GeoSphere Capital Management, LLC In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 14, 2026), GeoSphere Capital Management, LLC reported 38 stock positions worth $193.0 million . Its top holding was National Energy Services Reu (NESR) at 12.4% of the portfolio, followed by BKV (BKV, 8.2% ) and Terawulf (WULF, 6.7% ). Compared with Q1 2026, it opened 10 new positions, sold out of 12, added to 17 and reduced 5. The biggest buy was National Energy Services Reu (NESR, shares +45% ) and the biggest sale an exit from Propetro (PUMP).
Location MIAMI BEACH, FL
CIK 0001426876
Portfolio Value $193.0M (Q2 2026) Holdings 38 stocks · $193.0M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q1 2026 NESR National Energy Services Reu 799,578 $23.9M Add +45.5% BKV BKV Corporation 581,689 $15.9M Add +7.4% WULF Terawulf Inc. 522,574 $12.9M Add +24.8% CNR Core Natural Resources Inc. 157,926 $12.6M Add +14.5% FLR Fluor Corp. 208,000 $10.9M Add +92.6% SEI Solaris Energy Infrastructur 115,366 $9.3M Add +35.1% VIST Vista Energy Sab DE CV 137,473 $8.8M Add +10.0% CCJ Cameco Corp. 69,363 $7.1M Add +16.9% HMH HMH Holding Inc. Class-A filed as HMH HLDG INC 375,000 $7.0M New ARIS Aris Mining Corp. 420,000 $6.3M Add +180.0% KOS Kosmos Energy Ltd. 2,813,788 $5.9M Add +38.0% BORR Borr Drilling Ltd. 1,301,361 $5.4M Add +242.4% DK Delek US Holdings Inc. 102,717 $5.2M Add +14.1% LBRT Liberty Energy Inc. 173,768 $4.6M Add +29.9% GNRC Generac Holdings Inc. 15,000 $4.4M New VLO Valero Energy Corp. 16,000 $4.2M New CVE Cenovus Energy Inc. 161,548 $4.0M No change HAFN Hafnia Ltd. 525,000 $3.5M Add +98.1% INVX Innovex International Inc. 131,066 $3.3M Add +10.7% FNV Franco-Nevada Corp. 15,000 $3.1M New DNN Denison Mines Corp. 977,106 $3.0M No change OII Oceaneering Intl Inc. 69,689 $2.8M Reduce -41.9% HNRG Hallador Energy Co. 150,000 $2.6M New URG Ur-Energy Inc. 1,875,507 $2.6M Reduce -21.1% B Barrick Mining Corp. 68,524 $2.5M No change TRMD Torm PLC-A 90,000 $2.3M New CF CF Industries Holdings Inc. 20,000 $2.2M Reduce -15.5% AR Antero Resources Corp. 60,000 $2.1M New GLNG Golar LNG Ltd. 40,000 $2.0M No change NXE Nexgen Energy Ltd. 204,656 $1.9M No change IAG Iamgold Corp. 110,000 $1.7M Add +19.2% NVGS Navigator Holdings Ltd. 92,000 $1.7M No change BE Bloom Energy Corp. Class A 5,000 $1.5M New CENX Century Aluminum Company 32,000 $1.5M Reduce -61.0% SCZM Santacruz Silver Mining Ltd. 200,000 $1.3M New PAAS Pan American Silver Corp. 25,000 $1.1M Add +56.9% DHT DHT Holdings Inc. 60,000 $992K New LPG Dorian LPG Ltd. 25,000 $870K Reduce -58.3%
Options reported separately and not counted above: SPY puts ($37.3M), QQQ puts ($33.1M), IWM puts ($27.0M), USO calls ($5.3M), EFA puts ($5.2M), IBIT puts ($3.3M), MSTR puts ($1.1M), FRMI puts ($916K).
Portfolio Sells Q1 2026 → Q2 2026 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▲ PUMP Propetro Holding Corp. Sold out 0.00% −2.81 MEOH Methanex Corp. Sold out 0.00% −2.51 BTU Peabody Energy Corp. Sold out 0.00% −2.42 GDX Vaneck Gold Miners ETF Sold out 0.00% −2.21 CENX Century Aluminum Company Reduce -61.0% 0.76% −2.13 FRO Frontline PLC Sold out 0.00% −1.68 FPS Forgent Power Solutions Class A Sold out 0.00% −1.28 PR Permian Resources Corp. Class A Sold out 0.00% −1.28 ECO Okeanis Eco Tankers Corp. Sold out 0.00% −1.22 ORLA Orla Mining Ltd. Sold out 0.00% −1.21 PBF PBF Energy Inc. Class A Sold out 0.00% −1.15 OII Oceaneering Intl Inc. Reduce -41.9% 1.46% −1.10 HCC Warrior Met Coal Inc. Sold out 0.00% −0.84 URG Ur-Energy Inc. Reduce -21.1% 1.32% −0.81 LPG Dorian LPG Ltd. Reduce -58.3% 0.45% −0.78 CF CF Industries Holdings Inc. Reduce -15.5% 1.12% −0.73 PPTA Perpetua Resources Corp. Sold out 0.00% −0.69
Portfolio Buys Q1 2026 → Q2 2026 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q1 2026 % Of Portfolio Change To Portfolio ▼ NESR National Energy Services Reu Add +45.5% 12.40% +5.30 HMH HMH Holding Inc. Class-A New 3.64% +3.64 WULF Terawulf Inc. Add +24.8% 6.69% +3.05 FLR Fluor Corp. Add +92.6% 5.65% +2.62 GNRC Generac Holdings Inc. New 2.28% +2.28 VLO Valero Energy Corp. New 2.16% +2.16 SEI Solaris Energy Infrastructur Add +35.1% 4.81% +1.91 FNV Franco-Nevada Corp. New 1.62% +1.62 ARIS Aris Mining Corp. Add +180.0% 3.25% +1.57 BORR Borr Drilling Ltd. Add +242.4% 2.79% +1.47 HNRG Hallador Energy Co. New 1.35% +1.35 TRMD Torm PLC-A New 1.22% +1.22 AR Antero Resources Corp. New 1.09% +1.09 BE Bloom Energy Corp. Class A New 0.78% +0.78 SCZM Santacruz Silver Mining Ltd. New 0.67% +0.67 HAFN Hafnia Ltd. Add +98.1% 1.81% +0.59 DHT DHT Holdings Inc. New 0.51% +0.51 DK Delek US Holdings Inc. Add +14.1% 2.70% +0.26 PAAS Pan American Silver Corp. Add +56.9% 0.58% +0.06 LBRT Liberty Energy Inc. Add +29.9% 2.36% +0.04 INVX Innovex International Inc. Add +10.7% 1.68% −0.05 IAG Iamgold Corp. Add +19.2% 0.90% −0.14 CCJ Cameco Corp. Add +16.9% 3.66% −0.22 KOS Kosmos Energy Ltd. Add +38.0% 3.08% −0.33 BKV BKV Corporation Add +7.4% 8.25% −1.05 VIST Vista Energy Sab DE CV Add +10.0% 4.55% −1.13 CNR Core Natural Resources Inc. Add +14.5% 6.55% −2.14
Options Activity Q1 2026 → Q2 2026 Security Type Change vs Q1 2026 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +2.0% 50,000 $37.3M QQQ Invesco QQQ Trust Series 1 put Reduce -15.6% 45,000 $33.1M IWM iShares Russell 2000 ETF put New 90,000 $27.0M USO United States Oil Fund LP call New 50,000 $5.3M EFA iShares MSCI Eafe ETF put New 50,000 $5.2M IBIT iShares Bitcoin Trust ETF put New 100,000 $3.3M MSTR Strategy Inc. put New 12,600 $1.1M FRMI Fermi Inc. put New 100,000 $916K
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 38 $193.0M NESR, BKV, WULF, CNR, FLR Q1 2026 40 $166.2M BKV, CNR, NESR, VIST, CCJ Q4 2025 34 $144.8M NESR, BKV, CNR, CCJ, SEI Q3 2025 40 $131.0M NESR, BKV, CCJ, SEI, CVE Q2 2025 39 $97.5M CCJ, BKV, NESR, SEI, GLNG Q1 2025 28 $85.4M FNV, EQT, NESR, CNR, BKV Q4 2024 30 $99.5M NESR, EQT, CONSOL ENERGY INC, BKV, FANG Q3 2024 33 $120.4M KGC, CONSOL ENERGY INC, CCJ, SBLK, COP Q2 2024 26 $128.7M ZIM, WFRD, CVE, STNG, CONSOL ENERGY INC Q1 2024 24 $119.9M WFRD, CVE, STNG, METC, TDW