Carrizo S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

CARRIZO OIL & GAS, INC.

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES AND

EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

	Years Ended December 31															Nine Months Ended September 30
	2010			2009			2008			2007			2006			2011			2010
	(In thousands, except ratios)
Earnings
Income (loss) before income taxes and equity in income of investee	$	15,679		$	(318,152	)	$	(65,772	)	$	24,712		$	28,446		$	48,371		$	53,171
Interest expense		43,264			38,286			30,257			26,403			19,071			38,001			30,058
Less interest capitalized		(20,746	)		(19,696	)		(20,527	)		(11,718	)		(9,975	)		(16,937	)		(15,062	)
Interest portion of rental expense		1,292			1,237			1,568			1,096			619			1,099			924
Total Earnings	$	39,489		$	(298,325	)	$	(54,474	)	$	40,493		$	38,161		$	70,534		$	69,091
Fixed Charges
Interest expense	$	43,264		$	38,286		$	30,257		$	26,403		$	19,071			38,001			30,058
Interest portion of rental expense		1,292			1,237			1,568			1,096			619			1,099			924
Total Fixed Charges	$	44,556		$	39,523		$	31,825		$	27,499		$	19,690		$	39,100		$	30,982
Ratio of Earnings to Fixed Charges		0.89	(1)		—	(2)		—	(3)		1.47			1.94			1.80			2.23

	Years Ended December 31															Nine Months Ended September 30
	2010			2009			2008			2007			2006			2010			2009
	(In thousands, except ratios)
Earnings
Income (loss) before income taxes and equity in income of investee	$	15,679		$	(318,152	)	$	(65,772	)	$	24,712		$	28,446		$	48,371		$	53,171
Interest expense		43,264			38,286			30,257			26,403			19,071			38,001			30,058
Less interest capitalized		(20,746	)		(19,696	)		(20,527	)		(11,718	)		(9,975	)		(16,937	)		(15,062	)
Interest portion of rental expense		1,292			1,237			1,568			1,096			619			1,099			924
Total Earnings	$	39,489		$	(298,325	)	$	(54,474	)	$	40,493		$	38,161		$	70,534		$	69,091
Combined Fixed Charges and Preferred Stock Dividends
Interest expense	$	43,264		$	38,286		$	30,257		$	26,403		$	19,071			38,001			30,058
Interest portion of rental expense		1,292			1,237			1,568			1,096			619			1,099			924
Preferred stock dividend requirements of Carrizo Oil & Gas, Inc.		—			—			—			—			—			—			—
Total Combined Fixed Charges and Preferred Stock Dividends	$	44,556		$	39,523		$	31,825		$	27,499		$	19,690		$	39,100		$	30,982
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends		0.89	(1)		—	(2)		—	(3)		1.47			1.94			1.80			2.23

(1) Earnings for the year ended December 31, 2010, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $5.1 million primarily due to non-cash impairments of oil and gas properties of $2.7 million.

(2) Earnings for the year ended December 31, 2009, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $337.8 million due to non-cash impairments of oil and gas properties of $338.9 million.

(3) Earnings for the year ended December 31, 2008, were insufficient to cover fixed charges and combined fixed charges and preferred stock dividends by $86.3 million due to a non-cash impairment of oil and gas properties of $178.5 million.