EXHIBIT 12.1
CODA ENERGY, INC.
STATEMENT OF COMPUTATION OF RATIOS
(IN THOUSANDS, EXCEPT RATIOS)
Historical Pro Forma
Historical ---------------------------- -------------------------
---------------------------------------- 47 Days 44 Days Year Three Months
Years Ended December 31, Ended Ended Ended Ended
---------------------------------------- February 16, March 31, December 31, March 31,
1991 1992 1993 1994 1995 1996 1996 1995 1996
------ ------- ------ ------- ------- ------------- ------------- ------------ ------------
RATIO OF EARNINGS
TO FIXED CHARGES
Earnings:
Net Income (loss)
before income taxes $ 917 $(1,141) $3,652 $ 5,910 $ 8,957 $(1,809) $(83,051) $(7,069) $ (283)
Interest Expense 2,420 2,752 4,834 5,281 8,676 1,102 2,087 18,563 4,300
------ ------- ------ ------ ------- ------- -------- ------- ------
$3,337 $1,611 $8,486 $11,191 $17,633 $ (707) $(80,964) $11,494 $4,017
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Fixed charges:
Interest Expense $2,420 $2,752 $4,834 $ 5,281 $ 8,676 $ 1,102 $ 2,087 $18,563 $4,300
Rental Expense
Interest factor --- --- --- --- --- --- --- --- ---
------ ------ ------ ------- ------- ------- -------- ------- ------
$2,420 $2,752 $4,834 $ 5,281 $ 8,676 $ 1,102 $ 2,087 $18,563 $4,300
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Ratio of Earnings
to fixed charges 1.4x (/1/) 1.8x 2.1x 2.0x (/1/) (/1/) (/1/) (/1/)
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(/1/) For the historical periods ended December 31, 1992, February 16, 1996
and March 31, 1996, earnings were inadequate to cover fixed charges by
$1.1 million, $1.8 million and $83.1 milion, respectively. Pro forma
earnings for the year ended December 31, 1995 and the three months ended
March 31, 1996 were inadequate to cover fixed charges by $7.1 million and
$283, respectively.