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
ACE LIMITED COM H0023R105 731 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 4,346 2,049,854 SH   SOLE   2,046,554 0 3,300
BAKER HUGHES INC COM COM 057224107 7,559 116,192 SH   SOLE   116,192 0 0
BANCORPSOUTH COM 059692103 863 42,836 SH   SOLE   42,836 0 0
BARRICK GOLD CORP COM 067901108 17,955 1,224,779 SH   SOLE   1,222,979 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 43,320 313,597 SH   SOLE   313,047 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,034 5 SH   SOLE   5 0 0
BP PLC COM 055622104 225 5,125 SH   SOLE   5,125 0 0
BP PRUDHOE BAY ROYALTY TRUST COM 055630107 283 3,000 SH   SOLE   3,000 0 0
CENOVUS ENERGY, INC. COM 15135U109 18,834 700,674 SH   SOLE   700,094 0 580
CHEVRON COM 166764100 22,247 186,445 SH   SOLE   185,945 0 500
CISCO SYSTEMS COM 17275R102 10,909 433,404 SH   SOLE   432,604 0 800
CONOCOPHILLIPS COM 20825c104 52,509 686,216 SH   SOLE   684,961 0 1,255
CORNING COM 219350105 23,891 1,235,332 SH   SOLE   1,232,932 0 2,400
DEVON ENERGY COM 25179m103 5,352 78,501 SH   SOLE   78,301 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,883 113,307 SH   SOLE   113,307 0 0
EASTMAN CHEMICAL COM 277432100 291 3,600 SH   SOLE   3,600 0 0
ELI LILLY COM 532457108 36,376 560,930 SH   SOLE   559,900 0 1,030
ENCANA COM 292505104 39,563 1,865,321 SH   SOLE   1,861,591 0 3,730
EXELIS INC COM 30162a108 12,195 737,300 SH   SOLE   736,000 0 1,300
EXXON MOBIL COM 30231G102 2,125 22,594 SH   SOLE   22,594 0 0
FORD MOTOR COM 345370860 883 59,713 SH   SOLE   59,713 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 8,271 466,750 SH   SOLE   466,750 0 0
FREEPORT-MCMORAN INC. COM 35671d857 22,250 681,472 SH   SOLE   680,352 0 1,120
HANESBRANDS INC COM 410345102 1,214 11,300 SH   SOLE   11,300 0 0
HEWLETT PACKARD COM 428236103 14,811 417,574 SH   SOLE   416,774 0 800
IMPERIAL OIL LTD COM 453038408 628 13,305 SH   SOLE   13,305 0 0
INTEL CORP. COM 458140100 14,010 402,369 SH   SOLE   401,569 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 440 2,320 SH   SOLE   2,320 0 0
JOHNSON AND JOHNSON COM 478160104 505 4,735 SH   SOLE   4,735 0 0
LEUCADIA NATIONAL COM 527288104 22,590 947,562 SH   SOLE   946,062 0 1,500
LEXMARK INTL INC CL A COM 529771107 16,637 391,467 SH   SOLE   390,767 0 700
LOEWS COM 540424108 6,498 155,968 SH   SOLE   155,968 0 0
MARATHON OIL COM 565849106 844 22,445 SH   SOLE   22,445 0 0
MARATHON PETROLEUM CORP COM 56585a102 252 2,972 SH   SOLE   2,972 0 0
MERCK AND CO. INC. COM 58933Y105 47,634 803,546 SH   SOLE   802,236 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 9,488 1,334,450 SH   SOLE   1,332,450 0 2,000
MURPHY OIL CORP COM 626717102 341 6,000 SH   SOLE   6,000 0 0
NEWMONT MINING COM 651639106 29,470 1,278,526 SH   SOLE   1,276,756 0 1,770
NOBLE ENERGY COM 655044105 12,796 187,182 SH   SOLE   187,182 0 0
NOKIA COM 654902204 12,286 1,452,287 SH   SOLE   1,449,587 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,810 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 18,719 1,378,420 SH   SOLE   1,375,720 0 2,700
PFIZER COM 717081103 55,284 1,869,601 SH   SOLE   1,866,601 0 3,000
PHILLIPS 66 COM 718546104 24,636 302,985 SH   SOLE   302,358 0 627
PILGRIM'S PRIDE COM 72147k108 633 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 6,641 615,473 SH   SOLE   611,473 0 4,000
REGENCY ENERGY PARTNERS LP COM 75885y107 326 10,000 SH   SOLE   10,000 0 0
RESOLUTE FOREST PRODUCTS COM 76117w109 402 25,687 SH   SOLE   25,687 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 2,725 143,405 SH   SOLE   143,405 0 0
SANOFI COM 80105n105 22,081 391,300 SH   SOLE   390,440 0 860
SEACOR HOLDINGS INC COM 811904101 9,358 125,112 SH   SOLE   124,852 0 260
SIMMONS FIRST NATIONAL COM 828730200 1,529 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 26,227 1,388,414 SH   SOLE   1,387,014 0 1,400
TECUMSEH PRODUCTS CO COM 878895309 2,356 547,940 SH   SOLE   547,940 0 0
TEJON RANCH CO COM 879080109 2,462 87,818 SH   SOLE   87,470 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,698 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,329 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 5,369 2,440,566 SH   SOLE   2,436,466 0 4,100
TRANSOCEAN, LTD COM H8817H100 11,582 362,264 SH   SOLE   361,564 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 4,551 713,328 SH   SOLE   712,198 0 1,130
TWIN DISC COM 901476101 482 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 517 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 37,305 806,254 SH   SOLE   804,414 0 1,840
VECTRUS INC COM 92242t101 796 40,772 SH   SOLE   40,701 0 71
WAL-MART STORES COM 931142103 374 4,897 SH   SOLE   4,897 0 0