Exhibit 12.1
 
Calculation of Ratio of Earnings to Fixed Charges
 
Northern Oil and Gas, Inc.
 

   
Year Ended December 31,
   
Three Months Ended
 
   
2010
   
2011
   
2012
   
2013
   
2014
   
September 30, 2015
 
Earnings (Deficit) Before Income Taxes
  $ 11,336,300     $ 67,446,792     $ 115,286,396     $ 84,834,650     $ 263,112,945     $ (323,242,032 )
Add:
                                               
Fixed Charges
    655,116       1,006,306       19,819,598       38,688,300       46,517,384       16,466,710  
Subtract:
                                               
Capitalized Interest
    59,711       405,984       5,929,473       5,976,981       4,409,544       311,739  
Total Earnings (Deficit) Before Fixed Charges
    11,931,705       68,047,114       129,176,521       117,545,969       305,220,785       (307,087,061 )
Fixed Charges
                                               
Interest Expense
    583,376       585,982       13,874,909       32,709,056       42,105,676       16,154,160  
Capitalized Interest
    59,711       405,984       5,929,473       5,976,981       4,409,544       311,739  
Estimated Interest Component of Rent
    12,029       14,340       15,216       2,263       2,164       811  
Total Fixed Charges
    655,116       1,006,306       19,819,598       38,688,300       46,517,384       16,466,710  
Ratio of Earnings (Deficit) to Fixed Charges(1)
    18.2 x     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 $339.7 million for the three months ended September 30, 2015 due primarily to a non-cash impairment charge.