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The Bylaws of the American Association of Petroleum Landmen (AAPL) provide that a Code of Ethics has been established "to inspire and maintain a high standard of professional conduct" for the members of the Association. The Code of Ethics is the basis of conduct, business principles and ideals for AAPL members. This standard of professional conduct and these guiding principles and ideals mandated by the Code of Ethics within the AAPL Bylaws are summarized as follows:

1. Fair and honest dealing with landowners and the general public so as to preserve the integrity of the profession (Article IV, Section 1);

B. Adherence to a high standard of conduct in fulfilling his fiduciary duties to a principal (Article IV, Section 2);

C. Avoiding business activity which may conflict with the interest of his employer or client or result in the unauthorized disclosure or misuse of confidential information (Article IV, Section 2);

D. Performance of professional services in a competent manner (Article IV, Section 3);

E. Adherence to any provisions of the Bylaws, Code of Ethics, or any rule, regulation, or order adopted pursuant thereto (Article V, Section 5);

F. Avoiding the aiding or abetting of any unauthorized use of the title "Certified Professional Landman" (Article V, Section 5); and

G. Avoiding any act or conduct which causes disrespect for or lack of confidence in the member to act professionally as a landman (Article V, Section 5).*

Preamble

Under a// is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. The Code of Ethics shall be the basis of conduct, business principles and ideals for the members of the American Association of Petroleum Landmen.

In the area of human endeavor involving trading under competitive conditions, ethical standards for fair and honest dealing can be made increasingly meaningful by an association organized and dedicated not only to the definition, maintenance and enforcement of such standards, but to the improvement and education of its members. Such is the objective of the American Association of Petroleum Landmen and such is its public trust.

Such standards impose obligations beyond those of ordinary trading. They impose grave social responsibility and a duty to which the landman should dedicate himself. A landman, therefore, is zealous to maintain and improve the standards of his calling and shares with his fellow landmen a common responsibility for its integrity and honor The term "Landman " has come to connote competency, fairness, integrity and moral conduct in business relations. No inducement of profit and no instruction from clients can ever justify departure from these ideals.

In order to inform the members of the specific conduct, business principles and idea/s mandated by the Code of Ethics, the Association has adopted the following Standards of Practice, and every member shall conduct his business in accordance therewith:

Standards of Practice

1. In justice to those who place their interests in his care, a landman shall be informed regarding Laws, proposed legislation, governmental regulations. public policies. and current market conditions in his area of represented expertise, in order to be in a position to advise his employer or client property (D, E).*

(*) References are to the foregoing summary of the standards of professional conduct and guiding principals and ideals mandated by the Code of Ethics and AAPL Bylaws.)

2. It is the duty of the landman to protect the members of the public with whom he deals against fraud, misrepresentation, and unethical practices. He shall eliminate any practices which could be damaging to the public or bring discredit to the petroleum or mining industries.

3. In accepting employment, the landman pledges himself to project and promote the interests of his employer or client. This obligation of absolute fidelity to the employer's or client's interest is primary, but it does not relieve the landman of his obligation to treat fairly all parties to any transaction, or act in an ethical manner (A, B).

4. The landman shall not accept compensation from more than one principal for providing the same service, nor accept compensation from more than one party to a transaction, without the full knowledge of all principals or parties to the transaction (B, C).

5. The landman shall not deny equal professional services to any person for reasons of rare, creed, sex or country or national origin. The landman shall not be a party to any plan or agreement to discriminate against a person or persons on the basis of race. creed, sex or country of national origin (A, F).

6. A landman shall provide a level of competent service in keeping with the standards of practice in those fields in which a landman customarily engages. The landman shall not represent himself to be skilled in nor shall he engage in professional areas in which he is not qualified, such as the practice of law, geology, engineering or other disciplines (D).

7. The landman shall not undertake to provide professional services concerning a property or a transaction where he has a present or contemplated interest, unless such interest is specifically disclosed to all affected parties (C).

8. The landman shall not acquire for himself or others an interest in property which he is called upon to purchase for his principal, employer or client without the consent of said principal, employer or client. He shall disclose his interest in the area which might be in conflict with his principal, employer or client. In leasing any property or negotiating for the sale of any block of leases. including lands owned by himself or in which he has any interest, a landman shall reveal the facts of his ownership or interest to the potential buyer (C).

9. If a landman is charged with unethical practice or is asked to present evidence in any disciplinary proceeding or investigation, he shall place all pertinent facts before the authority of the American Association of Petroleum Landmen (E).

10. The landman shall not accept any commission. rebate, interest, overriding royalty or other profit on transactions made for an employer or client without the employer's or client's knowledge and consent (B).

11. The landman shall assure that monies coming into his possession in trust for other person such as escrows, advances for expenses, fee advances, and other like items, are property accounted for and administered in a manner approved by his employer or client (B).

12. The landman shall avoid business activity which may conflict with the interest of his employer or client or result in the unauthorized disclosure or misuse of confidential information (C).

13. The landman shall at all times present an accurate representation in his advertising and disclosures to the public (A).

14. The landman shall not aid or abet the unauthorized use of the title "Certified Professional Landman."

15. The landman shall not participate in conduct which causes him to be convicted, adjudged or otherwise recorded as guilty by any court of competent jurisdiction of any felony, any offense involving fraud as an essential element, or any other serious crime.

The masculine gender used herein shall refer to both men and women landmen.

(*References are to the applicable Article and Section of the AAPL Bylaws.)