Exhibit 12.1

CARRIZO OIL & GAS, INC.

STATEMENT OF COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES

(In thousands, except ratios)

	Years Ended December 31,															Three Months Ended March 31,
	2016			2015			2014			2013			2012			2017
Earnings
Income (loss) from continuing operations before income taxes	($	675,474	)	($	1,298,760	)	$	350,210		$	34,761		$	82,133		$	40,021
Fixed charges		100,299			105,003			90,451			86,795			74,852			25,295
Interest capitalized		(17,026	)		(32,090	)		(34,545	)		(29,889	)		(24,848	)		(3,781	)
Total Earnings	($	592,201	)	($	1,225,847	)	$	406,116		$	91,667		$	132,137		$	61,535
Fixed Charges
Interest expense	$	96,429		$	101,285		$	87,716		$	84,578		$	73,006		$	24,352
Interest portion of rental expense		3,870			3,718			2,735			2,217			1,846			943
Total Fixed Charges	$	100,299		$	105,003		$	90,451		$	86,795		$	74,852		$	25,295
Ratio of Earnings to Fixed Charges		—	(1)		—	(2)		4.49			1.06			1.77			2.43

(1) Earnings for the year ended December 31, 2016 were insufficient to cover fixed charges by $692.5 million primarily due to non-cash impairments of proved oil and gas properties of $576.5 million.

(2) Earnings for the year ended December 31, 2015 were insufficient to cover fixed charges by $1.3 billion primarily due to non-cash impairments of proved oil and gas properties of $1.2 billion.

We 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.