GeoSphere Capital Management, LLC

In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), GeoSphere Capital Management, LLC reported 40 stock positions worth $166.2 million. Its top holding was BKV (BKV) at 9.3% of the portfolio, followed by Core Natural Resources (CNR, 8.7%) and National Energy Services Reu (NESR, 7.1%). Compared with Q4 2025, it opened 21 new positions, sold out of 15, added to 6 and reduced 13. The biggest buy was a new position in Vista Energy Sab DE CV (VIST) and the biggest sale National Energy Services Reu (NESR, shares −61%).

Most Recent 13F
Q2 2026
Location
MIAMI BEACH, FL
CIK
0001426876
Portfolio Value
$166.2M (Q1 2026)
SEC Filing
0001214659-26-006453 ↗ filed May 15, 2026

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 Q3 2025 Q4 2025: $144.8M Q4 2025 Q1 2026: $166.2M $166.2M Q1 2026 Q2 2026: $193.0M Q2 2026

Holdings 40 stocks · $166.2M
BKV BKV Corporation 9.30% 541,689 $15.4M Reduce -2.4%
CNR Core Natural Resources Inc. 8.69% 137,926 $14.4M Add +62.3%
NESR National Energy Services Reu 7.10% 549,578 $11.8M Reduce -61.2%
VIST Vista Energy Sab DE CV 5.68% 125,000 $9.4M New
CCJ Cameco Corp. 3.88% 59,363 $6.4M Reduce -19.2%
WULF Terawulf Inc. 3.64% 418,640 $6.0M Add +67.5%
KOS Kosmos Energy Ltd. 3.41% 2,038,788 $5.7M New
FLR Fluor Corp. 3.03% 108,000 $5.0M New
SEI Solaris Energy Infrastructur 2.90% 85,366 $4.8M Reduce -34.1%
CENX Century Aluminum Company 2.90% 82,000 $4.8M New
PUMP Propetro Holding Corp. 2.81% 324,369 $4.7M Add +8.1%
CVE Cenovus Energy Inc. 2.58% 161,548 $4.3M Reduce -2.1%
OII Oceaneering Intl Inc. 2.56% 120,000 $4.3M New
MEOH Methanex Corp. 2.51% 70,000 $4.2M New
DK Delek US Holdings Inc. 2.44% 90,000 $4.1M Reduce -23.4%
BTU Peabody Energy Corp. 2.42% 121,959 $4.0M Add +143.9%
LBRT Liberty Energy Inc. 2.32% 133,768 $3.9M New
GDX Vaneck Gold Miners ETF 2.21% 40,000 $3.7M New
URG Ur-Energy Inc. 2.13% 2,375,507 $3.5M New
DNN Denison Mines Corp. 2.08% 977,106 $3.4M Reduce -30.2%
CF CF Industries Holdings Inc. 1.85% 23,667 $3.1M New
INVX Innovex International Inc. 1.74% 118,424 $2.9M Add +136.8%
B Barrick Mining Corp. 1.68% 68,524 $2.8M Add +52.3%
FRO Frontline PLC 1.68% 80,000 $2.8M Reduce -60.0%
ARIS Aris Mining Corp. 1.68% 150,000 $2.8M New
NXE Nexgen Energy Ltd. 1.43% 204,656 $2.4M Reduce -48.8%
BORR Borr Drilling Ltd. 1.32% 380,110 $2.2M Reduce -72.6%
GLNG Golar LNG Ltd. 1.30% 40,000 $2.2M New
FPS Forgent Power Solutions Class A 1.28% 72,854 $2.1M New
PR Permian Resources Corp. Class A 1.28% 100,000 $2.1M New
LPG Dorian LPG Ltd. 1.23% 60,000 $2.1M New
ECO Okeanis Eco Tankers Corp. 1.22% 40,000 $2.0M Reduce -44.8%
HAFN Hafnia Ltd. 1.21% 265,000 $2.0M New
ORLA Orla Mining Ltd. filed as ORLA MNG LTD NEW 1.21% 124,178 $2.0M New
PBF PBF Energy Inc. Class A 1.15% 40,000 $1.9M New
NVGS Navigator Holdings Ltd. 1.07% 92,000 $1.8M New
IAG Iamgold Corp. 1.04% 92,257 $1.7M Reduce -59.0%
HCC Warrior Met Coal Inc. 0.84% 15,000 $1.4M New
PPTA Perpetua Resources Corp. 0.69% 40,582 $1.1M Reduce -18.8%
PAAS Pan American Silver Corp. 0.52% 15,934 $870K New

Options reported separately and not counted above: SPY puts ($31.9M), QQQ puts ($30.8M).

Portfolio Sells Q4 2025 → Q1 2026
NESR National Energy Services Reu Reduce -61.2% 7.10% −8.20
EE Excelerate Energy Inc. Class A Sold out 0.00% −3.97
HUT Hut 8 Corp. Sold out 0.00% −3.65
FCX Freeport-McMoran Inc. Sold out 0.00% −3.33
BE Bloom Energy Corp. Class A Sold out 0.00% −2.76
EQT Eqt Corp. Sold out 0.00% −2.67
BORR Borr Drilling Ltd. Reduce -72.6% 1.32% −2.53
GPOR Gulfport Energy Corp. Sold out 0.00% −2.44
WFRD Weatherford International PL Sold out 0.00% −2.30
EU Encore Energy Corp. Sold out 0.00% −2.23
WPM Wheaton Precious Metals Corp. Sold out 0.00% −2.03
SBSW Sibanye-Stillwater Ltd.-ADR Sold out 0.00% −1.97
IAG Iamgold Corp. Reduce -59.0% 1.04% −1.52
FRO Frontline PLC Reduce -60.0% 1.68% −1.34
DHT DHT Holdings Inc. Sold out 0.00% −1.31
SEI Solaris Energy Infrastructur Reduce -34.1% 2.90% −1.21
FANG Diamondback Energy Inc. Sold out 0.00% −1.17
TTI Tetra Technologies Inc. Sold out 0.00% −1.13
NXE Nexgen Energy Ltd. Reduce -48.8% 1.43% −1.11
BKV BKV Corporation Reduce -2.4% 9.30% −1.11
CCJ Cameco Corp. Reduce -19.2% 3.88% −0.76
DNN Denison Mines Corp. Reduce -30.2% 2.08% −0.50
NKLR Terra Innovatum Global NV Sold out 0.00% −0.48
ECO Okeanis Eco Tankers Corp. Reduce -44.8% 1.22% −0.48
HL Hecla Mining Co. Sold out 0.00% −0.42
PPTA Perpetua Resources Corp. Reduce -18.8% 0.69% −0.15
DK Delek US Holdings Inc. Reduce -23.4% 2.44% +0.03
CVE Cenovus Energy Inc. Reduce -2.1% 2.58% +0.65

Portfolio Buys Q4 2025 → Q1 2026
VIST Vista Energy Sab DE CV New 5.68% +5.68
CNR Core Natural Resources Inc. Add +62.3% 8.69% +3.50
KOS Kosmos Energy Ltd. New 3.41% +3.41
FLR Fluor Corp. New 3.03% +3.03
CENX Century Aluminum Company New 2.90% +2.90
OII Oceaneering Intl Inc. New 2.56% +2.56
MEOH Methanex Corp. New 2.51% +2.51
LBRT Liberty Energy Inc. New 2.32% +2.32
GDX Vaneck Gold Miners ETF New 2.21% +2.21
URG Ur-Energy Inc. New 2.13% +2.13
CF CF Industries Holdings Inc. New 1.85% +1.85
ARIS Aris Mining Corp. New 1.68% +1.68
WULF Terawulf Inc. Add +67.5% 3.64% +1.65
BTU Peabody Energy Corp. Add +143.9% 2.42% +1.39
GLNG Golar LNG Ltd. New 1.30% +1.30
FPS Forgent Power Solutions Class A New 1.28% +1.28
PR Permian Resources Corp. Class A New 1.28% +1.28
LPG Dorian LPG Ltd. New 1.23% +1.23
HAFN Hafnia Ltd. New 1.21% +1.21
ORLA Orla Mining Ltd. New 1.21% +1.21
PBF PBF Energy Inc. Class A New 1.15% +1.15
NVGS Navigator Holdings Ltd. New 1.07% +1.07
INVX Innovex International Inc. Add +136.8% 1.74% +0.98
PUMP Propetro Holding Corp. Add +8.1% 2.81% +0.84
HCC Warrior Met Coal Inc. New 0.84% +0.84
PAAS Pan American Silver Corp. New 0.52% +0.52
B Barrick Mining Corp. Add +52.3% 1.68% +0.33

Options Activity Q4 2025 → Q1 2026
SPY SS SPDR S&P 500 ETF Trust-US put Reduce -66.0% 49,000 $31.9M
QQQ Invesco QQQ Trust Series 1 put New 53,300 $30.8M
GDXJ Vaneck Junior Gold Miners put Sold out 240,000 $27.3Mbefore exit
MSTR Strategy Inc. put Sold out 104,400 $15.9Mbefore exit
LEU Centrus Energy Corp. Class A put Sold out 32,400 $7.9Mbefore exit
NEM Newmont Corp. put Sold out 74,500 $7.4Mbefore exit
AEM Agnico Eagle Mines Ltd. put Sold out 14,300 $2.4Mbefore exit

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