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 4,939 97,863 SH   SOLE   97,863 0 0
BANCORPSOUTH COM 059692103 980 42,236 SH   SOLE   42,236 0 0
BARRICK GOLD CORP COM 067901108 9,272 523,236 SH   SOLE   521,436 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 37,785 261,541 SH   SOLE   260,991 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,081 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 7,445 869,744 SH   SOLE   867,444 0 2,300
CENOVUS ENERGY, INC. COM 15135U109 9,195 639,848 SH   SOLE   639,268 0 580
CHEVRON COM 166764100 19,429 188,776 SH   SOLE   188,276 0 500
CHUBB LTD INC COM H1467J104 718 5,717 SH   SOLE   5,717 0 0
CISCO SYSTEMS COM 17275R102 11,696 368,726 SH   SOLE   367,926 0 800
CONOCOPHILLIPS COM 20825c104 25,414 584,640 SH   SOLE   583,385 0 1,255
CORNING COM 219350105 24,152 1,021,208 SH   SOLE   1,018,808 0 2,400
DEVON ENERGY COM 25179m103 1,279 28,994 SH   SOLE   28,794 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,461 196,533 SH   SOLE   196,533 0 0
EASTMAN CHEMICAL COM 277432100 244 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 15,030 1,435,507 SH   SOLE   1,431,777 0 3,730
EXXON MOBIL COM 30231G102 24,443 280,054 SH   SOLE   279,354 0 700
FORD MOTOR COM 345370860 468 38,813 SH   SOLE   38,813 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 4,015 342,850 SH   SOLE   342,850 0 0
FREEPORT-MCMORAN INC. COM 35671d857 6,240 574,580 SH   SOLE   573,460 0 1,120
GOLDCORP INC COM 380956409 10,290 622,901 SH   SOLE   621,801 0 1,100
HANESBRANDS INC COM 410345102 942 37,319 SH   SOLE   37,319 0 0
HP INC COM 40434L105 10,528 677,887 SH   SOLE   676,187 0 1,700
IMPERIAL OIL LTD COM 453038408 398 12,705 SH   SOLE   12,705 0 0
INTEL CORP. COM 458140100 12,578 333,196 SH   SOLE   332,396 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 338 2,127 SH   SOLE   2,127 0 0
JOY GLOBAL COM 481165108 328 11,812 SH   SOLE   11,812 0 0
LEUCADIA NATIONAL COM 527288104 18,104 950,864 SH   SOLE   948,464 0 2,400
LEXMARK INTL INC CL A COM 529771107 13,170 329,573 SH   SOLE   328,873 0 700
LOEWS COM 540424108 6,716 163,202 SH   SOLE   163,202 0 0
MARATHON PETROLEUM CORP COM 56585a102 241 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 40,753 652,982 SH   SOLE   651,672 0 1,310
MFC BANCORP LTD COM 55278t105 2,181 1,063,727 SH   SOLE   1,061,727 0 2,000
MOSAIC COM 61945c103 975 39,880 SH   SOLE   38,980 0 900
NEWMONT MINING COM 651639106 41,232 1,049,424 SH   SOLE   1,047,654 0 1,770
NOBLE ENERGY COM 655044105 5,375 150,386 SH   SOLE   150,386 0 0
NOKIA COM 654902204 6,869 1,186,321 SH   SOLE   1,183,621 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,308 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 8,633 1,238,587 SH   SOLE   1,235,887 0 2,700
PFIZER COM 717081103 52,992 1,564,567 SH   SOLE   1,561,567 0 3,000
PHILLIPS 66 COM 718546104 20,197 250,742 SH   SOLE   250,115 0 627
PILGRIM'S PRIDE COM 72147k108 438 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 2,427 580,660 SH   SOLE   576,660 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 100 21,146 SH   SOLE   21,146 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 735 124,605 SH   SOLE   124,605 0 0
SANOFI COM 80105n105 14,331 375,255 SH   SOLE   374,195 0 1,060
SEACOR HOLDINGS INC COM 811904101 12,906 216,937 SH   SOLE   216,397 0 540
SIMMONS FIRST NATIONAL COM 828730200 1,981 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED COM 878742204 30,572 1,695,607 SH   SOLE   1,692,570 0 3,037
TEJON RANCH CO COM 879080109 3,578 147,118 SH   SOLE   146,770 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,153 65,376 SH   SOLE   65,376 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,105 9,647 SH   SOLE   9,647 0 0
THOMPSON CREEK METALS COM 884768102 548 1,046,728 SH   SOLE   1,042,628 0 4,100
TRANSOCEAN, LTD COM H8817H100 2,452 230,058 SH   SOLE   229,358 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 2,841 589,385 SH   SOLE   588,255 0 1,130
TWIN DISC COM 901476101 214 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 981 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 21,547 406,545 SH   SOLE   405,457 0 1,088
VECTRUS INC COM 92242t101 491 32,249 SH   SOLE   32,178 0 71
WAL-MART STORES COM 931142103 341 4,729 SH   SOLE   4,729 0 0