Exhibit 12.1

Ratio of Earnings to Fixed Charges

(Dollar Amounts in Thousands)

	For the years ended December 31,
	2016			2015			2014			2013			2012
Fixed Charges:
Interest Expense	$	30,019		$	33,766		$	29,281		$	21,886		$	9,808
Capitalized Interest		935			4,671			9,999			6,570			7,036
Total		30,954			38,437			39,280			28,456			16,844
Earnings:
Pre-Tax Income	$	(90,353	)	$	(292,164	)	$	28,249		$	14,402		$	(130,443	)
Fixed Charges		30,954			38,437			39,280			28,456			16,844
Less:
Capitalized Interest		(935	)		(4,671	)		(9,999	)		(6,570	)		(7,036	)
Total		(60,334	)		(258,398	)		57,530			36,288			(120,635	)
Ratio (1)		N/A			N/A			1.46			1.28			N/A

(1) For the years ended December 31, 2016, December 31, 2015 and December 31, 2012, the Company recognized non-cash ceiling test write-downs of its oil and gas properties totaling $40.3 million, $266.6 million and $137.1 million, respectively. As a result, during 2016, 2015 and 2012, earnings were insufficient to cover fixed charges by $91.3 million, $296.8 million and $137.5 million, respectively, and therefore no ratio is shown.