<PAGE>
Exhibit 12.1
KEY PRODUCTION COMPANY, INC.
Statement of Computation of Ratios of Earnings to Fixed Charges
Nine Months Ended
(In thousands, except ratio amounts) September 30,
-----------------
2000 1999
-------- -------
Earnings:
Pretax income 28,521 5,021
Plus: Fixed charges excluding capitalized interest 2,582 2,076
-------- -------
31,103 7,097
======== =======
Fixed Charges:
Interest expensed including capitalized interest 3,338 3,011
Amortization of debt expenses 283 13
-------- -------
3,621 3,024
======== =======
Ratio of earnings to fixed charges 8.59 2.35
======== =======