Ranger Oil (ROCC) 10-Q2011 Q1 Quarterly report

Filed: 5 May 11, 12:00am

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Exhibit 12.1

Penn Virginia Corporation and Subsidiaries

Statement of Computation of Ratio of Earnings to Fixed Charges Calculation

(in thousands, except ratios)

																Three Months
																Ended
	2006			2007			2008			2009			2010			March 31, 2011
Earnings
Pre-tax income *	$	91,397		$	52,655		$	146,238		$	(219,068	)	$	(109,562	)	$	(26,875	)
Fixed charges		11,525			28,162			33,772			53,535			60,003			15,142
Total Earnings	$	102,922		$	80,817		$	180,010		$	(165,533	)	$	(49,559	)	$	(11,733	)

Fixed Charges
Interest expense	$	8,828		$	23,717		$	27,614		$	47,545		$	55,063		$	14,019
Rental Interest Factor		2,697			4,445			6,158			5,990			4,940			1,123
Total Fixed Charges	$	11,525		$	28,162		$	33,772		$	53,535		$	60,003		$	15,142

Ratio of Earnings to Fixed Charges		8.9	x		2.9	x		5.3	x		**			**			**

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

**	During 2009, 2010 and the three months ended March 31, 2011, earnings were deficient by $165,533, $49,559 and $11,733, respectively, regarding the coverage of fixed charges.