Exhibit 12.1

PDC ENERGY, INC.

Statement of Computation of Ratio of Earnings to Fixed Charges

	Three Months Ended March 31,			Year Ended December 31,
	2015			2014			2013			2012			2011			2010
	(dollars in thousands)
Earnings:
Income (loss) from continuing operations before income taxes	$	27,785		$	177,228		$	(32,963	)	$	(30,688	)	$	35,268		$	34,753
Fixed charges (see below)		14,214			53,512			54,002			50,228			40,127			34,990
Amortization of capitalized interest		467			1,379			1,096			871			675			788
Interest capitalized		(1,657	)		(3,468	)		(1,709	)		(896	)		(1,454	)		(300	)
Total adjusted earnings (loss) available for fixed charges	$	40,809		$	228,651		$	20,426		$	19,515		$	74,616		$	70,231
Fixed Charges:
Interest and debt expense (a)	$	11,725		$	47,842		$	50,143		$	47,505		$	36,759		$	33,239
Interest capitalized		1,657			3,468			1,709			896			1,454			300
Interest component of rental expense (b)		832			2,202			2,150			1,827			1,914			1,451
Total fixed charges	$	14,214		$	53,512		$	54,002		$	50,228		$	40,127		$	34,990
Ratio of Earnings to Fixed Charges		2.9x			4.3x			0.4x	(c)		0.4x	(c)		1.9x			2.0x

(a) Represents interest expense on long-term debt and amortization of debt discount and issuance costs.

(b) Represents the portion of rental expense which we believe represents an interest component.

(c) For the years ended December 31, 2013 and 2012, earnings were insufficient to cover total fixed charges by $33.6 million and $30.7 million, respectively.