EXHIBIT 12.1
ENCORE ACQUISITION COMPANY
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO FIXED CHARGES
(IN THOUSANDS, EXCEPT RATIOS)
<Table>
<Caption>
THREE MONTHS
ENDED YEAR ENDED DECEMBER 31,
MARCH 31, -------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Pretax earnings ................... $27,253 $60,581 $33,396 $12,684 $ 4,264
Adjustments:
Add fixed charges:
Interest expense .............. 4,171 12,306 6,041 10,490 4,037
Interest capitalized .......... -- -- -- -- --
Rental expense attributable to
interest .................... 96 314 236 118 60
------- ------- ------- ------- -------
Total fixed charges ............ 4,267 12,620 6,277 10,608 4,097
Deduct:
Interest capitalized .......... -- -- -- -- --
------- ------- ------- ------- -------
Total deductions ................ -- -- -- -- --
Adjusted earnings ................ $31,520 $73,201 $39,673 $23,292 $ 8,361
Ratio of earnings to fixed charges 7.4 5.8 6.3 2.2 2.0
</Table>
Encore Acquisition Company began operations on April 22, 1998. We did not
present a ratio of earnings to fixed charges for the period from inception to
December 31, 1998 because earnings were insufficient to cover fixed charges by
$1,010,000.