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
KCG HLDGS INC CL A 48244B100 5,852 675,000 SH Put SOLE   675,000 0 0
ROGERS COMMUNICATIONS INC CL B 775109200 2,151 50,000 SH   SOLE   50,000 0 0
ALCOA INC COM 013817101 4,060 500,000 SH   SOLE   500,000 0 0
ALCOA INC COM 013817101 10,556 1,300,000 SH Call SOLE   1,300,000 0 0
ALCOA INC COM 013817101 8,234 1,014,100 SH Call SOLE   1,014,100 0 0
ALLIED NEVADA GOLD CORP COM 019344100 418 100,000 SH Put SOLE   100,000 0 0
ALLIED NEVADA GOLD CORP COM 019344100 523 125,000 SH Put SOLE   125,000 0 0
ANADARKO PETE CORP COM 032511107 18,617 200,200 SH Call SOLE   200,200 0 0
ANADARKO PETE CORP COM 032511107 45,670 491,129 SH   SOLE   491,129 0 0
APACHE CORP COM 037411105 38,006 446,400 SH Call SOLE   446,400 0 0
APACHE CORP COM 037411105 9,204 108,100 SH Call SOLE   108,100 0 0
APACHE CORP COM 037411105 5,977 70,200 SH Call SOLE   70,200 0 0
APACHE CORP COM 037411105 42,229 496,000 SH Call SOLE   496,000 0 0
APPLE INC COM 037833100 3,337 7,000 SH   SOLE   7,000 0 0
ARCH COAL INC COM 039380100 1,865 453,796 SH   SOLE   453,796 0 0
BAKER HUGHES INC COM 057224107 1,139 23,200 SH   SOLE   23,200 0 0
BANK OF AMERICA CORPORATION COM 060505104 16,293 1,180,651 SH   SOLE   1,180,651 0 0
BARRETT BILL CORP COM 06846N104 4,840 192,744 SH   SOLE   192,744 0 0
BARRICK GOLD CORP COM 067901108 19,092 1,025,375 SH   SOLE   1,025,375 0 0
BONANZA CREEK ENERGY INC COM 097793103 4,144 85,866 SH   SOLE   85,866 0 0
CAMERON INTERNATIONAL CORP COM 13342B105 4,150 71,100 SH   SOLE   71,100 0 0
CHICAGO BRIDGE & IRON CO N V COM 167250109 2,033 30,000 SH   SOLE   30,000 0 0
CME GROUP INC COM 12572Q105 2,231 30,200 SH   SOLE   30,200 0 0
COBALT INTL ENERGY INC COM 19075F106 7,652 307,811 SH   SOLE   307,811 0 0
COEUR MNG INC COM 192108504 964 80,000 SH Put SOLE   80,000 0 0
CONOCOPHILLIPS COM 20825C104 6,572 94,543 SH   SOLE   94,543 0 0
CONTINENTAL RESOURCES INC COM 212015101 5,146 47,978 SH   SOLE   47,978 0 0
CORE LABORATORIES N V COM N22717107 2,200 13,000 SH   SOLE   13,000 0 0
DENDREON CORP COM 24823Q107 733 250,000 SH Put SOLE   250,000 0 0
DIAMONDBACK ENERGY INC COM 25278X109 2,985 70,000 SH Put SOLE   70,000 0 0
DRESSER-RAND GROUP INC COM 261608103 1,073 17,200 SH   SOLE   17,200 0 0
ENERGEN CORP COM 29265N108 3,438 45,000 SH   SOLE   45,000 0 0
EOG RES INC COM 26875P101 16,024 94,662 SH   SOLE   94,662 0 0
EQT CORP COM 26884L109 23,284 262,448 SH   SOLE   262,448 0 0
EXXON MOBIL CORP COM 30231G102 7,778 90,400 SH   SOLE   90,400 0 0
EXXON MOBIL CORP COM 30231G102 8,604 100,000 SH Put SOLE   100,000 0 0
EXXON MOBIL CORP COM 30231G102 10,531 122,400 SH Put SOLE   122,400 0 0
FLUOR CORP NEW COM 343412102 2,200 31,000 SH   SOLE   31,000 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 23,842 720,743 SH   SOLE   720,743 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 20,513 620,100 SH Call SOLE   620,100 0 0
GOODRICH PETE CORP COM 382410405 1,144 47,082 SH   SOLE   47,082 0 0
GULFPORT ENERGY CORP COM 402635304 29,309 455,527 SH   SOLE   455,527 0 0
HESS CORP COM 42809H107 7,896 102,100 SH   SOLE   102,100 0 0
HOLLYFRONTIER CORP COM 436106108 2,899 68,846 SH   SOLE   68,846 0 0
HORNBECK OFFSHORE SVCS INC N COM 440543106 3,274 57,000 SH   SOLE   57,000 0 0
IAMGOLD CORP COM 450913108 1,995 420,000 SH Put SOLE   420,000 0 0
INTEL CORP COM 458140100 3,321 144,900 SH   SOLE   144,900 0 0
KBR INC COM 48242W106 1,926 59,000 SH   SOLE   59,000 0 0
KIRBY CORP COM 497266106 8,395 97,000 SH   SOLE   97,000 0 0
KODIAK OIL & GAS CORP COM 50015Q100 1,087 90,150 SH   SOLE   90,150 0 0
LEVEL 3 COMMUNICATIONS INC COM 52729N308 5,233 196,057 SH   SOLE   196,057 0 0
MARATHON OIL CORP COM 565849106 57,266 1,641,792 SH   SOLE   1,641,792 0 0
MARATHON PETE CORP COM 56585A102 20,464 318,154 SH   SOLE   318,154 0 0
NATIONAL OILWELL VARCO INC COM 637071101 20,644 264,300 SH   SOLE   264,300 0 0
NEWFIELD EXPL CO COM 651290108 19,334 706,401 SH   SOLE   706,401 0 0
NOBLE ENERGY INC COM 655044105 3,163 47,200 SH   SOLE   47,200 0 0
NORTHERN OIL & GAS INC NEV COM 665531109 18,147 1,257,608 SH   SOLE   1,257,608 0 0
PATTERSON UTI ENERGY INC COM 703481101 7,761 363,000 SH   SOLE   363,000 0 0
PHILLIPS 66 COM 718546104 2,462 42,576 SH   SOLE   42,576 0 0
QUICKSILVER RESOURCES INC COM 74837R104 4,692 2,381,509 SH   SOLE   2,381,509 0 0
SANCHEZ ENERGY CORP COM 79970Y105 2,324 88,000 SH   SOLE   88,000 0 0
SANDRIDGE ENERGY INC COM 80007P307 13,537 2,310,000 SH Put SOLE   2,310,000 0 0
SCHLUMBERGER LTD COM 806857108 12,998 147,100 SH   SOLE   147,100 0 0
SILVER STD RES INC COM 82823L106 2,921 475,000 SH Put SOLE   475,000 0 0
SILVER STD RES INC COM 82823L106 1,272 206,800 SH Put SOLE   206,800 0 0
SM ENERGY CO COM 78454L100 5,249 68,000 SH   SOLE   68,000 0 0
SUNCOR ENERGY INC NEW COM 867224107 28,777 804,263 SH   SOLE   804,263 0 0
SUPERIOR ENERGY SVCS INC COM 868157108 1,630 65,100 SH   SOLE   65,100 0 0
TESORO CORP COM 881609101 1,967 44,736 SH   SOLE   44,736 0 0
U S AIRWAYS GROUP INC COM 90341W108 13,548 714,567 SH   SOLE   714,567 0 0
WALTER ENERGY INC COM 93317Q105 3,157 225,000 SH Put SOLE   225,000 0 0
WALTER ENERGY INC COM 93317Q105 4,735 337,500 SH Put SOLE   337,500 0 0
WESTLAKE CHEM CORP COM 960413102 5,776 55,191 SH   SOLE   55,191 0 0
WHITING PETE CORP NEW COM 966387102 6,883 115,000 SH   SOLE   115,000 0 0
WILLIAMS COS INC DEL COM 969457100 6,123 168,400 SH   SOLE   168,400 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 371,693 2,900,000 SH Call SOLE   2,900,000 0 0
BARCLAYS BK PLC IPATH S&P500VIX 06740C188 2,793 190,000 SH   SOLE   190,000 0 0
ISHARES MSCI BRZ CAPETF 464286400 3,545 74,002 SH   SOLE   74,002 0 0
ISHARES MSCI CDA ETF 464286509 3,260 115,145 SH   SOLE   115,145 0 0
ISHARES MSCI EMG MKTETF 464287234 1,084 26,585 SH   SOLE   26,585 0 0
ISHARES MSCI EMG MKTETF 464287234 30,578 750,000 SH Call SOLE   750,000 0 0
ISHARES MSCI EMG MKTETF 464287234 40,770 1,000,000 SH Call SOLE   1,000,000 0 0
ISHARES MSCI MEX CAPETF 464286822 6,503 101,791 SH   SOLE   101,791 0 0
ISHARES MSCI STH KORETF 464286772 6,828 110,964 SH   SOLE   110,964 0 0
ALPHA NATURAL RESOURCES INC Note 02076XAE2 9,579 10,000,000 SH   SOLE   10,000,000 0 0
ANNALY CAP MGMT INC Note 035710AA0 7,136 6,500,000 SH   SOLE   6,500,000 0 0
DENDREON CORP Note 24823QAC1 3,192 5,000,000 SH   SOLE   5,000,000 0 0
DRYSHIPS INC. Note 262498AB4 3,410 3,500,000 SH   SOLE   3,500,000 0 0
GOODRICH PETE CORP Note 382410AC2 4,345 4,000,000 SH   SOLE   4,000,000 0 0
MANNKIND CORP Note 56400PAC6 6,401 5,980,000 SH   SOLE   5,980,000 0 0
RADIAN GROUP INC Note 750236AN1 25,674 17,600,000 SH   SOLE   17,600,000 0 0
RITE AID CORP Note 767754BU7 9,918 5,000,000 SH   SOLE   5,000,000 0 0
MARKET VECTORS ETF TR RUSSIA ETF 57060U506 5,354 190,000 SH   SOLE   190,000 0 0
SPDR SERIES TRUST S&P METALS MNG 78464A755 2,014 54,989 SH   SOLE   54,989 0 0
SPDR SERIES TRUST S&P OILGAS EXP 78464A730 7,551 114,599 SH   SOLE   114,599 0 0
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y407 7,873 129,858 SH   SOLE   129,858 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 70,515 850,814 SH   SOLE   850,814 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 1,715 86,119 SH   SOLE   86,119 0 0
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y886 2,353 63,000 SH   SOLE   63,000 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 2,917 118,196 SH   SOLE   118,196 0 0
LYONDELLBASELL INDUSTRIES N SHS - A - N53745100 10,626 145,100 SH   SOLE   145,100 0 0
ROWAN COMPANIES PLC SHS CL A G7665A101 7,193 195,900 SH   SOLE   195,900 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 31,452 478,867 SH   SOLE   478,867 0 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 17,596 1,325,000 SH Put SOLE   1,325,000 0 0
ORANGE SPONSORED ADR 684060106 1,751 140,000 SH   SOLE   140,000 0 0
TOTAL S A SPONSORED ADR 89151E109 25,270 436,298 SH   SOLE   436,298 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 50,598 301,000 SH   SOLE   301,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 36,982 220,000 SH Call SOLE   220,000 0 0
ISHARES U.S. PFD STKETF 464288687 3,116 82,000 SH   SOLE   82,000 0 0
ISHARES U.S. REAL ESETF 464287739 60,891 955,000 SH   SOLE   955,000 0 0
LINN ENERGY LLC UNIT LTD LIAB 536020100 5,832 225,000 SH Put SOLE   225,000 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 6,822 225,900 SH Put SOLE   225,900 0 0
ENERGY XXI (BERMUDA) LTD USD UNRS SHS G10082140 8,281 274,190 SH   SOLE   274,190 0 0