EXHIBIT 12

DENBURY RESOURCES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

	Year Ended December 31,														Nine months ended Sept. 30
	2003			2004		2005			2006			2007			2008
(amounts in thousands)
Earnings:
Pretax income from continuing operations	$	80,153		$	121,840	$	248,041		$	329,574		$	393,414		$	553,281
Plus: Equity in (earnings) loss of affiliates		(256	)		136		(314	)		(776	)		1,110			(3,796	)
Plus: Distributions of equity investee		57			508		528			925			1,427			4,853
Plus: Amortization of capitalized interest		—			—		—			53			169			89
Plus: Fixed charges (below)		23,893			20,412		21,059			37,533			55,917			47,859
Less: Interest capitalized							(1,649	)		(11,333	)		(20,385	)		(19,524	)
Earnings	$	103,847		$	142,896	$	267,665		$	355,976		$	431,652		$	582,762
Fixed Charges:
Interest expense	$	23,201		$	19,468	$	17,978		$	23,575		$	30,830		$	23,988
Capitalized interest		—			—		1,649			11,333			20,385			19,524
Interest component of rent expense		692			944		1,432			2,625			4,702			4,347
Imputed preferred dividend		—			—		—			—			—			—
Preferred dividend tax effect		—			—		—			—			—			—
Fixed charges	$	23,893		$	20,412	$	21,059		$	37,533		$	55,917		$	47,859
Ratio of earnings to fixed charges		4.3			7.0		12.7			9.5			7.7			12.2