| Exhibit 12.1 | |||||||||||||||||||||||||
| Ratio of Earnings to Fixed Charges | |||||||||||||||||||||||||
| (Dollar Amounts in Thousands) | |||||||||||||||||||||||||
| For the six | |||||||||||||||||||||||||
| months ended | For the years ended December 31, | ||||||||||||||||||||||||
| June 30, 2011 | 2010 | 2009 | 2008 (a) | 2007 | 2006 | ||||||||||||||||||||
Fixed Charges(b): | |||||||||||||||||||||||||
| Interest expense | $ | 6,190 | $ | 13,312 | $ | 26,161 | $ | 26,705 | $ | 34,329 | $ | 16,480 | |||||||||||||
| Capitalized interest | 357 | 2,000 | 3,213 | 6,496 | 7,152 | 6,477 | |||||||||||||||||||
| Total: | 6,547 | 15,312 | 29,374 | 33,201 | 41,481 | 22,957 | |||||||||||||||||||
| Earnings: | |||||||||||||||||||||||||
| Pre-tax income (loss) | $ | 19,683 | $ | 7,785 | $ | 53,759 | $ | (478,880 | ) | $ | 23,193 | $ | 59,792 | ||||||||||||
Fixed charges(b) | 6,547 | 15,312 | 29,374 | 33,201 | 41,481 | 22,957 | |||||||||||||||||||
| Less: | |||||||||||||||||||||||||
| Capitalized interest | (357 | ) | (2,000 | ) | (3,213 | ) | (6,496 | ) | (7,152 | ) | (6,477 | ) | |||||||||||||
| Total | $ | 25,873 | $ | 21,097 | $ | 79,920 | $ | (452,175 | ) | $ | 57,522 | $ | 76,272 | ||||||||||||
| Ratio of earnings to fixed charges | 3.95 | 1.38 | 2.72 | - | 1.39 | 3.32 | |||||||||||||||||||
| (a) | For the year ended December 31, 2008, the Company recognized a non-cash ceiling test write-down of its oil and gas properties totaling $485.5 million. As a result, earnings in 2008 were insufficient to cover fixed charges by $485.4 million, and therefore no ratio is shown. | ||||||||||||||||||||||||
| (b) | Fixed charges include interest expense on indebtedness and capitalized interest in addition to the amortization of debt issuance costs, discounts and premiums. | ||||||||||||||||||||||||
