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
ANADARKO PETROLEUM CORP. COM 032511107 23,796 300,000 SH   SOLE   300,000 0 0
BAKER HUGHES, INC. COM 057224107 3,316 60,000 SH   SOLE   60,000 0 0
CABOT OIL & GAS CORP. COM 127097103 12,791 330,000 SH   SOLE   330,000 0 0
CF INDUSTRIES HOLDINGS, INC. COM 125269100 19,591 84,069 SH   SOLE   84,069 0 0
CHEVRON CORP. COM 166764100 95,331 763,200 SH   SOLE   763,200 0 0
CONOCOPHILLIPS COM 20825C104 19,429 275,000 SH   SOLE   275,000 0 0
DEVON ENERGY CORP. COM 25179M103 4,888 79,000 SH   SOLE   79,000 0 0
DOW CHEMICAL CO. COM 260543103 24,309 547,500 SH   SOLE   547,500 0 0
E.I. DUPONT DE NEMOURS AND CO. COM 263534109 8,121 125,000 SH   SOLE   125,000 0 0
EASTMAN CHEMICAL CO. COM 277432100 13,396 166,000 SH   SOLE   166,000 0 0
ENERGEN CORP. COM 29265N108 12,381 175,000 SH   SOLE   175,000 0 0
EOG RESOURCES, INC. COM 26875P101 29,372 175,000 SH   SOLE   175,000 0 0
EQT CORP. COM 26884L109 14,365 160,000 SH   SOLE   160,000 0 0
EXXON MOBIL CORP. COM 30231G102 150,123 1,483,430 SH   SOLE   1,483,430 0 0
FMC CORP. COM 302491303 7,546 100,000 SH   SOLE   100,000 0 0
FMC TECHNOLOGIES, INC. COM 30249U101 7,832 150,000 SH   SOLE   150,000 0 0
FREEPORT-MCMORAN COPPER & GOLD INC. COM 35671D857 18,379 487,000 SH   SOLE   487,000 0 0
HALLIBURTON CO. COM 406216101 25,064 493,870 SH   SOLE   493,870 0 0
HESS CORP. COM 42809H107 20,750 250,000 SH   SOLE   250,000 0 0
HOLLYFRONTIER CORP. COM 436106108 5,466 110,000 SH   SOLE   110,000 0 0
KINDER MORGAN INC. COM 49456B101 9,000 250,000 SH   SOLE   250,000 0 0
LYONDELLBASELL INDUSTRIES NV SHS-A N53745100 27,697 345,000 SH   SOLE   345,000 0 0
MARATHON OIL CORP. COM 565849106 13,979 396,000 SH   SOLE   396,000 0 0
MONSANTO CO. COM 61166W101 22,657 194,400 SH   SOLE   194,400 0 0
NABORS INDUSTRIES, LTD SHS G6359F103 5,420 319,000 SH   SOLE   319,000 0 0
NATIONAL FUEL GAS CO. COM 636180101 7,140 100,000 SH   SOLE   100,000 0 0
NATIONAL OILWELL VARCO, INC. COM 637071101 15,906 200,000 SH   SOLE   200,000 0 0
NEWFIELD EXPLORATION CO. COM 651290108 6,650 270,000 SH   SOLE   270,000 0 0
NOBLE ENERGY, INC. COM 655044105 20,774 305,000 SH   SOLE   305,000 0 0
OASIS PETROLEUM, INC. COM 674215108 7,045 150,000 SH   SOLE   150,000 0 0
OCCIDENTAL PETROLEUM CORP. COM 674599105 38,515 405,000 SH   SOLE   405,000 0 0
OIL STATES INTERNATIONAL, INC. COM 678026105 10,172 100,000 SH   SOLE   100,000 0 0
PEABODY ENERGY CORP. COM 704549104 3,954 202,440 SH   SOLE   202,440 0 0
PHILLIPS 66 COM 718546104 26,631 345,275 SH   SOLE   345,275 0 0
PIONEER NATURAL RESOURCES CO. COM 723787107 13,805 75,000 SH   SOLE   75,000 0 0
PRAXAIR, INC. COM 74005P104 19,504 150,000 SH   SOLE   150,000 0 0
QEP RESOURCES, INC. COM 74733V100 5,057 165,000 SH   SOLE   165,000 0 0
SCHLUMBERGER LTD. COM 806857108 56,319 625,000 SH   SOLE   625,000 0 0
SEADRILL LTD. SHS G7945E105 8,216 200,003 SH   SOLE   200,003 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 5,228 45,000 SH   SOLE   45,000 0 0
TRANSOCEAN LTD. REG SHS H8817H100 8,401 170,000 SH   SOLE   170,000 0 0
WEATHERFORD INT'L. LTD. REG H27013103 6,196 400,000 SH   SOLE   400,000 0 0
WILLIAMS COMPANIES, INC. COM 969457100 9,643 250,000 SH   SOLE   250,000 0 0