Petroquest Energy (PQ) 8-K Petroquest Energy Announces Pricing of $150 Million of 10% Senior Notes Due 2017

Exhibit 12.1

Ratio of Earnings to Fixed Charges
(Dollar Amounts in Thousands)

	For the six months ended June 30,						For the years ended December 31,
	2010			2009			2009			2008			2007
Fixed Charges:
Interest Expense	$	4,189		$	6,564		$	12,615		$	9,327		$	13,393
Capitalized Interest		4,723			4,237			8,679			10,525			6,539
Total		8,912			10,801			21,294			19,852			19,932
Earnings:
Pre-Tax Income	$	36,152		$	(83,292	)	$	(104,825	)	$	(152,541	)	$	64,283
Fixed Charges		8,912			10,801			21,294			19,852			19,932
Less:
Capitalized Interest		(4,723	)		(4,237	)		(8,679	)		(10,525	)		(6,539	)
Total		40,341			(76,728	)		(92,210	)		(143,214	)		77,676
Ratio (1)		4.53			—			—			—			3.90

(1) As a result of non-cash ceiling test writedowns, earnings were inadequate to cover fixed charges for the year ended December 31, 2008, the year ended December 31, 2009, and for the six months ended June 30, 2009, by approximately $163.1 million, $113.5 million, and $87.5 million, respectively and therefore no ratio is shown.