QRE Operating S-4 Registration of securities issued in business combination transactions

EXHIBIT 12.1

QR ENERGY, LP

RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

	QR Energy, LP							Predecessor
	Six Months Ended June  30, 2012		Year ended December  31, 2011		December 22- December  31, 2010			January 1- December  21, 2010			Year ended December 31,
											2009			2008			2007
Earnings:
Income (loss) before income taxes	$	92,589	$	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		12,997		20,617		542			19,890			7,078			11,419			16,526
Earnings		105,586		82,604		(11,591	)		48,129			(110,829	)		(253,955	)		(152,150	)
Fixed charges:
Interest expense		12,375		19,097		498			16,927			6,066			10,548			15,819
Amortization of debt expense		622		1,520		44			2,681			636			554			522
Interest component of rent expense		—		—		—			282			376			317			185
Fixed charges		12,997		20,617		542			19,890			7,078			11,419			16,526
Ratio of earnings to fixed charges(a)		8.12		4.01			(b)		2.42				(c)			(c)			(c)

(a) The ratio has been computed by dividing the 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. The Partnership would have needed to generate additional earnings of $12.1 million to achieve coverage of 1:1 for the period from December 22 to December 31, 2010.

(c) Due to the Predecessor’s loss for the period, the ratio coverage was less than 1:1. The Predecessor would have needed to generate additional earnings of $117.9 million, $265.4 million, and $168.7 million to achieve coverage of 1:1 for the years ended December 31, 2009, 2008 and 2007, respectively.