Lucas Capital Management as of March 31, 2012

                Lucas Capital Management LLC		3/31/2012

{C}	{C}	{C}	{C}	{C}	{C}		{C}	{C}		{C}	{C}	{C}		{C}
Name of Issuer			Title ofCUSIP No.	Market	Shares		Sh/	Investment Discretion	Voting Authority
				Class			Value 			Other	Sole	Shared	None	Sole	Shared	None
							*1000


ADVANCED MICRO DEVICES		Com	007903107	120	 15,000 	Sh	 15,000 		15,000
ALLIANCE WRLD DLLR GOVT FD II	Com	01879R106	279	 18,630 	Sh	 18,630 		18,630
ALLIANCEBERNSTEIN INCOME FD INC	Com	01881E101	91	 11,196 	Sh	 11,196 		11,196
ANADARKO PETROLEUM CORP		Com	032511107	8563	 109,314 	Sh	 109,314 		109,314
APACHE CO			Com	037411105	4876	 48,550 	Sh	 48,550 		48,550
APPLE COMPUTER INC		Com	037833100	7258	 12,106 	Sh	 12,106 		12,106
APPROACH RESOURCES INC		Com	03834A103	1489	 40,300 	Sh	 40,300 		40,300
ASA BERMUDA LTD.		Com	G3156P103	278	 3,489 		Sh	 3,489 			 3,489
AT^T INC 			Com	00206R102	3361	 107,651 	Sh	 107,651 		107,651
B & G FOODS HLDGS CORP CL A	Com	05508R106	2519	 111,943 	Sh	 111,943 		111,943
BANK OF AMERICA CORP		Com	060505104	158	 16,528 	Sh	 16,528 		16,528
BARRICK GOLD			Com	067901108	318	 7,316 		Sh	 7,316 			 7,316
BAYTEX ENERGY CORP		Com	07317Q105	490	 9,450 		Sh	 9,450 			 9,450
BERKSHIRE HATHAWAY INC DEL CL B Com	084670702	413	 5,100 		Sh	 5,100 			 5,100
BERRY PETROLEUM CO CLASS A	Com	085789105	5217	 110,700 	Sh	 110,700 		110,700
BHP BILLITON LTD		Com	088606108	2774	 38,322 	Sh	 38,322 		38,322
BLACKROCK STRATEGIC MUNICIPAL 	Com	09248T109	170	 12,000 	Sh	 12,000 		12,000
BP PLC				Com	055622104	3273	 72,755 	Sh	 72,755 		72,755
BREITBURN ENERGY PARTNER LP	Com	106776107	246	 12,900 	Sh	 12,900 		12,900
BRISTOL MYERS SQUIBB CO		Com	110122108	2696	 79,908 	Sh	 79,908 		79,908
BROOKFIELD INFRASTR PRTNRS LP	Unit LP	G16252101	1253	 39,676 	Unit	 39,676 		39,676
CALUMET SPECIALTY PRODUCTS LP	Com	131476103	663	 25,115 	Sh	 25,115 		25,115
CANADIAN NATURAL RESOURCES LTD	Com	136385101	11934	 359,675 	Sh	 359,675 		359,675
CANADIAN PACIFIC RAILWAY	Com	13645T100	296	 3,910 		Sh	 3,910 			 3,910
CATERPILLAR INC			Com	149123101	2317	 21,755 	Sh	 21,755 		21,755
CELGENE CORP			Com	151020104	302	 3,900 		Sh	 3,900 			 3,900
CENOVUS ENERGY INC 		Com	15135U109	6073	 169,000 	Sh	 169,000 		169,000
CHESAPEAKE ENERGY CORP		Com	165167107	5298	 228,675 	Sh	 228,675 		228,675
CHESAPEAKE GRANITE WASH TR	Tr Un	165185109	1772	 67,770 	Unit	 67,770 		67,770
CHEVRON CORP			Com	166764100	843	 7,868 		Sh	 7,868 			 7,868
CHICAGO BRIDGE AND IRON CO. NV	Com	167250109	548	 12,700 	Sh	 12,700 		12,700
CISCO SYS INC			Com	17275R102	231	 10,955 	Sh	 10,955 		10,955
CITIGROUP INC			Com	172967424	230	 6,316 		Sh	 6,316 			 6,316
CONS EDISON CO OF NEW YORK INC	Com	209115104	344	 5,895 		Sh	 5,895 			 5,895
DEERE & CO			Com	244199105	212	 2,626 		Sh	 2,626 			 2,626
DENBURY RESOURCES		Com	247916208	455	 25,000 	Sh	 25,000 		25,000
DEVON ENERGY CORP 		Com	25179M103	3413	 48,000 	Sh	 48,000 		48,000
DORCHESTER MINERALS LP		Com	25820R105	2162	 82,365 	Sh	 82,365 		82,365
DUN & BRADSTREET CORP		Com	26483E100	389	 4,600 		Sh	 4,600 			 4,600
DU PONT E I DE NEMOURS & CO	Com	263534109	3158	 59,701 	Sh	 59,701 		59,701
EAGLE BANCORP INC		Com	268948106	320	 19,137 	Sh	 19,137 		19,137
ENBRIDGE ENERGY PARTNERS LP	Com	29250R106	1587	 51,250 	Sh	 51,250 		51,250
ENDURO RTY TR TR UNIT		Tr Un	29269K100	3387	 157,499 	Unit	 157,499 		157,499
ENERGY TRANSFER EQUITY LP	Unit LP	29273V100	2749	 68,225 	Unit	 68,225 		68,225
ENERGY TRANSFER PARTNERS LP	Unit LP	29273R109	3229	 68,840 	Unit	 68,840 		68,840
ENERGY XXI BERMUDA LIMITED	Com	G10082140	310	 8,600 		Sh	 8,600 			 8,600
ENERPLUS CORPORATION		Com	292766102	346	 15,470 	Sh	 15,470 		15,470
EOG RESOURCES INC		Com	26875P101	2999	 27,000 	Sh	 27,000 		27,000
EXXON MOBIL CORP		Com	30231G102	14442	 166,518 	Sh	 166,518 		166,518
FREEPORT MCMORAN COPPER & GOLD	Com	35671D857	788	 20,730 	Sh	 20,730 		20,730
GARTNER INC			Com	366651107	319	 7,500 		Sh	 7,500 			 7,500
GENERAL ELECTRIC CO		Com	369604103	1232	 61,389 	Sh	 61,389 		61,389
GENESIS ENERGY LP		Com	371927104	983	 32,000 	Sh	 32,000 		32,000
GLOBECOMM SYSTEMS		Com	37956X103	488	 33,745 	Sh	 33,745 		33,745
GOLDCORP LTD.			Com	380956409	692	 15,379 	Sh	 15,379 		15,379
HOVNANIAN ENTERPRISES INC CL A	Com	442487203	120	 49,091 	Sh	 49,091 		49,091
INTEL CORP			Com	458140100	238	 8,475 		Sh	 8,475 			 8,475
INTL BUSINESS MACHINES CORP	Com	459200101	5155	 24,710 	Sh	 24,710 		24,710
INVESCO VAN KAMPEN TR INV GD	Com	46131T101	317	 20,025 	Sh	 20,025 		20,025
ISHARES SILVER TRUST		Tr Un	46428Q109	3864	 123,150 	Unit	 123,150 		123,150
ISHARES TR S^P NA TECH INDEX FD	Tr Un	464287549	320	 4,521 		Unit	 4,521 			 4,521
ISHARES TR MSCI EAFE INDEX FD	Tr Un	464287465	445	 8,118 		Unit	 8,118 			 8,118
ISHARES US MEDICAL DEV IND FD	Com	464288810	1615	 23,810 	Sh	 23,810 		23,810
J P MORGAN & CO INC		Com	46625H100	343	 7,477 		Sh	 7,477 			 7,477
JOHNSON & JOHNSON		Com	478160104	4205	 63,754 	Sh	 63,754 		63,754
KODIAK OIL & GAS		Com	50015Q100	896	 90,000 	Sh	 90,000 		90,000
LEAPFROG ENTERPRISES INC CL A	Com	52186N106	83	 10,000 	Sh	 10,000 		10,000
LEGACY RESERVES LP		Com	524707304	626	 21,650 	Sh	 21,650 		21,650
MAGELLAN MIDSTREAM PARTNERS LP	Unit LP	559080106	3218	 44,492 	Unit	 44,492 		44,492
MAGNUM HUNTER RESOURCES CORP	Com	55973B201	949	 37,500 	Sh	 37,500 		37,500
MARATHON OIL CORP		Com	565849106	634	 20,000 	Sh	 20,000 		20,000
MARKET VECTORS ETF TR GOLD MNRS	Com	57060U100	3195	 64,505 	Sh	 64,505 		64,505
MCMORAN EXPLORATION		Com	582411104	1122	 104,950 	Sh	 104,950 		104,950
MEDCO HEALTH SOLUTIONS		Com	58405u102	430	 6,127 		Sh	 6,127 			 6,127
MERCK & CO INC			Com	58933Y105	385	 10,039 	Sh	 10,039 		10,039
MFS MULTIMARKET INCOME TR	Tr Un	552737108	170	 24,448 	Unit	 24,448 		24,448
MICROSOFT CORP			Com	594918104	257	 7,986 		Sh	 7,986 			 7,986
MOSAIC CO			Com	61945C103	200	 3,625 		Sh	 3,625 			 3,625
NATIONAL FUEL & GAS CO NJ	Com	636180101	4571	 95,000 	Sh	 95,000 		95,000
NATURAL RESOURCE PARTNERS LP	Com	63900P103	1246	 51,975 	Sh	 51,975 		51,975
NOBLE ENERGY INC		Com	655044105	9778	 100,000 	Sh	 100,000 		100,000
NORFOLK SOUTHERN CORP		Com	655844108	213	 3,250 		Sh	 3,250 			 3,250
NORTH EUROPEAN OIL ROYALTY TR	Tr Un	659310106	6517	 198,811 	Unit	 198,811 		198,811
NORTHERN OIL & GAS INC 		Com	665531109	2470	 119,100 	Sh	 119,100 		119,100
OCCIDENTAL PETROLEUM CORP	Com	674599105	14231	 149,448 	Sh	 149,448 		149,448
ONEOK PARTNERS LP		Com	68268N103	656	 12,000 	Sh	 12,000 		12,000
ORACLE CORP			Com	68389X105	1904	 65,319 	Sh	 65,319 		65,319
PANHANDLE OIL & GAS INC		Com	698477106	1241	 42,100 	Sh	 42,100 		42,100
PETROLEUM DEV CORP		Com	716578109	370	 10,000 	Sh	 10,000 		10,000
PFIZER INC			Com	717081103	245	 10,865 	Sh	 10,865 		10,865
PHILIP MORRIS INTL 		Com	718172109	410	 4,632 		Sh	 4,632 			 4,632
PIMCO CORPORATE OPPORTUNITY	Com	72201B101	329	 17,700 	Sh	 17,700 		17,700
PIONEER NATURAL RESOURCES INC	Com	723787107	7264	 65,100 	Sh	 65,100 		65,100
PIONEER SOUTHWEST ENERGY PRS LP	Unit LP	72388B106	3059	 114,504 	Sh	 114,504 		114,504
PLAINS ALL AMERN PIPELINE LP	Unit LP	726503105	4666	 59,485 	Sh	 59,485 		59,485
PLAINS EXPLORATION & PRODUCTION	Com	726505100	2445	 57,350 	Sh	 57,350 		57,350
PNC FINANCIAL			Com	693475105	322	 5,000 		Sh	 5,000 			 5,000
POTASH CORP OF SASKATCHEWAN IN	Com	73755L107	2672	 58,495 	Sh	 58,495 		58,495
POWERSHARES QQQ TR UNIT SER 1	Tr Un	73935A104	616	 9,127 		Unit	 9,127 			 9,127
PROCTER & GAMBLE CO		Com	742718109	804	 11,973 	Sh	 11,973 		11,973
QEP RES INC			Com	74733V100	1220	 40,000 	Sh	 40,000 		40,000
QUALCOMM INC			Com	747525103	2526	 37,115 	Sh	 37,115 		37,115
RESOLUTE ENERGY CORP		Com	76116A108	2970	 261,000 	Sh	 261,000 		261,000
ROYAL DUTCH SHELL PLC CL B	Com	780259107	10769	 152,475 	Sh	 152,475 		152,475
SABINE ROYALTY TRUST		Tr Un	785688102	6371	 105,944 	Unit	 105,944 		105,944
SANDRIDGE ENERGY INC 		Com	80007P307	333	 42,550 	Sh	 42,550 		42,550
SANDRIDGE PERMIAN TRUST		Tr Un	80007A102	4089	 175,450 	Unit	 175,450 		175,450
SASOL LTD SPONSORED ADR		Com	803866300	273	 5,630 		Sh	 5,630 			 5,630
SHAW GROUP INC			Com	820280105	453	 14,300 	Sh	 14,300 		14,300
SIMS METAL MANAGEMENT		Com	829160100	1060	 69,417 	Sh	 69,417 		69,417
SPDR GOLD TR 			Com	78463V107	4963	 30,614 	Sh	 30,614 		30,614
STAR SCIENTIFIC INC		Com	85517P101	246	 75,000 	Sh	 75,000 		75,000
STATOILHYDRO SP ADR		Com	85771P102	542	 20,000 	Sh	 20,000 		20,000
SUNCOR ENERGY INC		Com	867224107	14370	 439,450 	Sh	 439,450 		439,450
TALISMAN ENERGY			Com	87425E103	1008	 80,000 	Sh	 80,000 		80,000
TOTAL SA ADR			Com	89151E109	2116	 41,400 	Sh	 41,400 		41,400
UNILEVER PLC ADR		Com	904767704	639	 19,335 	Sh	 19,335 		19,335
VANGUARD INDEX FDS SM CAP ETF	Com	922908751	367	 4,666 		Sh	 4,666 			 4,666
VERIZON COMMUNICATIONS		Com	92343V104	463	 12,137 	Sh	 12,137 		12,137
VOC ENERGY TRUST		Tr Un	91829B103	4572	 206,820 	Unit	 206,820 		206,820
WHITING PETROLEUM CORP.		Com	966387102	2257	 41,580 	Sh	 41,580 		41,580
WISDOM TREE EMERGING MARKETS	Com	97717W315	2346	 40,735 	Sh	 40,735 		40,735
XOMA CORP			Com	98419J107	27	 10,000 	Sh	 10,000 		10,000
YPF SA SP ADS D			Com	984245100	7739	 272,415 	Sh	 272,415 		272,415

							286888