Exhibit 12.1

CARRIZO OIL AND GAS, INC.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (thousands of dollars)

			6 months ended June 30, 2009		RESTATED 2008		2007	2006	2005	RESTATED 2004
(a) Income (loss) before taxes			(202,336	)	(65,772	)	24,712	28,481	18,134	18,123
(b) Interest			18,714		30,257		26,403	19,071	11,044	2,553
(c) Interest expense - related parties			—		—		—	—	—	1,082
(d) Fixed charges (total interest expense including amount capitalized)	(b	) + (c)	18,714		30,257		26,403	19,071	11,044	3,635
(e) Capitalized interest included in (d)			10,069		20,527		11,718	9,975	5,845	2,938
(f) Fixed charges excluding cap interest	(d	) - (e)	8,645		9,730		14,685	9,096	5,199	697
(g) Earnings (loss)	(a	) + (f)	(193,691	)	(56,042	)	39,397	37,577	23,333	18,820
Ratio of Earnings to Fixed Charges	(g	)/(d)	—	(1)	—	(1)	1.49	1.97	2.11	5.18
			6 months ended June 30, 2009		RESTATED 2008		2007	2006	2005	RESTATED 2004
(a) Income (loss) before taxes			(202,336	)	(65,772	)	24,712	28,481	18,134	18,123
(b) Interest			18,714		30,257		26,403	19,071	11,044	2,553
(c) Interest expense - related parties			—		—		—	—	—	1,082
(d) Preferred stock dividends			—		—		—	—	—	350
(e) Fixed charges and preferred stock dividends (total interest expense including amount capitalized)	(b	)+(c)+(d)	18,714		30,257		26,403	19,071	11,044	3,985
(f) Capitalized interest included in (e)			10,069		20,527		11,718	9,975	5,845	2,938
(g) Fixed charges and preferred stock dividends, excluding cap interest	(e	) - (f)	8,645		9,730		14,685	9,096	5,199	1,047
(h) Earnings	(a	) + (g)	(193,691	)	(56,042	)	39,397	37,577	23,333	19,170
Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends	(h	)/(e)	—	(1)	—	(1)	1.49	1.97	2.11	4.81

(1) Earnings for the six months ended June 30, 2009 and for the year ended December 31, 2008 were insufficient to cover fixed charges by $193.7 million and $56.0 million, respectively, due to non-cash impairment charges of $216.4 million and $178.5 million, respectively.