Rex Energy S-4 Registration of securities issued in business combination transactions

Exhibit 12.1

REX ENERGY CORPORATION

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO

COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Three Months Ended			Years ended December 31,
(in thousands, except ratios)	March 31, 2016			2015			2014			2013			2012			2011
COMPUTATION OF EARNINGS (LOSS):
Income (loss) from continuing operations before income tax	$	(58,049	)	$	(423,245	)	$	(74,565	)	$	(6,538	)	$	92,203		$	26,689
Add: Fixed charges		17,822			67,610			48,458			31,569			10,458			4,178
Add: Equity method investment (income) loss		—			411			813			763			3,921			(81	)
Less: Capitalized interest		1,938			7,732			7,259			7,548			3,017			1,159
Less: Preferred Stock dividend requirements		2,105			9,660			2,335			—			—			—
Earnings (loss)	$	(44,270	)	$	(372,616	)	$	(34,888	)	$	18,246		$	103,565		$	29,627
COMPUTATION OF FIXED CHARGES:
Interest expense	$	13,032		$	47,806		$	36,977		$	22,676		$	6,418		$	2,514
Add: Amortization of premium (discount) on Senior Notes, net		100			380			353			180			(8	)		—
Add: Capitalized interest		1,938			7,732			7,259			7,548			3,017			1,159
Add: Amortized loan costs		647			2,032			1,534			1,165			1,031			505
Add: Preferred Stock dividend requirements(1)		2,105			9,660			2,335			—			—			—
Fixed charges, as defined	$	17,822		$	67,610		$	48,458		$	31,569		$	10,458		$	4,178
Ratio of earnings (loss) to fixed charges and preferred stock dividends		—	(1)		—	(1)		—	(1)		0.6x	(1)		9.9x			7.1x

(1) Due to our net losses for the three months ended March 31, 2016 and the years ended December 31, 2015, 2014 and 2013, the coverage ratio for each of these periods was less than 1:1. To achieve a coverage ratio of 1:1, we would have needed additional earnings of approximately $62.1 million for the three months ended March 31, 2016 and approximately $440.2 million, $83.3 million and $13.3 million for the years ended December 31, 2015, 2014 and 2013, respectively.