Exhibit 12
 
Calculation of Ratio of Earnings to Fixed Charges
 
Northern Oil and Gas, Inc.

 
   
Year Ended December 31,
 
   
2008
   
2009
   
2010
   
2011
   
2012
 
                               
Earnings Before Income Taxes
  $ 1,594,340     $ 4,264,952     $ 11,336,300     $ 67,446,792     $ 115,286,396  
Add:
                                       
Fixed Charges
    32,106       1,169,435       655,116       1,006,306       19,819,598  
Subtract:
                                       
Capitalized Interest
    -       624,717       59,711       405,984       5,929,473  
                                         
Total Earnings Before Fixed Charges
    1,626,446       4,809,670       11,931,705       68,047,114       141,035,466  
                                         
Fixed Charges
                                       
Interest Expense
    28,976       535,094       583,376       585,982       13,874,909  
Capitalized Interest
    -       624,717       59,711       405,984       5,929,473  
Estimated Interest Component of Rent
    3,130       9,624       12,029       14,340       15,216  
                                         
Total Fixed Charges
    32,106       1,169,435       655,116       1,006,306       19,819,598  
                                         
Ratio of Earnings to Fixed Charges(1)
    50.7 x     4.1 x     18.2 x     67.6 x     7.1 x

(1)  
The Company had no preferred stock outstanding for any period presented, and accordingly, the ratio of earnings to combined fixed charges and preferred stock dividends is the same as the ratio of earnings to fixed charges.