Northern Oil and Gas (NOG) 10-Q 2017 Q1 Quarterly report

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges

Northern Oil and Gas, Inc.

	Year Ended December 31,												Three Months Ended March 31, 2017
	2012		2013		2014		2015			2016
Earnings (Deficit) Before Income Taxes	$	115,286,396	$	84,834,650	$	263,112,945	$	(1,177,778,745	)	$	(294,895,887	)	$	16,940,523
Add:
Fixed Charges	19,819,598		38,688,300		46,517,384		59,869,939			64,854,615			16,346,389
Subtract:
Capitalized Interest	5,929,473		5,976,981		4,409,544		1,506,172			356,196			38,768
Total Earnings (Deficit) Before Fixed Charges	129,176,521		117,545,969		305,220,785		(1,119,414,978		)	(230,397,468		)	33,248,144
Fixed Charges
Interest Expense	13,874,909		32,709,056		42,105,676		58,360,387			64,485,623			16,303,805
Capitalized Interest	5,929,473		5,976,981		4,409,544		1,506,172			356,196			38,768
Estimated Interest Component of Rent	15,216		2,263		2,164		3,380			12,796			3,816
Total Fixed Charges	19,819,598		38,688,300		46,517,384		59,869,939			64,854,615			16,346,389
Ratio of Earnings (Deficit) to Fixed Charges(1)	6.5x		3.0x		6.6x		-(2)			-(2)			2.0x

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(1) The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.

(2) Earnings were insufficient to cover fixed charges by approximately $359.8 million and $1,237.6 million, respectively, for the years ended December 31, 2016 and 2015 due primarily to non-cash impairment charges.