Exhibit 12.1
BELDEN & BLAKE CORPORATION
RATIOS OF EARNINGS TO FIXED CHARGES
(CONTINUING OPERATIONS ONLY)
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<Caption>
SIX MONTHS ENDED
YEAR ENDED DECEMBER 31, JUNE 30, 2004
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1999 2000 2001 2002 2003 HISTORICAL PRO FORMA
-------- ------- ------- ------- ------- ---------- ---------
(UNAUDITED,
(IN THOUSANDS) IN THOUSANDS)
Income from continuing operations
before income taxes............. $(27,576) $ 7,316 $ 7,012 $14,185 $ 9,170 $ 7,559 $ 4,333
Fixed charges:
Interest expense................ 31,991 27,288 25,055 22,506 23,580 12,184 11,271
Interest portion of rent
expense...................... 909 747 762 802 975 563 563
Amortization of debt issuance
costs........................ 3,772 3,028 2,098 1,528 1,242 627 784
-------- ------- ------- ------- ------- ------- -------
Total fixed charges.......... 36,672 31,063 27,915 24,836 25,797 13,374 12,618
-------- ------- ------- ------- ------- ------- -------
Earnings before income taxes and
fixed charges................... $ 9,096 $38,379 $34,927 $39,021 $34,967 $20,933 $16,951
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Ratio of earnings to fixed
charges......................... 0.2x 1.2x 1.3x 1.6x 1.4x 1.6x 1.3x
======== ======= ======= ======= ======= ======= =======
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