Stone Energy (SGY) 8-K Prices Public Offering of $100 Million of Senior Notes

Exhibit 12.1

Stone Energy Corporation
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)

	Nine Months Ended			Year Ended December 31,
	September 30, 2010			2009			2008			2007			2006			2005
Earnings:
Net income (loss) before income taxes	$	119,868			($324,691	)		($1,501,231	)	$	270,420			($392,528	)	$	213,210
Plus fixed charges		30,861			46,961			39,643			48,268			54,131			38,051
Less capitalized interest		(21,588	)		(25,600	)		(26,400	)		(16,200	)		(18,200	)		(14,900	)
Total earnings		129,141			(303,330	)		(1,487,988	)		302,488			(356,597	)		236,361
Fixed charges:
Interest expensed (a)		9,273			21,361			13,243			32,068			35,931			23,151
Interest capitalized		21,588			25,600			26,400			16,200			18,200			14,900
Total fixed charges		30,861			46,961			39,643			48,268			54,131			38,051
Ratio of earnings to fixed charges		4.2x			(b	)		(c	)		6.3x			(d	)		6.2x

(a)	Includes amortization of bond discount.
(b)	Due to the March 31, 2009 $340,083 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2009 were insufficient to cover fixed charges in the amount of $350,291.
(c)	Due to the December 31, 2008 $1,309,403 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2008 were insufficient to cover fixed charges in the amount of $1,527,631.
(d)	Due to the December 31, 2006 $510,013 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2006 were insufficient to cover fixed charges in the amount of $410,728.