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

   
Year Ended December 31,
 
 
 
2011
   
2012
   
2013
   
2014
   
2015
 
Earnings (Deficit) Before Income Taxes
 
$
67,446,792
   
$
115,286,396
   
$
84,834,650
   
$
263,112,945
   
$
(1,177,778,745
)
Add:
                                       
Fixed Charges
   
1,006,306
     
19,819,598
     
38,688,300
     
46,517,384
     
59,869,939
 
Subtract:
                                       
Capitalized Interest
   
405,984
     
5,929,473
     
5,976,981
     
4,409,544
     
1,506,172
 
Total Earnings (Deficit) Before Fixed Charges
   
68,047,114
     
129,176,521
     
117,545,969
     
305,220,785
     
(1,119,414,978
)
Fixed Charges
                                       
Interest Expense
   
585,982
     
13,874,909
     
32,709,056
     
42,105,676
     
58,360,387
 
Capitalized Interest
   
405,984
     
5,929,473
     
5,976,981
     
4,409,544
     
1,506,172
 
Estimated Interest Component of Rent
   
14,340
     
15,216
     
2,263
     
2,164
     
3,380
 
Total Fixed Charges
   
1,006,306
     
19,819,598
     
38,688,300
     
46,517,384
     
59,869,939
 
Ratio of Earnings (Deficit) to Fixed Charges(1)
   
67.6
x
   
6.5
x
   
3.0
x
   
6.6
x
   
-
(2) 
_______________
 
(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.
(2) Earnings were insufficient to cover fixed charges by approximately $1,237.6 million for the year ended December 31, 2015 due primarily to a non-cash impairment charge.