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
AMERICAN INTL GROUP INC COM NEW 026874784 9,754 158,900 SH   SOLE 158,900 0 0
ANADARKO PETE CORP COM 032511107 439 9,000 SH   SOLE 9,000 0 0
ANTERO RES CORP COM 03674X106 417 21,000 SH   SOLE 21,000 0 0
ANTERO RES CORP COM 03674X106 11 47,000 SH Call SOLE 47,000 0 0
APACHE CORP COM 037411105 3,535 77,200 SH   SOLE 77,200 0 0
APPLE INC COM 037833100 14,814 96,121 SH   SOLE 96,121 0 0
BANK AMER CORP COM 060505104 8,362 330,000 SH   SOLE 330,000 0 0
BLACK STONE MINERALS L P COM UNIT 09225M101 10,370 598,079 SH   SOLE 598,079 0 0
CABOT OIL & GAS CORP COM 127097103 575 21,500 SH   SOLE 21,500 0 0
CABOT OIL & GAS CORP COM 127097103 35 84,000 SH Call SOLE 84,000 0 0
CALIFORNIA RES CORP COM NEW 13057Q206 233 22,368 SH   SOLE 22,368 0 0
CALLON PETE CO DEL COM 13123X102 236 21,000 SH   SOLE 21,000 0 0
CARLYLE GROUP L P COM UTS LTD PTN 14309L102 9,949 421,597 SH   SOLE 421,597 0 0
CHEVRON CORP NEW COM 166764100 575 4,900 SH   SOLE 4,900 0 0
CHUBB LIMITED COM H1467J104 9,123 64,000 SH   SOLE 64,000 0 0
CISCO SYS INC COM 17275R102 10,668 317,220 SH   SOLE 317,220 0 0
CONOCOPHILLIPS COM 20825C104 2,462 49,200 SH   SOLE 49,200 0 0
CORNING INC COM 219350105 3,732 124,750 SH   SOLE 124,750 0 0
DELL TECHNOLOGIES INC COM CL V 24703L103 2,195 28,437 SH   SOLE 28,437 0 0
DEVON ENERGY CORP NEW COM 25179M103 220 6,000 SH   SOLE 6,000 0 0
DISCOVERY COMMUNICATNS NEW COM SER C 25470F302 7,056 348,300 SH   SOLE 348,300 0 0
DORCHESTER MINERALS LP COM UNIT 25820R105 754 50,100 SH   SOLE 50,100 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 750 28,800 SH   SOLE 28,800 0 0
EOG RES INC COM 26875P101 7,997 82,677 SH   SOLE 82,677 0 0
EXXON MOBIL CORP COM 30231G102 541 6,600 SH   SOLE 6,600 0 0
FORUM ENERGY TECHNOLOGIES IN COM 34984V100 394 24,800 SH   SOLE 24,800 0 0
FRANKS INTL N V COM N33462107 216 28,100 SH   SOLE 28,100 0 0
GENERAL ELECTRIC CO COM 369604103 11,701 483,918 SH   SOLE 483,918 0 0
HALLIBURTON CO COM 406216101 662 14,400 SH   SOLE 14,400 0 0
HUGOTON RTY TR TEX UNIT BEN INT 444717102 184 99,610 SH   SOLE 99,610 0 0
INTEL CORP COM 458140100 11,237 295,106 SH   SOLE 295,106 0 0
KIRKLAND LAKE GOLD LTD COM 49741E100 546 42,300 SH   SOLE 42,300 0 0
MESA RTY TR UNIT BEN INT 590660106 364 23,599 SH   SOLE 23,599 0 0
MICROSOFT CORP COM 594918104 7,085 95,119 SH   SOLE 95,119 0 0
NABORS INDUSTRIES LTD SHS G6359F103 145 18,000 SH   SOLE 18,000 0 0
NABORS INDUSTRIES LTD SHS G6359F103 4 70,000 SH Call SOLE 70,000 0 0
NATIONAL OILWELL VARCO INC COM 637071101 3,133 87,700 SH   SOLE 87,700 0 0
NATURAL RESOURCE PARTNERS L COM UNIT LTD PAR 63900P608 438 17,700 SH   SOLE 17,700 0 0
NOVARTIS A G SPONSORED ADR 66987V109 7,726 90,000 SH   SOLE 90,000 0 0
OAKTREE CAP GROUP LLC UNIT CL A 674001201 27,896 592,908 SH   SOLE 592,908 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 8,236 128,280 SH   SOLE 128,280 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 44 57,000 SH Call SOLE 57,000 0 0
PERMIAN BASIN RTY TR UNIT BEN INT 714236106 630 72,400 SH   SOLE 72,400 0 0
PFIZER INC COM 717081103 5,319 149,000 SH   SOLE 149,000 0 0
PLAINS ALL AMERN PIPELINE L UNIT LTD PARTN 726503105 396 18,700 SH   SOLE 18,700 0 0
PLAINS GP HLDGS L P LTD PARTNR INT A 72651A207 525 24,033 SH   SOLE 24,033 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 587 9,400 SH   SOLE 9,400 0 0
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 18,743 309,419 SH   SOLE 309,419 0 0
SABINE ROYALTY TR UNIT BEN INT 785688102 354 8,700 SH   SOLE 8,700 0 0
SAN JUAN BASIN RTY TR UNIT BEN INT 798241105 390 49,800 SH   SOLE 49,800 0 0
SCHLUMBERGER LTD COM 806857108 704 10,100 SH   SOLE 10,100 0 0
SMART SAND INC COM 83191H107 122 18,000 SH   SOLE 18,000 0 0
SOUTHWEST AIRLS CO COM 844741108 4,483 80,100 SH   SOLE 80,100 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 5,847 48,100 SH   SOLE 48,100 0 0
STORE CAP CORP COM 862121100 4,179 168,040 SH   SOLE 168,040 0 0
TENARIS S A SPONSORED ADR 88031M109 467 16,500 SH   SOLE 16,500 0 0
TOTAL S A SPONSORED ADR 89151E109 8,290 154,903 SH   SOLE 154,903 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 4,640 38,937 SH   SOLE 38,937 0 0
TRANSOCEAN LTD REG SHS H8817H100 421 39,200 SH   SOLE 39,200 0 0
TRANSOCEAN LTD REG SHS H8817H100 14 66,500 SH Call SOLE 66,500 0 0
U S SILICA HLDGS INC COM 90346E103 242 7,800 SH   SOLE 7,800 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 229 50,000 SH   SOLE 50,000 0 0