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Exhibit 12.1

Copano Energy, L.L.C. and Subsidiaries
Computation of Ratio of Earnings to Fixed Charges
(In Thousands)

	Six Months ended June 30, 2012			Year ended December 31,
				2011			2010			2009			2008			2007			2006
Earnings:
Net income (loss)	$	(126,553	)	$	(156,312	)	$	(8,681	)	$	23,158		$	58,213		$	63,175		$	65,114
Income taxes		932			1,502			931			794			1,249			1,714			—
Equity in earnings from unconsolidated affiliates		102,291			145,324			20,480			(4,600	)		(6,889	)		(2,850	)		(1,297	)
Pre-tax income from continuing operations		(23,330	)		(9,486	)		12,730			19,352			52,573			62,039			63,817
Fixed charges		32,932			57,446			57,423			60,069			69,339			30,753			34,011
Amortization of capitalized interest		1,165			1,078			259			427			259			85			38
Distributions from unconsolidated affiliates		22,514			35,471			25,955			29,684			25,830			4,382			—
Capitalized interest		(3,486	)		(9,675	)		(3,355	)		(3,362	)		(3,471	)		(932	)		(693	)
Earnings for ratio calculation	$	29,795		$	74,834		$	93,012		$	106,170		$	144,530		$	96,327		$	97,173
Fixed charges:
Interest and other financing costs	$	29,026		$	47,187		$	53,605		$	55,836		$	64,978		$	29,351		$	32,904
Capitalized interest		3,486			9,675			3,355			3,362			3,471			932			693
Interest portion of operating leases		420			584			463			871			890			470			414
Total fixed charges	$	32,932		$	57,446			57,423		$	60,069		$	69,339		$	30,753		$	34,011
Ratio of earnings to fixed charges			(1)		1.3x			1.6x			1.8x			2.1x			3.1x			2.9x

(1)

Earnings were inadequate to cover fixed charges for the six months ended June 30, 2012 by $3.1 million.

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Exhibit 12.1

Copano Energy, L.L.C. and Subsidiaries Computation of Ratio of Earnings to Fixed Charges (In Thousands)