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EXHIBIT 12
DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
NINE MONTHS ENDED
YEARS ENDED DECEMBER 31, SEPTEMBER 30,
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PRO FORMA PRO FORMA
1992 1993 1994 1995 1996 1996 1996 1997 1997
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Earnings:
Pretax income from continuing
operations........................... $(335) $1,114 $1,881 $1,081 $14,056 $13,560 $ 7,272 $16,878 $13,829
Fixed charges............................ 18 99 1,180 2,161 4,080 14,314 3,385 498 8,005
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Earnings............................. (317) 1,213 3,061 3,242 18,136 27,874 10,657 17,376 21,834
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Fixed Charges:
Interest expense....................... 8 83 1,146 2,085 1,993 12,227 1,530 387 7,894
Interest component of rent expense..... 10 16 34 76 116 116 81 111 111
Imputed preferred divided.............. -- -- -- -- 1,281 1,281 1,153 -- --
Preferred dividend tax effect.......... -- -- -- -- 690 690 621 -- --
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Fixed charges........................ $ 18 $ 99 $1,180 $2,161 $ 4,080 $14,314 $ 3,385 $ 498 $ 8,005
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Ratio of earnings to fixed............... (a) 12.3 2.6 1.5 4.4 1.9 3.1 34.9 2.7
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(a) Earnings were inadequate to cover fixed charges as there was a $317,000
deficiency.