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                                                                 EXHIBIT 12

                        AMERICAN EXPLORATION COMPANY
                 RATIO OF EARNINGS TO COMBINED FIXED CHARGES
                        AND PREFERRED STOCK DIVIDENDS
                  (In thousands, except for ratio amounts)

<TABLE>
<CAPTION>
                                      For the Nine                   Year Ended December 31,
                                      Months Ended  ---------------------------------------------------------
                                         9/30/95      1994        1993        1992         1991         1990
                                      ------------  --------    --------    --------     --------     -------
<S>                                    <C>          <C>         <C>         <C>          <C>          <C>
EARNINGS:

(+) Pretax income from continuing
     operations                          $ 6,556    $(60,690)   $(18,681)   $(68,791)    $(24,006)    $ 4,298
(+) Interest expense (b)                   4,853       6,638       6,847       9,485       13,609      10,322
(+) Amortization of debt expense             727       2,779         739       1,292         -           -
(+) Rent representative of interest factor   687       1,284       1,533       1,726        1,697       1,245
                                         -------    --------    --------    --------     --------     -------
                                          12,823     (49,989)     (9,562)    (56,288)      (8,700)     15,865
                                         -------    --------    --------    --------     --------     -------

FIXED CHARGES:

(+) Interest expensed or capitalized (b)   5,891       8,134       9,193      12,786       17,081      10,322
(+) Amortization of debt expense             727       2,779         739       1,292         -           -
(+) Rent representative of interest
     factor                                  687       1,284       1,533       1,726        1,697       1,245
                                         -------    --------    --------    --------     --------     -------
                                           7,305      12,197      11,465      15,804       18,778      11,567
                                         -------    --------    --------    --------     --------     -------

PREFERRED STOCK DIVIDEND
   REQUIREMENTS (a)                        1,350       1,800          75       -               65         244
                                         -------    --------    --------    --------     --------     -------

COVERAGE EXCESS (DEFICIENCY)             $ 4,168    $(63,986)   $(21,102)   $(72,092)    $(27,543)    $ 4,054
                                         =======    ========    ========    ========     ========     =======

RATIO OF EARNINGS TO COMBINED
   FIXED CHARGES AND PREFERRED
   STOCK DIVIDENDS                          1.48       (3.57)      (0.83)      (3.56)       (0.46)       1.34
                                         =======    ========    ========    ========     ========     =======
</TABLE>

(a) There was no preferred stock outstanding during 1992.
(b) For 1991 and prior, financing costs are included in interest expense.