GeoSphere Capital Management, LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), GeoSphere Capital Management, LLC reported 39 stock positions worth $97.5 million. Its top holding was Cameco (CCJ) at 7.3% of the portfolio, followed by BKV (BKV, 6.3%) and National Energy Services Reu (NESR, 6.2%). Compared with Q1 2025, it opened 20 new positions, sold out of 9, added to 5 and reduced 11. The biggest buy was a new position in Golar LNG (GLNG) and the biggest sale Franco-Nevada (FNV, shares −83%).

Most Recent 13F
Q2 2026
Location
MIAMI BEACH, FL
CIK
0001426876
Portfolio Value
$97.5M (Q2 2025)
SEC Filing
0001214659-25-012215 ↗ filed Aug 14, 2025

Holdings Value

0$50.0M$100.0M$150.0M$200.0M Q1 2024: $119.9M Q1 2024 Q2 2024: $128.7M Q2 2024 Q3 2024: $120.4M Q3 2024 Q4 2024: $99.5M Q4 2024 Q1 2025: $85.4M Q1 2025 Q2 2025: $97.5M $97.5M Q2 2025 Q3 2025: $131.0M Q3 2025 Q4 2025: $144.8M Q4 2025 Q1 2026: $166.2M Q1 2026 Q2 2026: $193.0M Q2 2026

Holdings 39 stocks · $97.5M
CCJ Cameco Corp. 7.34% 96,460 $7.2M Add +35.0%
BKV BKV Corporation 6.31% 254,857 $6.1M Reduce -1.9%
NESR National Energy Services Reu 6.22% 1,007,469 $6.1M Add +19.1%
SEI Solaris Energy Infrastructur 5.98% 205,972 $5.8M Add +7.9%
GLNG Golar LNG Ltd. 4.86% 115,000 $4.7M New
PSX Phillips 66 3.67% 30,000 $3.6M Add +47.4%
LBRT Liberty Energy Inc. 3.59% 305,000 $3.5M New
LPG Dorian LPG Ltd. 3.50% 140,000 $3.4M New
COP Conocophillips 3.45% 37,500 $3.4M No change
WPM Wheaton Precious Metals Corp. 3.22% 35,000 $3.1M Add +75.0%
FANG Diamondback Energy Inc. 3.17% 22,500 $3.1M New
FCX Freeport-McMoran Inc. 3.11% 70,000 $3.0M New
MOS The Mosaic Co. 2.99% 80,000 $2.9M New
GDXJ Vaneck Junior Gold Miners 2.96% 42,735 $2.9M Reduce -43.2%
DNN Denison Mines Corp. 2.43% 1,300,000 $2.4M New
CNQ Canadian Natural Resources 2.42% 75,000 $2.4M New
EXE Expand Energy Corp. 2.40% 20,000 $2.3M No change
PAAS Pan American Silver Corp. 2.33% 80,000 $2.3M New
EQT Eqt Corp. 2.22% 37,117 $2.2M Reduce -71.9%
NXE Nexgen Energy Ltd. 2.14% 300,000 $2.1M New
PR Permian Resources Corp. Class A 2.10% 150,000 $2.0M Reduce -25.0%
CNR Core Natural Resources Inc. 2.09% 29,198 $2.0M Reduce -62.2%
CHRD Chord Energy Corp. 1.99% 20,000 $1.9M New
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 1.86% 180,942 $1.8M No change
EE Excelerate Energy Inc. Class A 1.80% 60,000 $1.8M New
INVX Innovex International Inc. 1.60% 100,000 $1.6M New
GDX Vaneck Gold Miners ETF 1.52% 28,439 $1.5M Reduce -37.1%
IAG Iamgold Corp. 1.51% 200,000 $1.5M Reduce -33.3%
OKLO Oklo Inc. 1.44% 25,000 $1.4M New
CVE Cenovus Energy Inc. 1.40% 100,000 $1.4M New
FNV Franco-Nevada Corp. 1.35% 8,000 $1.3M Reduce -82.5%
CORZ Core Scientific Inc. 1.33% 75,772 $1.3M New
INSW International Seaways Inc. 1.31% 35,000 $1.3M Reduce -41.7%
SIL Global X Silver Miners ETF 1.23% 25,000 $1.2M New
URG Ur-Energy Inc. 1.13% 1,050,000 $1.1M New
SOC Sable Offshore Corp. 1.01% 44,717 $983K New
HNRG Hallador Energy Co. 0.49% 30,000 $475K Reduce -71.0%
TMC TMC the Metals Co. Inc. 0.34% 50,000 $330K New
TMQ Trilogy Metals Inc. 0.21% 150,000 $203K Reduce -50.0%

Options reported separately and not counted above: SPY puts ($18.5M).

Other holdings (1): bonds, preferreds, convertibles and warrants · $736K (not counted above)
SecurityClassShares / PrincipalValueChange
NESRW National Energy Service-CW23 *W EXP 06/06/202 1,333,344$736KAdd +56.1%

Total filed on the 13F, all lines: $98.2M.

Portfolio Sells Q1 2025 → Q2 2025
FNV Franco-Nevada Corp. Reduce -82.5% 1.35% −7.10
EQT Eqt Corp. Reduce -71.9% 2.22% −6.05
CNR Core Natural Resources Inc. Reduce -62.2% 2.09% −4.88
GNK Genco Shipping & Trading Ltd. Sold out 0.00% −4.39
CENX Century Aluminum Company Sold out 0.00% −3.85
PTEN Patterson-Uti Energy Inc. Sold out 0.00% −2.89
RRC Range Resources Corp. Sold out 0.00% −2.57
FRO Frontline PLC Sold out 0.00% −2.53
LEU Centrus Energy Corp. Class A Sold out 0.00% −2.18
GDXJ Vaneck Junior Gold Miners Reduce -43.2% 2.96% −2.07
BTU Peabody Energy Corp. Sold out 0.00% −1.98
BP BP PLC-Spons ADR Sold out 0.00% −1.96
PR Permian Resources Corp. Class A Reduce -25.0% 2.10% −1.15
INSW International Seaways Inc. Reduce -41.7% 1.31% −1.02
HNRG Hallador Energy Co. Reduce -71.0% 0.49% −1.00
GDX Vaneck Gold Miners ETF Reduce -37.1% 1.52% −0.92
NVGS Navigator Holdings Ltd. Sold out 0.00% −0.76
IAG Iamgold Corp. Reduce -33.3% 1.51% −0.69
TMQ Trilogy Metals Inc. Reduce -50.0% 0.21% −0.34
BKV BKV Corporation Reduce -1.9% 6.31% −0.08

Portfolio Buys Q1 2025 → Q2 2025
GLNG Golar LNG Ltd. New 4.86% +4.86
CCJ Cameco Corp. Add +35.0% 7.34% +3.90
LBRT Liberty Energy Inc. New 3.59% +3.59
LPG Dorian LPG Ltd. New 3.50% +3.50
FANG Diamondback Energy Inc. New 3.17% +3.17
FCX Freeport-McMoran Inc. New 3.11% +3.11
MOS The Mosaic Co. New 2.99% +2.99
DNN Denison Mines Corp. New 2.43% +2.43
CNQ Canadian Natural Resources New 2.42% +2.42
PAAS Pan American Silver Corp. New 2.33% +2.33
NXE Nexgen Energy Ltd. New 2.14% +2.14
CHRD Chord Energy Corp. New 1.99% +1.99
EE Excelerate Energy Inc. Class A New 1.80% +1.80
INVX Innovex International Inc. New 1.60% +1.60
OKLO Oklo Inc. New 1.44% +1.44
WPM Wheaton Precious Metals Corp. Add +75.0% 3.22% +1.41
CVE Cenovus Energy Inc. New 1.40% +1.40
CORZ Core Scientific Inc. New 1.33% +1.33
SIL Global X Silver Miners ETF New 1.23% +1.23
URG Ur-Energy Inc. New 1.13% +1.13
SEI Solaris Energy Infrastructur Add +7.9% 5.98% +1.11
SOC Sable Offshore Corp. New 1.01% +1.01
PSX Phillips 66 Add +47.4% 3.67% +0.73
TMC TMC the Metals Co. Inc. New 0.34% +0.34
NESR National Energy Services Reu Add +19.1% 6.22% −1.07

Options Activity Q1 2025 → Q2 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -81.3% 30,000 $18.5M
IWM iShares Russell 2000 ETF put Sold out 45,000 $9.0Mbefore exit

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q1 2025 → Q2 2025
NESRW National Energy Service-CW23 *W EXP 06/06/202 Add +56.1% 1,333,344 $736K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 38$193.0MNESR, BKV, WULF, CNR, FLR
Q1 2026 40$166.2MBKV, CNR, NESR, VIST, CCJ
Q4 2025 34$144.8MNESR, BKV, CNR, CCJ, SEI
Q3 2025 40$131.0MNESR, BKV, CCJ, SEI, CVE
Q2 2025 39$97.5MCCJ, BKV, NESR, SEI, GLNG
Q1 2025 28$85.4MFNV, EQT, NESR, CNR, BKV
Q4 2024 30$99.5MNESR, EQT, CONSOL ENERGY INC, BKV, FANG
Q3 2024 33$120.4MKGC, CONSOL ENERGY INC, CCJ, SBLK, COP
Q2 2024 26$128.7MZIM, WFRD, CVE, STNG, CONSOL ENERGY INC
Q1 2024 24$119.9MWFRD, CVE, STNG, METC, TDW