Exhibit 14

              AUSTRALIAN OIL & GAS CORPORATION STANDARDS OF CONDUCT
                         Adopted as of March 29th, 2007

GENERAL PRINCIPLES
------------------

These Standards of Conduct ("Standards") for Australian Oil & Gas Corporation, a
Delaware corporation (the "Company") are designed to provide employees with
"Company" guidelines for dealing with fellow employees, customers, vendors,
shareholders, competitors, the communities where we work, conflicts of interest
and trading in the Company's securities.

Business Ethics

It is the policy of the Company that all employees and agents of the Company
maintain the highest ethical standards and comply with all applicable legal
requirements when conducting business in Australia and in any other country.

Employees

We are committed to maintaining employment practices based on equal opportunity
for all employees. We will respect each other's privacy and treat each other
with dignity and respect. We are committed to providing a safe working
environment and an atmosphere of open communication for all employees. Contract
personnel temporarily employed by the Company to (i) address increases in
workload in a given area and/or (ii) works on a particular project are not full
time Company employees. However, unless otherwise indicated, for purpose of
these Standards of Conduct, the term "employees" or "representatives" shall
include both Company employees and contract personnel.

Shareholders

We are committed to provide an excellent return on the investment of our
shareholders in the Company and to protect and improve the value of their
investment through the prudent utilization of Company resources.

Competitors

We are committed to competing vigorously and honestly in the oil and gas
exploration and production industry. Our efforts will be based on the merits of
our competitive ability.

Communities

We are committed to being a responsible corporate citizen of the communities in
which we reside. We will abide by all national and local laws, and will endeavor
to improve the well being of our communities.



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STANDARDS OF CONDUCT
--------------------

Introduction

Our Standards of Conduct govern our business decisions and actions. The
integrity, reputation, and profitability of the Company ultimately depend upon
the individual actions of our employees and representatives. Each employee is
personally responsible and accountable for compliance with our Standards. In
addition, any representative, consultant or agent utilized by the Company shall
be prohibited from acting on our behalf in any manner, which is inconsistent
with our Standards of Conduct.

These Standards of Conduct serve to assist in defining our ethical principles,
and are not all encompassing. The Standards must be interpreted within the
framework of the laws and customs of the jurisdictions in which we operate, as
well as in light of specific company policies and common sense. Reasons such as
"everyone does it," or "the competition is doing it," or "it's not illegal" are
unacceptable as excuses for violating our Standards. We must seek to avoid
circumstances and actions that give the appearance of impropriety. These
Standards of Conduct will be enforced equitably.

Business Ethics

It is the policy of the Company and its subsidiaries that all employees and
agents of the Company maintain the highest ethical standards and comply with all
applicable legal requirements when conducting business in Australia and in any
other country.

Business and Accounting Practices

Compliance with generally accepted accounting rules and established internal
controls are required at all times.

The use of assets of the Company for any unlawful or improper purpose is
strictly prohibited.

Purchasers, vendors, royalty owners, joint interest owners and other third party
entities shall be honestly and fairly dealt with, and employees shall conduct
business with such parties in a manner that will not impugn or jeopardize the
Company's integrity or reputation.

No payment on behalf of the Company shall be approved without adequate
supporting documentation. Also, no payment shall be made with the intention or
understanding that any part of such payment is to be used for any purpose other
than that described by the documents supporting the payment.

Political Contributions

No funds or assets of the Company shall be used for political campaign
contributions. No such funds or assets shall be used for state or local
political contributions, even where permitted by applicable or local laws. These
prohibitions cover not only direct contributions but also indirect assistance or
support of candidates or political parties through the purchase of tickets to
special dinners or other fund raising events. Also prohibited is the furnishing
of any goods, services or equipment to political parties or committees.



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Payments and Gifts to Government Officials or Employees

No funds or assets of the Company shall be paid, loaned, given or otherwise
transferred, directly or indirectly, to any federal, state, local or foreign
government official, employee or to any entity in which the government official
or employee is known to have a material interest, except in accordance with the
following practices and procedures.

Legitimate Business Transactions
--------------------------------

The Company shall enter into no transaction with any official, employee or
entity except for a legitimate business purpose and upon terms and conditions
which are fair and reasonable under the circumstances.

Retention as Attorneys or Consultants
-------------------------------------

No government official or employee shall be retained by the Company to perform
legal, consulting or other services related to a matter within the scope of his
or her official duties or the duties and responsibilities of the governmental
body of which he or she is an official or employee.

Social Amenities, Gifts and Entertainment
-----------------------------------------

Under no circumstance shall the Company's relations with government officials
and employees be conducted in any manner which would subject the Company to
embarrassment or reproach if publicly disclosed.

No gifts of substantial value shall be offered or made and no lavish
entertainment shall be offered or furnished to any government official or
employee. Social amenities, reasonable entertainment and other courtesies may be
extended to government officials or employees only to the extent clearly
appropriate under applicable customs and practices.

Any expenses incurred by a Company employee in connection therewith shall be
specifically designated as such on the employee's related expense account and
specifically reviewed and approved by the employee's immediate supervisor.

Foreign Transactions and Payments

Having due regard for and recognition of the responsibilities arising from and
attendant to international operations, it is the Company's policy that all of
its employees and agents shall comply with the ethical standards and applicable
legal requirements of each foreign country in which Company business is
conducted.

Foreign Deposits and Accounts
-----------------------------

All accounts established and maintained abroad by the Company shall be clearly
identified on the Company's books and records in the name of the Company. All
cash payments received abroad by the Company shall be promptly recorded on the
Company's books of account and deposited in an account maintained with a bank or
other institution approved by the Company's principal financial officer. No
funds shall be maintained abroad by the Company in the form of negotiable
currency except to the extent reasonably required for normal business
operations.



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Sales and Purchases of Goods or Services Abroad
-----------------------------------------------

All payments and billings for goods or services abroad shall be made in such a
manner that public disclosure of the full details thereof will not impugn or
jeopardize the Company's integrity or reputation.

Foreign sales of goods or services by the Company shall be billed to the
purchaser by written invoice setting forth, in reasonable detail, the goods or
services involved and the correct amounts due the Company. Any amount billed
subject to refund shall be separately identified on such invoice.

Each payment by the Company for goods or services purchased abroad shall be
supported by documentation reflecting the purpose and nature of such payment.
All payments of fees and commissions to attorneys, consultants, advisors,
agents, dealers and representatives shall be made by check, draft or other
documentary transfer drawn to the order of the party duly entitled thereto and
shall be made under written contract except where services are routine in nature
and arise out of the Company's ordinary course of business.

No payment shall be made directly to an account maintained by a party in a
country other than that in which such party resides or maintains a place of
business or has rendered the services for which the payment is made, except
under circumstances giving no reasonable grounds for belief that the Company
would thereby violate any local income tax or exchange control laws.

EMPLOYEES
---------

Equal Employment Opportunity

It is our policy to afford equal employment opportunities to all qualified
individuals in all aspects of the employment relationship.

Employee Development

The Company is dedicated to promoting the development and enhancement of
work-related skills of full time employees. The Company expects each full time
employee to play an important role in assessing his or her training and
development needs and, if there is a concern such needs are not being met, to
discuss the same with his or her manager/supervisor.

Workplace Environment

The Company is committed to providing its employees with a safe employment
environment, free from discrimination or harassment and conducive to productive
work.

Sexual and Other Unlawful Harassment

It is the policy of the Company to treat all employees with respect and dignity.
The Company prohibits any form of harassment including harassment based on an
employee's sex, race, national origin, religion, age, and disability. Any person
who believes he or she has been or is being subjected to harassment based on his
or her sex, race, national origin, religion, age or disability, should bring the
matter to the attention of his or her supervisor/manager, or, if that
supervisor/manager is involved in the harassment, the President of the Company.
Any person who believes that unlawful harassment has occurred or is occurring
should promptly report such conduct to one of the above persons regardless of
the position of the offending person. Reports should be made as soon as possible
(usually within 24 hours) to enable the Company to facilitate prompt and
thorough investigations and enable the Company to eradicate harassment.
Employees should not wait for a situation to become worse or unbearable before
making a report.


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All complaints will be promptly investigated. It is intended that the privacy of
the persons involved will be protected, except to the extent necessary to
conduct a proper investigation.

If the investigation substantiates that the complaint is valid, immediate
corrective action designed to stop the harassment and prevent its reoccurrence
will be taken. Such corrective action may, in appropriate instances, include
discipline (up to and including discharge) of the offending person.

Any person who believes she or he has been or is being subjected to harassment,
or who believes she or he has observed harassment, and who reports the matter
pursuant to this policy, shall not be retaliated against or adversely treated,
with respect to terms and conditions of employment, because of the making of the
report. All supervisors and managers have the responsibility to eliminate all
harassing behavior. This responsibility includes communicating the Company's
anti-harassment policy, educating all employees under their supervision about
the policy and how to use it, and enforcing the policy.

Drug and Alcohol Abuse

Drug abuse in the workplace is strictly prohibited. Furthermore, employees are
required to report to work free from the presence of illegal or prohibited drugs
in their body systems. Alcohol use by employees on the job is also prohibited.

Communication

The Company is committed to providing communication channels that encourage
self-expression and open dialog relative to responsible opinions, attitudes and
concerns. The Company is also committed to follow-up on those expressions and to
ensure proper management response. Each employee is encouraged and expected to
direct his or her questions or concerns regarding the Standards of Conduct and
their application to the affairs of the Company to his or her supervisor/manager
or to the President of the Company.

Conflicts of Interest

The term "conflict of interest" describes any circumstance that could cast doubt
on our ability to act with total objectivity with regard to the Company's
interests. All employees must deal with vendors, customers and others doing
business with the Company in a manner that avoids or adequately deals with
conflict between personal interests and those of the Company.

Relationships, including business, financial, personal, and those with relatives
may give rise to situations causing conflicts of interest. Employees shall
carefully evaluate their relationships as they relate to Company business to
ensure that such conflicts do not exist or arise. To avoid conflicts of
interest:

     o    Employees shall not have undisclosed financial interests in any
          businesses that compete or deal with the Company.

     o    Employees shall not perform services in competition with the Company.

     o    Employees shall not accept gifts of any form from individuals or
          business enterprises that deal with the Company. Gifts of nominal
          value (less than $100) and social invitations, if they do not place
          the recipients under any obligation, are acceptable.

     o    While employees are encouraged to participate in philanthropic,
          professional and community organizations, they must ensure that the
          manner of their participation in a particular organization does not
          imply the Company's endorsement or sponsorship.



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     o    A full time employee shall obtain the approval of his or her
          supervisor/manager before serving as a trustee, regent, director, or
          officer of a philanthropic, professional, national, regional, or
          community organization or educational institution. This policy applies
          where significant time spent in support of these functions may
          interfere with time that should be devoted to the Company's business.

     o    Employees shall not sell or lease equipment, materials or property to
          the Company without appropriate corporate authority.

     o    Employees shall purchase Company equipment, materials or property only
          on terms available to the general public.

     o    Employees shall not use other Company employees to perform non-Company
          work.

The Company recognizes that the exercise of judgment is required in determining
the applicability of the conflicts of interest policy to any given situation.
Primary responsibility for conduct within the letter and spirit of this policy
must rest with each employee.

Antitrust Compliance

The Company is committed to abiding by the antitrust laws of every jurisdiction
in which the Company does business. Every employee is responsible for compliance
with the applicable antitrust laws. Employees should seek legal advice from the
Company's President or legal advisors whenever any question arises as to the
possible application of the antitrust laws, and be guided by the advice
received.

Consultants, Representatives, Agents, Contractors and Subcontractors

Consultants, representatives, agents and subcontractors of the Company must not
act on the Company's behalf in any manner, which is inconsistent with our
Standards of Conduct.

Vendors

It is our policy to purchase all equipment and services on the basis of
competitive pricing and/or merit. Company vendors will be treated with integrity
and without discrimination.

Gift Giving and Receiving

Employees should not accept gifts, gratuities or entertainment from existing or
potential vendors or clients or anyone in business with the Company if
acceptance of such gift could be perceived as having influence over the
employee's decisions regarding company business. Any gift valued in excess of
$200 shall be the property of the Company and shall be reported to the
employee's supervisor/manager.

Employees should not give or offer to give gifts, favors or entertainment to
anyone at the Company's expense unless such gift is in accordance with accepted
business practice and approved in advance by the employee's supervisor.



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SHAREHOLDERS
------------

Return on Investment

The Company's main objectives are to earn a profit, in an ethical manner, and to
provide a consistent return on Shareholder investment, given the standards and
general condition of the oil and gas industry in the Company's areas of
operation.

Protection of Assets - Confidentiality

Every employee is responsible for the proper use, conservation and protection of
the Company's assets.

Employees may have access to the intellectual property of the Company such as
business, geological, geophysical and other technical information, including
computer programs and oil and gas production data. Employees should avoid misuse
or disclosure of "confidential information" pertaining to the business affairs
of the Company. Confidential information is private information about the
Company and its program participants or other entities that are subject to a
confidentiality agreement with the Company. Examples include:

o    Information pertaining to drilling programs or wells drilled by the
     Company.

o    Information about acquisitions, mergers or other purchases or sales of oil
     and gas properties or technology.

o    Financial information including historical, current and projected financial
     results, unless publicly announced.

o    Information about future plans or changes in the Company's operations.

o    Information about liquidity, borrowings, security offerings or changes in
     previously disclosed financial information.

o    Changes in management.

o    Information about significant litigation.

All employees should assume that any of the type of information listed above
that is received from an outside company or individual has been disclosed on
condition that it is kept confidential, whether or not there exists a written
confidentiality agreement.
Employees should not disclose confidential information to anyone except those
employees or authorized representatives who have a "need to know." Precautions
should be taken to avoid inadvertent disclosure. Examples of precautions, which
should be taken to avoid inadvertent disclosure, include:

o    Avoiding discussion of confidential information in public places.

o    Keeping sensitive documents in secure areas, in envelopes or folders marked
     "confidential" where appropriate.

o    Ensuring that documents are not left in non-secure locations such as
     photocopy room or at the facsimile machine.

o    Employees, who receive information about a company as a result of the
     Company's relations with the company, may not trade in the securities of
     that company until it is certain that this information is available to the
     public.



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Accuracy of Company Records

Company supervisors/managers are responsible for maintaining an effective system
of administrative and accounting controls in their areas of responsibility.

Internal controls provide the Company with a system of "checks and balances" to
help insure that administrative and accounting policies are complied with
throughout the organization. In addition to being necessary and good business
practice, this policy promotes compliance with the applicable securities laws.
Administrative controls promote organizational effectiveness and help establish
a uniform direction for employee efforts by ensuring adherence to Company
policies. Accounting controls safeguard Company assets and ensure the
reliability of Company records.

In administering the system of internal control, supervisors should communicate
to their subordinates all Company policies that apply to their job; the
supervisors should also show leadership in adhering to the policies and
enforcing them. Reasonable procedures for carrying out Company policies and
preventing deviations should be established. In keeping with the Company's
management style, supervisors have considerable discretion in developing these
procedures, which should be kept to a minimum within the spirit of the
requirements of this policy. If deviations from policy do occur, appropriate
(i.e., fair, but firm) disciplinary action may be necessary.

In carrying out their responsibility for administering accounting controls,
supervisors must assure that:

o    Business transactions of all kinds are executed by employees authorized to
     do so.

o    Access to assets of all kinds (e.g., cash, inventory, property, etc.) is
     permitted only with authorization by appropriate management levels.

o    Business transactions are reported as necessary to (a) permit preparation
     of accurate financial and other records and (b) clearly reflect the
     responsibility for assets.

o    Records identifying the responsibility for assets are compared with actual
     assets at reasonable intervals. Appropriate action must be taken if there
     are discrepancies.

Supervisors should ensure that records are timely made and accurately and fairly
represent all business transactions. This means that:

o    All assets and transactions must be recorded in normal books and records.
o    No unrecorded funds shall be established or maintained for any purpose.
o    Records shall not be falsified in any manner.
o    Anyone with knowledge of inaccurate or false records must promptly report
     them to the principal financial officer.

Oral and written descriptions of transactions, whether completed or
contemplated, must be full and accurate. Special care must be exercised in
describing transactions to those responsible for the preparation or verification
of financial records to avoid any misleading inferences.

The retention or disposal of Company records shall be in accordance with
established policies and/or legal requirements.



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Insider Trading

The Company forbids disclosure of nonpublic information concerning the Company
and any of its subsidiaries or the companies they deal with, and Company policy
and the law forbid profiting from material nonpublic information relating to the
Companies or the companies they deal with. Except for securities trading
pursuant to prearranged contracts, instructions or plans which satisfy the
requirements of rules and regulations of the U.S. Securities and Exchange
Commission ("SEC"), no officer, director or other employee of the Company
("Corporate Insiders") may effectuate transactions in the Company's securities
while in possession of material nonpublic information pertaining to the Company.
Corporate Insiders may not disclose material nonpublic information pertaining to
the Company to any other person who is not, himself or herself, a Corporate
Insider. Also, disclosure to others within the Company is permissible only on a
need-to-know basis. Likewise, a Corporate Insider with knowledge of material
nonpublic information about other companies (suppliers, customers or other
companies that the Company deals with) - even those companies with which the
Company only contemplate transactions - may not buy or sell the securities of
those companies or disclose such information to others.

Anyone who purchases or sells securities on the basis of material nonpublic
information, or who discloses material nonpublic information to someone else who
purchases or sells securities on the basis of such information, may be subject
to civil and criminal penalties. The SEC and other self-regulatory organizations
in the securities industries regularly monitor the trading activity of public
companies' securities. The SEC has brought actions against individuals as a
result of such individuals' disclosure of material nonpublic information to
family members, friends and acquaintances. It is the Company's policy to
cooperate with the investigations of the SEC and other regulatory bodies.

Any questions regarding the Company's policy and procedures should be referred
to the President.

Public Reporting

The Company's principal executive, financial and accounting officers are
responsible for the full, fair, accurate, timely, and understandable disclosure
of all information required by applicable law to be so disclosed in reports and
documents filed with, or submitted to, the Securities and Exchange Commission
and other regulators, and in other public communications made by the Company.
All such reports and documents shall be filed in a timely, accurate and complete
manner in compliance with applicable laws.

Shareholder Communications

Our shareholders are the owners of the Company. All Shareholder inquiries
pertaining to the Company shall receive prompt response from the Company.
Subject to applicable securities laws and the confidentiality requirements of
our business, shareholders shall be advised of all significant and material
Company events in a timely manner.

COMMUNITIES
-----------

Health, Safety and Environmental Matters

The Company will conduct its operations in a manner that safeguards the
environment. The Company believes the promotion of health, safety and sound
environmental practice to be of fundamental importance to the welfare of the
Company, its shareholders and employees. In this regard, the Company has
established policies, procedures and plans for the conduct of its operations in
compliance with applicable environmental and occupational health and safety laws
and regulations which must be complied with by all employees. Communication from
employees on health, safety and environmental matters is invited by management
and is seen as being a key factor in achieving the Company's goals.



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COMPLIANCE PROCEDURES
---------------------

Reporting any Illegal or Unethical Behavior

Employees are encouraged to talk to supervisors or to the President about
observed illegal or unethical behavior, or when in doubt about the best course
of action in a particular situation. It is the policy of the Company not to
allow retaliation for reports of misconduct by others made in good faith by
employees. Employees are expected to cooperate in internal investigations of
misconduct.

Compliance Procedures

We must all work to ensure prompt and consistent action against violations of
these Standards. However, in some situations it is difficult to know right from
wrong. Since we cannot anticipate every situation that will arise, it is
important that we have a way to approach a new question or problem. These are
the steps to keep in mind:

     o    Make sure you have all the facts. In order to reach the right
          solutions, we must be as fully informed as possible.
     o    Ask yourself: What specifically am I being asked to do? Does it seem
          unethical or improper? This will enable you to focus on the specific
          question you are faced with, and the alternatives you have. Use your
          judgment and common sense. If something seems unethical or improper,
          it probably is.
     o    Clarify your responsibility and role. In most situations, there is
          shared responsibility. Are your colleagues informed? It may help to
          get others involved and discuss the problem.
     o    Discuss the problem with your supervisor or the President. This is the
          basic guidance for all situations. In many cases, your supervisor or
          the President will be more knowledgeable about the question and will
          appreciate being brought into the decision-making process. Remember
          that it is your supervisor's - or the President's - responsibility to
          help solve problems.
     o    Seek help from Company resources. In the rare case where it may not be
          appropriate to discuss an issue with your supervisor or the President,
          or where you do not feel comfortable approaching your supervisor or
          the President with your question, you should discuss it with a Vice
          President. If that also is not appropriate, contact the President at
          (+61 3) 8610 4700 and, if appropriate, you will be put in direct
          contact with the appropriate assistance. If you prefer to write,
          address your concerns to: The President, c/o Australian Oil & Gas
          Corporation, Level 25, 500 Collins Street, Melbourne, 3000, Victoria,
          Australia.
     o    You may report ethical violations in confidence and without fear of
          retaliation. If your situation requires that your identity be kept
          secret, your anonymity will be protected to the fullest extent
          practicable. The Company does not permit retaliation of any kind
          against employees for good faith reports of ethical violations.
     o    Always ask first, act later: If you are unsure of what to do in any
          situation, seek guidance before you act.

Disciplinary Action

The matters covered in these Standards are of the utmost importance to the
Company, its employees, shareholders and business partners. Compliance with
these Standards is essential to the Company's ability to conduct its business in
accordance with its stated values. We expect all employees to adhere to these
rules in carrying out their duties for the Company.

The Company will take appropriate action against any employee, officer or
director whose actions are found to violate these policies or any other policies
of the Company. Disciplinary actions may include suspensions and/or immediate
termination of employment at the Company's sole discretion. Where the Company
has suffered a loss, it may pursue its remedies against the individuals or
entities responsible. Where laws have been violated, the Company will cooperate
fully with the appropriate authorities.



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Waivers of these Standards

Any waiver of these Standards for officers, directors or employees may be made
only by the Board of Directors. Any waivers granted will promptly be publicly
disclosed as required by applicable laws or stock exchange regulations.

                        AUSTRALIAN OIL & GAS CORPORATION
                              STANDARDS OF CONDUCT






ISSUED TO:__________________________________________________(employee's name)
DATE:________________________________________________________________________
ACKNOWLEDGMENT:


My signature indicates that I have read, understood and accept the Standards of
Conduct for the Company and its subsidiaries and agree to comply with these
during my employment with the Company.

Full Name:  ____________________________________________________________________

Signature:  ____________________________________________________________________

Date:  _________________________________________________________________________




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