EXHIBIT 12.1

ST. MARY LAND & EXPLORATION COMPANY

RATIO OF EARNINGS TO FIXED CHARGES

Years Ended December 31,
2005	2004	2003	2002	2001
23.2%	18.7%	17.3%	9.9%	69.4%

The ratio of earnings to fixed charges has been computed by dividing earnings available for fixed charges (earnings from continuing operations before income taxes) by fixed charges (interest expense plus capitalized interest).