Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Great Circle Energy Services LLC
 2. Date of Event Requiring Statement (Month/Day/Year)
09/04/2008		 3. Issuer Name and Ticker or Trading Symbol
CASPIAN SERVICES INC [CSSV]
(Last)
(First)
(Middle)
ONE ATLANTIC STREET		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

STAMFORD, CT 06901		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 6,521,740
D (1) (2)
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Great Circle Energy Services LLC
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    
Great Circle Capital LLC
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    
GCF Holdings LLC
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    
Great Circle Fund LP
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    
Rapello Paul S
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    
Crooks Hew
ONE ATLANTIC STREET
STAMFORD, CT 06901		     X    

Signatures

Great Circle Energy Services LLC, by its Manager, Great Circle Capital LLC /s/ Paul Rapello, Partner 10/01/2008
**Signature of Reporting Person Date
Great Circle Capital LLC /s/ Paul Rapello, Partner 10/01/2008
**Signature of Reporting Person Date
GCF Holdings LLC /s/ Paul Rapello, Partner 10/01/2008
**Signature of Reporting Person Date
The Great Circle Fund LP, by its General Partner, Great Circle Capital LLC /s/ Paul Rapello, Partner 10/01/2008
**Signature of Reporting Person Date
/s/ Paul Rapello, Partner 10/01/2008
**Signature of Reporting Person Date
/s/ Hew Crooks, Partner 10/01/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Such beneficial ownership is through convertible debt that is held directly by Great Circle Energy Services LLC ("GCES") pursuant to the Facility Agreement entered into on September 4, 2008, and dated as of September 3, 2008, between GCES and Caspian Services Inc. (the "Issuer"), as described more fully in the Schedule 13D filed by the Reporting Persons (as defined below) on September 15, 2008. If the Issuer utilizes the full amount of principal available pursuant to the Facility Agreement, 6,521,740 shares of the Issuer's Common Stock would be issuable upon conversion by GCES of the loan immediately thereafter. The number of shares issuable upon conversion will increase as interest accrues pursuant to the Facility Agreement.
(2) All such shares of the Issuer's Common Stock are beneficially owned by GCES as the lender under the Facility Agreement, and may be deemed to be beneficially owned by GCF Holdings LLC (as the sole member of GCES), The Great Circle Fund LP (as the sole member of GCF Holdings LLC), Great Circle Capital LLC (as the general partner of The Great Circle Fund LP and the manager of GCES), and Paul Rapello and Hew Crooks (in their positions as partners of Great Circle Capital LLC) (together, the "Reporting Persons"). Each of GCF Holdings LLC, The Great Circle Fund LP, Great Circle Capital LLC, Paul Rapello, and Hew Crooks disclaims beneficial ownership.

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