GeoSphere Capital Management, LLC

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), GeoSphere Capital Management, LLC reported 40 stock positions worth $131.0 million. Its top holding was National Energy Services Reu (NESR) at 11.7% of the portfolio, followed by BKV (BKV, 4.9%) and Cameco (CCJ, 4.4%). Compared with Q2 2025, it opened 13 new positions, sold out of 12, added to 14 and reduced 7. The biggest buy was National Energy Services Reu (NESR, shares +48%) and the biggest sale an exit from Phillips 66 (PSX).

Most Recent 13F
Q2 2026
Location
MIAMI BEACH, FL
CIK
0001426876
Portfolio Value
$131.0M (Q3 2025)
SEC Filing
0001214659-25-016621 ↗ filed Nov 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 Q2 2025 Q3 2025: $131.0M $131.0M Q3 2025 Q4 2025: $144.8M Q4 2025 Q1 2026: $166.2M Q1 2026 Q2 2026: $193.0M Q2 2026

Holdings 40 stocks · $131.0M
NESR National Energy Services Reu 11.66% 1,488,697 $15.3M Add +47.8%
BKV BKV Corporation 4.94% 279,857 $6.5M Add +9.8%
CCJ Cameco Corp. 4.38% 68,460 $5.7M Reduce -29.0%
SEI Solaris Energy Infrastructur 4.25% 139,472 $5.6M Reduce -32.3%
CVE Cenovus Energy Inc. 4.15% 320,000 $5.4M Add +220.0%
CNR Core Natural Resources Inc. 3.82% 60,000 $5.0M Add +105.5%
NXE Nexgen Energy Ltd. 3.76% 550,000 $4.9M Add +83.3%
GLNG Golar LNG Ltd. 3.70% 120,000 $4.8M Add +4.3%
DK Delek US Holdings Inc. 3.69% 150,000 $4.8M New
DNN Denison Mines Corp. 3.57% 1,700,000 $4.7M Add +30.8%
EE Excelerate Energy Inc. Class A 3.46% 180,000 $4.5M Add +200.0%
GPOR Gulfport Energy Corp. 3.04% 22,000 $4.0M New
WPM Wheaton Precious Metals Corp. 2.99% 35,000 $3.9M No change
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 2.94% 356,342 $3.8M Add +96.9%
FCX Freeport-McMoran Inc. 2.39% 80,000 $3.1M Add +14.3%
PAAS Pan American Silver Corp. 2.36% 80,000 $3.1M No change
XPRO Expro Group Holdings NV 2.27% 250,000 $3.0M New
IAG Iamgold Corp. 2.22% 225,000 $2.9M Add +12.5%
INSW International Seaways Inc. 2.11% 60,000 $2.8M Add +71.4%
FRO Frontline PLC 2.09% 120,000 $2.7M New
OKLO Oklo Inc. 1.88% 22,075 $2.5M Reduce -11.7%
HUT Hut 8 Corp. 1.86% 70,000 $2.4M New
BTU Peabody Energy Corp. 1.60% 79,246 $2.1M New
WBI Waterbridge Infrastruc Class A 1.54% 80,000 $2.0M New
URG Ur-Energy Inc. 1.43% 1,050,000 $1.9M No change
INVX Innovex International Inc. 1.42% 100,000 $1.9M No change
LBRT Liberty Energy Inc. 1.41% 150,000 $1.9M Reduce -50.8%
NMM Navios Maritime Partners LP 1.38% 40,000 $1.8M New
CORZ Core Scientific Inc. 1.37% 100,000 $1.8M Add +32.0%
SIL Global X Silver Miners ETF 1.37% 25,000 $1.8M No change
FNV Franco-Nevada Corp. 1.36% 8,000 $1.8M No change
WFRD Weatherford International PL 1.31% 25,000 $1.7M New
METC Ramaco Resources Inc. Class A 1.27% 50,000 $1.7M New
CIVI Civitas Resources Inc. 1.24% 50,000 $1.6M New
FANG Diamondback Energy Inc. 1.23% 11,250 $1.6M Reduce -50.0%
EQT Eqt Corp. 1.04% 25,000 $1.4M Reduce -32.6%
GNK Genco Shipping & Trading Ltd. 1.02% 75,000 $1.3M New
GDX Vaneck Gold Miners ETF 0.89% 15,202 $1.2M Reduce -46.5%
SOC Sable Offshore Corp. 0.86% 64,717 $1.1M Add +44.7%
EU Encore Energy Corp. 0.73% 300,000 $963K New

Options reported separately and not counted above: SPY puts ($400K), IWM puts ($242K).

Portfolio Sells Q2 2025 → Q3 2025
PSX Phillips 66 Sold out 0.00% −3.67
LPG Dorian LPG Ltd. Sold out 0.00% −3.50
COP Conocophillips Sold out 0.00% −3.45
MOS The Mosaic Co. Sold out 0.00% −2.99
CCJ Cameco Corp. Reduce -29.0% 4.38% −2.96
GDXJ Vaneck Junior Gold Miners Sold out 0.00% −2.96
CNQ Canadian Natural Resources Sold out 0.00% −2.42
EXE Expand Energy Corp. Sold out 0.00% −2.40
LBRT Liberty Energy Inc. Reduce -50.8% 1.41% −2.18
PR Permian Resources Corp. Class A Sold out 0.00% −2.10
CHRD Chord Energy Corp. Sold out 0.00% −1.99
FANG Diamondback Energy Inc. Reduce -50.0% 1.23% −1.94
SEI Solaris Energy Infrastructur Reduce -32.3% 4.25% −1.72
EQT Eqt Corp. Reduce -32.6% 1.04% −1.18
GDX Vaneck Gold Miners ETF Reduce -46.5% 0.89% −0.63
HNRG Hallador Energy Co. Sold out 0.00% −0.49
TMC TMC the Metals Co. Inc. Sold out 0.00% −0.34
TMQ Trilogy Metals Inc. Sold out 0.00% −0.21
OKLO Oklo Inc. Reduce -11.7% 1.88% +0.45

Portfolio Buys Q2 2025 → Q3 2025
NESR National Energy Services Reu Add +47.8% 11.66% +5.44
DK Delek US Holdings Inc. New 3.69% +3.69
GPOR Gulfport Energy Corp. New 3.04% +3.04
CVE Cenovus Energy Inc. Add +220.0% 4.15% +2.75
XPRO Expro Group Holdings NV New 2.27% +2.27
FRO Frontline PLC New 2.09% +2.09
HUT Hut 8 Corp. New 1.86% +1.86
CNR Core Natural Resources Inc. Add +105.5% 3.82% +1.73
EE Excelerate Energy Inc. Class A Add +200.0% 3.46% +1.66
NXE Nexgen Energy Ltd. Add +83.3% 3.76% +1.62
BTU Peabody Energy Corp. New 1.60% +1.60
WBI Waterbridge Infrastruc Class A New 1.54% +1.54
NMM Navios Maritime Partners LP New 1.38% +1.38
WFRD Weatherford International PL New 1.31% +1.31
METC Ramaco Resources Inc. Class A New 1.27% +1.27
CIVI Civitas Resources Inc. New 1.24% +1.24
DNN Denison Mines Corp. Add +30.8% 3.57% +1.14
ORLA Orla Mining Ltd. Add +96.9% 2.94% +1.08
GNK Genco Shipping & Trading Ltd. New 1.02% +1.02
INSW International Seaways Inc. Add +71.4% 2.11% +0.80
EU Encore Energy Corp. New 0.73% +0.73
IAG Iamgold Corp. Add +12.5% 2.22% +0.71
CORZ Core Scientific Inc. Add +32.0% 1.37% +0.04
SOC Sable Offshore Corp. Add +44.7% 0.86% −0.15
FCX Freeport-McMoran Inc. Add +14.3% 2.39% −0.72
GLNG Golar LNG Ltd. Add +4.3% 3.70% −1.16
BKV BKV Corporation Add +9.8% 4.94% −1.36

Options Activity Q2 2025 → Q3 2025
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -98.0% 600 $400K
IWM iShares Russell 2000 ETF put New 1,000 $242K

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

Notes & Other Activity Q2 2025 → Q3 2025
NESRW National Energy Service-CW23 *W EXP 06/06/202 Sold out 1,333,344 $736Kbefore exit

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