EXHIBIT 12.1
Magnum Hunter Resources, Inc.
Statement Setting Forth Computation
of Ratios of Earnings to Combined
Fixed Charges
Three Months
Years Ended December 31, Ended March 31,
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1997 1998 1999 2000 2001 2001 2002
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Earnings
Pretax income from continuing
operations............................ (3,405) (60,713) (6,740) 29,815 22,428 22,581 1,557
Less: Equity earnings in investees...... (6) 116 103 (1,307) (1,085) (618) (301)
Fixed charges........................... 15,027 19,478 28,255 35,509 20,043 4,910 7,583
Amortization of capitalized interest....
Less: Capitalized interest.............. -- -- -- -- -- -- --
Less: Included preferred stock dividend
requirements.......................... (1,173) (1,173) (6,042) (12,996) -- -- --
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Total Earnings............................. 10,443 (42,292) 15,576 51,021 41,386 26,873 8,839
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Fixed Charges and Preferred Stock
Dividends
Interest expense........................ 13,788 18,207 22,103 22,298 19,868 4,866 7,505
Interest capitalized.................... -- -- -- -- -- -- --
Interest factor of rent expense......... 66 98 110 215 175 44 78
Preferred stock dividend
requirement........................... 1,173 1,173 6,042 12,996 -- -- --
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15,027 19,478 28,255 35,509 20,043 4,910 7,583
Ratio of Earnings to Fixed Charges......... 0.69x (2.17)x 0.55x 1.44x 2.06x 5.47x 1.17x
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