EXHIBIT 12.1 GOTHIC PRODUCTION CORPORATION SELECTED HISTORICAL AND PRO FORMA FINANCIAL DATA COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED DIVIDENDS (in thousands) YEARS ENDED DECEMBER 31, ------------------------------------------------------- HISTORICAL PRO FORMA --------------------- ------------------------ 1996 1997 1997 ------- ------- ------------------------ Gothic Company -------- -------- Loss before income taxes and extraordinary item $(4,508) $(3,677) $(11,529) $ (2,934) Add: Interest on indebtedness 1,460 6,996 25,850 25,850 Non cash interest on indebtedness --- --- 8,400 --- Amortization of debt discount and financing costs 69 1,804 1,631 1,436 -------- -------- --------- --------- Income as adjusted (2,979) 5,123 24,352 24,352 Fixed Charges: Interest on indebtedness 1,460 6,996 25,850 25,850 Non cash interest on indebtedness --- --- 8,400 --- Amortization of debt discount and financing costs 69 1,804 1,631 1,436 Preferred dividends 1,173 264 7,886 --- -------- -------- --------- --------- $ 2,702 $9,064 $ 43,767 $ 27,286 Ratio of earnings to fixed charges --- 0.6 0.6 0.9 ======== ======== ========= ========= Insufficiency of earnings to cover fixed charges $(5,681) $(3,941) $(19,415) $(2,934) ======== ======== ========= =========