EXHIBIT 12
DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Year ended December 31,
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2000 1999 1998 1997 1996
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EARNINGS:
Pretax income (loss) from continuing
operations........................ $74,933 $ 4,614 $(302,765) $23,798 $14,056
Fixed charges......................... 15,712 16,186 17,758 1,262 4,080
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EARNINGS (LOSSES)................. $90,645 $20,800 $(285,007) $25,060 $18,136
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FIXED CHARGES:
Interest expense...................... $15,255 $15,795 $ 17,534 $ 1,111 $ 1,993
Interest component of rent expense 457 391 224 151 116
Imputed preferred divided............. - - - - 1,281
Preferred dividend tax effect......... - - - - 690
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FIXED CHARGES..................... $15,212 $16,186 $ 17,758 $ 1,262 $ 4,080
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RATIO OF EARNINGS TO FIXED CHARGES 5.8X 1.3X (a) 19.9X 4.4X
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(a) Earnings were insufficient to cover fixed charges by $285 million. The
deficiency was primarily due to a $280 million writedown of the full
cost pool as a result of low oil prices during 1998.