The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ANTERO RESOURCES CORP COM 03674X106 2,108,400 60,000 SH SOLE 60,000 0 0
ARIS MINING CORPORATION COM 04040Y109 6,262,200 420,000 SH SOLE 420,000 0 0
BARRICK MNG CORP COM SHS 06849F108 2,516,887 68,524 SH SOLE 68,524 0 0
BKV CORP COM 05603J108 15,915,011 581,689 SH SOLE 581,689 0 0
BLOOM ENERGY CORP COM CL A 093712107 1,513,500 5,000 SH SOLE 5,000 0 0
BORR DRILLING LTD SHS G1466R173 5,374,621 1,301,361 SH SOLE 1,301,361 0 0
CAMECO CORP COM 13321L108 7,065,315 69,363 SH SOLE 69,363 0 0
CENOVUS ENERGY INC COM 15135U109 4,008,006 161,548 SH SOLE 161,548 0 0
CENTURY ALUM CO COM 156431108 1,472,320 32,000 SH SOLE 32,000 0 0
CF INDUSTRIES HOLD COM 125269100 2,165,200 20,000 SH SOLE 20,000 0 0
CORE NATURAL RESOURCES INC COM SHS 218937100 12,637,239 157,926 SH SOLE 157,926 0 0
DELEK US HLDGS INC NEW COM 24665A103 5,219,051 102,717 SH SOLE 102,717 0 0
DENISON MINES CORP COM 248356107 2,989,944 977,106 SH SOLE 977,106 0 0
DHT HOLDINGS INC SHS NEW Y2065G121 991,800 60,000 SH SOLE 60,000 0 0
DORIAN LPG LTD SHS USD Y2106R110 869,500 25,000 SH SOLE 25,000 0 0
FERMI INC COM 314911108 916,000 100,000 SH Put SOLE 100,000 0 0
FLUOR CORP COM 343412102 10,897,120 208,000 SH SOLE 208,000 0 0
FRANCO NEV CORP COM 351858105 3,126,600 15,000 SH SOLE 15,000 0 0
GENERAC HLDGS INC COM 368736104 4,392,150 15,000 SH SOLE 15,000 0 0
GOLAR LNG LTD SHS G9456A100 1,993,600 40,000 SH SOLE 40,000 0 0
HAFNIA LTD SHS Y2990R101 3,486,000 525,000 SH SOLE 525,000 0 0
HALLADOR ENERGY COMPANY COM 40609P105 2,608,500 150,000 SH SOLE 150,000 0 0
HMH HLDG INC CL A 40445M100 7,027,500 375,000 SH SOLE 375,000 0 0
IAMGOLD CORP COM 450913108 1,742,400 110,000 SH SOLE 110,000 0 0
INNOVEX INTERNATIONAL INC COM 457651107 3,250,437 131,066 SH SOLE 131,066 0 0
INVESCO QQQ TR UNIT SER 1 46090E103 33,138,000 45,000 SH Put SOLE 45,000 0 0
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101 3,329,000 100,000 SH Put SOLE 100,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655 27,040,500 90,000 SH Put SOLE 90,000 0 0
ISHARES TR MSCI EAFE ETF 464287465 5,194,000 50,000 SH Put SOLE 50,000 0 0
KOSMOS ENERGY LTD COM 500688106 5,937,093 2,813,788 SH SOLE 2,813,788 0 0
LIBERTY ENERGY INC COM CL A 53115L104 4,550,984 173,768 SH SOLE 173,768 0 0
NATIONAL ENERGY SERVICES REU SHS G6375R107 23,931,370 799,578 SH SOLE 799,578 0 0
NAVIGATOR HLDGS LTD SHS Y62132108 1,713,960 92,000 SH SOLE 92,000 0 0
NEXGEN ENERGY LTD COM 65340P106 1,921,720 204,656 SH SOLE 204,656 0 0
OCEANEERING INTL INC COM 675232102 2,823,798 69,689 SH SOLE 69,689 0 0
PAN AMERN SILVER CORP COM 697900108 1,119,750 25,000 SH SOLE 25,000 0 0
SANTACRUZ SILVER MNG LTD COM NEW SHS 80280U205 1,298,000 200,000 SH SOLE 200,000 0 0
SOLARIS ENERGY INFRAS INC COM CL A 83418M103 9,282,348 115,366 SH SOLE 115,366 0 0
STATE STR SPDR S&P 500 ETF T TR UNIT 78462F103 37,338,500 50,000 SH Put SOLE 50,000 0 0
STRATEGY INC CL A NEW 594972408 1,095,318 12,600 SH Put SOLE 12,600 0 0
TERAWULF INC COM 88080T104 12,907,578 522,574 SH SOLE 522,574 0 0
TORM PLC SHS CL A G89479102 2,345,400 90,000 SH SOLE 90,000 0 0
UNITED STS OIL FD LP UNITS 91232N207 5,322,000 50,000 SH Call SOLE 50,000 0 0
UR-ENERGY INC COM 91688R108 2,550,690 1,875,507 SH SOLE 1,875,507 0 0
VALERO ENERGY CORP COM 91913Y100 4,167,040 16,000 SH SOLE 16,000 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 8,770,777 137,473 SH SOLE 137,473 0 0