Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	ISHARES TR	706,500	$66.81M	15.2%	—	—	PUT	464287950
—	STATE STR SPDR S&P 500 ETF T	61,200	$45.7M	10.4%	—	—	PUT	78462F953
—	INVESCO QQQ TR	56,800	$41.83M	9.5%	—	—	PUT	46090E953
—	BP PLC	286,400	$10.58M	2.4%	—	—	CALL	055622904
—	VANECK ETF TRUST	24,700	$9.189M	2.1%	—	—	CALL	92189H907
—	FREEPORT MCMORAN INC	137,300	$8.635M	2.0%	—	—	CALL	35671D907
—	DEVON ENERGY CORP NEW	193,500	$7.995M	1.8%	—	—	CALL	25179M903
—	KRANESHARES TRUST	236,000	$5.775M	1.3%	—	—	PUT	500767956
—	KEEL INFRASTRUCTURE CORP	982,200	$5.638M	1.3%	—	—	CALL	486917907
—	ALCOA CORP	88,800	$4.63M	1.1%	—	—	CALL	013872906
VG	VENTURE GLOBAL INC	310,422	$3.455M	0.8%	—	—	COM CL A	92333F101
—	NEBIUS GROUP N.V.	11,400	$3.148M	0.7%	—	—	CALL	N97284908
—	VENTURE GLOBAL INC	89,200	$993K	0.2%	—	—	CALL	92333F901
FRVO	FERVO ENERGY CO	20,000	$585K	0.1%	—	—	CL A COM	31556C106

Increased Positions (1)

— GDS HLDGS LTD 5.6%

Value $24.44M (+188.3%) Shares 813,700 (+286.7%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	GDS HLDGS LTD	813,700 (+286.7%)	$24.44M (+188.3%)	5.6%	—	—	CALL	36165L908

Exited Positions (9)

— UNITED STS OIL FD LP 5.8%

Value $25.35M Shares 199,200 Est. Cost — Unrealized —

— ISHARES TR 3.8%

Value $16.62M Shares 67,000 Est. Cost — Unrealized —

CORZ CORE SCIENTIFIC INC NEW 2.0%

Value $8.881M Shares 593,622 Est. Cost — Unrealized —

— ISHARES TR 1.6%

Value $7.056M Shares 29,400 Est. Cost — Unrealized —

— METLIFE INC 1.0%

Value $4.279M Shares 60,500 Est. Cost — Unrealized —

— CALIFORNIA RES CORP 0.9%

Value $3.987M Shares 57,600 Est. Cost — Unrealized —

— BITFARMS LTD 0.6%

Value $2.61M Shares 1,338,400 Est. Cost — Unrealized —

APA APA CORPORATION 0.6%

Value $2.537M Shares 59,783 Est. Cost — Unrealized —

PUMP PROPETRO HLDG CORP 0.5%

Value $2.047M Shares 142,046 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	UNITED STS OIL FD LP	199,200	$25.35M	5.8%	—	—	CALL	91232N907
—	ISHARES TR	67,000	$16.62M	3.8%	—	—	PUT	464287955
CORZ	CORE SCIENTIFIC INC NEW	593,622	$8.881M	2.0%	—	—	—	21874A106
—	ISHARES TR	29,400	$7.056M	1.6%	—	—	PUT	46432F956
—	METLIFE INC	60,500	$4.279M	1.0%	—	—	PUT	59156R958
—	CALIFORNIA RES CORP	57,600	$3.987M	0.9%	—	—	CALL	13057Q905
—	BITFARMS LTD	1,338,400	$2.61M	0.6%	—	—	CALL	09173B907
APA	APA CORPORATION	59,783	$2.537M	0.6%	—	—	—	03743Q108
PUMP	PROPETRO HLDG CORP	142,046	$2.047M	0.5%	—	—	—	74347M108

Decreased Positions (17)

PR PERMIAN RESOURCES CORP 11.4%

Value $50.1M (-68.8%) Shares 2,721,490 (-63.9%) Est. Cost — Unrealized —

TLN TALEN ENERGY CORP 1.0%

Value $4.233M (-71.2%) Shares 11,016 (-76.1%) Est. Cost — Unrealized —

— ISHARES TR 14.2%

Value $62.4M (-13.9%) Shares 610,600 (-8.2%) Est. Cost — Unrealized —

OXY/WS OCCIDENTAL PETE CORP 1.0%

Value $4.29M (-58.7%) Shares 161,104 (-33.4%) Est. Cost — Unrealized —

RIOT RIOT PLATFORMS INC 1.4%

Value $6.167M (+114.9%) Shares 225,233 (-3.0%) Est. Cost — Unrealized —

PSIX POWER SOLUTIONS INTL INC 0.5%

Value $2.079M (-56.2%) Shares 53,458 (-31.4%) Est. Cost — Unrealized —

— TALEN ENERGY CORP 2.2%

Value $9.837M (-15.6%) Shares 25,600 (-29.9%) Est. Cost — Unrealized —

CHRD CHORD ENERGY CORPORATION 1.2%

Value $5.252M (-22.0%) Shares 45,950 (-3.0%) Est. Cost — Unrealized —

PPTA PERPETUA RESOURCES CORP 0.8%

Value $3.453M (-28.4%) Shares 166,343 (-3.0%) Est. Cost — Unrealized —

— CORE SCIENTIFIC INC NEW 4.1%

Value $18.2M (+7.7%) Shares 711,400 (-37.0%) Est. Cost — Unrealized —

EQT EQT CORP 1.1%

Value $4.685M (-19.0%) Shares 88,122 (-3.0%) Est. Cost — Unrealized —

— TERAWULF INC 2.1%

Value $9.317M (+9.4%) Shares 377,200 (-36.1%) Est. Cost — Unrealized —

EXE EXPAND ENERGY CORPORATION 0.7%

Value $2.97M (-19.9%) Shares 32,566 (-3.6%) Est. Cost — Unrealized —

MTDR MATADOR RES CO 0.5%

Value $2.159M (-23.6%) Shares 43,379 (-3.0%) Est. Cost — Unrealized —

— MP MATERIALS CORP 1.0%

Value $4.19M (+12.6%) Shares 74,800 (-3.0%) Est. Cost — Unrealized —

TALO TALOS ENERGY INC 0.4%

Value $1.797M (-20.5%) Shares 139,206 (-3.0%) Est. Cost — Unrealized —

LBRT LIBERTY ENERGY INC 0.6%

Value $2.728M (-11.8%) Shares 104,166 (-3.0%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PR	PERMIAN RESOURCES CORP	2,721,490 (-63.9%)	$50.1M (-68.8%)	11.4%	—	—	CLASS A COM	71424F105
TLN	TALEN ENERGY CORP	11,016 (-76.1%)	$4.233M (-71.2%)	1.0%	—	—	COM	87422Q109
—	ISHARES TR	610,600 (-8.2%)	$62.4M (-13.9%)	14.2%	—	—	PUT	464287952
OXY/WS	OCCIDENTAL PETE CORP	161,104 (-33.4%)	$4.29M (-58.7%)	1.0%	—	—	*W EXP 08/03/202	674599162
RIOT	RIOT PLATFORMS INC	225,233 (-3.0%)	$6.167M (+114.9%)	1.4%	—	—	COM	767292105
PSIX	POWER SOLUTIONS INTL INC	53,458 (-31.4%)	$2.079M (-56.2%)	0.5%	—	—	COM NEW	73933G202
—	TALEN ENERGY CORP	25,600 (-29.9%)	$9.837M (-15.6%)	2.2%	—	—	CALL	87422Q909
CHRD	CHORD ENERGY CORPORATION	45,950 (-3.0%)	$5.252M (-22.0%)	1.2%	—	—	COM NEW	674215207
PPTA	PERPETUA RESOURCES CORP	166,343 (-3.0%)	$3.453M (-28.4%)	0.8%	—	—	COM	714266103
—	CORE SCIENTIFIC INC NEW	711,400 (-37.0%)	$18.2M (+7.7%)	4.1%	—	—	CALL	21874A906
EQT	EQT CORP	88,122 (-3.0%)	$4.685M (-19.0%)	1.1%	—	—	COM	26884L109
—	TERAWULF INC	377,200 (-36.1%)	$9.317M (+9.4%)	2.1%	—	—	CALL	88080T904
EXE	EXPAND ENERGY CORPORATION	32,566 (-3.6%)	$2.97M (-19.9%)	0.7%	—	—	COM	165167735
MTDR	MATADOR RES CO	43,379 (-3.0%)	$2.159M (-23.6%)	0.5%	—	—	COM	576485205
—	MP MATERIALS CORP	74,800 (-3.0%)	$4.19M (+12.6%)	1.0%	—	—	CALL	553368901
TALO	TALOS ENERGY INC	139,206 (-3.0%)	$1.797M (-20.5%)	0.4%	—	—	COM	87484T108
LBRT	LIBERTY ENERGY INC	104,166 (-3.0%)	$2.728M (-11.8%)	0.6%	—	—	COM CL A	53115L104

Unchanged Positions (2)

— PERMIAN RESOURCES CORP 0.7%

Value $3.089M Shares 167,800 Est. Cost — Unrealized —

— SPDR GOLD TR 0.6%

Value $2.579M Shares 7,000 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	PERMIAN RESOURCES CORP	167,800	$3.089M	0.7%	—	—	CALL	71424F905
—	SPDR GOLD TR	7,000	$2.579M	0.6%	—	—	CALL	78463V907