Battalion Oil (BATL) 10-Q 2015 Q3 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)

	Nine Months Ended September 30,						Years Ended December 31,
	2015			2014			2014			2013			2012			2011		2010
Earnings:
Income (loss) before income taxes	$	(1,522,954	)	$	55,899		$	314,880		$	(1,380,378	)	$	(67,066	)	$	5,399	$	3,412
Adjustments:
Equity investment (income) loss		218			(651	)		(617	)		(97	)		(373	)		—		—
Interest capitalized		(80,262	)		(129,487	)		(168,897	)		(203,993	)		(53,492	)		—		—
Income (loss) before income taxes, as adjusted	$	(1,602,998	)	$	(74,239	)	$	145,366		$	(1,584,468	)	$	(120,931	)	$	5,399	$	3,412
Fixed charges		257,041			239,453			320,403			262,046			86,589			17,808		23,087
Total earnings	$	(1,345,957	)	$	165,214		$	465,769		$	(1,322,422	)	$	(34,342	)	$	23,207	$	26,499
Fixed charges:
Interest expense and amortization of finance costs	$	254,928		$	237,485		$	317,732		$	259,159		$	85,372		$	17,373	$	22,655
Rental expense representative of interest factor		2,113			1,968			2,671			2,887			1,217			435		432
Total fixed charges	$	257,041		$	239,453		$	320,403		$	262,046		$	86,589		$	17,808	$	23,087
Ratio of earnings to fixed charges		—	(1)		—	(3)		1.5			—	(5)		—	(6)		1.3		1.1
Total fixed charges	$	257,041		$	239,453		$	320,403		$	262,046		$	86,589		$	17,808	$	23,087
Pre-tax preferred dividend requirements		52,852			21,108			32,902			12,132			110,075			—		—
Total fixed charges plus preference dividends	$	309,893		$	260,561		$	353,305		$	274,178		$	196,664		$	17,808	$	23,087
Ratio of earnings to combined fixed charges and preference dividends		—	(2)		—	(4)		1.3			—	(5)		—	(7)		1.3		1.1

(1)

Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2015, 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" for the nine months ended September 30, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $1.7 billion to achieve a coverage ratio of 1:1.

(3)

Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $74.2 million to achieve a coverage ratio of 1:1.

(4)

Due to the Company's "Loss before income taxes, as adjusted" for the nine months ended September 30, 2014, the ratio coverage was less than 1:1. The Company must generate additional earnings of $95.3 million to achieve a coverage ratio of 1:1.

(5)

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.

(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 $120.9 million to achieve a coverage ratio of 1:1.

(7)

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)