Battalion Oil (BATL) 10-K 2014 FY Annual report

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Exhibit 12.1

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

	Years Ended December 31,
	2014			2013			2012			2011		2010
Earnings:
Income (loss) before income taxes	$	314,880		$	(1,380,378	)	$	(67,066	)	$	5,399	$	3,412
Adjustments:
Equity investment loss (income)		(617	)		(97	)		(373	)		—		—
Interest capitalized		(168,897	)		(203,993	)		(53,492	)		—		—
Income (loss) before income taxes, as adjusted	$	145,366		$	(1,584,468	)	$	(120,931	)	$	5,399	$	3,412
Fixed charges		320,403			262,046			86,589			17,808		23,087
Total earnings	$	465,769		$	(1,322,422	)	$	(34,342	)	$	23,207	$	26,499
Fixed charges:
Interest expense and amortization of finance costs	$	317,732		$	259,159		$	85,372		$	17,373	$	22,655
Rental expense representative of interest factor		2,671			2,887			1,217			435		432
Total fixed charges	$	320,403		$	262,046		$	86,589		$	17,808	$	23,087
Ratio of earnings to fixed charges		1.5			—	(1)		—	(2)		1.3		1.1
Total fixed charges	$	320,403		$	262,046		$	86,589		$	17,808	$	23,087
Pre-tax preferred dividend requirements		32,902			12,132			110,075			—		—
Total fixed charges plus preference dividends	$	353,305		$	274,178		$	196,664		$	17,808	$	23,087
Ratio of earnings to combined fixed charges and preference dividends		1.3			—	(1)		—	(3)		1.3		1.1

(1)

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.

(2)

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.

(3)

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.

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Exhibit 12.1

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