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
Expires: July 31, 2015
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
ABRAXAS PETE CORP COM 003830106 386,100 117,000 SH SOLE 117,000 0 0
ALPHA NATURAL RESOURCES INC COM 02076X102 375,912 18,400 SH SOLE 18,400 0 0
ANADARKO PETE CORP COM 032511107 1,679,260 22,000 SH SOLE 22,000 0 0
ARCH COAL INC COM 039380100 459,967 31,700 SH SOLE 31,700 0 0
ATP OIL & GAS CORP PREF 00208J702 269,640 7,000 SH SOLE 7,000 0 0
BARRICK GOLD CORP COM 067901108 506,800 11,200 SH SOLE 11,200 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 99,930,110 1,309,700 SH SOLE 1,309,700 0 0
BMO JUNIOR GOLD INDEX ETF ETF 05571L101 391,745 23,500 SH SOLE 23,500 0 0
BP PLC SPONSORED ADR 055622104 555,620 13,000 SH SOLE 13,000 0 0
CALLON PETE CO DEL COM 13123X102 452,270 91,000 SH SOLE 91,000 0 0
DEVON ENERGY CORP NEW COM 25179M103 992,000 16,000 SH SOLE 16,000 0 0
EL PASO PIPELINE PARTNERS L COM UNIT LPI 283702108 692,400 20,000 SH SOLE 20,000 0 0
ENBRIDGE ENERGY PARTNERS L P COM 29250R106 2,323,300 70,000 SH SOLE 70,000 0 0
ENTERPRISE PRODS PARTNERS LP COM 293792107 4,016,508 86,600 SH SOLE 86,600 0 0
FREEPORT-MCMORAN INC CL B 35671D857 437,801 11,900 SH SOLE 11,900 0 0
GOLD FIELDS LTD SPONSORED ADR 38059T106 425,475 27,900 SH SOLE 27,900 0 0
GOLDCORP INC NEW COM 380956409 438,075 9,900 SH SOLE 9,900 0 0
HUNTSMAN CORP COM 447011107 170,000 17,000 SH SOLE 17,000 0 0
HYPERDYNAMICS CORP COM 448954107 151,900 62,000 SH SOLE 62,000 0 0
ISHARES S&P/TSX GLOBAL GOLD INDEX ETF 46428M108 463,470 21,000 SH SOLE 21,000 0 0
LEVEL 3 COMMUNICATIONS INC COM NEW 52729N308 2,265,345 133,334 SH SOLE 133,334 0 0
MARATHON OIL CORP COM 565849106 409,780 14,000 SH SOLE 14,000 0 0
NEWMONT MINING CORP COM 651639106 438,073 7,300 SH SOLE 7,300 0 0
OCCIDENTAL PETE CORP COM 674599105 679,325 7,250 SH SOLE 7,250 0 0
PAA NAT GAS STORAGE L P COM UNIT LTD 693139107 4,502,888 240,154 SH SOLE 240,154 0 0
PLAINS ALL AMERN PIPELINE LP UNIT LTD PARTN 726503105 37,459,500 510,000 SH SOLE 510,000 0 0
POWERSHARES DB CMDTY IDX TRA UNIT BEN INT 73935S105 507,276 18,900 SH SOLE 18,900 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 479,408 16,600 SH SOLE 16,600 0 0
REGENCY ENERGY PARTNERS L P COM UNITS L P 75885Y107 1,243,000 50,000 SH SOLE 50,000 0 0
TARGA RESOURCES PARTNERS LP COM UNIT 87611X105 1,192,960 32,000 SH SOLE 32,000 0 0
TECK RESOURCES LTD CL B 878742204 464,508 13,200 SH SOLE 13,200 0 0
US BANCORP DEL COM NEW 902973304 44,429,625 1,642,500 SH SOLE 1,642,500 0 0
WARREN RES INC COM 93564A100 467,158 143,300 SH SOLE 143,300 0 0
WILLIAMS PARTNERS L P COM UNIT L P 96950F104 1,409,765 3,133 SH SOLE 3,133 0 0