Abraxas Petroleum (AXAS) S-3 Shelf registration

Exhibit 12.1

ABRAXAS PETROLEUM CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(in thousands, except ratios)

	Year Ended December 31,												Three Months Ended March 31, 2016
	2011		2012			2013		2014		2015
Earnings available before fixed charges:
Income (loss) before income taxes (1)	$	13,666	$	(18,481	)	$	46,841	$	61,951	$	(127,090	)	$	(40,880	)
Interest expense, net	4,891		5,516			4,563		2,568		3,904			1,238
Deferred financing fees	1,762		937			1,367		934		643			164
Earnings available	$	20,319	$	(12,028	)	$	52,771	$	65,453	$	(122,543	)	$	(39,478	)
Fixed charges:
Interest expense, net	$	4,891	$	5,516		$	4,563	$	2,568	$	3,904		$	1,238
Deferred financing fees	1,762		937			1,367		934		643			164
Fixed charges	$	6,653	$	6,453		$	5,930	$	3,502	$	4,547		$	1,402
Ratio of earnings to fixed charges	3.05x		(2)			8.90x		18.69x		(2)			(2)

Our earnings were inadequate to cover fixed charges in 2012 and 2015 by $18.5 million and $127.1 million, respectively, and for the three months ended March 31, 2016 by $40.9 million.

___________

(1)    From continuing operations

(2)    Earnings inadequate to cover fixed charges.