EXHIBIT 12.1

ST. MARY LAND & EXPLORATION COMPANY
RATIO OF EARNINGS TO FIXED CHARGES

Years Ended December 31,
 
2005
 
2004
 
2003
 
2002
 
2001
                 
23.2%
 
18.7%
 
17.3%
 
9.9%
 
69.4%

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).