Transmeridian Exploration (TMYEQ) S-3 Shelf registration

Exhibit 12.1

Transmeridian Exploration Incorporated

Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(in thousands except ratio of earnings to fixed charges and preferred stock dividends)

	Nine Months Ended September 30, 2006			Years Ended December 31,
				2005			2004			2003			2002			2001
Earnings (Loss)
Loss before minority interest and provision for income taxes	$	(40,057	)	$	(19,829	)	$	(4,671	)	$	(5,687	)	$	(3,271	)	$	(2,113	)
Fixed charges		33,253			19,755			7,420			5,451			1,914			371
Amortization of capitalized interest		455			511			370			196			88			62
Capitalized interest		(2,301	)		(2,498	)		(4,520	)		(4,165	)		(1,286	)		—
Preferred stock dividends		(516	)		(975	)		(1,125	)		(20	)		(38	)		(123	)
Earnings (loss) as adjusted	$	(9,166	)	$	(3,036	)	$	(2,526	)	$	(4,225	)	$	(2,593	)	$	(1,803	)
Fixed Charges
Interest expense	$	24,070		$	10,344		$	1,400		$	772		$	338		$	189
Capitalized interest		2,301			2,498			4,520			4,165			1,286			—
Amortization of debt financing costs		2,021			1,115			193			184			126			—
Amortization of debt discount		4,111			4,633			—			—			—			—
Portion of rental expense representative of the interest factor		235			190			182			310			126			59
Preferred stock dividends		516			975			1,125			20			38			123
Total fixed charges	$	33,253		$	19,755		$	7,420		$	5,451		$	1,914		$	371
Ratio of earnings to fixed charges and preferred stock dividends (a)		—			—			—			—			—			—

(a) For the nine months ended September 30, 2006 and the years ended December 31, 2005, 2004, 2003, 2002 and 2001, earnings were inadequate to cover fixed charges by $42.4 million, $22.8 million, $9.9 million, $9.7 million, $4.5 million and $2.2 million, respectively.