EXHIBIT 12.1
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COMPTON PETROLEUM CORPORATION
COMPUTATION OF RATIOS
SIX MONTHS JUNE 30,
CANADIAN GAAP: 1997 1998 1999 2000 2001 2001 2002
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NET EARNINGS BEFORE INCOME TAXES 6,365 11,068 29,069 76,656 79,214 65,267 24,731
Add:
Interest expense 270 1,023 6,939 12,772 12,863 6,284 6,560
Depletion and depreciation expense 3,896 6,671 20,160 41,767 50,450 23,789 26,427
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EBITDA 10,531 18,762 56,168 131,195 142,527 95,340 57,718
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RATIO OF EBITDA TO INTEREST EXPENSE
EBITDA 10,531 18,762 56,168 131,195 142,527 95,340 57,718
Interest expense 270 1,023 6,939 12,772 12,863 6,284 6,560
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EBITDA / Interest expense 39.0 18.3 8.1 10.3 11.1 15.2 8.8
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RATIO OF TOTAL DEBT TO EBITDA
Total debt at end of period 41,769 93,616 159,714 183,376 230,000 182,000 250,586
EBITDA 10,531 18,762 56,168 131,195 142,527 95,340 57,718
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Total debt / EBITDA 4.0 5.0 2.8 1.4 1.6 1.9 4.3
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RATIO OF EARNINGS TO FIXED CHARGES
Fixed charges
Interest expense 270 1,023 6,939 12,772 12,863 6,284 6,560
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Total Fixed charges 270 1,023 6,939 12,772 12,863 6,284 6,560
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Earnings
Earning before income taxes 6,365 11,068 29,069 76,656 79,214 65,267 24,731
Add: Total Fixed charges 270 1,023 6,939 12,772 12,863 6,284 6,560
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6,635 12,091 36,008 89,428 92,077 71,551 31,291
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EARNINGS /FIXED CHARGES 24.6 11.8 5.2 7.0 7.2 11.4 4.8
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SIX MONTHS JUNE 30,
US GAAP RECONCILIATION: 1997 1998 1999 2000 2001 2001 2002
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Net earnings before income taxes - Cdn 6,365 11,068 29,069 76,656 79,214 65,267 24,731
US GAAP adjustments
Depletion 91 640 7,208 0 0 0 0
Compensation costs 12 74 1,466 4,484 0 0 0
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Adjusted net earnings before income taxes - US 6,262 10,354 20,395 72,172 79,214 65,267 24,731
Income taxes (recovery) 2,594 8,321 13,050 39,291 32,293 17,772 10,233
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NET EARNINGS 3,668 2,033 7,345 32,881 46,921 47,495 14,498
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Add:
Interest expense 270 1,023 6,939 12,772 12,863 6,284 6,560
Depletion and depreciation expense 3,987 7,311 27,368 41,767 50,450 23,789 26,427
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EBITDA 10,519 18,688 54,702 126,711 142,527 95,340 57,718
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EBITDA / INTEREST EXPENSE 39.0 18.3 7.9 9.9 11.1 15.2 8.8
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Total Fixed charges 270 1,023 6,939 12,772 12,863 6,284 6,560
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EARNINGS / FIXED CHARGES 24.2 11.1 3.9 6.7 7.2 11.4 4.8
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