Exhibit 12.1
Emerald Oil, Inc.
Computation of Ratio of Earnings to Fixed Charges
and Ratio of Earnings to Fixed Charges Plus Preferred Stock Dividends
Year Ended December 31, | ||||||||||||||||||||||||
From Inception on April 18, 2008 Through December 31, 2008 | 2009 | 2010 | 2011 | 2012 | For Nine Months Ended September 30, 2013 | |||||||||||||||||||
Earnings | ||||||||||||||||||||||||
Net income (loss) | $ | 16,734 | $ | (2,277,192 | ) | $ | (4,268,569 | ) | $ | (1,345,054 | ) | $ | (62,296,099 | ) | $ | 50,548 | ||||||||
Income Taxes | 6,454 | - | 65,240 | - | - | - | ||||||||||||||||||
Amortization of Capitalized Interest | - | - | 1,577 | 1,520 | 8,882 | 22,174 | ||||||||||||||||||
Interest Expense | - | - | 629,026 | 2,036,032 | 2,614,240 | 276,113 | ||||||||||||||||||
23,188 | (2,277,192 | ) | (3,572,726 | ) | 692,498 | (59,672,978 | ) | 348,835 | ||||||||||||||||
Fixed Charges | ||||||||||||||||||||||||
Rent expense/office lease | - | - | 1,577 | 1,520 | 8,882 | 22,174 | ||||||||||||||||||
Interest incurred (expense or capitalized) | - | - | 629,026 | 2,036,032 | 2,614,240 | 276,113 | ||||||||||||||||||
Ratio of earnings to fixed charges | n/a | n/a | -5.67 | 0.34 | -22.75 | 1.17 | ||||||||||||||||||
Deficiency ($) | $ | 4,203,329 | $ | 1,345,054 | $ | 62,296,099 | $ | - | ||||||||||||||||
Preferred stock dividends | - | - | - | - | - | 11,155,658 | ||||||||||||||||||
Ratio of earnings to fixed charges plus preferred stock dividends | n/a | n/a | n/a | n/a | n/a | 0.03 | ||||||||||||||||||
Deficiency ($) | $ | - |