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 1,005 28,984 SH   SOLE   28,984 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 1,659 59,839 SH   SOLE   59,639 0 200
BANCORPSOUTH BANK COM 05971j102 778 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 5,776 421,323 SH   SOLE   418,823 0 2,500
BERKSHIRE HATHAWAY CL B COM 084670702 33,712 167,815 SH   SOLE   167,365 0 450
BERKSHIRE HATHAWAY HLD A COM 084670108 1,506 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 6,635 562,754 SH   SOLE   560,344 0 2,410
CENOVUS ENERGY, INC. COM 15135U109 4,515 520,125 SH   SOLE   519,595 0 530
CHEVRON COM 166764100 22,829 185,334 SH   SOLE   185,034 0 300
CHUBB LTD INC COM H1467J104 276 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 12,284 227,531 SH   SOLE   226,878 0 653
CONOCOPHILLIPS COM 20825c104 22,570 338,174 SH   SOLE   337,269 0 905
CORNING COM 219350105 23,615 713,432 SH   SOLE   711,332 0 2,100
DEVON ENERGY COM 25179m103 1,958 62,034 SH   SOLE   62,034 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 2,378 226,733 SH   SOLE   226,433 0 300
DORIAN LPG LTD COM Y2106R110 280 43,564 SH   SOLE   43,509 0 55
EASTMAN CHEMICAL COM 277432100 228 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 5,602 773,703 SH   SOLE   769,673 0 4,030
EXXON MOBIL COM 30231G102 37,052 458,563 SH   SOLE   457,143 0 1,420
FEDERATED INVS INC-CL B COM 314211103 8,483 289,411 SH   SOLE   288,211 0 1,200
FORD MOTOR COM 345370860 187 21,249 SH   SOLE   20,849 0 400
FRANKLIN RES INC COM 354613101 16,250 490,354 SH   SOLE   488,554 0 1,800
FREEPORT-MCMORAN INC. COM 35671d857 3,608 279,900 SH   SOLE   279,240 0 660
GILEAD SCIENCES INC COM 375558103 14,821 227,981 SH   SOLE   227,381 0 600
GOLDCORP INC COM 380956409 7,729 675,629 SH   SOLE   674,829 0 800
HP INC COM 40434L105 11,714 602,877 SH   SOLE   601,177 0 1,700
IMPERIAL OIL LTD COM 453038408 315 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 15,225 283,514 SH   SOLE   282,614 0 900
INTERNATIONAL BUSINESS MACHINE COM 459200101 228 1,618 SH   SOLE   1,618 0 0
JEFFERIES FINANCIAL GROUP INC COM 47233w109 16,907 899,767 SH   SOLE   896,367 0 3,400
JOHNSON AND JOHNSON COM 478160104 211 1,509 SH   SOLE   1,509 0 0
LOEWS COM 540424108 7,475 155,953 SH   SOLE   155,803 0 150
MARATHON PETROLEUM CORP COM 56585a102 356 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 27,671 332,708 SH   SOLE   331,468 0 1,240
MOSAIC COM 61945c103 22,637 828,873 SH   SOLE   826,173 0 2,700
NEWMONT MINING COM 651639106 32,018 895,112 SH   SOLE   892,792 0 2,320
NOBLE ENERGY COM 655044105 4,070 164,581 SH   SOLE   164,381 0 200
NOKIA COM 654902204 2,926 511,521 SH   SOLE   510,421 0 1,100
PEMBINA PIPELINE CORP COM 706327103 1,579 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 7,829 1,039,700 SH   SOLE   1,036,895 0 2,805
PFIZER COM 717081103 22,027 518,642 SH   SOLE   516,542 0 2,100
PHILLIPS 66 COM 718546104 8,859 93,081 SH   SOLE   92,931 0 150
PILGRIM'S PRIDE COM 72147k108 390 17,505 SH   SOLE   17,505 0 0
PRECISION DRILLING CORP COM 74022d308 1,250 523,182 SH   SOLE   520,082 0 3,100
SAN JUAN BASIN ROYALTY TRUST COM 798241105 667 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 14,997 338,688 SH   SOLE   337,488 0 1,200
SEACOR HOLDINGS INC COM 811904101 6,075 143,682 SH   SOLE   143,132 0 550
SEACOR MARINE COM 78413p101 1,247 93,669 SH   SOLE   93,117 0 552
SIMMONS FIRST NATIONAL COM 828730200 270 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 26,388 1,138,390 SH   SOLE   1,133,290 0 5,100
TEJON RANCH CO COM 879080109 2,674 151,948 SH   SOLE   151,468 0 480
TEMPLETON DRAGON FUND COM 88018T101 263 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 500 3,649 SH   SOLE   3,649 0 0
TRANSOCEAN, LTD COM H8817H100 1,461 167,783 SH   SOLE   166,783 0 1,000
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,477 476,477 SH   SOLE   475,977 0 500
TYSON FOODS COM 902494103 799 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 225 1,749 SH   SOLE   1,749 0 0
WAL-MART STORES COM 931142103 442 4,529 SH   SOLE   4,529 0 0