EX-12.1 6 exhibit12120180630.htm EXHIBIT 12.1 Exhibit

Exhibit 12.1

Calculation of Ratio of Earnings to Fixed Charges

Northern Oil and Gas, Inc.

 Year Ended December 31, Six Months Ended June 30, 2018 2013 2014 2015 2016 2017 Earnings (Deficit) Before Income Taxes \$ 84,834,650 \$ 263,112,945 \$ (1,177,778,745 ) \$ (294,895,887 ) \$ (10,763,788 ) \$ (93,581,601 ) Add: Fixed Charges 38,688,300 46,517,384 59,869,939 64,854,615 70,450,324 45,591,817 Subtract: Capitalized Interest 5,976,981 4,409,544 1,506,172 356,196 147,775 73,235 Total Earnings (Deficit) Before Fixed Charges 117,545,969 305,220,785 (1,119,414,978 ) (230,397,468 ) 59,538,761 (48,063,019 ) Fixed Charges Interest Expense 32,709,056 42,105,676 58,360,387 64,485,623 70,286,341 45,510,134 Capitalized Interest 5,976,981 4,409,544 1,506,172 356,196 147,775 73,235 Estimated Interest Component of Rent 2,263 2,164 3,380 12,796 16,208 8,448 Total Fixed Charges 38,688,300 46,517,384 59,869,939 64,854,615 70,450,324 45,591,817 Ratio of Earnings (Deficit) to Fixed Charges(1) 3.0x 6.6x (18.7)x(2) (3.6)x(2) 0.9x(2) (1.1)x(3)
_______________

 (1) The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.

 (2) Earnings were insufficient to cover fix charges by approximately \$10.9 million for the year ended December 31, 2017. Earnings were insufficient to cover fixed charges by approximately \$295.3 million and \$1,179.3 million for the years ended December 31, 2016 and 2015, respectively, due primarily to a non-cash impairment charge.

 (3) Earnings were insufficient to cover fix charges by approximately \$93.7 million for the six months ended June 30, 2018 due primarily to a non-cash loss on the extinguishment of debt.