EXHIBIT 12
DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30,
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1996 1997 1998 1999 2000 2000 2001
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EARNINGS:
Pretax income from continuing
operations 14,056 23,798 (302,765) 4,614 74,933 25,158 73,143
Fixed charges 4,080 1,262 17,763 16,186 15,712 7,427 9,507
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EARNINGS 18,136 25,060 (285,002) 20,800 90,645 32,585 82,650
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FIXED CHARGES:
Interest expense 1,993 1,111 17,534 15,795 15,255 7,218 9,245
Interest component of rent
expense 116 151 229 391 457 209 262
Imputed preferred dividend 1,281
Preferred dividend tax effect 690
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FIXED CHARGES 4,080 1,262 17,763 16,186 15,712 7,427 9,507
------ ------ -------- ------ ------ ------- -------
RATIO OF EARNINGS TO FIXED
CHARGES 4.4 19.9 __(a) 1.3 5.8 4.4 8.7
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</Table>
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(a) Earnings were inadequate to cover fixed charges in 1998 by $285.0 million.
The deficiency was primarily due to a $280 million writedown of our full
cost pool as a result of the low oil prices during 1998.