EXHIBIT  14

                          THE RESERVE PETROLEUM COMPANY

                       CODE OF ETHICS FOR SENIOR OFFICERS
                            (AS OF NOVEMBER 18, 2003)

      The Board of Directors of The Reserve Petroleum Company (the "Company") in
order to  promote  ethical  conduct  in the  practice  of  financial  management
throughout the Company has adopted this Code of Ethics for Senior  Officers (the
"Code").  This Code is designed to deter  wrongdoing and provides  principles to
which the  undersigned  officers (the  Company's  principal  executive  officer,
principal  financial officer,  principal  accounting  officer or controller,  or
persons performing similar functions) are expected to adhere and advocate. These
principles embody rules regarding individual and peer responsibilities,  as well
as responsibilities to the shareholders,  the public and others who have a stake
in our continued success and reputation for excellence.

      To the best of my knowledge and ability:

      1. I will act with  honesty and  integrity,  and avoid  actual or apparent
conflicts of interest between personal and professional relationships.

      2. I will provide  information  that is full, fair,  accurate,  timely and
understandable,  including information in reports and documents that the Company
files with, or submits to, the Securities  and Exchange  Commission and in other
public communications made by the Company.

      3. I will comply with rules and regulations of federal,  state, provincial
and local  governments,  and other  appropriate  private  and public  regulatory
agencies.

      4. I will act in good faith,  responsibly,  with due care,  competence and
diligence,  without  misrepresenting  material  facts or allowing my independent
judgment to be subordinated.

      5. I will  respect  the  confidentiality  of  information  acquired in the
course of my work except when  authorized  or  otherwise  legally  obligated  to
disclose. Confidential information acquired in the course of my work will not be
used for personal advantage.

      6. I will share knowledge and maintain skills important and relevant to my
constituents' needs.

      7. I will proactively  promote ethical  behavior as a responsible  partner
among peers in my work environment.

      8. I will achieve  responsible  use of, and control  over,  all assets and
resources employed or entrusted to me.

      9. I will  promptly  report  known  violations  of this  Code to the Chief
Executive  Officer,  unless the Chief  Executive  Officer is responsible for the
violation,  in which case I will report known  violations  to two members of the
Board of Directors who are not employees of the Company.

VIOLATIONS  OF THIS CODE MAY  SUBJECT  THE  UNDERSIGNED  OFFICER TO  APPROPRIATE
DISCIPLINARY ACTION BY THE COMPANY, WHICH MAY INCLUDE TERMINATION OF EMPLOYMENT.


Date:  January 1, 2004                    /s/  Mason McLain
       ---------------                    ------------------------------
                                          Mason McLain
                                          President


                                          /s/ James L. Tyler
                                          ------------------------------
                                          James L. Tyler
                                          Secretary/Treasurer