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 A GE CO CL A COM 05722g100 3,314 90,498 SH   SOLE   90,498 0 0
BANCORPSOUTH COM 059692103 1,360 42,436 SH   SOLE   42,436 0 0
BARRICK GOLD CORP COM 067901108 7,647 475,291 SH   SOLE   473,491 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 44,516 242,830 SH   SOLE   242,280 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,374 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 8,086 836,154 SH   SOLE   833,854 0 2,300
CENOVUS ENERGY, INC. COM 15135U109 6,633 662,020 SH   SOLE   661,440 0 580
CHEVRON COM 166764100 21,884 186,250 SH   SOLE   185,750 0 500
CHUBB LTD INC COM H1467J104 815 5,717 SH   SOLE   5,717 0 0
CISCO SYSTEMS COM 17275R102 11,586 344,500 SH   SOLE   343,700 0 800
CONOCOPHILLIPS COM 20825c104 28,228 563,994 SH   SOLE   562,739 0 1,255
CORNING COM 219350105 28,145 940,677 SH   SOLE   938,277 0 2,400
DEVON ENERGY COM 25179m103 1,373 37,413 SH   SOLE   37,213 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,086 212,857 SH   SOLE   212,857 0 0
EASTMAN CHEMICAL COM 277432100 326 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 15,572 1,321,925 SH   SOLE   1,318,195 0 3,730
EXXON MOBIL COM 30231G102 23,451 286,058 SH   SOLE   285,358 0 700
FORD MOTOR COM 345370860 254 21,249 SH   SOLE   21,249 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 4,668 299,248 SH   SOLE   299,248 0 0
FREEPORT-MCMORAN INC. COM 35671d857 6,392 455,282 SH   SOLE   454,162 0 1,120
GILEAD SCIENCES INC COM 375558103 18,844 232,589 SH   SOLE   231,889 0 700
GOLDCORP INC COM 380956409 9,643 744,075 SH   SOLE   742,975 0 1,100
HANESBRANDS INC COM 410345102 411 16,697 SH   SOLE   16,697 0 0
HP INC COM 40434L105 12,742 638,384 SH   SOLE   636,684 0 1,700
IMPERIAL OIL LTD COM 453038408 367 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 11,882 312,038 SH   SOLE   311,238 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 260 1,795 SH   SOLE   1,795 0 0
JOHNSON AND JOHNSON COM 478160104 213 1,635 SH   SOLE   1,635 0 0
LEUCADIA NATIONAL COM 527288104 22,564 893,635 SH   SOLE   891,235 0 2,400
LOEWS COM 540424108 7,766 162,265 SH   SOLE   162,265 0 0
MARATHON PETROLEUM CORP COM 56585a102 333 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 38,703 604,449 SH   SOLE   603,139 0 1,310
MFC BANCORP LTD COM G60630103 1,718 182,884 SH   SOLE   182,484 0 400
MOSAIC COM 61945c103 20,115 931,703 SH   SOLE   929,003 0 2,700
NEWMONT MINING COM 651639106 37,208 991,953 SH   SOLE   990,183 0 1,770
NOBLE ENERGY COM 655044105 3,840 135,406 SH   SOLE   135,406 0 0
NOKIA COM 654902204 5,962 997,009 SH   SOLE   994,309 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,508 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 10,540 1,210,111 SH   SOLE   1,206,311 0 3,800
PFIZER COM 717081103 51,296 1,436,868 SH   SOLE   1,433,868 0 3,000
PHILLIPS 66 COM 718546104 21,337 232,907 SH   SOLE   232,280 0 627
PILGRIM'S PRIDE COM 72147k108 589 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 1,927 617,580 SH   SOLE   613,580 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 90 17,749 SH   SOLE   17,749 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 973 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 18,648 374,535 SH   SOLE   373,475 0 1,060
SEACOR HOLDINGS INC COM 811904101 9,757 211,593 SH   SOLE   211,053 0 540
SEACOR MARINE COM 78413p101 3,228 206,384 SH   SOLE   205,842 0 542
SIMMONS FIRST NATIONAL COM 828730200 2,299 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 33,461 1,586,571 SH   SOLE   1,583,534 0 3,037
TEJON RANCH CO COM 879080109 3,317 157,211 SH   SOLE   156,863 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,353 65,046 SH   SOLE   65,046 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,182 9,649 SH   SOLE   9,649 0 0
TRANSOCEAN, LTD COM H8817H100 2,430 225,873 SH   SOLE   225,173 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 2,857 636,341 SH   SOLE   635,211 0 1,130
TWIN DISC COM 901476101 333 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 926 13,144 SH   SOLE   13,144 0 0
UNITED TECHNOLOGIES COM 913017109 203 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 23,804 309,425 SH   SOLE   308,337 0 1,088
WAL-MART STORES COM 931142103 354 4,529 SH   SOLE   4,529 0 0