Exhibit 12.1
CARRIZO OIL AND GAS
RATIO OF EARNINGS TO FIXED CHARGES AND EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

			RESTATED
			2006			2005			2004			2003			2002
(a) Income before taxes				28,481			18,134			18,123			13,103			7,599
(b) Interest				19,071			11,044			2,553			617			846
(c) Interest expense — related parties				—			—			1,082			2,379			2,255
(d) Fixed charges (total interest expense including amount capitalized)	(b) +	(c)		19,071			11,044			3,635			2,996			3,101
(e) Capitalized Interested included in (d)				9,975			5,845			2,938			2,919			3,100
(f) Fixed Charges excluding Cap Int	(d) -	(e)		9,096			5,199			697			77			1
(g) Earnings	(a) +	(f)		37,577			23,333			18,820			13,180			7,600
Ratio of Earnings to Fixed Charges	(g)/	(d)		1.97	x		2.11	x		5.18	x		4.40	x		2.45	x

			RESTATED
			2006			2005			2004			2003			2002
(a) Income before taxes				28,481			18,134			18,123			13,103			7,599
(b) Interest				19,071			11,044			2,553			617			846
(c) Interest expense — related parties				—			—			1,082			2,379			2,255
(d) Preferred stock dividends				—			—			350			741			588
(e) Fixed charges and preferred stock dividends (total interest expense including amount capitalized)	(b)+(c)+	(d)		19,071			11,044			3,985			3,737			3,689
(f) Capitalized Interested included in (e)				9,975			5,845			2,938			2,919			3,100
(g) Fixed Charges and preferred stock dividends, excluding Cap Int	(e) -	(f)		9,096			5,199			1,047			818			589
(h) Earnings	(a) +	(g)		37,577			23,333			19,170			13,921			8,188
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	(h)/	(e)		1.97	x		2.11	x		4.81	x		3.73	x		2.22	x