Battalion Oil (BATL) 10-Q 2014 Q1 Quarterly report

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends
(In thousands, except ratios)

	Three Months Ended March 31,						Years Ended December 31,
	2014			2013			2013			2012			2011		2010		2009
Earnings:
Income (loss) before income taxes	$	(72,964	)	$	8,759		$	(1,380,378	)	$	(67,066	)	$	5,399	$	3,412	$	(74,730	)
Adjustments:
Equity investment (income) loss		(831	)		67			(97	)		(373	)		—		—		—
Interest capitalized		(46,816	)		(52,804	)		(203,993	)		(53,492	)		—		—		—
Income (loss) before income taxes, as adjusted	$	(120,611	)	$	(43,978	)	$	(1,584,468	)	$	(120,931	)	$	5,399	$	3,412	$	(74,730	)
Fixed charges		79,275			58,221			262,046			86,589			17,808		23,087		19,021
Total earnings	$	(41,336	)	$	14,243		$	(1,322,422	)	$	(34,342	)	$	23,207	$	26,499	$	(55,709	)
Fixed charges:
Interest expense and amortization of finance costs	$	78,654		$	57,398		$	259,159		$	85,372		$	17,373	$	22,655	$	18,590
Rental expense representative of interest factor		621			823			2,887			1,217			435		432		431
Total fixed charges	$	79,275		$	58,221		$	262,046		$	86,589		$	17,808	$	23,087	$	19,021
Ratio of earnings to fixed charges		—(1)			—(3)			—(4)			—(5)			1.3		1.1		—(7)
Total fixed charges	$	79,275		$	58,221		$	262,046		$	86,589		$	17,808	$	23,087	$	19,021
Pre-tax preferred dividend requirements		4,959			—			12,132			110,075			—		—		—
Total fixed charges plus preference dividends	$	84,234		$	58,221		$	274,178		$	196,664		$	17,808	$	23,087	$	19,021
Ratio of earnings to combined fixed charges and preference dividends		—(2)			—(3)			—(4)			—(6)			1.3		1.1		—(7)

⁽¹⁾

Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.6 million to achieve a coverage ratio of 1:1.

⁽²⁾

Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $125.6 million to achieve a coverage ratio of 1:1.

⁽³⁾

Due to the Company's"Loss before income taxes, as adjusted" for the three months ended March 31, 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $44.0 million to achieve a coverage ratio of 1:1.

⁽⁴⁾

Due to the Company's"Loss before income taxes, as adjusted" in 2013, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.6 billion to achieve a coverage ratio of 1:1.

⁽⁵⁾

Due to the Company's"Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $120.9 million to achieve a coverage ratio of 1:1.

⁽⁶⁾

Due to the Company's"Loss before income taxes, as adjusted" in 2012, the ratio coverage was less than 1:1. The Company must generate additional earnings of $231.0 million to achieve a coverage ratio of 1:1.

⁽⁷⁾

Due to the Company's"Loss before income taxes, as adjusted" in 2009, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.7 million to achieve a coverage ratio of 1:1.

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Exhibit 12.1

Computation of Ratio of Earnings to Combined Fixed Charges and Preference Dividends (In thousands, except ratios)