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
APACHE CORP COM 037411105 679 17,634 SH   SOLE   17,634 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 2,321 83,576 SH   SOLE   83,376 0 200
BANCORPSOUTH BANK COM 05971j102 877 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 5,284 424,386 SH   SOLE   421,186 0 3,200
BERKSHIRE HATHAWAY CL B COM 084670702 35,350 177,212 SH   SOLE   176,462 0 750
BERKSHIRE HATHAWAY HLD A COM 084670108 1,495 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 5,404 594,534 SH   SOLE   591,024 0 3,510
CENOVUS ENERGY, INC. COM 15135U109 4,973 582,277 SH   SOLE   581,447 0 830
CHEVRON COM 166764100 21,939 192,376 SH   SOLE   191,776 0 600
CHUBB LTD INC COM H1467J104 269 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 14,448 336,859 SH   SOLE   335,656 0 1,203
CONOCOPHILLIPS COM 20825c104 21,619 364,625 SH   SOLE   363,070 0 1,555
CORNING COM 219350105 20,952 751,491 SH   SOLE   747,991 0 3,500
DEVON ENERGY COM 25179m103 1,767 55,588 SH   SOLE   55,388 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,246 221,441 SH   SOLE   221,141 0 300
DORIAN LPG LTD COM Y2106R110 345 46,083 SH   SOLE   45,909 0 174
EASTMAN CHEMICAL COM 277432100 317 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 8,838 803,410 SH   SOLE   797,930 0 5,480
EXXON MOBIL COM 30231G102 35,516 476,024 SH   SOLE   473,904 0 2,120
FORD MOTOR COM 345370860 235 21,249 SH   SOLE   20,849 0 400
FREEPORT-MCMORAN INC. COM 35671d857 5,728 326,009 SH   SOLE   324,229 0 1,780
GILEAD SCIENCES INC COM 375558103 17,509 232,252 SH   SOLE   231,252 0 1,000
GOLDCORP INC COM 380956409 10,165 735,494 SH   SOLE   733,194 0 2,300
HP INC COM 40434L105 13,802 629,658 SH   SOLE   627,158 0 2,500
IMPERIAL OIL LTD COM 453038408 305 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 16,023 307,663 SH   SOLE   306,463 0 1,200
INTERNATIONAL BUSINESS MACHINE COM 459200101 275 1,795 SH   SOLE   1,795 0 0
JOHNSON AND JOHNSON COM 478160104 209 1,635 SH   SOLE   1,635 0 0
LEUCADIA NATIONAL COM 527288104 18,816 827,788 SH   SOLE   824,288 0 3,500
LOEWS COM 540424108 8,302 166,941 SH   SOLE   166,791 0 150
MARATHON PETROLEUM CORP COM 56585a102 435 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 26,006 477,433 SH   SOLE   475,523 0 1,910
MFC BANCORP LTD COM G60630103 651 104,777 SH   SOLE   104,057 0 720
MOSAIC COM 61945c103 21,371 880,180 SH   SOLE   876,180 0 4,000
NEWMONT MINING COM 651639106 35,507 908,794 SH   SOLE   905,424 0 3,370
NOBLE ENERGY COM 655044105 4,179 137,905 SH   SOLE   137,705 0 200
NOKIA COM 654902204 3,139 573,903 SH   SOLE   570,103 0 3,800
PEMBINA PIPELINE CORP COM 706327103 1,341 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 10,815 1,120,748 SH   SOLE   1,115,743 0 5,005
PFIZER COM 717081103 26,771 754,330 SH   SOLE   750,430 0 3,900
PHILLIPS 66 COM 718546104 15,433 160,897 SH   SOLE   160,120 0 777
PILGRIM'S PRIDE COM 72147k108 455 18,505 SH   SOLE   18,505 0 0
PRECISION DRILLING CORP COM 74022d308 1,659 599,081 SH   SOLE   594,681 0 4,400
SAN JUAN BASIN ROYALTY TRUST COM 798241105 981 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 14,131 352,578 SH   SOLE   350,918 0 1,660
SEACOR HOLDINGS INC COM 811904101 8,002 156,587 SH   SOLE   155,797 0 790
SEACOR MARINE COM 78413p101 2,036 107,059 SH   SOLE   106,266 0 793
SIMMONS FIRST NATIONAL COM 828730200 313 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 30,305 1,176,421 SH   SOLE   1,168,984 0 7,437
TEJON RANCH CO COM 879080109 3,580 154,898 SH   SOLE   154,241 0 657
TEMPLETON DRAGON FUND COM 88018T101 295 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 507 3,649 SH   SOLE   3,649 0 0
TRANSOCEAN, LTD COM H8817H100 1,820 183,863 SH   SOLE   182,563 0 1,300
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,804 546,684 SH   SOLE   545,054 0 1,630
TYSON FOODS COM 902494103 843 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 220 1,749 SH   SOLE   1,749 0 0
VALERO ENERGY CORP NEW COM 91913y100 7,366 79,400 SH   SOLE   78,759 0 641
WAL-MART STORES COM 931142103 403 4,529 SH   SOLE   4,529 0 0