Battalion Oil (BATL) 10-Q 2017 Q3 Quarterly report

QuickLinks -- Click here to rapidly navigate through this document

Exhibit 12.1

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

	Successor						Predecessor			Successor			Predecessor
				Period from September 10, 2016 through September 30, 2016			Period from January 1, 2016 through September 9, 2016			Period from September 10, 2016 through December 31, 2016			Period from January 1, 2016 through September 9, 2016
	Nine Months Ended September 30, 2017															Year Ended December 31,
																2015			2014			2013			2012
Earnings:
Income (loss) before income taxes	$	623,816		$	(447,335	)	$	3,292		$	(474,449	)	$	3,292		$	(1,913,535	)	$	314,880		$	(1,380,378	)	$	(67,066	)
Adjustments:
Equity investment loss (income)		(417	)		—			152			(9	)		152			171			(617	)		(97	)		(373	)
Interest capitalized		—			—			(68,192	)		—			(68,192	)		(113,009	)		(168,897	)		(203,993	)		(53,492	)
Income (loss) before income taxes, as adjusted	$	623,399		$	(447,335	)	$	(64,748	)	$	(474,458	)	$	(64,748	)	$	(2,026,373	)	$	145,366		$	(1,584,468	)	$	(120,931	)
Fixed charges		67,421			5,552			197,640			29,013			197,640			340,399			320,403			262,046			86,589
Total earnings	$	690,820		$	(441,783	)	$	132,892		$	(445,445	)	$	132,892		$	(1,685,974	)	$	465,769		$	(1,322,422	)	$	(34,342	)
Fixed charges:
Interest expense and amortization of finance costs	$	66,447		$	5,428		$	195,698		$	28,553		$	195,698		$	337,554		$	317,732		$	259,159		$	85,372
Rental expense representative of interest factor		974			124			1,942			460			1,942			2,845			2,671			2,887			1,217
Total fixed charges	$	67,421		$	5,552		$	197,640		$	29,013		$	197,640		$	340,399		$	320,403		$	262,046		$	86,589
Ratio of earnings to fixed charges		10.2			—	(1)		—	(3)		—	(5)		—	(3)		—	(7)		1.5			—	(9)		—	(10)
Total fixed charges	$	67,421		$	5,552		$	197,640		$	29,013		$	197,640		$	340,399		$	320,403		$	262,046		$	86,589
Pre-tax preferred dividend requirements		47,625			785			12,320			783			12,320			83,942			32,902			12,132			110,075
Total fixed charges plus preference dividends	$	115,046		$	6,337		$	209,960		$	29,796		$	209,960		$	424,341		$	353,305		$	274,178		$	196,664
Ratio of earnings to combined fixed charges and preference dividends		6.0			—	(2)		—	(4)		—	(6)		—	(4)		—	(8)		1.3			—	(9)		—	(11)

(1)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through September 30, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $447.3 million to achieve a coverage ratio of 1:1.

(2)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through September 30, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $448.1 million to achieve a coverage ratio of 1:1.

(3)

Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $64.7 million to achieve a coverage ratio of 1:1.

(4)

Due to the Company's "Loss before income taxes, as adjusted" for the period from January 1, 2016 through September 9, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $77.1 million to achieve a coverage ratio of 1:1.

(5)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $474.5 million to achieve a coverage ratio of 1:1.

(6)

Due to the Company's "Loss before income taxes, as adjusted" for the period from September 10, 2016 through December 31, 2016 the ratio coverage was less than 1:1. The Company must generate additional earnings of $475.2 million to achieve a coverage ratio of 1:1.

(7)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.0 billion to achieve a coverage ratio of 1:1.

(8)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 2015, the ratio coverage was less than 1:1. The Company must generate additional earnings of $2.1 billion to achieve a coverage ratio of 1:1.

(9)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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.

(10)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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.

(11)

Due to the Company's "Loss before income taxes, as adjusted" for the year ended December 31, 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.

QuickLinks

Exhibit 12.1

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