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Exhibit 14

                       CODE OF BUSINESS CONDUCT AND ETHICS

PURPOSE

         This Code is intented to provide guidelines for conducting business in
an ethical and legally compliant manner. CARBO Ceramics Inc. recognizes and
respects the right of individual employees to engage in activities outside the
Company that are private in nature and do not in any way conflict with or
reflect poorly on the Company. CARBO Ceramics Inc. also recognizes its right and
its obligation to determine when an employee's activities represent a conflict
of interest with those of the Company.

         While these standards are based mainly on laws to which we are all
subject, in some cases they go beyond legal obligations. In this respect, the
Code reflects CARBO Ceramics Inc.'s values and the desirability of avoiding any
circumstances that may give rise to even an appearance of impropriety.

         All supervisory and management personnel, including all officers and
directors of CARBO Ceramics Inc., have a special responsibility to adhere to the
Code, in both words and action. Our supervisory and management personnel are
also expected to adhere to and promote an "open door" policy. This means that
they are available to anyone with ethical concerns, questions or complaints. All
concerns, questions and complaints will be taken seriously and handled promptly,
confidentially and professionally. No retaliation will be taken against any
employee for raising any concern, question or complaint in good faith pursuant
to the Complaint Procedure Policy of the Company.

SCOPE

         This Code applies to all directors and employees (full time, part time,
temporary and/or contract) and will be enforced at all organizational levels. It
addresses some of the activities that would reflect in a negative way upon an
employee's personal integrity, that would limit the ability of an employee to
discharge job duties in an ethical manner or that would otherwise bring harm to
CARBO Ceramics Inc. It is beyond the scope of the Code to define all of the
potential circumstances and relationships that would be considered to be
"unethical" and these guidelines must be interpreted in light of the law and
practices of the countries where the Company operates, as well as common sense.
Improper activities are not permissible merely because they are customary in a
particular location or particular area of business activity. Any suspected or
actual violation of any applicable law, rule or regulation or our contractual
undertakings should be reported immediately to the employee's immediate
supervisor or the Chief Financial Officer.

         Any request for a waiver of any standard in this Code should be
directed to the Chief Financial Officer. Waivers involving any of the Company's
executive officers or directors may be made only by the Board of Directors of
the Company or a designated committee of the Board, and all waivers granted to
executive officers and directors will be promptly disclosed to the Company's
shareholders. All personnel should be aware that the Company generally will not
grant waivers of any standard in this Code and will do so only when good cause
is shown for doing so.

POLICIES AND PROCEDURES

         1.       Relationships with Customers, Suppliers and Competitors

                  1.1      Employees and directors may not:

                           a.       invest (other than investments in securities
                                    of publicly traded companies) in firms that
                                    supply materials to, or purchase materials
                                    from, CARBO Ceramics Inc. or invest in any
                                    competitor, customer, distributor or
                                    supplier if these investments would
                                    influence, or appear to influence, their
                                    actions on behalf of the Company;

                           b.       participate in the management of any
                                    competitor, customer, distributor or
                                    supplier of CARBO Ceramics Inc.; or

                           c.       speculate or otherwise deal in materials,
                                    equipment, supplies, property or services
                                    purchased by CARBO Ceramics Inc.

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BUSINESS CONDUCT AND ETHICS                                               2 OF 6

                  1.2      Employees, directors and members of their families
                           may not:

                           a.       borrow money from firms (with the exception
                                    of recognized loan institutions) to which
                                    CARBO Ceramics Inc. makes sales or from
                                    which it makes purchases; or

                           b.       accept substantial gifts or excessive
                                    entertainment from any third party with
                                    which CARBO Ceramics Inc. competes or
                                    conducts (or is contemplating conducting)
                                    business.

                  1.3      Employees or directors whose family members work for
                           firms that conduct business or compete with CARBO
                           Ceramics Inc. should bring this fact to the attention
                           of their immediate supervisor and discuss any
                           difficulties that might arise and appropriate steps
                           to minimize any potential conflict of interest.
                           Employees may not conduct CARBO Ceramics Inc.
                           business with a firm in which the employee or a
                           member of the employee's family has a substantial
                           ownership or other interest.

         2.       Treatment of Confidential Information

                  2.1      Confidential information includes all non-public
                           information that might be of use to competitors, or
                           harmful to the Company or its customers, if
                           disclosed.

                  2.2      Business affairs of CARBO Ceramics Inc. should be
                           discussed with no one outside CARBO Ceramics Inc.,
                           except when required in the normal course of business
                           or otherwise legally required.

                  2.3      The Company's operations and strategies, and other
                           related information concerning the Company, should
                           not be discussed with outsiders, and particularly not
                           with competitors. All information regarding the
                           pricing of CARBO Ceramics Inc.'s products, its sales
                           techniques, its customers, and similar subjects
                           should be regarded as trade secrets, the disclosure
                           of which to unauthorized persons would be harmful to
                           CARBO Ceramics Inc.'s business.

                  2.4      Employees and directors may not engage in civic or
                           professional organizational activities in a manner
                           whereby confidential CARBO Ceramics Inc. information
                           is divulged.

                  2.5      The duty to preserve the Company's confidential and
                           proprietary information is not limited to an
                           employee's period of employment, but continues even
                           after an employee has left the Company.

         3.       Treatment of Company Property and Corporate Opportunities

                  3.1      Employees and directors have a duty to the Company to
                           advance its legitimate interests when the opportunity
                           to do so arises. Employees are prohibited from taking
                           for themselves personally opportunities discovered
                           through the use of corporate property, information or
                           position.

                  3.2      It is never permissible for employees or directors to
                           compete against the Company, either directly or
                           indirectly.

                  3.3      CARBO Ceramics Inc. is committed to dealing fairly
                           and honestly with its customers, suppliers,
                           competitors and employees.

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BUSINESS CONDUCT AND ETHICS                                               3 OF 6

    4.       Illegal Practices

             4.1      Employees and directors are forbidden from engaging in any
                      activity that is in violation of any law regulating the
                      conduct of CARBO Ceramics Inc.'s business in any domestic
                      or foreign jurisdiction. Violation of these laws can
                      subject the Company to significant fines and its employees
                      to both fines and imprisonment.

                      a.       Under the U.S. Foreign Corrupt Practices Act and
                               other anti-bribery laws, the concept of an
                               improper payment involves the payment or gift of
                               anything of value, not just money. Examples
                               include commissions or agents' fees in excess of
                               those normally paid, rebates, bribes, kickbacks,
                               trips or vacations outside of normal sales
                               activities, and expensive gifts.

                      b.       Commercial bribery is a violation of CARBO
                               Ceramics Inc.'s policy and is illegal under U.S.
                               law. Employees and directors are strictly
                               prohibited from offering any form of bribe,
                               kickback or inducement to any person. Improper
                               activities are not permissible even if they are
                               customary in a particular location or particular
                               area of business activity.

                      c.       In the normal course of business it is sometimes
                               appropriate to provide customers or potential
                               customers with reasonable entertainment or gifts.
                               However, nothing of substantial value shall be
                               offered and the circumstances should never create
                               the appearance of impropriety.

             4.2      Employees and directors are strictly forbidden from using
                      any illegal or unethical methods to gather competitive
                      information.

             4.3      Employees and directors may not engage in practices or
                      procedures that violate antitrust laws regulating the
                      conduct of CARBO Ceramics Inc.'s business. Under no
                      circumstance may employees or directors of CARBO Ceramics
                      Inc. enter into arrangements with competitors in respect
                      of pricing or marketing policies.

             4.4      No activity shall be engaged in that would be in violation
                      of local, State or Federal safety, environmental, or equal
                      opportunity laws.

             4.5      The Company's Sexual Harassment and Substance Abuse
                      policies shall apply to all employees and directors.

    5.       Other Conflicts of Interest


             5.1      No employee or director or member of his or her family
                      shall engage in any activity or establish any
                      relationship(s) that may be construed as a conflict of
                      interest, or might cast a negative reflection on the
                      employee's or director's loyalty to CARBO Ceramics Inc. or
                      make it difficult to perform work objectively and
                      effectively during the term of employment.

             5.2      Company loans to, or Company guarantees of obligations of,
                      employees incurred for personal reasons can also present
                      conflicts of interest. Company loans to directors and
                      executive officers are prohibited by law. It is CARBO
                      Ceramics Inc.'s policy that loans will generally not be
                      made to other employees.

             5.3      Employees who believe it is not possible to avoid a
                      conflict of interest must bring this to the attention of,
                      and make full written disclosure of the surrounding
                      circumstances to, their immediate supervisor, who should
                      in appropriate circumstances bring the issue to the
                      attention of the Chief Financial Officer.

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BUSINESS CONDUCT AND ETHICS                                               4 OF 6

    6.       Securities Laws and Insider Trading

             6.1      In the course of their duties, employees and directors may
                      be exposed to information about the Company or other
                      companies that is not available to the general public. The
                      use of such non-public or "inside" information for
                      securities trading purposes is strictly forbidden, whether
                      by the employee or any of his or her family members or any
                      other person to whom the employee may have communicated
                      the information. It is not only unethical, but also
                      illegal and could expose the employee to civil and
                      criminal penalties.

             6.2      U.S. law prohibits anyone who possesses "material" non-
                      public information about a company to trade its stock or
                      other securities. "Material" information is usually
                      defined as any information that might influence a
                      reasonable investor to buy, sell or hold stock. Common
                      examples include financial results, financial forecasts,
                      possible mergers, acquisitions or divestitures,
                      significant product developments and major changes in
                      business direction. U.S. law also prohibits anyone who
                      possesses material, non-public information from using it
                      to tip anyone else who might trade on it.

             6.3      Violation of the law may result in civil and criminal
                      penalties, including fines or jail sentences. Employees
                      who are uncertain about the legal rules governing
                      purchases and sales of securities they wish to make should
                      review the Company' s "Insider Trading" policy and, if
                      questions persist, consult the Chief Financial Officer
                      before trading. Any employee who engages in insider
                      trading will be subject to immediate termination.

    7.       Penalty for Violation of Policy

             7.1      Appropriate disciplinary penalties for violations of these
                      guidelines may include counseling, reprimands, warnings,
                      suspensions with or without pay, demotions, salary
                      reductions, dismissals and restitution. Disciplinary
                      action may also extend to a violator's supervisor insofar
                      as CARBO Ceramics Inc. determines that the violation
                      involved the participation of the supervisor or reflected
                      the supervisor's lack of diligence in ensuring compliance
                      with these guidelines.

             7.2      Any person who takes any action in retaliation against any
                      employee who has in good faith raised any question or
                      concern about compliance with these guidelines will be
                      subject to serious sanctions, which may include dismissal
                      for cause.

    8.       Reporting of Wrongdoing

             8.1      CARBO Ceramics Inc. will cooperate fully with any
                      governmental investigation. Any employee who reasonably
                      believes that a government investigation or inquiry may be
                      threatened or under consideration with respect to any of
                      CARBO Ceramics Inc.'s operations or practices (including
                      any outside such employee's scope of responsibilities)
                      should so notify the Chief Financial Officer and provide
                      the basis for this belief.

             8.2      CARBO Ceramics Inc. will conduct periodic audits of
                      compliance with this Code. Allegations of potential
                      wrongdoing will be investigated by the proper corporate or
                      departmental personnel and, upon the advice of the Chief
                      Financial Officer, will be reported to the Board of
                      Directors (or an appropriate committee thereof) and to the
                      relevant authorities. Knowingly false accusations of
                      misconduct will be subject to disciplinary action. All
                      employees are required to cooperate fully with any
                      internal or external investigation. Employees must also
                      maintain the confidentiality of any investigation and
                      related documentation, unless specifically authorized by
                      the Chief Financial Officer to disclose such information.

             8.3      Employees are reminded that CARBO Ceramics Inc.'s document
                      retention policies strictly prohibit the destruction or
                      alteration of documentation undertaken with the intent to
                      obstruct any pending or threatened investigation or
                      proceeding of any nature or in contemplation of a
                      proceeding.

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BUSINESS CONDUCT AND ETHICS                                               5 OF 6

         8.4      Employees who have questions about this Code should turn to
                  their immediate supervisors in the first instance.

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BUSINESS CONDUCT AND ETHICS                                               6 OF 6

                                 ACKNOWLEDGEMENT

I acknowledge that I have received, read and understood the Company's Code of
Business Conduct and Ethics and that my conduct as an employee of the Company
must at all times comply with the standards and policies set out in the Code, as
well as any other legal or compliance policies or procedures of the Company.

                             Name:   ___________________________________________

                             Date:   ___________________________________________

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 CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS(1)

         As the [SPECIFY OFFICE] of CARBO Ceramics Inc. (the "Company"), I
acknowledge that the Company is committed to honesty and ethical conduct in all
areas of its business and that officers with responsibility for the conduct or
supervision of the Company's financial affairs play a special role in preserving
and protecting shareholders' interests.

In furtherance of the above and to the best of my ability, I will adhere to the
following principles and responsibilities:

         -        Act at all times in accordance with the Company's Code of
                  Business Conduct and Ethics, a copy of which has been provided
                  to me;

         -        Act at all times with integrity, avoiding actual or apparent
                  conflicts of interest in personal and professional
                  relationships;

         -        Address any apparent conflict of interest in personal and
                  professional relationships in accordance with the highest
                  ethical standards and promptly disclose to the Chief Corporate
                  Counsel of the Company the nature of any such conflict of
                  interest or any material transaction or relationship that
                  reasonably could be expected to give rise to such a conflict
                  of interest;

         -        Provide, in the Company's reports filed with the Securities
                  and Exchange Commission and other public communications,
                  disclosure that is full, fair, accurate, complete, objective,
                  timely and understandable;

         -        Comply with rules and regulations of all U.S. and non-U.S.
                  governmental entities and other private and public regulatory
                  agencies to which the Company is subject, including any
                  exchanges on which the Company's securities may be listed;

         -        Act in good faith, responsibly, with due care, competence and
                  diligence, and without misrepresenting material facts or
                  circumstances;

         -        Respect the confidentiality of Company information, except
                  when authorized or otherwise required to make any disclosure,
                  and avoid the use of any Company information for personal
                  advantage;

         -        Share my knowledge with others within the Company, to the
                  extent appropriate and consistent with applicable law;

         -        Promote ethical behavior among employees under my supervision;

         -        Accept accountability for adherence to this Code of Ethics and
                  the Company's Code of Business Conduct and Ethics; and

         -        Achieve responsible use of and control over all assets and
                  resources of the Company entrusted to me.

I acknowledge that the Company's Code of Business Conduct and Ethics describe
procedures for the internal reporting of violations of such Code. I will comply
with those reporting requirements. I will also promote compliance with them by
others under my supervision, as well as prompt reporting by them of violations
of such Code. I further acknowledge that the consequences of my failure to
adhere to this Code of Ethics or the Company's Code of Business Conduct and
Ethics may result in disciplinary action, up to and including termination for
cause.

By _________________________________________
Name:
Title:
Date:

(1) To be executed on an annual basis by the Chief Executive Officer, the Chief
Financial Officer and the Controller.