Exhibit 12.1

Carrizo Oil & Gas, Inc.
Ratio of Earnings to Fixed Charges

			2005 (6 mo)		2004		2003		2002		2001		2000
(a) Income before taxes				10,020		17,725		13,103		7,599		14,867		12,989
(b) Interest				3,370		2,553		617		846		1,040		1,459
(c) Interest expense — related parties				—		1,082		2,379		2,255		2,137		2,118
(d) Fixed charges (total interest expense including amount capitalized)	(b)+	(c)		3,370		3,635		2,996		3,101		3,177		3,577
(e) Capitalized Interest included in (d)				2,225		2,938		2,919		3,100		3,171		3,564
(f) Fixed Charges excluding Capitalized Interest	(d)-	(e)		1,146		697		77		1		6		13
(g) Earnings	(a)+	(f)		11,166		18,422		13,180		7,600		14,873		13,002
Ratio of Earnings to Fixed Charges	(g)/	(d)		3.31		5.07		4.40		2.45		4.68		3.63