PDC Energy (PDCE) 10-Q 2009 Q2 Quarterly report

Exhibit 12.1

PETROLEUM DEVELOPMENT CORPORATION

Statement of Computation of Ratio of Earnings to Fixed Charges

	Six Months Ended June 30, 2009			Year Ended December 31,
				2008			2007			2006			2005			2004
				(dollars in thousands)
Earnings
Income (loss ) from continuing operations before income taxes	$	(63,527	)	$	168,221		$	42,631		$	379,800		$	51,918		$	35,001
Fixed charges (see below)		18,868			31,583			12,796			4,187			317			338
Amortization of capitalized interest		518			744			366			52			-			-
Interest capitalized		(713	)		(2,618	)		(3,023	)		(1,620	)		-			-
Total adjusted earnings (loss) available for fixed charges	$	(44,854	)	$	197,930		$	52,770		$	382,419		$	52,235		$	35,339
Fixed Charges
Interest and debt expense (a)	$	17,803		$	28,132		$	9,279		$	2,443		$	217		$	238
Interest capitalized		713			2,618			3,023			1,620			-			-
Interest component of rental expense (b)		352			833			494			124			100			100
Total fixed charges	$	18,868		$	31,583		$	12,796		$	4,187		$	317		$	338
Ratio of Earnings to Fixed Charges		-	(c)		6.3	x		4.1	x		91.3	x		164.8	x		104.6	x

________________________________

(a) Represents interest expense on long-term debt and amortization of debt discount and issuance costs.

(b) Represents the portion of rental expense which we believe represents an interest component.

(c) For the six months ended June 30, 2009, earnings were insufficient to cover total fixed charges by $63.5 million.