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)

	Three Months Ended March 31, 2007			Years Ended December 31,
				2006			2005			2004			2003			2002
Earnings (Loss)
Loss before minority interest and provision for income taxes	$	(15,455	)	$	(53,247	)	$	(19,829	)	$	(4,671	)	$	(5,687	)	$	(3,271	)
Fixed charges		12,846			42,426			19,755			7,420			5,451			1,914
Amortization of capitalized interest		190			643			511			370			196			88
Capitalized interest		(1,822	)		(4,096	)		(2,498	)		(4,520	)		(4,165	)		(1,286	)
Preferred stock dividends		(1,650	)		(1,066	)		(975	)		(1,125	)		(20	)		(38	)
Earnings (loss) as adjusted	$	(5,891	)	$	(15,340	)	$	(3,036	)	$	(2,526	)	$	(4,225	)	$	(2,593	)
Fixed Charges
Interest expense	$	6,878		$	28,674		$	10,344		$	1,400		$	772		$	338
Capitalized interest		1,822			4,096			2,498			4,520			4,165			1,286
Amortization of debt financing costs		723			2,744			1,115			193			184			126
Amortization of debt discount		1,407			5,517			4,633			—			—			—
Portion of rental expense representative of the interest factor		366			328			190			182			310			126
Preferred stock dividends		1,650			1,066			975			1,125			20			38
Total fixed charges	$	12,846		$	42,426		$	19,755		$	7,420		$	5,451		$	1,914
Ratio of earnings to fixed charges and preferred stock dividends (a)		—			—			—			—			—			—

(a) For the three months ended March 31, 2007 and the years ended December 31, 2006, 2005, 2004, 2003 and 2002, earnings were inadequate to cover fixed charges by $18.7 million, $57.8 million, $22.8 million, $9.9 million, $9.7 million and $4.5 million, respectively.