Exhibit 12.1
Voyager Oil & Gas, Inc.
Computation of Ratio of Earnings to Fixed Charges
| Year Ended December 31, | ||||||||||||||||||||
| From Inception on April 18, 2008 Through December 31, 2008 | 2009 | 2010 | 2011 | For Three Months Ended March 31, 2012 | ||||||||||||||||
| Earnings | ||||||||||||||||||||
| Net Income | $ | 16,734 | $ | (2,277,192 | ) | $ | (4,268,569 | ) | $ | (1,345,054 | ) | $ | (256,370 | ) | ||||||
| Income Taxes | 6,454 | - | 65,240 | - | - | |||||||||||||||
| Amortization of Capitalized Interest | - | - | - | - | - | |||||||||||||||
| Rent expense/office lease | - | - | 15,767 | 15,203 | 12,634 | |||||||||||||||
| Interest Expense | - | - | 629,026 | 2,036,032 | 515,790 | |||||||||||||||
| 23,188 | (2,277,192 | ) | (3,558,536 | ) | 706,181 | 272,054 | ||||||||||||||
| Fixed Charges | ||||||||||||||||||||
| Rent expense/office lease | - | - | 15,767 | 15,203 | 12,634 | |||||||||||||||
| Interest incurred (expense or capitalized) | - | - | 629,026 | 2,036,032 | 515,790 | |||||||||||||||
| Ratio of earnings to fixed charges | N/A | N/A | -5.52 | 0.34 | 0.51 | |||||||||||||||
| Deficiency ($) | $ | 4,203,329 | $ | 1,345,054 | $ | 256,370 | ||||||||||||||