Transmeridian Exploration (TMYEQ) S-3/A Shelf registration (amended)

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)

	Six Months Ended June 30, 2007			Years Ended December 31,
				2006			2005			2004			2003			2002
Earnings (Loss)
Loss before minority interest and provision for income taxes	$	(28,355	)	$	(53,247	)	$	(19,829	)	$	(4,671	)	$	(5,687	)	$	(3,271	)
Fixed charges		25,614			42,425			14,113			6,256			5,451			1,914
Amortization of capitalized interest		400			643			511			370			196			88
Capitalized interest		(3,811	)		(4,096	)		(2,498	)		(4,520	)		(4,165	)		(1,286	)
Preferred stock dividends		(3,382	)		(1,066	)		(1,081	)		(154	)		(20	)		(38	)
Earnings (loss) as adjusted	$	(9,534	)	$	(15,341	)	$	(8,784	)	$	(2,719	)	$	(4,225	)	$	(2,593	)
Fixed Charges
Interest expense	$	13,589		$	28,674		$	4,596		$	1,207		$	772		$	338
Capitalized interest		3,811			4,096			2,498			4,520			4,165			1,286
Amortization of debt financing costs		1,446			2,744			1,115			193			184			126
Amortization of debt discount		2,814			5,517			4,633			—			—			—
Portion of rental expense representative of the interest factor		572			328			190			182			310			126
Preferred stock dividends		3,382			1,066			1,081			154			20			38
Total fixed charges	$	25,614		$	42,425		$	14,113		$	6,256		$	5,451		$	1,914
Ratio of earnings to fixed charges and preferred stock dividends (a)		—			—			—			—			—			—

(a) For the six months ended June 30, 2007 and the years ended December 31, 2006, 2005, 2004, 2003 and 2002, earnings were inadequate to cover fixed charges by $35.1 million, $57.8 million, $22.9 million, $9.0 million, $9.7 million and $4.5 million, respectively.