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 865 29,844 SH   SOLE   29,844 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 1,474 59,839 SH   SOLE   59,639 0 200
BANCORPSOUTH BANK COM 05971j102 801 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 6,648 421,586 SH   SOLE   419,086 0 2,500
BAYER AG-SPONSORED ADR COM 072730302 13,801 790,869 SH   SOLE   787,669 0 3,200
BERKSHIRE HATHAWAY CL B COM 084670702 35,507 166,566 SH   SOLE   166,116 0 450
BERKSHIRE HATHAWAY HLD A COM 084670108 1,592 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 6,010 560,104 SH   SOLE   557,694 0 2,410
CENOVUS ENERGY, INC. COM 15135U109 4,553 516,236 SH   SOLE   515,706 0 530
CHEVRON COM 166764100 22,991 184,752 SH   SOLE   184,452 0 300
CHUBB LTD INC COM H1467J104 290 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 12,348 225,615 SH   SOLE   224,962 0 653
CONOCOPHILLIPS COM 20825c104 20,481 335,748 SH   SOLE   334,843 0 905
CORNING COM 219350105 23,492 706,939 SH   SOLE   704,839 0 2,100
DEVON ENERGY COM 25179m103 1,813 63,573 SH   SOLE   63,573 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 2,885 325,276 SH   SOLE   324,186 0 1,090
EASTMAN CHEMICAL COM 277432100 233 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 3,930 766,033 SH   SOLE   762,003 0 4,030
EXXON MOBIL COM 30231G102 34,960 456,216 SH   SOLE   454,796 0 1,420
FEDERATED INVS INC-CL B COM 314211103 9,361 288,031 SH   SOLE   286,831 0 1,200
FORD MOTOR COM 345370860 217 21,249 SH   SOLE   20,849 0 400
FRANKLIN RES INC COM 354613101 16,990 488,231 SH   SOLE   486,431 0 1,800
FREEPORT-MCMORAN INC. COM 35671d857 3,243 279,310 SH   SOLE   278,650 0 660
GILEAD SCIENCES INC COM 375558103 15,357 227,316 SH   SOLE   226,716 0 600
HP INC COM 40434L105 12,485 600,528 SH   SOLE   598,828 0 1,700
IMPERIAL OIL LTD COM 453038408 318 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 13,508 282,187 SH   SOLE   281,287 0 900
INTERNATIONAL BUSINESS MACHINE COM 459200101 233 1,693 SH   SOLE   1,693 0 0
JEFFERIES FINANCIAL GROUP INC COM 47233w109 17,161 892,385 SH   SOLE   888,985 0 3,400
JOHNSON AND JOHNSON COM 478160104 210 1,509 SH   SOLE   1,509 0 0
LOEWS COM 540424108 8,504 155,547 SH   SOLE   155,397 0 150
MARATHON PETROLEUM CORP COM 56585a102 321 5,744 SH   SOLE   5,744 0 0
MERCK AND CO. INC. COM 58933Y105 27,732 330,729 SH   SOLE   329,489 0 1,240
MOSAIC COM 61945c103 20,659 825,378 SH   SOLE   822,678 0 2,700
NEWMONT GOLDCORP COM 651639106 42,787 1,112,209 SH   SOLE   1,109,627 0 2,582
NOBLE ENERGY COM 655044105 3,691 164,766 SH   SOLE   164,566 0 200
NOKIA COM 654902204 2,550 508,913 SH   SOLE   507,813 0 1,100
PEMBINA PIPELINE CORP COM 706327103 1,598 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 6,348 1,042,327 SH   SOLE   1,039,522 0 2,805
PFIZER COM 717081103 22,331 515,500 SH   SOLE   513,400 0 2,100
PHILLIPS 66 COM 718546104 8,663 92,611 SH   SOLE   92,461 0 150
PILGRIM'S PRIDE COM 72147k108 427 16,805 SH   SOLE   16,805 0 0
PRECISION DRILLING CORP COM 74022d308 1,000 529,167 SH   SOLE   526,067 0 3,100
SAN JUAN BASIN ROYALTY TRUST COM 798241105 476 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 14,602 337,462 SH   SOLE   336,262 0 1,200
SEACOR HOLDINGS INC COM 811904101 6,789 142,887 SH   SOLE   142,337 0 550
SIMMONS FIRST NATIONAL COM 828730200 256 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 26,914 1,167,124 SH   SOLE   1,162,024 0 5,100
TEJON RANCH CO COM 879080109 2,531 152,561 SH   SOLE   152,081 0 480
TEMPLETON DRAGON FUND COM 88018T101 255 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 546 3,649 SH   SOLE   3,649 0 0
TRANSOCEAN, LTD COM H8817H100 3,520 549,211 SH   SOLE   547,311 0 1,900
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,582 480,816 SH   SOLE   480,316 0 500
TYSON FOODS COM 902494103 930 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 228 1,749 SH   SOLE   1,749 0 0
WAL-MART STORES COM 931142103 500 4,529 SH   SOLE   4,529 0 0