EX-12 3 exhibit12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exhibit12.htm
 
 
 

Exhibit 12.1
 
ABRAXAS PETROLEUM CORPORATION
 
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
 
(in thousands, except ratios)
 
 
 
 
Year Ended December 31,
  
 
Nine Months Ended September 30,
 
2004
2005
2006
2007
2008
  
2009
Earnings available for fixed charges:
              
  Income (loss) before income taxes (1)
$     2,977
$     6,271
$        700
$   56,985
$  (52,403)
  
$           (9,952)
  Interest expense, net
17,857
13,970
16,738
7,984
10,309
  
8,870
  Deferred financing fees
1,848
1,589
1,591
671
1,028
  
799
     Earnings available
$   22,682
$   21,830
$   19,029
$   65,640
$  (41,066)
  
$              (283)
               
Fixed charges:
              
  Interest expense, net
$   17,857
$   13,970
$   16,738
$     7,984
$   10,309
  
$            8,870
  Deferred financing fees
1,848
1,589
1,591
671
1,028
  
799
     Fixed charges
$   19,705
$   15,559
$   18,329
$     8,655
$   11,337
  
$            9,669
               
Ratio of earnings to fixed charges
1.15x
1.40x
1.04x
7.58x
N/M
  
N/M
________________________
 
(1)
From continuing operations