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 617 23,499 SH   SOLE   23,499 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 1,290 59,999 SH   SOLE   59,799 0 200
BANCORPSOUTH BANK COM 05971j102 721 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 5,980 441,682 SH   SOLE   439,182 0 2,500
BERKSHIRE HATHAWAY CL B COM 084670702 35,638 174,540 SH   SOLE   174,090 0 450
BERKSHIRE HATHAWAY HLD A COM 084670108 1,530 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 6,760 595,609 SH   SOLE   593,199 0 2,410
CENOVUS ENERGY, INC. COM 15135U109 3,724 529,750 SH   SOLE   529,220 0 530
CHEVRON COM 166764100 20,846 191,620 SH   SOLE   191,320 0 300
CHUBB LTD INC COM H1467J104 254 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 13,691 315,964 SH   SOLE   315,311 0 653
CONOCOPHILLIPS COM 20825c104 22,341 358,310 SH   SOLE   357,405 0 905
CORNING COM 219350105 22,475 743,958 SH   SOLE   741,858 0 2,100
DEVON ENERGY COM 25179m103 1,228 54,492 SH   SOLE   54,492 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 2,013 213,293 SH   SOLE   212,993 0 300
DORIAN LPG LTD COM Y2106R110 267 45,785 SH   SOLE   45,730 0 55
EASTMAN CHEMICAL COM 277432100 219 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 4,841 837,607 SH   SOLE   833,577 0 4,030
EXXON MOBIL COM 30231G102 32,601 478,096 SH   SOLE   476,676 0 1,420
FEDERATED INVS INC-CL B COM 314211103 8,056 303,443 SH   SOLE   302,243 0 1,200
FORD MOTOR COM 345370860 163 21,249 SH   SOLE   20,849 0 400
FRANKLIN RES INC COM 354613101 15,261 514,536 SH   SOLE   512,736 0 1,800
FREEPORT-MCMORAN INC. COM 35671d857 3,150 305,538 SH   SOLE   304,878 0 660
GILEAD SCIENCES INC COM 375558103 14,791 236,466 SH   SOLE   235,866 0 600
GOLDCORP INC COM 380956409 7,002 714,458 SH   SOLE   713,658 0 800
HP INC COM 40434L105 12,775 624,391 SH   SOLE   622,691 0 1,700
IMPERIAL OIL LTD COM 453038408 291 11,505 SH   SOLE   11,505 0 0
INTEL CORP. COM 458140100 13,787 293,787 SH   SOLE   292,887 0 900
JEFFERIES FINANCIAL GROUP INC COM 47233w109 15,825 911,593 SH   SOLE   908,193 0 3,400
LOEWS COM 540424108 7,631 167,635 SH   SOLE   167,485 0 150
MARATHON PETROLEUM CORP COM 56585a102 351 5,944 SH   SOLE   5,944 0 0
MERCK AND CO. INC. COM 58933Y105 26,350 344,845 SH   SOLE   343,605 0 1,240
MOSAIC COM 61945c103 25,354 867,992 SH   SOLE   865,292 0 2,700
NEWMONT MINING COM 651639106 32,154 927,974 SH   SOLE   925,654 0 2,320
NOBLE ENERGY COM 655044105 2,983 159,026 SH   SOLE   158,826 0 200
NOKIA COM 654902204 3,257 559,610 SH   SOLE   558,510 0 1,100
PEMBINA PIPELINE CORP COM 706327103 1,274 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 6,502 1,102,054 SH   SOLE   1,099,249 0 2,805
PFIZER COM 717081103 23,510 538,598 SH   SOLE   536,498 0 2,100
PHILLIPS 66 COM 718546104 8,337 96,776 SH   SOLE   96,626 0 150
PILGRIM'S PRIDE COM 72147k108 287 18,505 SH   SOLE   18,505 0 0
PRECISION DRILLING CORP COM 74022d308 893 513,108 SH   SOLE   510,008 0 3,100
SAN JUAN BASIN ROYALTY TRUST COM 798241105 596 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 15,348 353,558 SH   SOLE   352,358 0 1,200
SEACOR HOLDINGS INC COM 811904101 5,689 153,744 SH   SOLE   153,194 0 550
SEACOR MARINE COM 78413p101 1,117 95,007 SH   SOLE   94,455 0 552
SIMMONS FIRST NATIONAL COM 828730200 266 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 26,133 1,213,209 SH   SOLE   1,208,109 0 5,100
TEJON RANCH CO COM 879080109 2,602 156,941 SH   SOLE   156,461 0 480
TEMPLETON DRAGON FUND COM 88018T101 225 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 437 3,649 SH   SOLE   3,649 0 0
TRANSOCEAN, LTD COM H8817H100 1,181 170,161 SH   SOLE   169,161 0 1,000
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,371 515,562 SH   SOLE   515,062 0 500
TYSON FOODS COM 902494103 615 11,513 SH   SOLE   11,513 0 0
WAL-MART STORES COM 931142103 422 4,529 SH   SOLE   4,529 0 0