STONE ENERGY CORP - FORM 8-K - EX-12.1

Exhibit 12.1

Stone Energy Corporation
Computation of Ratio of Earnings to Fixed Charges
(Amounts in thousands of dollars)


	Nine Months
	Ended
	September			Year Ended December 31,
	30, 2009			2008			2007			2006			2005			2004
Earnings:
Net income (loss) before income taxes	$	(226,727	)	$	(1,501,154	)	$	270,420		$	(392,528	)	$	213,210		$	184,104
Plus fixed charges		34,526			39,643			48,268			54,131			38,051			23,835
Less capitalized interest		(19,402	)		(26,400	)		(16,200	)		(18,200	)		(14,900	)		(7,000	)

Total earnings		(211,603	)		(1,487,911	)		302,488			(356,597	)		236,361			200,939


Fixed charges:
Interest expensed (a)		15,124			13,243			32,068			35,931			23,151			16,835
Interest capitalized		19,402			26,400			16,200			18,200			14,900			7,000

Total fixed charges		34,526			39,643			48,268			54,131			38,051			23,835


Ratio of earnings to fixed charges		(b	)		(c	)		6.3	x		(d	)		6.2	x		8.4	x


(a)		Includes amortization of bond discount.

(b)		Due to the March 31, 2009 $340,083 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the nine months ended September 30, 2009 were insufficient to cover fixed charges in the amount of $226,727.

(c)		Due to the December 31, 2008 $1,309,403 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2008 were insufficient to cover fixed charges in the amount of $1,501,154.

(d)		Due to the December 31, 2006 $510,013 pre-tax ceiling test write-down in accordance with the full cost method of accounting for oil and gas properties, earnings for the year ended December 31, 2006 were insufficient to cover fixed charges in the amount of $392,528.

STONE ENERGY CORP - FORM 8-K - EX-12.1 - January 19, 2010