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 |
ADVANCED MICRO DEVICES | Com | 7903107 | 39 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
ALLIANCE WRLD DLLR GOVT FD II | Com | 01879R106 | 216 | 13,180 | SH | | SOLE | | 13,180 | 0 | 0 |
APPLE COMPUTER INC | Com | 37833100 | 5,767 | 13,028 | SH | | SOLE | | 13,028 | 0 | 0 |
ASA BERMUDA LTD. | Com | G3156P103 | 279 | 3,489 | SH | | SOLE | | 3,489 | 0 | 0 |
AT&T INC COM | Com | 00206R102 | 4,038 | 110,056 | SH | | SOLE | | 110,056 | 0 | 0 |
B & G FOODS HLDGS CORP CL A | Com | 05508R106 | 3,102 | 101,733 | SH | | SOLE | | 101,733 | 0 | 0 |
BANK OF AMERICA CORP | Com | 60505104 | 319 | 26,178 | SH | | SOLE | | 26,178 | 0 | 0 |
BARRICK GOLD | Com | 67901108 | 210 | 7,116 | SH | | SOLE | | 7,116 | 0 | 0 |
BAYTEX ENERGY CORP | Com | 07317Q105 | 388 | 9,250 | SH | | SOLE | | 9,250 | 0 | 0 |
BELLATRIX EXPLORATION LTD. | Com | 78314101 | 103 | 15,900 | SH | | SOLE | | 15,900 | 0 | 0 |
BERKSHIRE HATHAWAY INC DEL CL B | Com | 84670702 | 516 | 4,950 | SH | | SOLE | | 4,950 | 0 | 0 |
BHP BILLITON LTD | Com | 88606108 | 476 | 6,942 | SH | | SOLE | | 6,942 | 0 | 0 |
BLACKROCK STRATEGIC MUNICIPAL | Com | 09248T109 | 183 | 12,000 | SH | | SOLE | | 12,000 | 0 | 0 |
BONANZA CREEK ENERGY INC | Com | 97793103 | 581 | 15,000 | SH | | SOLE | | 15,000 | 0 | 0 |
BREITBURN ENERGY PARTNER LP | Unit LP | 106776107 | 349 | 17,400 | SH | | SOLE | | 17,400 | 0 | 0 |
BRISTOL MYERS SQUIBB CO | Com | 110122108 | 3,255 | 79,015 | SH | | SOLE | | 79,015 | 0 | 0 |
BROOKFIELD INFRASTRUCTURE PART | Com | G16252101 | 1,774 | 46,606 | SH | | SOLE | | 46,606 | 0 | 0 |
CALLON PETROLEUM | Com | 13123X102 | 78 | 21,000 | SH | | SOLE | | 21,000 | 0 | 0 |
CALUMET SPECIALTY PRODUCTS LP | Unit LP | 131476103 | 287 | 7,700 | SH | | SOLE | | 7,700 | 0 | 0 |
CANADIAN NATURAL RESOURCES | Com | 136385101 | 1,760 | 54,775 | SH | | SOLE | | 54,775 | 0 | 0 |
CANADIAN PACIFIC RAILWAY | Com | 13645T100 | 484 | 3,705 | SH | | SOLE | | 3,705 | 0 | 0 |
CATERPILLAR INC | Com | 149123101 | 1,843 | 21,190 | SH | | SOLE | | 21,190 | 0 | 0 |
CELGENE CORP | Com | 151020104 | 516 | 4,450 | SH | | SOLE | | 4,450 | 0 | 0 |
CENOVUS ENERGY INC | Com | 15135U109 | 5,833 | 188,200 | SH | | SOLE | | 188,200 | 0 | 0 |
CHESAPEAKE GRANITE WASH TR | Com | 165185109 | 829 | 59,250 | SH | | SOLE | | 59,250 | 0 | 0 |
CHEVRON CORP | Com | 166764100 | 221 | 1,858 | SH | | SOLE | | 1,858 | 0 | 0 |
CHICAGO BRIDGE AND IRON CO. NV | Com | 167250109 | 855 | 13,765 | SH | | SOLE | | 13,765 | 0 | 0 |
CITIGROUP INC | Com | 172967424 | 279 | 6,298 | SH | | SOLE | | 6,298 | 0 | 0 |
CONCHO RESOURCES | Com | 20605P101 | 975 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
CONOCOPHILLIPS | Com | 20825C104 | 766 | 12,736 | SH | | SOLE | | 12,736 | 0 | 0 |
CONS EDISON CO OF NEW YORK INC | Com | 209115104 | 342 | 5,595 | SH | | SOLE | | 5,595 | 0 | 0 |
CORNING INC | Com | 219350105 | 199 | 14,900 | SH | | SOLE | | 14,900 | 0 | 0 |
DEERE & CO | Com | 244199105 | 261 | 3,026 | SH | | SOLE | | 3,026 | 0 | 0 |
DENBURY RESOURCES INC | Com | 247916208 | 1,604 | 86,000 | SH | | SOLE | | 86,000 | 0 | 0 |
DORCHESTER MINERALS | Com | 25820R105 | 8,582 | 369,888 | SH | | SOLE | | 369,888 | 0 | 0 |
DUN & BRADSTREET CORP | Com | 26438E104 | 385 | 4,600 | SH | | SOLE | | 4,600 | 0 | 0 |
E I DU PONT DE NEMOURS & CO | Com | 263534109 | 3,183 | 64,741 | SH | | SOLE | | 64,741 | 0 | 0 |
EAGLE BANCORP INC | Com | 268948106 | 362 | 16,537 | SH | | SOLE | | 16,537 | 0 | 0 |
ENBRIDGE ENERGY MGMT LLC | Com | 29250X103 | 2,073 | 68,564 | SH | | SOLE | | 68,564 | 0 | 0 |
ENBRIDGE ENERGY PARTNERS LP | Unit LP | 29250R106 | 2,623 | 87,000 | SH | | SOLE | | 87,000 | 0 | 0 |
ENBRIDGE INC | Com | 29250N105 | 439 | 9,426 | SH | | SOLE | | 9,426 | 0 | 0 |
ENDURO RTY TR | Com | 29269K100 | 5,208 | 325,039 | SH | | SOLE | | 325,039 | 0 | 0 |
ENERGY TRANSFER EQUITY LP | Unit LP | 29273V100 | 6,558 | 112,135 | SH | | SOLE | | 112,135 | 0 | 0 |
ENERGY XXI BERMUDA LIMITED | Com | G10082140 | 880 | 32,300 | SH | | SOLE | | 32,300 | 0 | 0 |
ENTERPRISE PRODS PARTNERS LP | Unit LP | 293792107 | 212 | 3,500 | SH | | SOLE | | 3,500 | 0 | 0 |
EXPRESS SCRIPTS HLDG CO | Com | 30219G108 | 271 | 4,689 | SH | | SOLE | | 4,689 | 0 | 0 |
EXXON MOBIL CORP | Com | 30231G102 | 12,298 | 136,471 | SH | | SOLE | | 136,471 | 0 | 0 |
FREEPORT MCMORAN COPPER & GOLD | Com | 35671D857 | 748 | 22,585 | SH | | SOLE | | 22,585 | 0 | 0 |
GARTNER INC | Com | 366651107 | 409 | 7,500 | SH | | SOLE | | 7,500 | 0 | 0 |
GENERAL ELECTRIC CO | Com | 369604103 | 2,058 | 88,983 | SH | | SOLE | | 88,983 | 0 | 0 |
GENESIS ENERGY LP | Unit LP | 371927104 | 1,732 | 35,900 | SH | | SOLE | | 35,900 | 0 | 0 |
GLOBECOMM SYSTEMS | Com | 37956X103 | 348 | 28,945 | SH | | SOLE | | 28,945 | 0 | 0 |
GOLDCORP LTD. | Com | 380956409 | 518 | 15,379 | SH | | SOLE | | 15,379 | 0 | 0 |
GOOGLE INC CL A | Com | 38259P508 | 231 | 290 | SH | | SOLE | | 290 | 0 | 0 |
HALCON RESOURCES CORP | Com | 40537Q209 | 1,722 | 221,000 | SH | | SOLE | | 221,000 | 0 | 0 |
HESS CORP COM | Com | 42809H107 | 203 | 2,833 | SH | | SOLE | | 2,833 | 0 | 0 |
HOVNANIAN ENTERPRISES INC CL A | Com | 442487203 | 245 | 42,391 | SH | | SOLE | | 42,391 | 0 | 0 |
INTL BUSINESS MACHINES CORP | Com | 459200101 | 5,220 | 24,470 | SH | | SOLE | | 24,470 | 0 | 0 |
INVESCO VAN KAMPEN TR INVT GRD | Com | 46131T101 | 317 | 20,025 | SH | | SOLE | | 20,025 | 0 | 0 |
ISHARES SILVER TRUST | Tr Unit | 46428Q109 | 3,363 | 122,595 | SH | | SOLE | | 122,595 | 0 | 0 |
ISHARES TR GOLDMAN SACHS TECHN | Com | 464287549 | 323 | 4,435 | SH | | SOLE | | 4,435 | 0 | 0 |
ISHARES TR MSCI EAFE INDEX FD | Com | 464287465 | 401 | 6,784 | SH | | SOLE | | 6,784 | 0 | 0 |
ISHARES US MEDICAL DEVICES IND | Com | 464288810 | 1,805 | 23,575 | SH | | SOLE | | 23,575 | 0 | 0 |
J P MORGAN & CO INC | Com | 46625H100 | 282 | 5,937 | SH | | SOLE | | 5,937 | 0 | 0 |
JOHNSON & JOHNSON | Com | 478160104 | 5,040 | 61,809 | SH | | SOLE | | 61,809 | 0 | 0 |
LAREDO PETE HLDGS INC | Com | 516806106 | 476 | 26,000 | SH | | SOLE | | 26,000 | 0 | 0 |
LEAPFROG ENTERPRISES INC | Com | 52186N106 | 202 | 23,500 | SH | | SOLE | | 23,500 | 0 | 0 |
LEGACY RESERVES LP | Unit LP | 524707304 | 480 | 17,350 | SH | | SOLE | | 17,350 | 0 | 0 |
LEGG MASON BW GLOBAL INCOME OP | Com | 52469B100 | 201 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
MAGELLAN MIDSTREAM PARTNERS LP | Unit LP | 559080106 | 4,661 | 87,234 | SH | | SOLE | | 87,234 | 0 | 0 |
MAGNUM HUNTER RESOURCES CORP | Com | 55973B201 | 982 | 37,500 | SH | | SOLE | | 37,500 | 0 | 0 |
MARKET VECTORS ETF TR GOLD MIN | Com | 57060U100 | 633 | 16,700 | SH | | SOLE | | 16,700 | 0 | 0 |
MCDONALDS CORP | Com | 580135101 | 211 | 2,112 | SH | | SOLE | | 2,112 | 0 | 0 |
MERCK & CO INC | Com | 58933Y105 | 440 | 9,951 | SH | | SOLE | | 9,951 | 0 | 0 |
MESA ROYALTY TRUST | Tr Unit | 590660106 | 814 | 33,003 | SH | | SOLE | | 33,003 | 0 | 0 |
MESABI TRUST | Tr Unit | 590672101 | 683 | 30,000 | SH | | SOLE | | 30,000 | 0 | 0 |
MFS MULTIMARKET | Com | 552737108 | 247 | 33,475 | SH | | SOLE | | 33,475 | 0 | 0 |
MICROSOFT CORP | Com | 594918104 | 219 | 7,653 | SH | | SOLE | | 7,653 | 0 | 0 |
NATIONAL FUEL GAS CO NJ | Com | 636180101 | 3,939 | 64,200 | SH | | SOLE | | 64,200 | 0 | 0 |
NATL OILWELL VARCO | Com | 637071101 | 1,684 | 23,800 | SH | | SOLE | | 23,800 | 0 | 0 |
NATURAL RESOURCE PARTNERS LP | Unit LP | 63900P103 | 2,813 | 120,200 | SH | | SOLE | | 120,200 | 0 | 0 |
NORFOLK SOUTHERN CORP | Com | 655844108 | 212 | 2,750 | SH | | SOLE | | 2,750 | 0 | 0 |
NORTH EUROPEAN OIL ROYALTY TR | Com | 659310106 | 2,324 | 95,809 | SH | | SOLE | | 95,809 | 0 | 0 |
NORTHERN OIL & GAS INC | Com | 665531109 | 3,177 | 220,900 | SH | | SOLE | | 220,900 | 0 | 0 |
OCCIDENTAL PETROLEUM CORP | Com | 674599105 | 8,931 | 113,955 | SH | | SOLE | | 113,955 | 0 | 0 |
ONEOK PARTNERS LP | Unit LP | 68268N103 | 425 | 7,400 | SH | | SOLE | | 7,400 | 0 | 0 |
ORACLE CORP | Com | 68389X105 | 2,191 | 67,768 | SH | | SOLE | | 67,768 | 0 | 0 |
PACIFIC COAST OIL TRUST | Tr Unit | 694103102 | 10,544 | 562,910 | SH | | SOLE | | 562,910 | 0 | 0 |
PANHANDLE OIL & GAS INC | Com | 698477106 | 431 | 15,016 | SH | | SOLE | | 15,016 | 0 | 0 |
PEMBINA PIPELINE CORPORATION | Com | 706327103 | 1,656 | 52,404 | SH | | SOLE | | 52,404 | 0 | 0 |
PERMIAN BASIN TRUST | Tr Unit | 714236106 | 3,445 | 276,700 | SH | | SOLE | | 276,700 | 0 | 0 |
PFIZER INC | Com | 717081103 | 347 | 11,990 | SH | | SOLE | | 11,990 | 0 | 0 |
PHILIP MORRIS INTL | Com | 718172109 | 309 | 3,332 | SH | | SOLE | | 3,332 | 0 | 0 |
PIMCO CORPORATE OPPORTUNITY | Com | 72201B101 | 381 | 17,700 | SH | | SOLE | | 17,700 | 0 | 0 |
PIONEER NATURAL RESOURCES CO | Com | 723787107 | 2,610 | 21,000 | SH | | SOLE | | 21,000 | 0 | 0 |
PIONEER SOUTHWEST ENERGY PRTNR | Com | 72388B106 | 14,832 | 607,094 | SH | | SOLE | | 607,094 | 0 | 0 |
PLAINS ALL AMERN PIPELINE LP | Unit LP | 726503105 | 5,274 | 93,370 | SH | | SOLE | | 93,370 | 0 | 0 |
PLAINS EXPL & PRODUCTION | Com | 726505100 | 983 | 20,700 | SH | | SOLE | | 20,700 | 0 | 0 |
PNC FINANCIAL | Com | 693475105 | 207 | 3,100 | SH | | SOLE | | 3,100 | 0 | 0 |
POTASH CORP OF SASKATCHEWAN IN | Com | 73755L107 | 483 | 12,300 | SH | | SOLE | | 12,300 | 0 | 0 |
POWERSHARES QQQ TR UNIT SER 1 | Com | 73935A104 | 605 | 8,770 | SH | | SOLE | | 8,770 | 0 | 0 |
PROCTER & GAMBLE CO | Com | 742718109 | 907 | 11,767 | SH | | SOLE | | 11,767 | 0 | 0 |
QEP RES INC | Com | 74733V100 | 2,134 | 67,000 | SH | | SOLE | | 67,000 | 0 | 0 |
QUALCOMM INC | Com | 747525103 | 2,629 | 39,270 | SH | | SOLE | | 39,270 | 0 | 0 |
RESOLUTE ENERGY CORP | Com | 76116A108 | 1,400 | 121,600 | SH | | SOLE | | 121,600 | 0 | 0 |
ROYAL DUTCH SHELL PLC CL B | Com | 780259107 | 7,752 | 116,000 | SH | | SOLE | | 116,000 | 0 | 0 |
SABINE ROYALTY TRUST | Tr Unit | 785688102 | 14,816 | 317,658 | SH | | SOLE | | 317,658 | 0 | 0 |
SAN JUAN BASIN ROYALTY TRUST | Tr Unit | 798241105 | 315 | 20,800 | SH | | SOLE | | 20,800 | 0 | 0 |
SANCHEZ ENERGY CORP | Com | 79970Y105 | 698 | 35,000 | SH | | SOLE | | 35,000 | 0 | 0 |
SANDRIDGE ENERGY INC | Com | 80007P307 | 91 | 17,100 | SH | | SOLE | | 17,100 | 0 | 0 |
SANDRIDGE PERMIAN TRUST | Tr Unit | 80007A102 | 4,809 | 327,969 | SH | | SOLE | | 327,969 | 0 | 0 |
SASOL LTD SPONSORED ADR | Com | 803866300 | 224 | 5,030 | SH | | SOLE | | 5,030 | 0 | 0 |
SIMS METAL MANAGEMENT | Com | 829160100 | 727 | 69,417 | SH | | SOLE | | 69,417 | 0 | 0 |
SPDR GOLD TR | Com | 78463V107 | 5,347 | 34,614 | SH | | SOLE | | 34,614 | 0 | 0 |
STAR SCIENTIFIC INC | Com | 85517P101 | 163 | 97,900 | SH | | SOLE | | 97,900 | 0 | 0 |
STATOILHYDRO SP ADR | Com | 85771P102 | 1,970 | 80,000 | SH | | SOLE | | 80,000 | 0 | 0 |
SUNCOR ENERGY INC | Com | 867224107 | 8,220 | 273,900 | SH | | SOLE | | 273,900 | 0 | 0 |
TESORO LOGISTICS LP | Unit LP | 88160T107 | 1,417 | 26,250 | SH | | SOLE | | 26,250 | 0 | 0 |
UNILEVER PLC ADR | Com | 904767704 | 813 | 19,240 | SH | | SOLE | | 19,240 | 0 | 0 |
USA COMPRESSION PARTNERS LP | Unit LP | 90290N109 | 653 | 32,611 | SH | | SOLE | | 32,611 | 0 | 0 |
VANGUARD INDEX FDS SMALL CAP V | Com | 922908751 | 607 | 6,658 | SH | | SOLE | | 6,658 | 0 | 0 |
VERIZON COMMUNICATIONS | Com | 92343V104 | 622 | 12,637 | SH | | SOLE | | 12,637 | 0 | 0 |
VOC ENERGY TRUST | Tr Unit | 91829B103 | 3,135 | 257,174 | SH | | SOLE | | 257,174 | 0 | 0 |
WESTERN GAS EQUITY PARTNERS LP | Unit LP | 95825R103 | 376 | 10,997 | SH | | SOLE | | 10,997 | 0 | 0 |
WESTERN GAS PARTNERS LP | Unit LP | 958254104 | 2,018 | 33,961 | SH | | SOLE | | 33,961 | 0 | 0 |
WESTPORT INNOVATIONS INC | Com | 960908309 | 1,207 | 40,870 | SH | | SOLE | | 40,870 | 0 | 0 |
WHITING PETROLEUM CORP | Com | 966387102 | 4,124 | 81,110 | SH | | SOLE | | 81,110 | 0 | 0 |
WHITING USA TR II | Com | 966388100 | 1,128 | 77,650 | SH | | SOLE | | 77,650 | 0 | 0 |
WILLIAMS CLAYTON EN | Com | 969490101 | 1,378 | 31,500 | SH | | SOLE | | 31,500 | 0 | 0 |
WILLIAMS CO INC | Com | 969457100 | 3,575 | 95,428 | SH | | SOLE | | 95,428 | 0 | 0 |
WISDOM TREE EMERGING MARKETS | Com | 97717W315 | 2,328 | 42,270 | SH | | SOLE | | 42,270 | 0 | 0 |
XOMA CORP | Com | 98419J107 | 35 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |