ST. MARY LAND & EXPLORATION COMPANY EXHIBIT 12.1 RATIO OF EARNINGS TO FIXED CHARGES Years Ended December 31, - ------------------------------------------------------------- 2003 2002 2001 2000 1999 ---- ---- ---- ---- ---- 17.30% 9.90% 69.40% 86.10% 0.60% 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). St. Mary started capitalizing interest in 1999, therefore all ratios prior to 1999 were calculated using interest expense only.