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|                                                           |   |   |   |   |   |   |   |   |   |   | Exhibit 12.1 |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| PETROLEUM DEVELOPMENT CORPORATION                              |
| Statement of Computation of Ratio of Earnings to Fixed Charges |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Three Months |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | Ended |   |   |   |   |   |   |   |   |   |   |
|                                                           |   | March 31, |   | Year Ended December 31, |
|                                                           |   | 2011 |   | 2010 |   | 2009 |   | 2008 |   | 2007 (d) |   | 2006 (d) |
|                                                           |   |   |   | (dollars in thousands) |
| Earnings                                                       |   |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss ) from continuing operations before income taxes  |   | $ | (36,391 | ) |   | $ | 8,113 |   |   | $ | (125,172 | ) |   | $ | 163,168 |   |   | $ | 42,590 |   |   | $ | 379,800 |   |
| Fixed charges (see below)                                      |   | 9,911 |   |   | 35,197 |   |   | 39,403 |   |   | 31,629 |   |   | 12,796 |   |   | 4,187 |   |
| Amortization of capitalized interest                           |   | 187 |   |   | 788 |   |   | 991 |   |   | 744 |   |   | 366 |   |   | 52 |   |
| Interest capitalized                                           |   | (237 | ) |   | (301 | ) |   | (751 | ) |   | (2,618 | ) |   | (3,023 | ) |   | (1,620 | ) |
| Total adjusted earnings (loss) available for fixed charges     |   | $ | (26,530 | ) |   | $ | 43,797 |   |   | $ | (85,529 | ) |   | $ | 192,923 |   |   | $ | 52,729 |   |   | $ | 382,419 |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Charges                                                  |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest and debt expense (a)                                  |   | $ | 9,062 |   |   | $ | 33,250 |   |   | $ | 37,208 |   |   | $ | 28,132 |   |   | $ | 9,279 |   |   | $ | 2,443 |   |
| Interest capitalized                                           |   | 237 |   |   | 301 |   |   | 751 |   |   | 2,618 |   |   | 3,023 |   |   | 1,620 |   |
| Interest component of rental expense (b)                       |   | 612 |   |   | 1,646 |   |   | 1,444 |   |   | 879 |   |   | 494 |   |   | 124 |   |
| Total fixed charges                                            |   | $ | 9,911 |   |   | $ | 35,197 |   |   | $ | 39,403 |   |   | $ | 31,629 |   |   | $ | 12,796 |   |   | $ | 4,187 |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |
| Ratio of Earnings to Fixed Charges                             |   | — |   | (c) | 1.2x |   |   | — |   | (c) | 6.1x |   |   | 4.1x |   |   | 91.3x |   |
|                                                           |   |   |   |   |   |   |   |   |   |   |   |   |

|     |                                                                                                     |
|-----|-----------------------------------------------------------------------------------------------------|
| (a) | Represents interest expense on long-term debt and amortization of debt discount and issuance costs. |

|     |                                                                                             |
|-----|---------------------------------------------------------------------------------------------|
| (b) | Represents the portion of rental expense which we believe represents an interest component. |

|     |                                                                                                                                                                                            |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | For the three months ended March 31, 2011, and the year ended December 31, 2009, earning were insufficient to cover total fixed charges by $36.4 million and $124.9 million, respectively. |

|     |                                                                                                                                                                                                                                                                                                      |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | Total adjusted earnings available for fixed charges for the years ended December 31, 2006 through 2007 do not present the effects of the divestitures of our Michigan and North Dakota assets as discontinuing operations as the amounts related to these operations were immaterial to these years. |