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
APACHE CORP COM 037411105 903 19,309 SH   SOLE   19,309 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 2,761 83,576 SH   SOLE   83,376 0 200
BANCORPSOUTH BANK COM 05971j102 909 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 5,621 428,137 SH   SOLE   425,637 0 2,500
BERKSHIRE HATHAWAY CL B COM 084670702 32,820 175,838 SH   SOLE   175,288 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,410 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 6,718 597,189 SH   SOLE   594,779 0 2,410
CENOVUS ENERGY, INC. COM 15135U109 6,082 585,959 SH   SOLE   585,429 0 530
CHEVRON COM 166764100 24,341 192,524 SH   SOLE   192,224 0 300
CHUBB LTD INC COM H1467J104 250 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 14,059 326,718 SH   SOLE   325,815 0 903
CONOCOPHILLIPS COM 20825c104 25,300 363,400 SH   SOLE   362,295 0 1,105
CORNING COM 219350105 20,640 750,259 SH   SOLE   747,759 0 2,500
DEVON ENERGY COM 25179m103 2,570 58,454 SH   SOLE   58,454 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 4,668 223,758 SH   SOLE   223,458 0 300
DORIAN LPG LTD COM Y2106R110 352 46,011 SH   SOLE   45,890 0 121
EASTMAN CHEMICAL COM 277432100 300 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 10,521 806,233 SH   SOLE   802,203 0 4,030
EXXON MOBIL COM 30231G102 39,460 476,979 SH   SOLE   475,559 0 1,420
FORD MOTOR COM 345370860 235 21,249 SH   SOLE   20,849 0 400
FRANKLIN RES INC COM 354613101 6,783 211,649 SH   SOLE   210,849 0 800
FREEPORT-MCMORAN INC. COM 35671d857 5,583 323,485 SH   SOLE   322,105 0 1,380
GILEAD SCIENCES INC COM 375558103 16,766 236,673 SH   SOLE   236,073 0 600
GOLDCORP INC COM 380956409 10,164 741,390 SH   SOLE   740,590 0 800
HP INC COM 40434L105 14,262 628,565 SH   SOLE   626,865 0 1,700
IMPERIAL OIL LTD COM 453038408 383 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 14,680 295,306 SH   SOLE   294,406 0 900
INTERNATIONAL BUSINESS MACHINE COM 459200101 251 1,795 SH   SOLE   1,795 0 0
JEFFERIES FINANCIAL GROUP INC COM 47233w109 21,905 963,276 SH   SOLE   959,876 0 3,400
LOEWS COM 540424108 8,112 168,025 SH   SOLE   167,875 0 150
MARATHON PETROLEUM CORP COM 56585a102 417 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 28,909 476,260 SH   SOLE   474,820 0 1,440
MOSAIC COM 61945c103 24,407 870,120 SH   SOLE   867,420 0 2,700
MURPHY OIL CORP COM 626717102 203 6,000 SH   SOLE   6,000 0 0
NEWMONT MINING COM 651639106 34,358 911,121 SH   SOLE   908,801 0 2,320
NOBLE ENERGY COM 655044105 4,962 140,640 SH   SOLE   140,440 0 200
NOKIA COM 654902204 3,290 572,195 SH   SOLE   569,395 0 2,800
PEMBINA PIPELINE CORP COM 706327103 1,486 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 10,464 1,121,534 SH   SOLE   1,118,729 0 2,805
PFIZER COM 717081103 27,204 749,841 SH   SOLE   747,141 0 2,700
PHILLIPS 66 COM 718546104 11,016 98,088 SH   SOLE   97,704 0 384
PILGRIM'S PRIDE COM 72147k108 373 18,505 SH   SOLE   18,505 0 0
PRECISION DRILLING CORP COM 74022d308 1,996 601,311 SH   SOLE   598,211 0 3,100
SAN JUAN BASIN ROYALTY TRUST COM 798241105 719 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 14,171 354,174 SH   SOLE   352,974 0 1,200
SEACOR HOLDINGS INC COM 811904101 8,848 154,492 SH   SOLE   153,942 0 550
SEACOR MARINE COM 78413p101 2,427 105,129 SH   SOLE   104,577 0 552
SIMMONS FIRST NATIONAL COM 828730200 329 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 30,998 1,218,014 SH   SOLE   1,211,777 0 6,237
TEJON RANCH CO COM 879080109 3,799 156,355 SH   SOLE   155,875 0 480
TEMPLETON DRAGON FUND COM 88018T101 282 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 446 3,649 SH   SOLE   3,649 0 0
TRANSOCEAN, LTD COM H8817H100 2,463 183,253 SH   SOLE   182,253 0 1,000
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 2,041 548,587 SH   SOLE   547,327 0 1,260
TYSON FOODS COM 902494103 793 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 219 1,749 SH   SOLE   1,749 0 0
WAL-MART STORES COM 931142103 388 4,529 SH   SOLE   4,529 0 0