Ranger Oil (ROCC) 10-Q 2014 Q2 Quarterly report

Exhibit 12.1

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends

(in thousands, except ratios)

	Six Months Ended
	June 30,			Year Ended December 31,
	2014			2013			2012			2011			2010			2009
Earnings:
Income (loss) from continuing operations before income taxes	$	(124,011	)	$	(220,766	)	$	(173,291	)	$	(221,070	)	$	(108,178	)	$	(216,750	)
Fixed charges	55,742			97,903			66,616			62,002			60,003			52,539
Capitalized interest	(3,206		)	(5,266		)	(803		)	(1,983		)	(1,384		)	(2,318		)
Preferred stock dividend requirements	(5,231		)	(10,647		)	(2,793		)	—			—			—
	$	(76,706	)	$	(138,776	)	$	(110,271	)	$	(161,051	)	$	(49,559	)	$	(166,529	)
Fixed charges:
Interest expense	$	45,763		$	78,841		$	59,339		$	56,216		$	53,679		$	44,231
Capitalized interest	3,206			5,266			803			1,983			1,384			2,318
Rent factor	1,542			3,149			3,681			3,803			4,940			5,990
Preferred stock dividend requirements	5,231			10,647			2,793			—			—			—
	$	55,742		$	97,903		$	66,616		$	62,002		$	60,003		$	52,539
Ratio of earnings to fixed charges and preferred stock dividends 1	—			—			—			—			—			—

¹ During the six months ended June 30, 2014, earnings were deficient by $132,448. During the years ended December 31, 2013, 2012, 2011, 2010 and 2009, earnings were deficient by $236,679, $176,887, $223,053, $109,562 and $219,068, respectively, regarding the coverage of fixed charges and preferred stock dividends.