<DOCUMENT>
<TYPE>EX-14
<SEQUENCE>3
<FILENAME>exhibit14.txt
<DESCRIPTION>CODE OF ETHICS FOR SR OFFICIALS
<TEXT>
EXHIBIT 14

             CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

I.   Introduction

This Code of Ethics for Senior Financial Officers (the "Code") has been
adopted by the Board of Directors (the "Board" of Hallador Petroleum
Company (the "Company") to promote honest and ethical conduct, proper
disclosure of financial information in the Company's periodic reports,
and compliance with applicable laws, rules, and regulations by the
Company's senior officers who have financial responsibilities.

II.  Applicability

As used in this Code, the term Senior Financial Officer means the
Company's Chief Executive Officer, who is also the Chief Financial
Officer (CFO).

III. Principles and Practices

In performing his duties, the CFO must:

A.  maintain high standards of honest and ethical conduct and avoid
    any actual or apparent conflict of interest between one's personal
    and professional relationships;
B.  report to the Audit Committee of the Board any conflict of
    interest that may arise and any material transaction or
    relationship that
    reasonably could be expected to give rise to a conflict;
C.  provide, or cause to be provided, full, fair, accurate, timely,
    and understandable disclosure in reports and documents that the
    Company files with or submits to the Securities and Exchange
    Commission and in other public communications;
D.  comply and take all reasonable actions to cause others to comply
    with applicable governmental laws, rules, and regulations; and
E.  promptly report violations of this Code to the Audit Committee.

The CFO must also comply with the code of ethics and standards of conduct
applicable to the Company's directors, officers, and employees generally as
adopted from time to time and/or revised.

IV.  Waiver

Any request for a waiver of any provision of this Code must be in writing
and addressed to the Audit Committee. Any waiver of this Code will be
disclosed promptly on Form 8-K or any other means approved by the Securities
and Exchange Commission.

V.   Compliance and Accountability

The Audit Committee will assess compliance with this Code, report material
violations to the Board of Directors, and recommend to the Board appropriate
action.

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</DOCUMENT>
