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 372 8,819 SH   SOLE   8,819 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 2,661 84,106 SH   SOLE   84,106 0 0
BANCORPSOUTH BANK COM 05971j102 868 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 6,040 417,406 SH   SOLE   415,606 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 47,209 238,167 SH   SOLE   237,617 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,488 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 5,463 591,893 SH   SOLE   589,593 0 2,300
CENOVUS ENERGY, INC. COM 15135U109 5,214 571,061 SH   SOLE   570,481 0 580
CHEVRON COM 166764100 23,450 187,319 SH   SOLE   186,819 0 500
CHUBB LTD INC COM H1467J104 835 5,717 SH   SOLE   5,717 0 0
CISCO SYSTEMS COM 17275R102 13,034 340,321 SH   SOLE   339,521 0 800
CONOCOPHILLIPS COM 20825c104 19,926 363,014 SH   SOLE   361,759 0 1,255
CORNING COM 219350105 30,340 948,411 SH   SOLE   946,011 0 2,400
DEVON ENERGY COM 25179m103 1,918 46,323 SH   SOLE   46,123 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,949 212,451 SH   SOLE   212,451 0 0
DORIAN LPG LTD COM Y2106R110 389 47,301 SH   SOLE   47,182 0 119
EASTMAN CHEMICAL COM 277432100 278 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 10,664 800,015 SH   SOLE   796,285 0 3,730
EXXON MOBIL COM 30231G102 24,242 289,837 SH   SOLE   289,137 0 700
FORD MOTOR COM 345370860 265 21,249 SH   SOLE   21,249 0 0
FREEPORT-MCMORAN INC. COM 35671d857 6,193 326,646 SH   SOLE   325,526 0 1,120
GILEAD SCIENCES INC COM 375558103 16,579 231,425 SH   SOLE   230,725 0 700
GOLDCORP INC COM 380956409 8,937 699,878 SH   SOLE   698,778 0 1,100
HANESBRANDS INC COM 410345102 349 16,697 SH   SOLE   16,697 0 0
HP INC COM 40434L105 13,230 629,698 SH   SOLE   627,998 0 1,700
IMPERIAL OIL LTD COM 453038408 359 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 14,223 308,128 SH   SOLE   307,328 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 275 1,795 SH   SOLE   1,795 0 0
JOHNSON AND JOHNSON COM 478160104 228 1,635 SH   SOLE   1,635 0 0
LEUCADIA NATIONAL COM 527288104 21,606 815,643 SH   SOLE   813,243 0 2,400
LOEWS COM 540424108 8,157 163,050 SH   SOLE   163,050 0 0
MARATHON PETROLEUM CORP COM 56585a102 392 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 33,591 596,954 SH   SOLE   595,644 0 1,310
MFC BANCORP LTD COM G60630103 886 113,726 SH   SOLE   113,326 0 400
MOSAIC COM 61945c103 23,268 906,777 SH   SOLE   904,077 0 2,700
NEWMONT MINING COM 651639106 36,967 985,258 SH   SOLE   983,488 0 1,770
NOBLE ENERGY COM 655044105 3,720 127,647 SH   SOLE   127,647 0 0
NOKIA COM 654902204 2,687 576,603 SH   SOLE   573,903 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,554 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 9,669 1,090,058 SH   SOLE   1,086,258 0 3,800
PFIZER COM 717081103 45,506 1,256,367 SH   SOLE   1,253,367 0 3,000
PHILLIPS 66 COM 718546104 20,670 204,349 SH   SOLE   203,722 0 627
PILGRIM'S PRIDE COM 72147k108 575 18,505 SH   SOLE   18,505 0 0
PRECISION DRILLING CORP COM 74022d308 1,706 564,990 SH   SOLE   560,990 0 4,000
SAN JUAN BASIN ROYALTY TRUST COM 798241105 1,023 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 16,029 372,764 SH   SOLE   371,704 0 1,060
SEACOR HOLDINGS INC COM 811904101 7,272 157,334 SH   SOLE   156,794 0 540
SEACOR MARINE COM 78413p101 1,268 108,387 SH   SOLE   107,845 0 542
SIMMONS FIRST NATIONAL COM 828730200 411 7,200 SH   SOLE   7,200 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 32,591 1,245,358 SH   SOLE   1,241,321 0 4,037
TEJON RANCH CO COM 879080109 3,204 154,348 SH   SOLE   153,931 0 417
TEMPLETON DRAGON FUND COM 88018T101 1,056 49,086 SH   SOLE   49,086 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,309 9,649 SH   SOLE   9,649 0 0
TRANSOCEAN, LTD COM H8817H100 2,004 187,668 SH   SOLE   186,968 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,970 503,801 SH   SOLE   502,671 0 1,130
TWIN DISC COM 901476101 475 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 933 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 223 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 15,539 169,072 SH   SOLE   168,409 0 663
WAL-MART STORES COM 931142103 447 4,529 SH   SOLE   4,529 0 0