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
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
ROGERS COMMUNICATIONS INC CL B 775109200 1,960 50,000 SH   SOLE   50,000 0 0
ALLIED NEVADA GOLD CORP COM 19344100 648 100,000 SH Put SOLE   100,000 0 0
ALLIED NEVADA GOLD CORP COM 19344100 1,782 275,000 SH Put SOLE   275,000 0 0
ANADARKO PETE CORP COM 32511107 47,523 553,040 SH   SOLE   553,040 0 0
APACHE CORP COM 37411105 20,076 239,490 SH   SOLE   239,490 0 0
APACHE CORP COM 37411105 9,062 108,100 SH Call SOLE   108,100 0 0
APACHE CORP COM 37411105 5,885 70,200 SH Call SOLE   70,200 0 0
APACHE CORP COM 37411105 29,232 348,700 SH Call SOLE   348,700 0 0
APPLE INC COM 37833100 25,472 64,309 SH   SOLE   64,309 0 0
ARCH COAL INC COM 39380100 2,247 594,324 SH   SOLE   594,324 0 0
BAKER HUGHES INC COM 57224107 1,997 43,300 SH   SOLE   43,300 0 0
BANK OF AMERICA CORPORATION COM 60505104 15,397 1,197,251 SH   SOLE   1,197,251 0 0
BARRETT BILL CORP COM 06846N104 3,925 194,119 SH   SOLE   194,119 0 0
BARRICK GOLD CORP COM 67901108 11,238 713,960 SH   SOLE   713,960 0 0
BONANZA CREEK ENERGY INC COM 97793103 1,986 56,000 SH   SOLE   56,000 0 0
CABOT OIL & GAS CORP COM 127097103 9,126 128,503 SH   SOLE   128,503 0 0
CHESAPEAKE ENERGY CORP COM 165167107 813 39,900 SH   SOLE   39,900 0 0
CME GROUP INC COM 12572Q105 2,287 30,100 SH   SOLE   30,100 0 0
COBALT INTL ENERGY INC COM 19075F106 1,596 60,075 SH   SOLE   60,075 0 0
CONTINENTAL RESOURCES INC COM 212015101 1,979 23,000 SH   SOLE   23,000 0 0
CORE LABORATORIES N V COM N22717107 1,668 11,000 SH   SOLE   11,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 1,979 38,151 SH   SOLE   38,151 0 0
DRESSER-RAND GROUP INC COM 261608103 1,979 33,000 SH   SOLE   33,000 0 0
ENDEAVOUR INTL CORP COM 29259G200 1,824 475,000 SH Put SOLE   475,000 0 0
EOG RES INC COM 26875P101 6,518 49,498 SH   SOLE   49,498 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 44,016 1,594,213 SH   SOLE   1,594,213 0 0
GULFPORT ENERGY CORP COM 402635304 3,140 66,700 SH   SOLE   66,700 0 0
HERCULES OFFSHORE INC COM 427093109 493 70,000 SH   SOLE   70,000 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 2,033 38,000 SH   SOLE   38,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 1,422 160,000 SH   SOLE   160,000 0 0
MANNKIND CORP COM 56400P201 147 22,600 SH   SOLE   22,600 0 0
MARATHON OIL CORP COM 565849106 60,864 1,760,084 SH   SOLE   1,760,084 0 0
NATIONAL OILWELL VARCO INC COM 637071101 16,392 237,912 SH   SOLE   237,912 0 0
NEWFIELD EXPL CO COM 651290108 9,280 388,459 SH   SOLE   388,459 0 0
NOBLE ENERGY INC COM 655044105 2,954 49,200 SH   SOLE   49,200 0 0
NORTHERN OIL & GAS INC NEV COM 665531109 14,584 1,093,242 SH   SOLE   1,093,242 0 0
OASIS PETE INC NEW COM 674215108 1,298 33,405 SH   SOLE   33,405 0 0
PIONEER NAT RES CO COM 723787107 2,895 20,000 SH   SOLE   20,000 0 0
QUICKSILVER RESOURCES INC COM 74837R104 4,378 2,606,249 SH   SOLE   2,606,249 0 0
RANGE RES CORP COM 75281A109 325 4,200 SH   SOLE   4,200 0 0
REX ENERGY CORPORATION COM 761565100 984 56,000 SH   SOLE   56,000 0 0
ROSETTA RESOURCES INC COM 777779307 1,361 32,000 SH   SOLE   32,000 0 0
SANCHEZ ENERGY CORP COM 79970Y105 5,654 246,249 SH   SOLE   246,249 0 0
SANDRIDGE ENERGY INC COM 80007P307 10,996 2,310,000 SH Put SOLE   2,310,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 2,142 450,000 SH Put SOLE   450,000 0 0
SCHLUMBERGER LTD COM 806857108 3,024 42,200 SH   SOLE   42,200 0 0
SILVER STD RES INC COM 82823L106 2,504 395,000 SH Put SOLE   395,000 0 0
STONE ENERGY CORP COM 861642106 3,846 174,601 SH   SOLE   174,601 0 0
SUNCOR ENERGY INC NEW COM 867224107 14,991 508,342 SH   SOLE   508,342 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 649 25,000 SH   SOLE   25,000 0 0
U S AIRWAYS GROUP INC COM 90341W108 17,721 1,079,218 SH   SOLE   1,079,218 0 0
ULTRA PETROLEUM CORP COM 903914109 8,048 406,058 SH   SOLE   406,058 0 0
ISHARES TR FTSE CHINA25 IDX 464287184 10,406 320,000 SH   SOLE   320,000 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 37,071 1,518,675 SH   SOLE   1,518,675 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 4,778 40,100 SH   SOLE   40,100 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 345,535 2,900,000 SH Call SOLE   2,900,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 11,915 100,000 SH Put SOLE   100,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 11,915 100,000 SH Put SOLE   100,000 0 0
ISHARES TR HIGH YLD CORP 464288513 56,788 625,000 SH Put SOLE   625,000 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 8,772 200,000 SH Put SOLE   200,000 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 8,772 200,000 SH Put SOLE   200,000 0 0
ISHARES INC MSCI BRAZIL CAPP 464286400 2,992 68,223 SH   SOLE   68,223 0 0
ISHARES TR MSCI EMERG MKT 464287234 11,671 302,600 SH   SOLE   302,600 0 0
ISHARES INC MSCI HONG KONG 464286871 732 40,000 SH   SOLE   40,000 0 0
ISHARES INC MSCI STH KOR CAP 464286772 10,571 198,701 SH   SOLE   198,701 0 0
ISHARES INC MSCI SWITZ CAPP 464286749 6,941 242,262 SH   SOLE   242,262 0 0
GOODRICH PETE CORP Note 382410AC2 9,932 10,000,000 SH   SOLE   10,000,000 0 0
ISTAR FINL INC Note 45031UBR1 6,015 5,000,000 SH   SOLE   5,000,000 0 0
KNIGHT CAP GROUP INC Note 499005AE6 65,988 66,000,000 SH   SOLE   66,000,000 0 0
MANNKIND CORP Note 56400PAC6 2,304 2,000,000 SH   SOLE   2,000,000 0 0
RADIAN GROUP INC Note 750236AN1 22,609 17,600,000 SH   SOLE   17,600,000 0 0
RITE AID CORP Note 767754BU7 7,101 5,000,000 SH   SOLE   5,000,000 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 4,780 190,000 SH   SOLE   190,000 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 557 16,807 SH   SOLE   16,807 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 11,910 204,704 SH   SOLE   204,704 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 2,859 50,690 SH   SOLE   50,690 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 39,353 502,214 SH   SOLE   502,214 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 20,666 835,000 SH   SOLE   835,000 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 56,500 885,586 SH   SOLE   885,586 0 0
FRANCE TELECOM SPONSORED ADR 35177Q105 1,323 140,000 SH   SOLE   140,000 0 0
TOTAL S A SPONSORED ADR 89151E109 36,472 748,905 SH   SOLE   748,905 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 240,015 1,500,000 SH Put SOLE   1,500,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 16,434 740,960 SH   SOLE   740,960 0 0