QRE Operating S-3 Shelf registration

Exhibit 12.1

QR ENERGY, LP

RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

	QR Energy, LP								Predecessor
	Three Months Ended March  31,			Year ended December 31,		December 22 - December  31,			January 1 - December 21,			Year ended December 31,
	2012			2011		2010			2010			2009			2008			2007
Earnings:
Income (loss) before income taxes	$	(7,266	)	$	61,987	$	(12,133	)	$	32,021		$	(115,232	)	$	(268,384	)	$	(168,669	)
Equity losses (earnings) included in income (loss) before income taxes		—			—		—			(3,782	)		(2,675	)		3,010			(7	)
Add:
Fixed charges		6,309			20,617		542			19,890			7,078			11,419			16,526
Earnings		(957	)		82,604		(11,591	)		48,129			(110,829	)		(253,955	)		(152,150	)
Fixed charges:
Interest expense		6,042			19,097		498			16,927			6,066			10,548			15,819
Amortization of debt expense		267			1,520		44			2,681			636			554			522
Interest component of rent expense		—			—		—			282			376			317			185
Fixed charges		6,309			20,617		542			19,890			7,078			11,419			16,526
Ratio of earnings to fixed charges (a)		(b	)		4.01		(b	)		2.42			(c	)		(c	)		(c	)

(a) These ratios were computed by dividing earnings by fixed charges. For purposes of computing the ratio, earnings consist of income from continuing operations before income taxes plus fixed charges, and fixed charges consist of interest expense, amortized expenses related to indebtedness, and estimated interest related to rental expense.

(b) Due to the Partnership’s loss for the period, the ratio coverage was less than 1:1 for the period indicated. The Partnership would have needed to generate additional earnings of $7.3 million and $12.1 million to achieve coverage of 1:1 for the three months ended March 31, 2012 and for the period from December 22, 2010 to December 31, 2010, respectively

(c) Due to the Predecessor’s loss for the period, the ratio coverage was less than 1:1 for the period indicated. The Predecessor would have needed to generate additional earnings of $115.2 million, $268.4 million, and $168.7 million to achieve coverage of 1:1 for the years ended December 31, 2009, 2008 and 2007, respectively.