Exhibit 12.1
Ratio of Earnings to Fixed Charges
(Dollar Amounts in Thousands)
| For the years ended December 31, | ||||||||||||||||||||
| 2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
| Fixed Charges: | ||||||||||||||||||||
| Interest Expense | $ | 30,019 | $ | 33,766 | $ | 29,281 | $ | 21,886 | $ | 9,808 | ||||||||||
| Capitalized Interest | 935 | 4,671 | 9,999 | 6,570 | 7,036 | |||||||||||||||
| Total | 30,954 | 38,437 | 39,280 | 28,456 | 16,844 | |||||||||||||||
| Earnings: | ||||||||||||||||||||
| Pre-Tax Income | $ | (90,353 | ) | $ | (292,164 | ) | $ | 28,249 | $ | 14,402 | $ | (130,443 | ) | |||||||
| Fixed Charges | 30,954 | 38,437 | 39,280 | 28,456 | 16,844 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Capitalized Interest | (935 | ) | (4,671 | ) | (9,999 | ) | (6,570 | ) | (7,036 | ) | ||||||||||
| Total | (60,334 | ) | (258,398 | ) | 57,530 | 36,288 | (120,635 | ) | ||||||||||||
| Ratio (1) | N/A | N/A | 1.46 | 1.28 | N/A | |||||||||||||||
(1) For the years ended December 31, 2016, December 31, 2015 and December 31, 2012, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $40.3 million, $266.6 million and $137.1 million, respectively. As a result, during 2016, 2015 and 2012, earnings were insufficient to cover fixed charges by $91.3 million, $296.8 million and $137.5 million, respectively, and therefore no ratio is shown.