Exhibit 12.1

Copano Energy, L.L.C. and Subsidiaries

Computation of Ratio of Earnings to Fixed Charges

(In Thousands)

	Nine Months ended September  30,			Year ended December 31,
	2011			2010			2009			2008			2007			2006
Earnings:
Net income (loss)	$	(163,565	)	$	(8,681	)	$	23,158		$	58,213		$	63,175		$	65,114
Income taxes		1,161			931			794			1,249			1,714			—
Equity in earnings from unconsolidated affiliates		158,581			20,480			(4,600	)		(6,889	)		(2,850	)		(1,297	)
Pre-tax income from continuing operations		(3,823	)		12,730			19,352			52,573			62,039			63,817
Fixed charges		42,233			57,423			60,069			69,339			30,753			34,011
Amortization of capitalized interest		872			259			427			259			85			38
Distributions from unconsolidated affiliates		20,329			25,955			29,684			25,830			4,382			—
Capitalized interest		(7,402	)		(3,355	)		(3,362	)		(3,471	)		(932	)		(693	)
Earnings for ratio calculation		52,209		$	93,012		$	106,170		$	144,530		$	96,327		$	97,173
Fixed charges:
Interest and other financing costs		34,450		$	53,605		$	55,836		$	64,978		$	29,351		$	32,904
Capitalized interest		7,402			3,355			3,362			3,471			932			693
Interest portion of operating leases		381			463			871			890			470			414
Total fixed charges		42,233			57,423		$	60,069		$	69,339		$	30,753		$	34,011
Ratio of earnings to fixed charges		1.2x			1.6x			1.8x			2.1x			3.1x			2.9x

Exhibit 12.1