EXHIBIT 12.1

Ratio of Earnings to Fixed Charges

(Dollar Amounts in Thousands)

	For the years ended December 31,
	2008			2007			2006			2005			2004
Fixed Charges:
Interest Expense (1)	$	9,327		$	13,393		$	14,513		$	9,796		$	2,817
Capitalized Interest		10,525			6,539			4,650			2,912			883
Total		19,852			19,932			19,163			12,708			3,700
Earnings:
Pre-Tax Income	$	(152,541	)	$	64,283		$	38,590		$	33,894		$	24,859
Fixed Charges		19,852			19,932			19,163			12,708			3,700
Less:
Capitalized Interest		(10,525	)		(6,539	)		(4,650	)		(2,912	)		(883	)
Total		(143,214	)		77,676			53,103			43,690			27,676
Ratio (2)		—			3.90			2.77			3.44			7.48
Fixed Charges	$	19,852		$	19,932		$	19,163		$	12,708		$	3,700
Preferred Dividends		5,140			2,174			—			—			—
Total		24,992			22,106			19,163			12,708			3,700
Earnings	$	(143,214	)	$	77,676		$	53,103		$	43,690		$	27,676
Ratio (3)		—			3.51			2.77			3.44			7.48

(1)	2005 interest expense excludes $2.6 million of deferred financing costs that were written off in connection with terminated credit facilities.
(2)	For the year ended December 31, 2008, the Company recognized a non-cash ceiling test write-down of its oil and gas properties totaling $266.2 million. As a result, during 2008, earnings were insufficient to cover fixed charges by $163.1 million and therefore no ratio is shown.
(3)	For the year ended December 31, 2008, the Company recognized a non-cash ceiling test write-down of its oil and gas properties totaling $266.2 million. As a result, during 2008, earnings were insufficient to cover fixed charges plus preferred dividends by $168.2 million and therefore no ratio is shown.