GeoSphere Capital Management, LLC In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), GeoSphere Capital Management, LLC reported 30 stock positions worth $99.5 million . Its top holding was National Energy Services Reu (NESR) at 10.5% of the portfolio, followed by Eqt (EQT, 8.6% ) and Consol Energy (7.5% ). Compared with Q3 2024, it opened 16 new positions, sold out of 19, added to 6 and reduced 7. The biggest buy was a new position in National Energy Services Reu (NESR) and the biggest sale an exit from Star Bulk Carriers (SBLK).
Location MIAMI BEACH, FL
CIK 0001426876
Portfolio Value $99.5M (Q4 2024) Holdings 30 stocks · $99.5M 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 Q3 2024 NESR National Energy Services Reu 1,165,496 $10.4M New EQT Eqt Corp. 185,000 $8.5M Add +42.3% CONSOL ENERGY INC 70,000 $7.5M Add +16.7% BKV BKV Corporation 241,510 $5.7M Add +26.1% FANG Diamondback Energy Inc. 35,000 $5.7M New CCJ Cameco Corp. 100,000 $5.1M Reduce -23.1% KGS Kodiak Gas Services Inc. 100,000 $4.1M New WULF Terawulf Inc. 650,000 $3.7M New GDXJ Vaneck Junior Gold Miners 85,000 $3.6M New BTDR Bitdeer Technologies Group-A 165,000 $3.6M New KGC Kinross Gold Corp. 306,600 $2.8M Reduce -56.6% INVX Innovex International Inc. 200,000 $2.8M New GLNG Golar LNG Ltd. 65,000 $2.8M New PR Permian Resources Corp. Class A 187,500 $2.7M Reduce -31.8% LBRT Liberty Energy Inc. 125,000 $2.5M New STNG Scorpio Tankers Inc. 50,000 $2.5M Reduce -1.0% AR Antero Resources Corp. 70,000 $2.5M Reduce -30.0% FNV Franco-Nevada Corp. 20,000 $2.4M New UEC Uranium Energy Corp. 350,000 $2.3M Add +40.0% CNQ Canadian Natural Resources 70,000 $2.2M Reduce -58.8% MTDR Matador Resources Co. 38,000 $2.1M New KOS Kosmos Energy Ltd. 625,000 $2.1M Add +4.2% BTU Peabody Energy Corp. 100,000 $2.1M Add +132.2% EXE Expand Energy Corp. 20,000 $2.0M Reduce -25.9% HAFN Hafnia Ltd. 330,000 $1.8M New DNN Denison Mines Corp. 1,000,000 $1.8M New WPM Wheaton Precious Metals Corp. 30,000 $1.7M New NVGS Navigator Holdings Ltd. 100,000 $1.5M No change HNRG Hallador Energy Co. 50,000 $573K New OKLO Oklo Inc. 17,173 $365K New
Options reported separately and not counted above: SPY puts ($58.6M), IWM puts ($55.2M).
Other holdings (1): bonds, preferreds, convertibles and warrants · $119K (not counted above) Security Class Shares / Principal Value Change NESRW National Energy Service-CW23 *W EXP 06/06/202 304,100 $119K New
Total filed on the 13F, all lines: $99.7M.
Portfolio Sells Q3 2024 → Q4 2024 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 Q3 2024 % Of Portfolio Change To Portfolio ▲ SBLK Star Bulk Carriers Corp. Sold out 0.00% −5.12 COP Conocophillips Sold out 0.00% −5.07 VALE Vale SA-SP ADR Sold out 0.00% −4.85 AMR Alpha Metallurgical Resource Sold out 0.00% −4.31 NEM Newmont Corp. Sold out 0.00% −4.31 HCC Warrior Met Coal Inc. Sold out 0.00% −3.45 FRO Frontline PLC Sold out 0.00% −3.35 INSW International Seaways Inc. Sold out 0.00% −3.21 AA Alcoa Corp. Sold out 0.00% −2.88 HL Hecla Mining Co. Sold out 0.00% −2.77 SDRL Seadrill Limited Sold out 0.00% −2.64 KGC Kinross Gold Corp. Reduce -56.6% 2.86% −2.64 CNQ Canadian Natural Resources Reduce -58.8% 2.17% −2.52 CVE Cenovus Energy Inc. Sold out 0.00% −2.51 METC Ramaco Resources Inc. Class A Sold out 0.00% −2.43 MP MP Materials Corp. Sold out 0.00% −2.20 WFRD Weatherford International PL Sold out 0.00% −2.12 ERO Ero Copper Corp. Sold out 0.00% −1.85 GNK Genco Shipping & Trading Ltd. Sold out 0.00% −1.62 STLD Steel Dynamics Inc. Sold out 0.00% −1.26 EU Encore Energy Corp. Sold out 0.00% −0.74 STNG Scorpio Tankers Inc. Reduce -1.0% 2.50% −0.49 PR Permian Resources Corp. Class A Reduce -31.8% 2.71% −0.40 CCJ Cameco Corp. Reduce -23.1% 5.16% +0.01 AR Antero Resources Corp. Reduce -30.0% 2.46% +0.09 EXE Expand Energy Corp. Reduce -25.9% 2.00% +0.16
Portfolio Buys Q3 2024 → Q4 2024 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 Q3 2024 % Of Portfolio Change To Portfolio ▼ NESR National Energy Services Reu New 10.49% +10.49 FANG Diamondback Energy Inc. New 5.76% +5.76 EQT Eqt Corp. Add +42.3% 8.57% +4.61 KGS Kodiak Gas Services Inc. New 4.10% +4.10 WULF Terawulf Inc. New 3.70% +3.70 GDXJ Vaneck Junior Gold Miners New 3.65% +3.65 BTDR Bitdeer Technologies Group-A New 3.59% +3.59 BKV BKV Corporation Add +26.1% 5.77% +2.86 INVX Innovex International Inc. New 2.81% +2.81 GLNG Golar LNG Ltd. New 2.76% +2.76 LBRT Liberty Energy Inc. New 2.50% +2.50 FNV Franco-Nevada Corp. New 2.36% +2.36 CONSOL ENERGY INC Add +16.7% 7.50% +2.29 MTDR Matador Resources Co. New 2.15% +2.15 HAFN Hafnia Ltd. New 1.85% +1.85 DNN Denison Mines Corp. New 1.81% +1.81 WPM Wheaton Precious Metals Corp. New 1.69% +1.69 BTU Peabody Energy Corp. Add +132.2% 2.10% +1.15 UEC Uranium Energy Corp. Add +40.0% 2.35% +1.06 HNRG Hallador Energy Co. New 0.58% +0.58 OKLO Oklo Inc. New 0.37% +0.37 KOS Kosmos Energy Ltd. Add +4.2% 2.15% +0.14
Options Activity Q3 2024 → Q4 2024 Security Type Change vs Q3 2024 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put New 100,000 $58.6M IWM iShares Russell 2000 ETF put Add +733.3% 250,000 $55.2M ALB Albemarle Corp. call Sold out 25,000 $2.4Mbefore exit GDX Vaneck Gold Miners ETF put Sold out 50,000 $2.0Mbefore exit MP MP Materials Corp. call Sold out 100,000 $1.8Mbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
Notes & Other Activity Q3 2024 → Q4 2024 Security Class Change vs Q3 2024 Shares / Principal Value ▼ NESRW National Energy Service-CW23 *W EXP 06/06/202 New 304,100 $119K
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages 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