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 800 31,244 SH   SOLE   31,244 0 0
BAKER HUGHES A GE CO CL A COM 05722g100 1,388 59,839 SH   SOLE   59,639 0 200
BANCORPSOUTH BANK COM 05971j102 817 27,586 SH   SOLE   27,586 0 0
BARRICK GOLD CORP COM 067901108 7,236 417,525 SH   SOLE   415,025 0 2,500
BAYER AG-SPONSORED ADR COM 072730302 14,929 843,906 SH   SOLE   840,706 0 3,200
BERKSHIRE HATHAWAY CL B COM 084670702 34,047 163,674 SH   SOLE   163,224 0 450
BERKSHIRE HATHAWAY HLD A COM 084670108 1,559 5 SH   SOLE   5 0 0
CAMECO CORP COM 13321l108 5,256 553,277 SH   SOLE   550,867 0 2,410
CENOVUS ENERGY, INC. COM 15135U109 4,830 514,976 SH   SOLE   514,446 0 530
CHEVRON COM 166764100 22,418 189,023 SH   SOLE   188,723 0 300
CHUBB LTD INC COM H1467J104 318 1,967 SH   SOLE   1,967 0 0
CISCO SYSTEMS COM 17275R102 10,981 222,244 SH   SOLE   221,591 0 653
CONOCOPHILLIPS COM 20825c104 21,321 374,192 SH   SOLE   373,287 0 905
CORNING COM 219350105 19,869 696,685 SH   SOLE   694,585 0 2,100
DEVON ENERGY COM 25179m103 1,531 63,613 SH   SOLE   63,613 0 0
DIAMOND OFFSHORE DRILLING COM 25271C102 1,838 330,487 SH   SOLE   329,397 0 1,090
EASTMAN CHEMICAL COM 277432100 221 3,000 SH   SOLE   3,000 0 0
ENCANA COM 292505104 3,495 759,709 SH   SOLE   755,679 0 4,030
EXXON MOBIL COM 30231G102 32,122 454,925 SH   SOLE   453,505 0 1,420
FEDERATED INVS INC-CL B COM 314211103 9,226 284,668 SH   SOLE   283,468 0 1,200
FORD MOTOR COM 345370860 195 21,249 SH   SOLE   20,849 0 400
FRANKLIN RES INC COM 354613101 14,489 502,029 SH   SOLE   500,229 0 1,800
FREEPORT-MCMORAN INC. COM 35671d857 2,631 274,919 SH   SOLE   274,259 0 660
GILEAD SCIENCES INC COM 375558103 14,324 226,009 SH   SOLE   225,409 0 600
HP INC COM 40434L105 11,230 593,577 SH   SOLE   591,877 0 1,700
IMPERIAL OIL LTD COM 453038408 283 10,875 SH   SOLE   10,875 0 0
INTEL CORP. COM 458140100 14,357 278,611 SH   SOLE   277,711 0 900
INTERNATIONAL BUSINESS MACHINE COM 459200101 228 1,568 SH   SOLE   1,568 0 0
JEFFERIES FINANCIAL GROUP INC COM 47233w109 16,286 885,114 SH   SOLE   881,714 0 3,400
LOEWS COM 540424108 7,925 153,943 SH   SOLE   153,793 0 150
MARATHON PETROLEUM CORP COM 56585a102 349 5,744 SH   SOLE   5,744 0 0
MERCK AND CO. INC. COM 58933Y105 27,418 325,703 SH   SOLE   324,463 0 1,240
MOSAIC COM 61945c103 16,799 819,469 SH   SOLE   816,769 0 2,700
NEWMONT GOLDCORP COM 651639106 42,603 1,123,498 SH   SOLE   1,120,916 0 2,582
NOBLE ENERGY COM 655044105 3,722 165,716 SH   SOLE   165,516 0 200
NOKIA COM 654902204 2,526 499,245 SH   SOLE   498,145 0 1,100
PEMBINA PIPELINE CORP COM 706327103 1,592 42,950 SH   SOLE   42,950 0 0
PERMIAN BASIN ROYALTY TRUST COM 714236106 5,382 1,036,948 SH   SOLE   1,034,143 0 2,805
PFIZER COM 717081103 18,263 508,294 SH   SOLE   506,194 0 2,100
PHILLIPS 66 COM 718546104 9,396 91,753 SH   SOLE   91,603 0 150
PILGRIM'S PRIDE COM 72147k108 539 16,805 SH   SOLE   16,805 0 0
PRECISION DRILLING CORP COM 74022d308 593 519,900 SH   SOLE   516,800 0 3,100
RED RIVER BANCSHARES INC COM 75686r202 234 5,400 SH   SOLE   0 0 5,400
SAN JUAN BASIN ROYALTY TRUST COM 798241105 375 124,165 SH   SOLE   124,165 0 0
SANOFI COM 80105n105 15,476 334,044 SH   SOLE   332,844 0 1,200
SEACOR HOLDINGS INC COM 811904101 6,617 140,580 SH   SOLE   140,030 0 550
SIMMONS FIRST NATIONAL COM 828730200 274 11,014 SH   SOLE   11,014 0 0
TECK RESOURCES LIMITED FCLASS COM 878742204 20,163 1,242,299 SH   SOLE   1,237,199 0 5,100
TEJON RANCH CO COM 879080109 2,580 152,056 SH   SOLE   151,576 0 480
TEMPLETON DRAGON FUND COM 88018T101 237 13,246 SH   SOLE   13,246 0 0
THE TRAVELERS COS., INC. COM 89417e109 520 3,499 SH   SOLE   3,499 0 0
TRANSOCEAN, LTD COM H8817H100 2,401 537,176 SH   SOLE   535,276 0 1,900
TSAKOS ENERGY NAVIGATION LTD COM g9108l108 1,425 483,145 SH   SOLE   482,645 0 500
TYSON FOODS COM 902494103 992 11,513 SH   SOLE   11,513 0 0
UNITED TECHNOLOGIES COM 913017109 239 1,749 SH   SOLE   1,749 0 0
WAL-MART STORES COM 931142103 493 4,157 SH   SOLE   4,157 0 0