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
ACE LIMITED COM H0023R105 720 6,967 SH   SOLE   6,967 0 0
ARCH COAL INC COM 039380308 251 75,950 SH   SOLE   75,620 0 330
BAKER HUGHES INC COM COM 057224107 5,148 98,922 SH   SOLE   98,922 0 0
BANCORPSOUTH COM 059692103 1,004 42,236 SH   SOLE   42,236 0 0
BARRICK GOLD CORP COM 067901108 3,722 585,152 SH   SOLE   583,352 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 35,078 269,005 SH   SOLE   268,455 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 976 5 SH   SOLE   5 0 0
CENOVUS ENERGY, INC. COM 15135U109 9,688 639,050 SH   SOLE   638,470 0 580
CHEVRON COM 166764100 14,925 189,210 SH   SOLE   188,710 0 500
CISCO SYSTEMS COM 17275R102 9,614 366,245 SH   SOLE   365,445 0 800
CONOCOPHILLIPS COM 20825c104 28,428 592,744 SH   SOLE   591,489 0 1,255
CORNING COM 219350105 17,884 1,044,644 SH   SOLE   1,042,244 0 2,400
DEVON ENERGY COM 25179m103 2,247 60,582 SH   SOLE   60,382 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,436 198,637 SH   SOLE   198,637 0 0
EASTMAN CHEMICAL COM 277432100 233 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 9,906 1,538,133 SH   SOLE   1,534,403 0 3,730
EXXON MOBIL COM 30231G102 1,343 18,062 SH   SOLE   18,062 0 0
FORD MOTOR COM 345370860 798 58,813 SH   SOLE   58,813 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 5,635 428,550 SH   SOLE   428,550 0 0
FREEPORT-MCMORAN INC. COM 35671d857 6,078 627,212 SH   SOLE   626,092 0 1,120
GOLDCORP INC COM 380956409 7,544 602,585 SH   SOLE   602,585 0 0
HANESBRANDS INC COM 410345102 1,181 40,800 SH   SOLE   40,800 0 0
HEWLETT PACKARD COM 428236103 9,198 359,169 SH   SOLE   358,369 0 800
IMPERIAL OIL LTD COM 453038408 402 12,705 SH   SOLE   12,705 0 0
INTEL CORP. COM 458140100 10,247 339,996 SH   SOLE   339,196 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 322 2,220 SH   SOLE   2,220 0 0
LEUCADIA NATIONAL COM 527288104 16,324 805,704 SH   SOLE   804,204 0 1,500
LEXMARK INTL INC CL A COM 529771107 9,766 336,985 SH   SOLE   336,285 0 700
LOEWS COM 540424108 4,951 136,985 SH   SOLE   136,985 0 0
MARATHON PETROLEUM CORP COM 56585a102 275 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 33,396 676,176 SH   SOLE   674,866 0 1,310
MFC INDUSTRIAL LTD COM 55278t105 3,081 1,077,336 SH   SOLE   1,075,336 0 2,000
NEWMONT MINING COM 651639106 17,478 1,087,613 SH   SOLE   1,085,843 0 1,770
NOBLE ENERGY COM 655044105 4,708 155,997 SH   SOLE   155,997 0 0
NOKIA COM 654902204 8,301 1,224,263 SH   SOLE   1,221,563 0 2,700
PEABODY ENERGY CORP COM COM 704549104 82 70,050 SH   SOLE   70,050 0 0
PEMBINA PIPELINE CORP COM 706327103 1,031 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 7,699 1,259,994 SH   SOLE   1,257,294 0 2,700
PFIZER COM 717081103 50,796 1,617,186 SH   SOLE   1,614,186 0 3,000
PHILLIPS 66 COM 718546104 19,825 258,001 SH   SOLE   257,374 0 627
PILGRIM'S PRIDE COM 72147k108 431 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 2,041 548,576 SH   SOLE   544,576 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 205 24,714 SH   SOLE   24,714 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 1,179 124,605 SH   SOLE   124,605 0 0
SANOFI COM 80105n105 16,637 350,464 SH   SOLE   349,604 0 860
SEACOR HOLDINGS INC COM 811904101 13,509 225,863 SH   SOLE   225,323 0 540
SIMMONS FIRST NATIONAL COM 828730200 2,142 44,700 SH   SOLE   44,700 0 0
TECK RESOURCES LIMITED COM 878742204 7,125 1,484,361 SH   SOLE   1,481,324 0 3,037
TEJON RANCH CO COM 879080109 3,265 149,691 SH   SOLE   149,343 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,221 65,376 SH   SOLE   65,376 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,408 14,147 SH   SOLE   14,147 0 0
THOMPSON CREEK METALS COM 884768102 775 1,774,531 SH   SOLE   1,770,431 0 4,100
TRANSOCEAN, LTD COM H8817H100 3,161 244,658 SH   SOLE   243,958 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 4,812 591,878 SH   SOLE   590,748 0 1,130
TWIN DISC COM 901476101 222 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 567 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 41,633 692,729 SH   SOLE   690,889 0 1,840
VECTRUS INC COM 92242t101 758 34,390 SH   SOLE   34,319 0 71
WAL-MART STORES COM 931142103 307 4,729 SH   SOLE   4,729 0 0