Ranger Oil (ROCC) 10-Q 2010 Q3 Quarterly report

Exhibit 12.1

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges Calculation

(in thousands, except ratios)

																Nine Months
																Ended
	2005			2006			2007			2008			2009			September 30, 2010
Earnings
Pre-tax income *	$	78,488		$	92,170		$	52,881		$	148,131		$	(218,074	)	$	(68,669	)
Fixed charges		6,404			11,525			28,162			32,823			53,535			45,084
Total Earnings	$	84,892		$	103,695		$	81,043		$	180,954		$	(164,539	)	$	(23,585	)
Fixed Charges
Interest expense	$	4,761		$	8,828		$	23,717		$	26,665		$	47,545		$	41,345
Rental Interest Factor		1,643			2,697			4,445			6,158			5,990			3,739
Total Fixed Charges	$	6,404		$	11,525		$	28,162		$	32,823		$	53,535		$	45,084
Ratio of Earnings to Fixed Charges		13.3	x		9.0	x		2.9	x		5.5	x		**			**

* Includes cash distributions from equity affiliates and excludes equity earnings from affiliates. Also excludes capitalized interest.

** During 2009 and the nine months ended September 30, 2010, earnings were deficient by $164,539 and $25,971, respectively, regarding the coverage of fixed charges