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
ADVANTAGE OIL & GAS LTD COM 00765F101 4,173 1,086,458 SH   SOLE   1,086,458 0 0
AIR PRODS & CHEMS INC COM 9158106 2,664 25,000 SH   SOLE   25,000 0 0
B2GOLD CORP COM 11777Q209 5,517 2,213,400 SH   SOLE   2,213,400 0 0
BRIGUS GOLD CORP COM 109490102 726 1,188,700 SH   SOLE   1,188,700 0 0
CHICOS FAS INC COM 168615102 899 54,000 SH   SOLE   54,000 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 7,803 150,000 SH   DFND 1 150,000 0 0
CLAUDE RES INC COM 182873109 129 543,285 SH   SOLE   543,285 0 0
EXETER RES CORP COM 301835104 444 544,988 SH   SOLE   544,988 0 0
GRAN TIERRA ENERGY INC COM 38500T101 9,683 1,365,680 SH   SOLE   1,365,680 0 0
LONCOR RESOURCES INC COM 54179W101 55 315,700 SH   SOLE   315,700 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 243 9,715 SH   SOLE   9,715 0 0
MICROSOFT CORP COM 594918104 16,604 481,891 SH   DFND 1 481,891 0 0
NEWMONT MINING CORP COM 651639106 1,851 65,905 SH   SOLE   65,905 0 0
OCWEN FINL CORP COM NEW 675746309 727 13,047 SH   SOLE   13,047 0 0
QUATERRA RES INC COM 747952109 897 6,170,600 SH   SOLE   6,170,600 0 0
RENTECH INC COM 760112102 435 220,032 SH   SOLE   220,032 0 0
SILVERCREST MINES INC COM 828365106 10,775 6,070,469 SH   SOLE   6,070,469 0 0
VIACOM INC NEW CL B 92553P201 543 6,500 SH   SOLE   6,500 0 0
WILLIS GROUP HOLDINGS PUBLIC SHS G96666105 928 21,437 SH   SOLE   21,437 0 0