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 708 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380100 282 828,848 SH   SOLE   825,548 0 3,300
BAKER HUGHES INC COM COM 057224107 6,112 99,052 SH   SOLE   99,052 0 0
BANCORPSOUTH COM 059692103 1,103 42,836 SH   SOLE   42,836 0 0
BARRICK GOLD CORP COM 067901108 9,379 879,794 SH   SOLE   877,994 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 36,724 269,813 SH   SOLE   269,263 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,024 5 SH   SOLE   5 0 0
CENOVUS ENERGY, INC. COM 15135U109 10,196 636,850 SH   SOLE   636,270 0 580
CHEVRON COM 166764100 16,980 176,017 SH   SOLE   175,517 0 500
CISCO SYSTEMS COM 17275R102 10,136 369,122 SH   SOLE   368,322 0 800
CONOCOPHILLIPS COM 20825c104 36,274 590,687 SH   SOLE   589,432 0 1,255
CORNING COM 219350105 20,681 1,048,197 SH   SOLE   1,045,797 0 2,400
DEVON ENERGY COM 25179m103 3,960 66,570 SH   SOLE   66,370 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 4,674 181,077 SH   SOLE   181,077 0 0
EASTMAN CHEMICAL COM 277432100 295 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 17,234 1,563,899 SH   SOLE   1,560,169 0 3,730
ENERGY TRANSFER PARTNERS LP COM 29273r109 215 4,124 SH   SOLE   4,124 0 0
EXXON MOBIL COM 30231G102 1,442 17,332 SH   SOLE   17,332 0 0
FORD MOTOR COM 345370860 883 58,813 SH   SOLE   58,813 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 5,640 428,550 SH   SOLE   428,550 0 0
FREEPORT-MCMORAN INC. COM 35671d857 11,308 607,308 SH   SOLE   606,188 0 1,120
GOLDCORP INC COM 380956409 2,234 137,906 SH   SOLE   137,906 0 0
HANESBRANDS INC COM 410345102 1,426 42,800 SH   SOLE   42,800 0 0
HEWLETT PACKARD COM 428236103 10,918 363,825 SH   SOLE   363,025 0 800
IMPERIAL OIL LTD COM 453038408 491 12,705 SH   SOLE   12,705 0 0
INTEL CORP. COM 458140100 10,418 342,528 SH   SOLE   341,728 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 361 2,220 SH   SOLE   2,220 0 0
LEUCADIA NATIONAL COM 527288104 19,651 809,339 SH   SOLE   807,839 0 1,500
LEXMARK INTL INC CL A COM 529771107 14,507 328,222 SH   SOLE   327,522 0 700
LOEWS COM 540424108 5,150 133,740 SH   SOLE   133,740 0 0
MARATHON PETROLEUM CORP COM 56585a102 311 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 38,959 684,324 SH   SOLE   683,014 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 4,266 1,053,243 SH   SOLE   1,051,243 0 2,000
MURPHY OIL CORP COM 626717102 249 6,000 SH   SOLE   6,000 0 0
NEWMONT MINING COM 651639106 25,086 1,073,882 SH   SOLE   1,072,112 0 1,770
NOBLE ENERGY COM 655044105 6,908 161,847 SH   SOLE   161,847 0 0
NOKIA COM 654902204 8,497 1,240,435 SH   SOLE   1,237,735 0 2,700
PEABODY ENERGY CORP COM COM 704549104 161 73,485 SH   SOLE   73,485 0 0
PEMBINA PIPELINE CORP COM 706327103 1,387 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 9,906 1,229,038 SH   SOLE   1,226,338 0 2,700
PFIZER COM 717081103 54,613 1,628,786 SH   SOLE   1,625,786 0 3,000
PHILLIPS 66 COM 718546104 21,071 261,555 SH   SOLE   260,928 0 627
PILGRIM'S PRIDE COM 72147k108 476 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 3,618 538,460 SH   SOLE   534,460 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 278 24,714 SH   SOLE   24,714 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 1,338 124,605 SH   SOLE   124,605 0 0
SANOFI COM 80105n105 17,380 350,893 SH   SOLE   350,033 0 860
SEACOR HOLDINGS INC COM 811904101 16,073 226,565 SH   SOLE   226,025 0 540
SIMMONS FIRST NATIONAL COM 828730200 2,133 45,700 SH   SOLE   45,700 0 0
TECK RESOURCES LIMITED COM 878742204 13,761 1,388,574 SH   SOLE   1,385,537 0 3,037
TECUMSEH PRODUCTS CO COM 878895309 1,258 509,338 SH   SOLE   509,338 0 0
TEJON RANCH CO COM 879080109 3,839 149,316 SH   SOLE   148,968 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,634 65,876 SH   SOLE   65,876 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,367 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 1,746 2,128,864 SH   SOLE   2,124,764 0 4,100
TRANSOCEAN, LTD COM H8817H100 4,084 253,321 SH   SOLE   252,621 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 5,710 599,201 SH   SOLE   598,071 0 1,130
TWIN DISC COM 901476101 333 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 560 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 43,700 698,081 SH   SOLE   696,241 0 1,840
VECTRUS INC COM 92242t101 858 34,515 SH   SOLE   34,444 0 71
WAL-MART STORES COM 931142103 335 4,729 SH   SOLE   4,729 0 0