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 INC COM COM 057224107 5,473 91,490 SH   SOLE   91,490 0 0
BANCORPSOUTH COM 059692103 1,278 42,236 SH   SOLE   42,236 0 0
BARRICK GOLD CORP COM 067901108 9,119 480,199 SH   SOLE   478,399 0 1,800
BERKSHIRE HATHAWAY CL B COM 084670702 41,135 246,791 SH   SOLE   246,241 0 550
BERKSHIRE HATHAWAY HLD A COM 084670108 1,249 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 9,242 834,879 SH   SOLE   832,579 0 2,300
CENOVUS ENERGY, INC. COM 15135U109 7,380 653,114 SH   SOLE   652,534 0 580
CHEVRON COM 166764100 19,584 182,393 SH   SOLE   181,893 0 500
CHUBB LTD INC COM H1467J104 779 5,717 SH   SOLE   5,717 0 0
CISCO SYSTEMS COM 17275R102 11,733 347,121 SH   SOLE   346,321 0 800
CONOCOPHILLIPS COM 20825c104 28,113 563,720 SH   SOLE   562,465 0 1,255
CORNING COM 219350105 25,895 959,083 SH   SOLE   956,683 0 2,400
DEVON ENERGY COM 25179m103 1,579 37,842 SH   SOLE   37,642 0 200
DIAMOND OFFSHORE DRILLING COM 25271C102 3,426 205,046 SH   SOLE   205,046 0 0
EASTMAN CHEMICAL COM 277432100 291 3,600 SH   SOLE   3,600 0 0
ENCANA COM 292505104 15,660 1,337,335 SH   SOLE   1,333,605 0 3,730
EXXON MOBIL COM 30231G102 22,755 277,465 SH   SOLE   276,765 0 700
FORD MOTOR COM 345370860 267 22,913 SH   SOLE   22,913 0 0
FORESTAR REAL ESTATE GROUP INC COM 346233109 4,098 300,218 SH   SOLE   300,218 0 0
FREEPORT-MCMORAN INC. COM 35671d857 6,192 463,495 SH   SOLE   462,375 0 1,120
GOLDCORP INC COM 380956409 10,293 705,494 SH   SOLE   704,394 0 1,100
HANESBRANDS INC COM 410345102 775 37,319 SH   SOLE   37,319 0 0
HP INC COM 40434L105 11,535 645,125 SH   SOLE   643,425 0 1,700
IMPERIAL OIL LTD COM 453038408 388 12,705 SH   SOLE   12,705 0 0
INTEL CORP. COM 458140100 11,284 312,841 SH   SOLE   312,041 0 800
INTERNATIONAL BUSINESS MACHINE COM 459200101 379 2,177 SH   SOLE   2,177 0 0
JOHNSON AND JOHNSON COM 478160104 204 1,635 SH   SOLE   1,635 0 0
LEUCADIA NATIONAL COM 527288104 23,337 897,584 SH   SOLE   895,184 0 2,400
LOEWS COM 540424108 7,450 159,284 SH   SOLE   159,284 0 0
MARATHON PETROLEUM CORP COM 56585a102 300 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 38,928 612,650 SH   SOLE   611,340 0 1,310
MFC BANCORP LTD COM 55278t105 1,650 926,692 SH   SOLE   924,692 0 2,000
MOSAIC COM 61945c103 17,572 602,182 SH   SOLE   600,482 0 1,700
NEWMONT MINING COM 651639106 32,829 996,032 SH   SOLE   994,262 0 1,770
NOBLE ENERGY COM 655044105 4,512 131,386 SH   SOLE   131,386 0 0
NOKIA COM 654902204 5,401 996,505 SH   SOLE   993,805 0 2,700
PEMBINA PIPELINE CORP COM 706327103 1,362 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 11,155 1,193,097 SH   SOLE   1,190,397 0 2,700
PFIZER COM 717081103 49,976 1,460,872 SH   SOLE   1,457,872 0 3,000
PHILLIPS 66 COM 718546104 18,670 235,675 SH   SOLE   235,048 0 627
PILGRIM'S PRIDE COM 72147k108 466 20,727 SH   SOLE   20,727 0 0
PRECISION DRILLING CORP COM 74022d308 2,800 593,186 SH   SOLE   589,186 0 4,000
RESOLUTE FOREST PRODUCTS COM 76117w109 97 17,873 SH   SOLE   17,873 0 0
SAN JUAN BASIN ROYALTY TRUST COM 798241105 895 123,605 SH   SOLE   123,605 0 0
SANOFI COM 80105n105 16,895 373,361 SH   SOLE   372,301 0 1,060
SEACOR HOLDINGS INC COM 811904101 14,352 207,429 SH   SOLE   206,889 0 540
SIMMONS FIRST NATIONAL COM 828730200 2,189 39,700 SH   SOLE   39,700 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 35,457 1,619,056 SH   SOLE   1,616,019 0 3,037
TEJON RANCH CO COM 879080109 3,297 150,594 SH   SOLE   150,246 0 348
TEMPLETON DRAGON FUND COM 88018T101 1,228 65,376 SH   SOLE   65,376 0 0
THE TRAVELERS COS., INC. COM 89417e109 1,163 9,647 SH   SOLE   9,647 0 0
TRANSOCEAN, LTD COM H8817H100 2,841 228,179 SH   SOLE   227,479 0 700
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 2,965 619,006 SH   SOLE   617,876 0 1,130
TWIN DISC COM 901476101 368 17,881 SH   SOLE   17,881 0 0
TYSON FOODS COM 902494103 811 13,144 SH   SOLE   13,144 0 0
VALERO ENERGY CORP NEW COM 91913y100 20,971 316,357 SH   SOLE   315,269 0 1,088
WAL-MART STORES COM 931142103 348 4,829 SH   SOLE   4,829 0 0