect a change in any provision of the
		Partnership Agreement or the exercise by any person of any right or rights
		thereunder not requiring my specific consent, or requiring my consent if such
		consent has been given, and any other change, interpretation or modification of
		the Partnership Agreement in accordance with the terms thereof; (d) such
		amendments, instruments and documents which the General Partner deems
		appropriate under the laws of the State of New York or any other state or
		jurisdiction to reflect any change, amendment or modification of the
		Partnership Agreement of any kind referred to in subparagraph (c) hereof; (e)
		filings with agencies of any federal, state or local governmental unit or of
		any jurisdiction which the General Partner shall deem appropriate to carry out
		the business of the Partnership; and (f) all conveyances and other instruments
		which the General Partner shall deem appropriate to effect the transfer of my
		Partnership interest pursuant to the Partnership Agreement or of Partnership
		assets and to reflect the dissolution and termination of the Partnership. The
		foregoing appointment (i) is a special power of attorney coupled with an
		interest, is irrevocable and shall survive my subsequent death, incapacity or
		disability and (ii) shall survive the delivery of an assignment by me of the
		whole or any portion of my interest, except that where an assignee of the whole
		of such interest has been approved by the General Partner for admission to the
		Partnership as a substituted Limited Partner, the power of attorney shall
		survive the delivery of such assignment for the sole purpose of enabling the
		General Partner to execute, acknowledge and file any instrument necessary to
		effect such substitution.
	 

	 
		4. Indemnification.
		I hereby agree to indemnify and hold harmless the Partnership, the General
		Partner and its affiliated persons from any and all damages, losses, costs and
		expenses (including reasonable attorneys’ fees) which they may incur by
		reason of any breach by me of the covenants, warranties and representations
		contained in this Subscription Agreement.
	 

	 
		5. Survival. All
		representations, warranties and covenants contained in this Subscription
		Agreement and the indemnification contained in paragraph 4 shall survive (a)
		the acceptance of the subscription; (b) changes in the transactions, documents
		and instruments described in the Memorandum that are not material; and (c) the
		death or disability of the undersigned.
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
	 

	 

	 
		6. Miscellaneous.
		This subscription is not revocable by me and constitutes the entire agreement
		among the parties hereto with respect to the subject matter hereof and may not
		be amended orally. This Agreement shall be construed in accordance with and be
		governed by the laws of the State of New York.
	 

	 
		7. Employee-Benefit Plans. By so indicating on page B-6 hereof, the undersigned
		hereby represents and warrants whether or not the subscriber is a “Benefit
		Plan Investor” within the meaning of U.S. Department of Labor Regulation
		29 CFR 2510.3-101, as amended by the Pension Protection Act of 2006 (the
		“Plan Assets Regulation”). Generally, a “Benefit Plan
		Investor” is any plan or fund organized by an employer or employee
		organization subject to Title I of the Employee Retirement Income Security Act
		of 1974, as amended (“ERISA”), or any plans subject to Section 4975
		of the Internal Revenue Code of 1986 (the “Code”) to provide
		retirement, deferred compensation, welfare or similar benefits to employees or
		beneficiaries, including an entity described in Section (g) of the Plan Assets
		Regulation, in which 25% or more of any class of equity interests is owned by
		such plans and that is primarily engaged in the business of investing capital.
		If the undersigned is investing with the assets of, or on behalf of, an
		employee-benefit plan subject to ERISA, or plan subject to Section 4975 of the
		Code (the “Plan”) (such undersigned, the “Fiduciary”) then
		the Fiduciary further represents and agrees as follows with respect to the
		Plan:
	 

	 
		(a) Either (i) or (ii): (i) neither CGM, the General Partner nor any of their
		employees, financial advisors or affiliates (A) manages any part of the
		investment portfolio of the Plan, or (B) has an agreement or understanding,
		written or unwritten, with the Fiduciary under which the Fiduciary regularly
		receives information, recommendations or advice concerning investments which
		are used as a primary
		basis for the Plan’s investment
		decisions and which are individualized to the particular needs of the
		Plan.
	 

	 
		or (ii) The relationship between the Plan and CGM, the
		General Partner or any of their employees, financial advisors or affiliates
		comes within (A) or (B) above with respect to only a portion of the Plan’s
		assets and the investment in the Partnership is being made by the
		Fiduciary from a portion of Plan assets with respect to which such relationship
		does not exist.
	 

	 
		(b) Although a CGM account executive or a
		financial advisor may have suggested that the Fiduciary consider the investment
		in the Partnership, the Fiduciary has studied the Memorandum and has made the
		investment decision solely on the basis of the Memorandum and without reliance
		on such suggestion.
	 

	 
		(c) The Plan is in compliance with all
		applicable Federal regulatory requirements.
	 

	 
		(d) The undersigned Fiduciary acknowledges
		that it is: (i) independent of CGM, the General Partner and all of their
		affiliates; (ii) capable of making an independent decision regarding the
		investment of Plan assets; (iii) knowledgeable with respect to the Plan in
		administrative matters and funding matters related thereto, and (iv) able to
		make an informed decision concerning participation in the Partnership.
	 

	 
		(e) The undersigned Fiduciary, if the Plan
		is an IRA or Keogh account of which CGM is the custodian, hereby directs said
		custodian as custodian of the Plan to subscribe for the amount indicated on
		page B-6. In addition, the Fiduciary represents and confirms that all of the
		information contained in this Subscription Agreement and relating to the
		subscribing Plan is complete and accurate.
	 

	 
		Please complete this Subscription Agreement
		by filling in the blanks and executing it on the following page.
	 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
	 

	 

	 
		EXECUTION PAGE
	 

	 
		I. For Client Use:
	 

	 
			
				
				  A.
				

			 	
				
				  Subscription
				  Amount: I hereby subscribe for
				  $_____________ (minimum $25,000).
				

			 

 

	 
			
				
				  B.
				

			 	
				
				  Accreditation: Please select one of the following.
				

			 

 

	 
			
				
				   
				

			 	
				
				  1.
				

			 	
				
				  ___ I am an accredited investor
				  under paragraph _______ of Exhibit I on page B-8.
				

			 

 

	 
		OR
	 

	 
			
				
				   
				

			 	
				
				  2.
				

			 	
				
				  ___ I am a non-accredited
				  investor.
				

			 

 

	 
		If you selected #2 above, please fill in the
		Prospective Purchaser Questionnaire (Exhibit II, page B- 9 and, if
		applicable, the Purchaser Representative Questionnaire (Exhibit II-1, page
		B-11).
	 

	 
			
				
				  C.
				

			 	
				
				  1. Representation:
				  The foregoing statements are complete and accurate as of the date hereof and
				  may be relied upon by the General Partner. I further represent that I will
				  notify the General Partner immediately of any adverse change in any such
				  information and will promptly send the General Partner written confirmation
				  thereof.
				

			 

 

	 
		2. Signature: If joint ownership, all parties must sign (if
		fiduciary, partnership or corporation, indicate capacity of signatory
		under signature line)
	 

	 
		IN WITNESS WHEREOF, I have executed this
		Subscription Agreement including Power of Attorney as of the date below.

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Signature
				

			 	
				
				   
				

			 	
				
				  Signature
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Title (if applicable)
				

			 	
				
				   
				

			 	
				
				  Title (if applicable)
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  3. Date:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Date:
				

			 	
				
				   
				

			 
						

 

	 
		 
	 

	 
			
				
				  D.
				

			 	
				
				  Please complete Registration Data
				  on the next page.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				  II. For Branch Use:
				

				
				  I have received all documents
				  required to open this account and acknowledge the suitability of this
				  investment for the client. In recommending the purchase of Units, I, on behalf
				  of Citigroup Global Markets have determined the suitability of the subscriber
				  and will maintain records containing the basis of the suitability
				  determination. Prior to executing the purchase of Units, I, on behalf of
				  Citigroup Global Markets have informed the subscriber of facts relating to the
				  liquidity and marketability of the Units. If the account is a partnership or
				  trust, I acknowledge that my review of the partnership or trust documents
				  allows investments in limited partnerships whose principal business is in
				  futures trading and the anti-money laundering and know-your-customer
				  documentation for this subscriber is complete.
				

			 	
				
				   
				

			 	
				
				   
				

			 	

				
				  III. For General Partner’s
				  Use:
				

				
				  ACCEPTED:

				  CITIGROUP MANAGED

				  FUTURES LLC
				

				
				   
				

				
				   
				

				
				  By:
				  ____________________________
				

				
				  Name:
				  __________________________
				

				
				  Title:
				  ___________________________
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Branch Manager –
				  Signature
				

			 	
				
				   
				

			 	

				
				   
				

			 
	
				
				   
				

			 	
				
				  Branch Manager - Print Name
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
	 

	 

	 
		Registration Data
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name of Limited Partner

				  (Please Print)

				  (See Note 1 Below)
				

			 	
				
				   
				

			 	
				
				  Name of Joint Limited Partner (if
				  any)
 (Please Print)
				

			 
	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Residence Street Address

				  (See Note 2 Below)
				

			 	
				
				   
				

			 	
				
				  Mail Address (if different than

				  Residence Address)
				

			 
	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  City                  State               Zip
				  Code
				

			 	
				
				   
				

			 	
				
				  City                  State               Zip
				  Code
				

			 
	 	 	 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Social Security or Federal Employer
				  I.D. Number
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  If Joint Ownership, check
				  one:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  / / Joint Tenants with right
				  to
          Survivorship
				  (all parties must sign)
				

			 
	
				
				  Smith Barney Account Number
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Note 1: If subscriber is an
				  ERISA
 plan or account, please so
				  indicate
 (e.g.: “XYZ” Co.
				  Pension Plan”, “Dr.
 A Keogh
				  Account”, “Mr. B IRA Account”).
				

			 	
				
				   
				

			 	
				
				  / / Tenants in Common
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  / / Community Property
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  If Fiduciary or Corporation, check
				  one:
				

			 
	
				
				  Note 2: The address given above
				  must
 be the residence address of the
				  Limited
 Partner. Post Office boxes and
				  other
 nominee addresses will not be
				  accepted.
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  / / Trust     /
				  / Partnership
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  / / Corporation
				

			 
				

 

	 
		 
	 

	 
			
				
				   
				

			 

 

	 
		For Branch Use
	 

	 
		See front cover for mailing instructions of
		Subscription Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT I
	 

	 
		“Accredited investor” shall mean
		any person who comes within any of the following categories, or who the issuer
		reasonably believes comes within any of the following categories, at the time
		of the sale of the securities to that person:
	 

	 
		(1) Any bank as defined in section 3(a)(2)
		of the Act; any savings and loan association or other institution as defined in
		section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary
		capacity or any broker or dealer registered pursuant to section 15 of the
		Securities Exchange Act of 1934; insurance company as defined in section 2(13)
		of the Act; investment company registered under the Investment Company Act of
		1940 or a business development company as defined in section 2(a)(48) of that
		Act; Small Business Investment Company licensed by the U.S. Small Business
		Administration under section 301(c) or (d) of the Small Business Investment Act
		of 1958; any plan established and maintained by a state, its political
		subdivisions, or any agency or instrumentality of a state or its political
		subdivisions, for the benefit of its employees, if such plan has total assets
		in excess of $5,000,000; employee benefit plan within the meaning of the
		Employee Retirement Income Security Act of 1974, if the investment decision is
		made by a plan fiduciary, as defined in section 3(21) of such Act, which is
		either a bank, savings and loan association, insurance company, or registered
		investment adviser, or if the employee benefit plan has total assets in excess
		of $5,000,000, or if a self-directed plan, with investment decisions made
		solely by persons that are accredited investors;
	 

	 
		(2) Any private business development company
		as defined in section 202(a)(22) of the Investment Advisers Act of 1940;
		
	 

	 
		(3) Any organization described in Section
		501(c)(3) of the Internal Revenue Code, any corporation, Massachusetts or
		similar business trust, or partnership, not formed for the specific purpose of
		acquiring the securities offered, with total assets in excess of
		$5,000,000;
	 

	 
		(4) Any director, executive officer, or
		general partner of the issuer of the securities being offered or sold, or any
		director, executive officer or general partner of a general partner of that
		issuer;
	 

	 
		(5) Any natural person whose individual net
		worth, or joint net worth with that person’s spouse, at the time of his
		purchase exceeds $1,000,000;
	 

	 
		(6) Any natural person who had an individual
		income in excess of $200,000 in each of the two most recent years or joint
		income with that person’s spouse in excess of $300,000 in each of those
		years and has a reasonable expectation of reaching the same income level in the
		current year;
	 

	 
		(7) Any trust, with total assets in excess
		of $5,000,000, not formed for the specific purpose of acquiring the securities
		offered, whose purchase is directed by a sophisticated person as described in
		Rule 506(b)(2)(ii); and 
	 

	 
		(8) Any entity in which all of the equity
		owners are accredited investors.
	 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT II
	 

	 
		Prospective Purchaser
		Questionnaire
	 

	 
		To be completed by non-accredited
		investors 
	 

	 
		The purpose of this Questionnaire is to
		determine whether you meet the standards imposed by Regulation D promulgated
		under the Securities Act of 1933, since the Units have not been and will not be
		registered under that Act and are being sold in reliance upon the exemption
		provided by Section 4(2) of that Act. Please complete these questions as
		thoroughly as possible.
	 

	 
		(i) I have a net worth (exclusive of home,
		furnishings and automobiles) either individually or jointly with my spouse of
		at least three times my investment in the Partnership.
	 

	 
		Yes____               No____

	 

	 
		(ii) My gross income for each of the past
		two years and my projected gross income for the current year is not less
		than three times my investment in the
		Partnership.
	 

	 
		Yes____               No____

	 

	 
		(iii) In the space below, please provide
		information regarding other types of investments which you have made during the
		last five years:
	 

	 
		(Check if applicable)
	 

	 
		 
	 

	 
			
				
				  Stocks
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Limited Partnership
				  Interests:
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Bonds
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Real Estate
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Mutual Funds
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Oil and Gas
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Commodities
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Equipment
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Options
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Other (specify)
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		(iv) Please indicate below the highest
		educational degree you hold.
	 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
	 

	 

	 
		(v) Describe below your principal business
		activities during the last five years and provide any additional information
		which would evidence your ability to evaluate the merits and risks of investing
		in the Partnership. 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(vi) If you cannot demonstrate to the
		General Partner’s satisfaction that you have such knowledge and experience
		in financial and business matters that you are capable of evaluating the merits
		and risks of investment in the Partnership (e.g., you are a lawyer or
		accountant or you have sufficient prior investment of business experience), you
		must seek advice from a Purchaser Representative.
	 

	 
		In evaluating the merits and risks of this
		investment, will you seek the advice of any other person? 
	 

	 
			
				
				   
				

			 	
				
				  Yes____  
				

			 	
				
				  No____
				

			 

 

	 
		If YES, please identify below each such
		person and indicate his business address and telephone number and have him
		complete and return one copy of the Purchaser Representative Questionnaire
		accompanying this Subscription Agreement.
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		If YES, has your Purchaser Representative
		disclosed to you whether or not any material relationship (that he has with the
		Partnership or any of its affiliates) exists and whether or not he expects to
		receive any compensation from the Partnership or its affiliates as a result of
		this sale?
	 

	 
			
				
				   
				

			 	
				
				  Yes____  
				

			 	
				
				  No____
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		10
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT II-1
	 

	 
		Questionnaire for Purchaser
		Representatives
	 

	 
		For non-accredited investors only, if
		applicable 
	 

	 
		Smith Barney Bristol Energy Fund L.P.

	 

	 
		(the “Partnership”)
	 

	 
		THIS QUESTIONNAIRE IS TO BE COMPLETED AND
		DELIVERED TO THE GENERAL PARTNER OF THE PARTNERSHIP PRIOR TO THE DETERMINATION
		BY THE GENERAL PARTNER WHETHER OFFERS FOR SUBSCRIPTIONS FOR UNITS OF LIMITED
		PARTNERSHIP INTEREST MAY BE ACCEPTED FROM:
	 

	 
		 
	 

	 
		________________________________ (THE
		“INVESTOR”).
	 

	 
			
				
				   
				

			 	
				
				  (Fill in name of investor)
				

			 

 

	 
		INSTRUCTIONS
	 

	 
		This Questionnaire is being given to each
		person who has been designated as a “purchaser representative” by an
		individual who has expressed an interest in purchasing Units in the
		Partnership. The purpose of this Questionnaire is to determine whether you are
		qualified to act as a purchaser representative (as that term is defined in
		Regulation D under the Securities Act of 1933) since the Units have not been
		and will not be registered under that Act and are being sold in reliance upon
		an exemption contained in the Act.
	 

	 
		Please contact Citigroup Managed Futures LLC
		at 731 Lexington Avenue - 25th Floor, New York, New York 10022,
		telephone number (212) 559-2011, if you have any questions in answering this
		Questionnaire.
	 

	 
		Your answers will, at all times, be kept
		strictly confidential. However, you agree that, should the investor whom you
		are representing agree to purchase Units, the Partnership may present this
		Questionnaire to such parties as it deems appropriate in order to insure itself
		that the offer and sale of Units in the Partnership to such investor will not
		result in the loss of the exemption from registration under the Act which is
		being relied upon by the Partnership in connection with the sale of the
		Units.
	 

	 
		Please complete this Questionnaire as
		thoroughly as possible and sign, date and return one copy to the General
		Partner at the above address. Attach additional pages if necessary to fully
		answer any question.
	 

	 
		If the answer to any question is
		“None” or “Not applicable”, please so state.
	 

	 
		 
	 

	 
		 
	 

	 
		11
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				  Name of Purchaser
				  Representative:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Name of Represented Investor:
				  
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Business Address:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Occupation:
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Your Bus. Tel. No.:
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		1. Have you received and reviewed the
		Private Placement Offering Memorandum and Disclosure Document (as supplemented
		from time to time) with regard to the offering of Units in the Partnership
		which has previously been delivered to the investor?
	 

	 
			
				
				   
				

			 	
				
				  Yes ____  
				

			 	
				
				  No ____
				

			 

 

	 
		2(a). Describe principal business positions
		you have held during the last five years, or since graduation from college,
		whichever is the shorter period. Please be specific listing dates of employment
		and if possible provide us with telephone numbers where previous employers can
		be contacted:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(b). Describe any other business, financial
		or investment experience that would help you to evaluate the merits and risks
		of an investment in the Partnership:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(c). Have you had experience in advising
		investors with respect to similar investments in the past? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ____  
				

			 	
				
				  No ____
				

			 

 

	 
		If you have answered “yes” to this
		question, please describe briefly such experience indicating amounts you have
		caused to be invested, number of offerings you have reviewed and their names if
		possible.
	 

	 
		 
	 

	 
		 
	 

	 
		12
	 

	 
		 
	 

	 
	 

	 

	 
		3(a). Please place ONE check mark
		next to the space which indicates the HIGHEST level of
		education you have completed; on the lines following, PLEASE DESCRIBE IN DETAIL any business or professional education you have
		received, listing names of schools, degrees received and dates of
		attendance.
	 

	 
		 
	 

	 
		___Completed College, awarded degree, B.A.,
		B.S. or equivalent
	 

	 
		___Some Postgraduate Education
	 

	 
		___Two years of Postgraduate Training,
		awarded M.A. or equivalent
	 

	 
		___Completed Postgraduate Training and
		received Ph.D. (list date degree obtained and awarding school)
	 

	 
		___Professional School, awarded J.D., or
		M.B.A. (list date degree obtained and awarding school)
	 

	 
		___Other (PLEASE EXPLAIN IN DETAIL YOUR EDUCATIONAL BACKGROUND AND
		LIST DATES OF ATTENDANCE AND NAMES OF SCHOOLS)
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 

 

	 
		(b). List any professional licenses or
		registrations held by you; if none are held please note this in writing on the
		space provided below:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(c). Are you registered as a broker-dealer
		within your state?
	 

	 
			
				
				   
				

			 	
				
				  Yes ____  
				

			 	
				
				  No ____
				

			 

 

	 
		(d). Are you registered as an investment
		advisor in your state? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ____  
				

			 	
				
				  No ____
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		13
	 

	 
		 
	 

	 
	 

	 

	 
		(e). List all memberships in professional
		organizations; if you belong to no professional organizations please indicate
		this on the space provided below:
	 

	 
		4(a). In advising the investor, will you be
		relying in part on the investor’s own expertise in certain areas? Yes
		  ___   No___
	 

	 
		 (b). If yes, please state the basis for
		your reliance, i.e., number of deals you know this investor has invested
		in, amounts invested and the dates of these previous investments. Please note
		that what is sought here is not a reference to the general soundness of the
		business judgment of the investor but rather a specific basis for relying upon
		the investor’s own expertise:
	 

	 
		(c). In advising the investor, will you be
		relying in part on the expertise of an additional Purchaser Representative?
		Yes___          No___
	 

	 
		NOTE: YOU MAY NOT RELY ON AN ADDITIONAL
		PURCHASER REPRESENTATIVE UNLESS EACH ADDITIONAL PURCHASER REPRESENTATIVE HAS
		COMPLETED A QUESTIONNAIRE AND HAS BEEN ACKNOWLEDGED BY THE INVESTOR TO BE HIS
		PURCHASER REPRESENTATIVE.
	 

	 
		 (d). If the answer to (c) is
		“yes,” please list the name and address of any additional Purchaser
		Representative:
	 

	 
		 
	 

	 
		 
	 

	 
		14
	 

	 
	 

	 

	 
		5(a). Have you ever been convicted in a
		criminal proceeding, or are you the subject of a criminal proceeding which is
		presently pending (except for traffic violations)? Yes __  No __
	 

	 
		(b). Have you ever been the subject of any
		order, judgment or decree enjoining, barring or suspending you from acting as
		an investment advisor, broker or dealer or from engaging in any practice in
		connection with the purchase or sale of any security?
	 

	 
		Yes ___    No___
	 

	 
		(c). If the answer to either (a) or (b) is
		“yes,” please explain:
	 

	 
		6(a). Do you or any of your affiliates have,
		with the General Partner or any of its affiliates1, any
		relationship, that a reasonable investor might consider important, in making
		their decision as to whether or not to designate you as their Purchaser
		Representative (i.e. a “material” relationship within the meaning
		of Regulation D)? Yes ____ No ____
	 

	 
		(b). Is such a material relationship
		contemplated? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No___
				

			 

 

	 
		(c). Has such a material relationship
		existed during the past two years? 
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No___
				

			 

 

	 
		NOTE: THE RECEIPT OF ANY SALES COMMISSION
		WITH RESPECT TO THE INVESTOR’S PURCHASE OF UNITS CONSTITUTES COMPENSATION
		TO BE RECEIVED AS A RESULT OF A MATERIAL RELATIONSHIP.
	 

	 
		______________
	 

	 
			
				
				  1
				

			 	
				
				  The term “affiliate” of a
				  person means a person that directly or indirectly, through one or more
				  intermediaries, controls, or is controlled by, or is under common control with
				  such person.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		15
	 

	 
	 

	 

	 
		(d). If the answer to (a), (b) or (c) is
		“yes,” please describe your relationship to the Partnership and
		indicate the amount of compensation you have received or you expect to receive
		as a result of this relationship:
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		 
	 

	 
		(e). Was the information, if any, set forth
		in response to 6(d) above, disclosed in
		writing to the proposed investor, prior
		to his acknowledgement that you are to act as his Purchaser Representative in
		connection with this investment?
	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

		
		  (f) Are you an affiliate, officer,
		  director or employee of either the Partnership or its General Partner?
		

	 

	 
			
				
				   
				

			 	
				
				  Yes ___ 
				

			 	
				
				  No ___
				

			 

 

	 
		I understand that the Partnership as well as
		the investor will be relying on the accuracy and completeness of my responses
		to the foregoing questions, and I hereby represent and warrant to the
		Partnership as follows:
	 

	 
		(i) The answers to the above questions are
		complete and correct and may be relied upon by the Partnership in determining
		whether the offering in connection with which I have executed this
		Questionnaire is exempt from registration under the Securities Act of 1933 and
		also by the investor in determining my suitability to be his advisor in
		connection with his possible investment in the Partnership;
	 

	 
		(ii) I will notify the Partnership
		immediately of any material change in any statement made herein occurring prior
		to the closing of the purchase by the above-named investor of any interest in
		the Partnership.
	 

	 
		(iii) If I have not checked “yes”
		in answer to question 6(a), 6(b) or 6(c) I have no “material
		relationship” as that term is defined in Regulation D, and if I have not
		checked “yes” in answer to question 6(f), I am not an affiliate,
		officer, director or employee of either the Partnership or of the General
		Partner, or any of their affiliates, nor am I a direct or beneficial owner of
		ten percent (10%) or more of any class of the equity securities of the General
		Partner or any of its affiliates.
	 

	 
		(iv) I personally (or, if I have checked
		“yes” in answer to question 4(a) or (b) above, together with the
		investor or the additional Purchaser Representative or Purchaser
		Representatives indicated above) have such knowledge and experience in
		financial and business matters that I am capable of evaluating the merits and
		risks of the investor’s prospective investment in the Partnership.
	 

	 
		 
	 

	 
		 
	 

	 
		16
	 

	 
	 

	 

	 
		
		  IN WITNESS WHEREOF, I have signed this
		  Questionnaire this ____ day of____________
		  , 200_.
		

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (Signature)
				

			 
	 	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  (Print Name)
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		17Exhibit 10.5
				

				
				  Citigroup Managed Futures
				  LLC
 731 Lexington
				  Avenue
 25th
				  Floor
 New York, NY
				  10022
 
 Tel 212 559
				  2011
 Fax 212 793 1986

				

			 

 

	 
		June 30, 2006
	 

	 
		SandRidge Capital, Inc.
	 

	 
		1301 Post Oak Blvd., Suite 325
	 

	 
		Houston, Texas 77056
	 

	 
		Attention: Mr. Andrew M. Rowe
	 

	 
			
				
				   
				

			 	
				
				  Re: 
				

			 	
				
				  Management Agreement
				  Renewals
				

			 

 

	 
		Dear Mr. Rowe:
	 

	 
		We are writing with respect to your
		management agreements concerning the commodity pools to which reference is made
		below (the “Management Agreements”). We are extending the term of the
		Management Agreements through June 30, 2007 and all other provisions of the
		Management Agreements will remain unchanged.
	 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  SB Bristol Energy Fund LP
				

			 

 

	 
			
				
				   
				

			 	
				
				  •
				

			 	
				
				  CMF SandRidge Master Fund LP
				

			 

 

	 
		Please acknowledge receipt of this
		modification by signing one copy of this letter and returning it to the
		attention of Mr. Daniel McAuliffe at the address above or fax to
		212-793-1986. If you have any questions I can be reached at
		212-559-5043.
	 

	 
		 
	 

	 
			
				
				  Very truly yours,
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  CITIGROUP MANAGED FUTURES LLC

				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  By: 
				

			 	
				
				  
 /s/ Daniel R. McAuliffe,
				  Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				  Daniel R. McAuliffe, Jr.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  Chief Financial Officer &
				  Director
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				  By: 
				

			 	
				
				  
 /s/ Andrew M. Rowe
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

			
				
				  Print Name: 
				

			 	
				
				  
 /s/ Andrew M. Rowe
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 

 

	 
		DRMcA/sr

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]