EXHIBIT 14

CODE OF ETHICS FOR SENIOR FINANCIAL OFFICERS

I.     Introduction

This Code of Ethics for Senior Financial Officers (the "Code") has been
adopted by the Board of Directors (the "Board") of Hallador Petroleum Company
(the "Company") to promote honest and ethical conduct, proper disclosure of
financial information in the Company's periodic reports, and compliance with
applicable laws, rules, and regulations by the Company's senior officers who
have financial responsibilities.

II.    Applicability

As used in this Code, the term Senior Financial Officer means the Company's
Chief Executive Officer, who is also the Chief Financial Officer (CFO).

III.   Principles and Practices

In performing his duties, the CFO must:

      A.  maintain high standards of honest and ethical conduct and avoid any
actual or apparent conflict of interest between one's personal and
professional relationships;

      B.  report to the Audit Committee of the Board any conflict of interest
that may arise and any material transaction or relationship that reasonably
could be expected to give rise to a conflict;

      C.  provide, or cause to be provided, full, fair, accurate, timely, and
understandable disclosure in reports and documents that the Company files with
or submits to the Securities and Exchange Commission and in other public
communications;

      D.  comply and take all reasonable actions to cause others to comply
with applicable governmental laws, rules, and regulations; and

      E.  promptly report violations of this Code to the Audit Committee.

The CFO must also comply with the code of ethics and standards of conduct
applicable to the Company's directors, officers, and employees generally as
adopted from time to time and/or revised.

IV.    Waiver

Any request for a waiver of any provision of this Code must be in writing and
addressed to the Audit Committee. Any waiver of this Code will be disclosed
promptly on Form 8-K or any other means approved by the Securities and
Exchange Commission.

V.    Compliance and Accountability

The Audit Committee will assess compliance with this Code, report material
violations to the Board of Directors, and recommend to the Board appropriate
action.