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| 1. | I      have reviewed this  report on Form 10-KSB of The Reserve      Petroleum Company; |
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| 2. | Based      on my knowledge, this report does not contain any untrue statement of      material fact or omit to state a material fact necessary to make the      statements made, in light of the circumstances under which such statements      were made, not misleading with respect to the period covered by this      report; |
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| 3. | Based      on my knowledge, the financial statements, and other financial information      included in this report, fairly present in all material respects the      financial condition, results of operations, and cash flows of the small      business issuer as of, and for, the periods presented in this      report; |
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| 4. | The      small business issuer’s other certifying officer  and I are      responsible for establishing and maintaining disclosure controls and      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for      the small business issuer and have: |
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|   | a) | Designed      such disclosure controls and procedures,  or caused such      disclosure controls and procedures to be designed under our supervision,      to ensure that material information relating to the small business issuer,      including its consolidated subsidiaries, is made known to us by others      within those entities, particularly during the period in which this report      is being prepared; |
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|   | b) | Evaluated      the effectiveness of the small business issuer’s disclosure controls and      procedures and presented in this report our conclusions about the      effectiveness of the disclosure controls and procedures, as of the end of      the period covered by this report based on such evaluation;      and |
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|   | c) | Disclosed      in this report any change in the small business issuer’s internal control      over financial reporting that occurred during the small business issuer’s      most recent fiscal quarter (the small business issuer’s fourth fiscal      quarter in the case of an annual report)  that has materially      affected, or is reasonably likely to materially affect, the small business      issuer’s internal control over financial reporting;  and |
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| 5. | The      small business issuer’s other certifying officer and I have disclosed,      based on our most recent evaluation of internal control over financial      reporting, to the small business issuer’s auditors and the audit committee      of the small business issuer’s board of directors (or persons performing      the equivalent functions): |
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|   | a) | All      significant deficiencies and material weaknesses in the design or      operation of internal control over financial reporting which are      reasonably likely to adversely affect the small business issuer’s ability      to record, process, summarize and report financial information;      and |
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|   | b) | Any      fraud, whether or not material, that involves management or other      employees who have a significant role in the small business issuer’s      internal control over financialreporting. |
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| Date:        March  26,      2008 | /s/ James L. Tyler                           |   |
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|                                                  | James      L. Tyler, 2nd      Vice President |   |
|                                                  | (Principal      Financial Officer)           |   |

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