EX-12 3 exhibit12.txt Exhibit 12.1
Abraxas Petroleum Corporation Calculation of ratio of earnings to fixed charges Year Ended December 31, ------------------------------------------------------------------------------------------------ 2001 2002 2003 2004 2005 ---------------- ---------------- ---------------- -------------- ------------ Net Earnings (loss) from continuing operations $ (14,848) $ (55,172) $ (13,226) $ 9,037 $ 6,271 Income tax 505 - - (6,060) - Interest expense 25,086 24,689 16,323 17,867 13,989 Amortization of deferred financing fees 1,907 1,168 1,630 1,848 1,589 ---------------- ---------------- ---------------- -------------- ------------ Adjusted earnings $ 12,650 $ (29,315) $ 4,727 $ 22,692 $ 21,849 Fixed Charges Interest expense $ 25,086 $ 24,689 $ 16,323 $ 17,867 $ 13,989 Amortization of deferred financing fees 1,907 1,168 1,630 1,848 1,589 ---------------- ---------------- ---------------- -------------- ------------ Total fixed charges $ 26,993 $ 25,857 $ 17,953 $ 19,715 $ 15,578 Ratio of earnings to fixed charges * * * 1.15x 1.40x ---------------- ---------------- ---------------- -------------- ------------ Earnings inadequate to cover fixed charges $ (14,343) $ (55,172) $ (13,226) $ - $ - ---------------- ---------------- ---------------- -------------- ------------