EXHIBIT 12.1

Statement Computation Ratio Earnings to Fixed Charges

PANHANDLE OIL AND GAS INC.

RATIO OF EARNINGS TO FIXED CHARGES

	Fiscal Year Ended September 30,																Nine Months Ended June 30,
	2012			2013			2014			2015			2016				2017
Earnings
Income (loss) before income taxes		10,644,996			20,690,049			36,821,462			14,157,341				(17,997,884	)		2,755,799
Fixed charges		257,142			278,976			670,117			1,820,605				1,491,513			1,088,570
Amortization of capitalized interest		49,466			56,661			68,245			76,270				71,136			56,467
Interest capitalized		(129,172	)		(121,418	)		(172,499	)		(148,493	)			(24,929	)		(112,670	)
Total Earnings		10,822,432			20,904,268			37,387,325			15,905,723				(16,460,164	)		3,788,166
Fixed Charges
Interest expensed		127,970			157,558			462,296			1,550,483				1,344,619			884,928
Interest capitalized		129,172			121,418			172,499			148,493				24,929			112,670
Amortization of capitalized expenses related to debt		-			-			35,322			121,629				121,965			90,972
Total Fixed charges		257,142			278,976			670,117			1,820,605				1,491,513			1,088,570
Ratio of Earnings to Fixed Charges		42.09			74.93			55.79			8.74			-       (1)				3.48

(1) For the fiscal year ended September 30, 2016, our earnings were insufficient to cover our fixed charges by $14,968,651.  As of the date of this prospectus, we have no shares of preferred stock outstanding and, consequently, our ratio of earnings to fixed charges and our ratio of combined fixed charges and preference dividends to earnings would be identical.