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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ARCH RESOURCES INC CL A 03940R107   8,009,756 46,934 SH   SOLE   46,934 0 0
CAMECO CORP COM 13321L108   7,135,200 180,000 SH   SOLE   180,000 0 0
CONSOL ENERGY INC NEW COM 20854L108   2,098,200 20,000 SH   SOLE   20,000 0 0
CENOVUS ENERGY INC COM 15135U109   4,476,300 215,000 SH   SOLE   215,000 0 0
DHT HOLDINGS INC SHS NEW Y2065G121   2,060,000 200,000 SH   SOLE   200,000 0 0
ENCORE ENERGY CORP COM NEW 29259W700   2,108,242 646,700 SH   SOLE   646,700 0 0
GULFPORT ENERGY CORP COMMON SHARES 402635502   2,373,200 20,000 SH   SOLE   20,000 0 0
HUDBAY MINERALS INC COM 443628102   2,743,271 563,300 SH   SOLE   563,300 0 0
HELIX ENERGY SOLUTIONS GRP I COM 42330P107   5,201,031 465,625 SH   SOLE   465,625 0 0
HELMERICH & PAYNE INC COM 423452101   1,686,400 40,000 SH   SOLE   40,000 0 0
IMPERIAL OIL LTD COM NEW 453038408   2,617,575 42,500 SH   SOLE   42,500 0 0
KOSMOS ENERGY LTD COM 500688106   7,645,110 934,610 SH   SOLE   934,610 0 0
LIFEZONE METALS LIMITED ORD SHS G5568L109   500,947 40,827 SH   SOLE   40,827 0 0
NOBLE CORP PLC ORD SHS A G65431127   4,573,695 90,300 SH   SOLE   90,300 0 0
PAN AMERN SILVER CORP COM 697900108   5,574,800 385,000 SH   SOLE   385,000 0 0
PRECISION DRILLING CORP COM NEW 74022D407   4,362,800 65,000 SH   SOLE   65,000 0 0
SIGMA LITHIUM CORPORATION COM 826599102   1,946,400 60,000 SH   SOLE   60,000 0 0
SCORPIO TANKERS INC SHS Y7542C130   6,497,485 120,057 SH   SOLE   120,057 0 0
TIDEWATER INC NEW COM 88642R109   11,966,624 168,378 SH   SOLE   168,378 0 0
URANIUM ENERGY CORP COM 916896103   6,935,886 1,346,774 SH   SOLE   1,346,774 0 0
URANIUM RTY CORP COM 91702V101   2,152,500 750,000 SH   SOLE   750,000 0 0
WEATHERFORD INTL PLC ORD SHS G48833118   9,394,320 104,000 SH   SOLE   104,000 0 0
ISHARES TR RUSSELL 2000 ETF 464287655   16,189,384 91,600 SH Put SOLE   91,600 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   4,274,800 10,000 SH Call SOLE   10,000 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   38,473,200 90,000 SH Put SOLE   90,000 0 0