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
BAKER HUGHES INC COM COM 057224107 4,300 98,107 SH   SOLE   98,107 0 0
BANCORPSOUTH COM 059692103 900 42,236 SH   SOLE   42,236 0 0
BARRICK GOLD CORP COM 067901108 7,220 531,656 SH   SOLE   529,856 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 37,239 262,468 SH   SOLE   261,918 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,067 5 SH   SOLE   5 0 0
CENOVUS ENERGY, INC. COM 15135U109 8,322 640,139 SH   SOLE   639,559 0 580
CHEVRON COM 166764100 17,905 187,684 SH   SOLE   187,184 0 500
CISCO SYSTEMS COM 17275R102 10,530 369,851 SH   SOLE   369,051 0 800
CONOCOPHILLIPS COM 20825c104 23,549 584,781 SH   SOLE   583,526 0 1,255
CORNING COM 219350105 21,397 1,024,273 SH   SOLE   1,021,873 0 2,400
DEVON ENERGY COM 25179m103 798 29,077 SH   SOLE   28,877 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 4,283 197,091 SH   SOLE   197,091 0 0
EASTMAN CHEMICAL COM 277432100 260 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 8,767 1,439,558 SH   SOLE   1,435,828 0 3,730
EXXON MOBIL COM 30231G102 23,438 280,389 SH   SOLE   279,689 0 700
FORD MOTOR COM 345370860 524 38,813 SH   SOLE   38,813 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 4,471 342,850 SH   SOLE   342,850 0 0
FREEPORT-MCMORAN INC. COM 35671d857 5,953 575,680 SH   SOLE   574,560 0 1,120
GOLDCORP INC COM 380956409 10,279 633,332 SH   SOLE   633,332 0 0
HANESBRANDS INC COM 410345102 1,133 39,965 SH   SOLE   39,965 0 0
HEWLETT PACKARD ENTERPRISE COM 42824c109 6,026 339,885 SH   SOLE   339,085 0 800
HP INC COM 40434L105 8,367 679,112 SH   SOLE   677,412 0 1,700
IMPERIAL OIL LTD COM 453038408 424 12,705 SH   SOLE   12,705 0 0
INTEL CORP. COM 458140100 10,815 334,315 SH   SOLE   333,515 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 322 2,127 SH   SOLE   2,127 0 0
JOY GLOBAL COM 481165108 190 11,812 SH   SOLE   11,812 0 0
LEUCADIA NATIONAL COM 527288104 12,591 778,680 SH   SOLE   777,180 0 1,500
LEXMARK INTL INC CL A COM 529771107 11,061 330,873 SH   SOLE   330,173 0 700
LOEWS COM 540424108 6,181 161,564 SH   SOLE   161,564 0 0
MARATHON PETROLEUM CORP COM 56585a102 221 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 34,785 657,437 SH   SOLE   656,127 0 1,310
MFC BANCORP LTD COM 55278t105 2,115 1,068,327 SH   SOLE   1,066,327 0 2,000
NEWMONT MINING COM 651639106 28,045 1,055,133 SH   SOLE   1,053,363 0 1,770
NOBLE ENERGY COM 655044105 4,715 150,098 SH   SOLE   150,098 0 0
NOKIA COM 654902204 7,014 1,186,821 SH   SOLE   1,184,121 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,159 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 7,568 1,228,542 SH   SOLE   1,225,842 0 2,700
PFIZER COM 717081103 46,662 1,574,276 SH   SOLE   1,571,276 0 3,000
PHILLIPS 66 COM 718546104 21,780 251,529 SH   SOLE   250,902 0 627
PILGRIM'S PRIDE COM 72147k108 526 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 2,411 573,939 SH   SOLE   569,939 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 117 21,179 SH   SOLE   21,179 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 642 124,605 SH   SOLE   124,605 0 0
SANOFI COM 80105n105 14,245 354,709 SH   SOLE   353,849 0 860
SEACOR HOLDINGS INC COM 811904101 11,828 217,220 SH   SOLE   216,680 0 540
SIMMONS FIRST NATIONAL COM 828730200 1,789 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 13,190 1,733,283 SH   SOLE   1,730,246 0 3,037
TEJON RANCH CO COM 879080109 3,014 146,523 SH   SOLE   146,175 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,119 65,376 SH   SOLE   65,376 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,126 9,647 SH   SOLE   9,647 0 0
THOMPSON CREEK METALS COM 884768102 245 1,051,328 SH   SOLE   1,047,228 0 4,100
TRANSOCEAN, LTD COM H8817H100 2,103 230,058 SH   SOLE   229,358 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 3,646 589,989 SH   SOLE   588,859 0 1,130
TWIN DISC COM 901476101 181 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 876 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 26,223 408,837 SH   SOLE   407,749 0 1,088
VECTRUS INC COM 92242t101 737 32,386 SH   SOLE   32,315 0 71
WAL-MART STORES COM 931142103 324 4,729 SH   SOLE   4,729 0 0