For any program, such as 

program xhello
implicit none
print*,"hello world!"
end program xhello

Compiling with the -static option fails, as shown below. Compiling and running without -static works fine.

Vivek Rao

gfortran -v -static xhello.f90
Driving: gfortran -v -static xhello.f90 -l gfortran
Using built-in specs.
COLLECT_GCC=gfortran
COLLECT_LTO_WRAPPER=c:/programs/gfortran/bin/../libexec/gcc/i586-pc-mingw32/4.6.0/lto-wrapper.exe
Target: i586-pc-mingw32
Configured with: ../gcc-trunk/configure --prefix=/mingw --enable-languages=c,fortran --with-gmp=/home/brad/gfortran/dependencies --disable-werror --enable-threads --disable-nls --build=i586-pc-mingw32 --enable-libgomp --enable-shared --disable-win32-registry --with-dwarf2 --disable-sjlj-exceptions --enable-lto
Thread model: win32
gcc version 4.6.0 20110209 (experimental) [trunk revision 169959] (GCC) 
COLLECT_GCC_OPTIONS='-v' '-static' '-mtune=pentium' '-march=pentium'
 c:/programs/gfortran/bin/../libexec/gcc/i586-pc-mingw32/4.6.0/f951.exe xhello.f90 -quiet -dumpbase xhello.f90 -mtune=pentium -march=pentium -auxbase xhello -version -fintrinsic-modules-path c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/finclude -o C:\DOCUME~1\Vivek\LOCALS~1\Temp\cc0RLq4i.s
GNU Fortran (GCC) version 4.6.0 20110209 (experimental) [trunk revision 169959] (i586-pc-mingw32)
	compiled by GNU C version 4.6.0 20110209 (experimental) [trunk revision 169959], GMP version 4.3.2, MPFR version 2.4.2, MPC version 0.8.2
GGC heuristics: --param ggc-min-expand=30 --param ggc-min-heapsize=4096
GNU Fortran (GCC) version 4.6.0 20110209 (experimental) [trunk revision 169959] (i586-pc-mingw32)
	compiled by GNU C version 4.6.0 20110209 (experimental) [trunk revision 169959], GMP version 4.3.2, MPFR version 2.4.2, MPC version 0.8.2
GGC heuristics: --param ggc-min-expand=30 --param ggc-min-heapsize=4096
COLLECT_GCC_OPTIONS='-v' '-static' '-mtune=pentium' '-march=pentium'
 as -o C:\DOCUME~1\Vivek\LOCALS~1\Temp\ccuaIfDx.o C:\DOCUME~1\Vivek\LOCALS~1\Temp\cc0RLq4i.s
Reading specs from c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../../libgfortran.spec
rename spec lib to liborig
COLLECT_GCC_OPTIONS='-v' '-static' '-mtune=pentium' '-march=pentium'
COMPILER_PATH=c:/programs/gfortran/bin/../libexec/gcc/i586-pc-mingw32/4.6.0/;c:/programs/gfortran/bin/../libexec/gcc/
LIBRARY_PATH=c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/;c:/programs/gfortran/bin/../lib/gcc/;C:/g95/lib/;c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../../
COLLECT_GCC_OPTIONS='-v' '-static' '-mtune=pentium' '-march=pentium'
 c:/programs/gfortran/bin/../libexec/gcc/i586-pc-mingw32/4.6.0/collect2.exe -Bstatic C:/g95/lib/crt2.o c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/crtbegin.o -Lc:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0 -Lc:/programs/gfortran/bin/../lib/gcc -LC:/g95/lib -Lc:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../.. C:\DOCUME~1\Vivek\LOCALS~1\Temp\ccuaIfDx.o -lgfortran -lmingw32 -lgcc_eh -lgcc -lmoldname -lmingwex -lmsvcrt -lquadmath -lm -lmingw32 -lgcc_eh -lgcc -lmoldname -lmingwex -lmsvcrt -ladvapi32 -lshell32 -luser32 -lkernel32 -lmingw32 -lgcc_eh -lgcc -lmoldname -lmingwex -lmsvcrt c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/crtend.o
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (3262982616) greater than or equal to .debug_abbrev size (1301).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(transfer.o):transfer.c:(.text$sprintf+0x1b): undefined reference to `__mingw_vsprintf'
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (3663100) greater than or equal to .debug_abbrev size (615).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(main.o):main.c:(.text$sprintf+0x1b): undefined reference to `__mingw_vsprintf'
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (1656724012) greater than or equal to .debug_abbrev size (1266).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(unix.o):unix.c:(.text$sprintf+0x1b): undefined reference to `__mingw_vsprintf'
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (2588113216) greater than or equal to .debug_abbrev size (1148).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(format.o):format.c:(.text$sprintf+0x1b): undefined reference to `__mingw_vsprintf'
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (4154058048) greater than or equal to .debug_abbrev size (1323).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(list_read.o):list_read.c:(.text$sprintf+0x1b): undefined reference to `__mingw_vsprintf'
C:\programs\gfortran\bin/ld.exe: Dwarf Error: Offset (2260110148) greater than or equal to .debug_abbrev size (1399).
c:/programs/gfortran/bin/../lib/gcc/i586-pc-mingw32/4.6.0/../../..\libgfortran.a(write.o):write.c:(.text$sprintf+0x1b): more undefined references to `__mingw_vsprintf' follow
collect2: ld returned 1 exit status