| I. | Statement of General Policy |
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|   | A. | Adviser. Ridgewood Energy. |
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|   | B. | Advisory Client. Any private equity fund exempt from the securities registration requirements under Section 4(2) of the Securities Act of 1933 (“1933 Act”) and Rule 506 of Regulation D thereunder, or any public fund that is registered pursuant to a Form S-3 shelf registration statement pursuant to the 1933 Act, that is managed directly or indirectly by the Adviser (such as the Ridgewood Energy I Fund, LLC, among others). |
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|   | C. | Access Person.  Any director, officer or employee of the Adviser, or of any company which is an affiliate of the Adviser, who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security for an Advisory Client, or whose functions relate to the making of any recommendations and investment decisions with respect to such purchases or sales and shall include any person who is a member of the Adviser’s Investment Committee (referred to herein as “Investment Committee Member”), as defined below. |
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|   | A. | Assisting in the preparation of public reports or receiving public reports (except reports regarding current recommendations of “Oil and Gas Projects” for Ridgewood Energy); or |
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|   | B. | Obtaining knowledge of current recommendations of “Oil and Gas Projects” for Ridgewood Energy on an infrequent or inadvertent basis. |
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|   | D. | Beneficial Ownership.  “Beneficial Ownership” shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the “1934 Act”) in determining whether a person has beneficial ownership of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.  Accordingly, the term “Beneficial Ownership” shall be understood to mean “any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities.”  Beneficial Ownership includes securities owned by a member of your immediate family sharing the same household. |
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|   | E. | Chief Compliance Officer (“CCO”).  The person designated by the Adviser as CCO or a properly designated delegate.  The current CCO is Maria E. Haggerty. |
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|   | F. | Covered Securities.  All securities as defined in Section 202(a)(18) of the Adviser’s Act, except that it shall not include direct obligations of the government of the United States, high quality, short-term debt instruments (including but not limited to bankers’ acceptances, bank certificates of deposit, commercial paper and repurchase agreements) and shares of U.S. registered open-end investment companies (i.e., mutual funds). |
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|   | G. | Investment Committee Member.  Each person who is a member of the Ridgewood Energy Investment Committee and, in connection with his or her regular functions or duties, makes or participates in making recommendations and investment decisions regarding the purchase or sale of securities affecting an Advisory Client. |
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|   | H. | New Issue Equity Security.  Any initial public offering of any equity security (as defined in section 3(a) (11) of the Securities Exchange Act of 1934), made pursuant to a registration statement or offering circular. |
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|   | I. | Non-Advisory Director or Officer.  The directors or officers of Ridgewood Energy who in connection with his or her regular functions or duties do not make, participate in, or obtain information regarding the purchase or sale of a security for an Advisory Client. |
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|   | J. | Private Placement.  An offering that is exempt from registration under the 1933 Act, as amended, pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 under the 1933 Act. |
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|   | K. | Purchase or Sale of a Security.  A transaction to purchase or sell a security, including among other things, an option to purchase or sell a security. |
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|   | L. | Supervised Persons. Each (i) Access Person and Non-Advisory Director or Officer; (ii) other employees of the Adviser; and (iii) any other person who provides advice on behalf of the Adviser and is subject to the Adviser’s supervision and control.  With regard to item (iii), depending upon the circumstances, the following may be “Supervised Persons” of the Adviser: temporary workers, consultants, independent contractors, certain employees of affiliates, or particular persons designated by the CCO. |
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|   | A. | All Supervised Persons have a fiduciary duty to: |
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|   | 1. | Always place the interests of the Advisory Clients first and not take inappropriate advantage of their positions; |
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|   | 2. | Ensure that all personal securities transactions and other activities are conducted consistent with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of a Supervised Person’s position of trust and responsibility (see Section D below for more on Conflicts of Interests); |
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|   | 3. | Not engage in any act, practice, or course of business which results in the distribution to unauthorized persons of material nonpublic information of public companies learned in the course of business which is confidential, pursuant to the requirements established by the “Insider Trading Policy”.  Although Access Persons are most likely to come in contact with material nonpublic information, the prohibition on insider trading and potential sanctions applies to all Supervised Persons. |
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|   | 4. | Ensure that independence is maintained in the investment decision-making process. |
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|   | B. | Supervised Persons must comply with all applicable federal securities laws, which includes the Advisers Act, 1933 Act, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act to the extent it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury (collectively, “Federal Securities Laws”). |
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|   | C. | In connection with the purchase or sale, directly or indirectly, of securities held or to be acquired by an Advisory Client, Supervised Persons are not permitted to: |
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|   | 1. | Employ any device, scheme or artifice to defraud an Advisory Client; |
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|   | 2. | Mislead an Advisory Client, including by making any untrue statement of a material fact or by making a statement that omits material facts; |
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|   | 3. | Engage in any act, practice, or course of business that operates or would operate as a fraud or deceit upon an Advisory Client; |
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|   | 4. | Engage in any manipulative practice with respect to an Advisory Client; or |
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|   | 5. | Engage in any manipulative practice with respect to securities including price manipulation. |
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|   | D. | Conflicts of Interest among Advisory Clients may arise where an Adviser or its Supervised Persons have reason to favor the interests of one Advisory Client over another Advisory Client (e.g., funds with a larger number of investors versus funds with fewer investors; funds in which employees of an Adviser have made material personal investments versus those without).   Inappropriate favoritism of one Advisory Client over another Advisory Client would constitute a breach of fiduciary duty. |
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|   | E. | The standards set forth in Sections A-D above, govern all conduct whether or not the conduct is also covered by more specific provisions of the Code.  Supervised Persons are encouraged to raise any questions concerning the Code with the CCO.  The CCO is ultimately responsible for administering, monitoring and reviewing such procedures to ensure that they are accomplishing their stated goal. |
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| IV. | Restrictions on Personal Securities Transactions -- Access Persons |
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|   | A. | Access Persons shall not purchase or sell, directly or indirectly, any Covered Security in which she or he has, any direct or indirect Beneficial Ownership and which at the time of such purchase or sale: |
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|   | 1. | Is a publicly traded exploration and production oil and gas company that has substantial activities in the Gulf of Mexico or a publicly traded drilling or pipeline company that has substantial activities in the Gulf of Mexico.  If you are not sure whether a particular security falls within this category, please consult with the CCO before entering an order for the Purchase or Sale of a Security. |
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|   | 2. | Is a New Issue Equity Security. |
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|   | B. | Access Persons are required to obtain prior written approval before making an outside investment in a Private Placement or any other investment that cannot be made through a Financial Industry Regulatory Authority, Inc. (“FINRA”) Member Firm (including Ridgewood Funds) from the Adviser’s CEO or Executive Vice President (Robert L. Gold) and the CCO.  The Ridgewood Energy “Outside Investments Approval Form” is attached hereto as Exhibit D. |
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| V. | Exempt Transactions: The prohibitions in Section III of the Code shall not apply to the following transactions by Access Persons: |
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|   | A. | Purchases or Sales of Securities effected in any account over which an Access Person has no direct or indirect influence or control; and |
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|   | B. | The exercise of rights to purchase securities granted by an issuer on a pro rata basis to the Access Person as a member of a class of holders of the issuer’s securities, to the extent such rights were acquired from such issuer. |
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|   | A. | Supervised Persons of the Adviser may not participate in any of the following activities without obtaining prior written approval from both the Head of such Supervised Person’s Department and the CCO or in the case of Access Persons from the Adviser’s CEO Executive Vice President (Robert L. Gold) and the CCO: |
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|   | 1. | Outside Employment, Business Affiliations or Directorships: Accept any outside employment, directorship or other business affiliation with organizations outside of the Adviser. The Adviser discourages Supervised Persons from engaging in outside business activities that may interfere with their duties with the Adviser.  |
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|   | 2. | Gifts and Entertainment: A conflict of interest occurs when the personal interests of employees interfere or could potentially interfere with their responsibilities to their clients.  Generally, Supervised Persons should not accept gifts, favors, entertainment, special accommodations, or other things of material value that could influence their decision-making or make them feel beholden to a person or firm.  Similarly, Supervised Persons should not offer gifts, favors, entertainment or other things of value that could be viewed as overly generous or aimed at influencing the decision-making from any person or entity that does or seeks to do business with or on behalf of the Adviser. |
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|   | a. | Gifts.  No Supervised Person may receive any gift, service, or other thing of more than de minimis value from any person or entity that does business with or on behalf of the Adviser.  No Supervised Person may give or offer any gift of more than de minimis value to any person or entity that does business with or on behalf of the Adviser without pre-approval by the CCO. |
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|   | i.    De Minimis.  For purposes of the Code, de minimus is one-hundred dollars ($100) per person. |
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|   | b. | Cash.   No Supervised Person may give or accept cash gifts or cash equivalents to or from a person or entity that does business with an Advisory Client. |
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|   | c. | Entertainment.  No Supervised Person may give or accept extravagant or excessive entertainment to or from any person or entity that does or seeks to do business with or on behalf of an Advisory Client.  Supervised Persons may provide or accept a business entertainment event, such as dinner or a sporting event, so long as it is of reasonable value and the Supervised Person providing the entertainment is present as such event. |
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|   | B. | No Supervised Person shall, either directly or indirectly: |
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|   | 1. | Engage in any business transaction or arrangement for personal profit based on material non-public information gained by way of employment with the Adviser; |
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|   | 2. | Communicate material non-public information about security transactions of an Advisory Client whether current or prospective, to anyone unless necessary as part of the regular and ordinary course of the Advisory Clients’ business. |
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|   | 3. | Buy or sell any security or any other property from or to an Advisory Client without the prior approval of the CEO of the Adviser and the CCO. |
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|   | A. | Annual Certification of Compliance:  Unless an updated Code has been delivered to Supervised Persons, all Supervised Persons are required in writing to certify annually that they have (a) received a copy of the Code; (b) read and understand all provisions of the Code; and (c) agreed to comply with the Code.  |
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|   | B. | Amendments: The Code may be amended by the CCO from time to time. Material amendments shall be distributed to all relevant persons and records shall be kept of their acknowledgement of receipt of such an Amended Code. |
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|   | C. | Training and Education: The CCO is responsible for training and educating Supervised Persons regarding the Code.  Such training will occur periodically. |
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|   | D. | Records of the Code: Records will be kept in accordance with Rules 204-2(a) (12) and (13) of the Advisers Act.  Accordingly, such records will be maintained at the Adviser’ home office located in New Jersey or at such other of its offices as appropriate. |
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|   | E. | Additional Information: For additional information about the Code or any ethics-related questions, please contact the CCO or the General Counsel. |
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|   | · | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; |
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|   | · | Full, fair, accurate, timely and understandable disclosure in reports and documents that the Power Trusts file with, or submits to, the United States Securities and Exchange Commission and, as to the Power Trusts and Ridgewood Companies, in other public communications; |
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|   | · | Compliance with applicable governmental laws, rules and regulations; |
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|   | · | The prompt internal reporting of violations of this Code; and |
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|   | · | Accountability for adherence to this Code. |
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|   | 2. | Honest and Ethical Conduct |
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|   | · | Avoiding situations in which their personal, family or financial interests conflict with those of the Ridgewood companies; |
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|   | · | Refraining from engaging in any activities that compete with the Ridgewood Companies, or which may compromise its interests; |
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|   | · | Refraining from taking any business or investment opportunity discovered in the course of employment with or service to the Ridgewood Companies that the Employee knows, or should have or has reason to know, would benefit the Ridgewood Companies, or any of them; and |
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|   | · | Complying with all applicable governmental laws, rules and regulations. |
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|   | 3. | Full, Fair, Accurate, Timely and Understandable Disclosure |
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|   | 4. | Internal Reporting of Code Violations |
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|   | 5. | No Retaliation |
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|   | 6. | Consequences for Non-Compliance with this Code |
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|   | 7. | Publication of this Code; Amendments and Waivers |
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|   | · | This Code will be posted and maintained on the Company’s website and posting will be disclosed in each Power Trust’s Annual Report on Form 10-K. |
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|   | · | Any amendment to or waiver of this Code with respect to a Senior Officer of a Power Trust: |
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|   | o | Shall be disclosed within five (5) days of such action in a filing on Form 8-K with the Securities and Exchange Commission. |
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|   | o | Shall be reported in the Power Trust’s next periodic report with the SEC if not previously reported on a Form 8-K. |
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|   | o | Shall be reported in the Power Trust’s next periodic report with the SEC if not previously reported on a Form 8-K. |
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|   | · | Records of any disclosures relating to waivers of this Code shall be retained for no less than five years. |
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