GeoSphere Capital Management, LLC In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 9, 2026), GeoSphere Capital Management, LLC reported 34 stock positions worth $144.8 million . Its top holding was National Energy Services Reu (NESR) at 15.3% of the portfolio, followed by BKV (BKV, 10.4% ) and Core Natural Resources (CNR, 5.2% ). Compared with Q3 2025, it opened 12 new positions, sold out of 18, added to 10 and reduced 10. The biggest buy was BKV (BKV, shares +98% ) and the biggest sale an exit from Golar LNG (GLNG).
Location MIAMI BEACH, FL
CIK 0001426876
Portfolio Value $144.8M (Q4 2025) Holdings 34 stocks · $144.8M 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 2025 NESR National Energy Services Reu 1,415,124 $22.2M Reduce -4.9% BKV BKV Corporation 554,857 $15.1M Add +98.3% CNR Core Natural Resources Inc. 85,000 $7.5M Add +41.7% CCJ Cameco Corp. 73,460 $6.7M Add +7.3% SEI Solaris Energy Infrastructur 129,472 $6.0M Reduce -7.2% EE Excelerate Energy Inc. Class A 205,000 $5.8M Add +13.9% BORR Borr Drilling Ltd. 1,385,000 $5.6M New HUT Hut 8 Corp. 115,000 $5.3M Add +64.3% FCX Freeport-McMoran Inc. 95,000 $4.8M Add +18.8% FRO Frontline PLC 200,000 $4.4M Add +66.7% BE Bloom Energy Corp. Class A 46,000 $4.0M New EQT Eqt Corp. 72,000 $3.9M Add +188.0% DNN Denison Mines Corp. 1,400,000 $3.7M Reduce -17.6% IAG Iamgold Corp. 225,000 $3.7M No change NXE Nexgen Energy Ltd. 400,000 $3.7M Reduce -27.3% GPOR Gulfport Energy Corp. 17,000 $3.5M Reduce -22.7% DK Delek US Holdings Inc. 117,500 $3.5M Reduce -21.7% WFRD Weatherford International PL 42,500 $3.3M Add +70.0% EU Encore Energy Corp. 1,300,000 $3.2M Add +333.3% WPM Wheaton Precious Metals Corp. 25,000 $2.9M Reduce -28.6% WULF Terawulf Inc. 250,000 $2.9M New PUMP Propetro Holding Corp. 300,000 $2.9M New SBSW Sibanye-Stillwater Ltd.-ADR 200,000 $2.9M New CVE Cenovus Energy Inc. 165,000 $2.8M Reduce -48.4% ECO Okeanis Eco Tankers Corp. 72,500 $2.5M New B Barrick Mining Corp. 45,000 $2.0M New DHT DHT Holdings Inc. 155,000 $1.9M New FANG Diamondback Energy Inc. 11,250 $1.7M No change TTI Tetra Technologies Inc. 175,000 $1.6M New BTU Peabody Energy Corp. 50,000 $1.5M Reduce -36.9% PPTA Perpetua Resources Corp. 50,000 $1.2M New INVX Innovex International Inc. 50,000 $1.1M Reduce -50.0% NKLR Terra Innovatum Global NV 150,000 $693K New HL Hecla Mining Co. 31,951 $613K New
Options reported separately and not counted above: SPY puts ($98.1M), GDXJ puts ($27.3M), MSTR puts ($15.9M), LEU puts ($7.9M), NEM puts ($7.4M), AEM puts ($2.4M).
Portfolio Sells Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▲ GLNG Golar LNG Ltd. Sold out 0.00% −3.70 ORLA Orla Mining Ltd. Sold out 0.00% −2.94 PAAS Pan American Silver Corp. Sold out 0.00% −2.36 XPRO Expro Group Holdings NV Sold out 0.00% −2.27 CVE Cenovus Energy Inc. Reduce -48.4% 1.93% −2.22 INSW International Seaways Inc. Sold out 0.00% −2.11 OKLO Oklo Inc. Sold out 0.00% −1.88 WBI Waterbridge Infrastruc Class A Sold out 0.00% −1.54 URG Ur-Energy Inc. Sold out 0.00% −1.43 LBRT Liberty Energy Inc. Sold out 0.00% −1.41 NMM Navios Maritime Partners LP Sold out 0.00% −1.38 CORZ Core Scientific Inc. Sold out 0.00% −1.37 SIL Global X Silver Miners ETF Sold out 0.00% −1.37 FNV Franco-Nevada Corp. Sold out 0.00% −1.36 DK Delek US Holdings Inc. Reduce -21.7% 2.41% −1.29 METC Ramaco Resources Inc. Class A Sold out 0.00% −1.27 CIVI Civitas Resources Inc. Sold out 0.00% −1.24 NXE Nexgen Energy Ltd. Reduce -27.3% 2.54% −1.22 GNK Genco Shipping & Trading Ltd. Sold out 0.00% −1.02 DNN Denison Mines Corp. Reduce -17.6% 2.57% −1.00 WPM Wheaton Precious Metals Corp. Reduce -28.6% 2.03% −0.96 GDX Vaneck Gold Miners ETF Sold out 0.00% −0.89 SOC Sable Offshore Corp. Sold out 0.00% −0.86 INVX Innovex International Inc. Reduce -50.0% 0.76% −0.66 GPOR Gulfport Energy Corp. Reduce -22.7% 2.44% −0.60 BTU Peabody Energy Corp. Reduce -36.9% 1.03% −0.58 SEI Solaris Energy Infrastructur Reduce -7.2% 4.11% −0.14 NESR National Energy Services Reu Reduce -4.9% 15.30% +3.65
Portfolio Buys Q3 2025 → Q4 2025 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 2025 % Of Portfolio Change To Portfolio ▼ BKV BKV Corporation Add +98.3% 10.40% +5.46 BORR Borr Drilling Ltd. New 3.85% +3.85 BE Bloom Energy Corp. Class A New 2.76% +2.76 WULF Terawulf Inc. New 1.98% +1.98 PUMP Propetro Holding Corp. New 1.97% +1.97 SBSW Sibanye-Stillwater Ltd.-ADR New 1.97% +1.97 HUT Hut 8 Corp. Add +64.3% 3.65% +1.79 ECO Okeanis Eco Tankers Corp. New 1.69% +1.69 EQT Eqt Corp. Add +188.0% 2.67% +1.63 EU Encore Energy Corp. Add +333.3% 2.23% +1.49 CNR Core Natural Resources Inc. Add +41.7% 5.20% +1.37 B Barrick Mining Corp. New 1.35% +1.35 DHT DHT Holdings Inc. New 1.31% +1.31 TTI Tetra Technologies Inc. New 1.13% +1.13 WFRD Weatherford International PL Add +70.0% 2.30% +0.99 FCX Freeport-McMoran Inc. Add +18.8% 3.33% +0.94 FRO Frontline PLC Add +66.7% 3.01% +0.93 PPTA Perpetua Resources Corp. New 0.84% +0.84 EE Excelerate Energy Inc. Class A Add +13.9% 3.97% +0.51 NKLR Terra Innovatum Global NV New 0.48% +0.48 HL Hecla Mining Co. New 0.42% +0.42 CCJ Cameco Corp. Add +7.3% 4.64% +0.26
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ SPY SS SPDR S&P 500 ETF Trust-US put Add +23883.3% 143,900 $98.1M GDXJ Vaneck Junior Gold Miners put New 240,000 $27.3M MSTR Strategy Inc. put New 104,400 $15.9M LEU Centrus Energy Corp. Class A put New 32,400 $7.9M NEM Newmont Corp. put New 74,500 $7.4M AEM Agnico Eagle Mines Ltd. put New 14,300 $2.4M IWM iShares Russell 2000 ETF put Sold out 1,000 $242Kbefore exit
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