<SEC-DOCUMENT>0001019687-13-002514.txt : 20130628
<SEC-HEADER>0001019687-13-002514.hdr.sgml : 20130628
<ACCEPTANCE-DATETIME>20130628171503
ACCESSION NUMBER:		0001019687-13-002514
CONFORMED SUBMISSION TYPE:	S-1
PUBLIC DOCUMENT COUNT:		18
FILED AS OF DATE:		20130628
DATE AS OF CHANGE:		20130628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Ethanol, Inc.
		CENTRAL INDEX KEY:			0000778164
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL ORGANIC CHEMICALS [2860]
		IRS NUMBER:				412170618
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-1
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189713
		FILM NUMBER:		13941836

	BUSINESS ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814
		BUSINESS PHONE:		916-403-2123

	MAIL ADDRESS:	
		STREET 1:		400 CAPITOL MALL, SUITE 2060
		CITY:			SACRAMENTO
		STATE:			CA
		ZIP:			95814

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACCESSITY CORP
		DATE OF NAME CHANGE:	20030627

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DRIVERSSHIELD COM CORP
		DATE OF NAME CHANGE:	20001115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST PRIORITY GROUP INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1
<SEQUENCE>1
<FILENAME>paceth_s1-062813.htm
<DESCRIPTION>FORM S-1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>As filed with the Securities Exchange Commission
on June 28, 2013</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-______</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3pt 0 0pt; text-align: center">U. S. SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE<BR>
SECURITIES ACT OF 1933</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Delaware</B></FONT></TD>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2860</B></FONT></TD>
    <TD STYLE="width: 36%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>41-2170618</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(State or other jurisdiction of</FONT><BR>
<FONT STYLE="font-size: 10pt">incorporation or organization)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Primary Standard Industrial</FONT><BR>
<FONT STYLE="font-size: 10pt">Classification Code No.)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer </FONT><BR>
<FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>400 Capitol Mall, Suite 2060, Sacramento,
California 95814</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(916) 403-2123</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">(Address and
telephone number of principal executive offices</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">and principal place of business)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Neil Koehler</B><BR>
<B>President and Chief Executive Officer</B><BR>
<B>Pacific Ethanol, Inc.</B><BR>
<B>400 Capitol Mall, Suite 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sacramento, California 95814<BR>
(916) 403-2123</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, address and telephone number of agent
for service)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>Copies of all correspondence to:</I><BR>
<B>Larry A. Cerutti, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Rushika Kumararatne, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Troutman Sanders LLP<BR>
5 Park Plaza, Suite 1400<BR>
Irvine, California 92614<BR>
(949) 622-2700 / (949) 622-2739 (fax)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0"><B>Approximate date of proposed sale to the public:</B> From time
to time after this registration becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If any of the securities being registered on
this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following
box. <FONT STYLE="font-family: Wingdings 2">S</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If this form is filed to register additional
securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities
Act registration number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If this form is a post-effective amendment
filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If this form is a post-effective amendment
filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in">If the delivery of the prospectus is expected
to be made pursuant to Rule 434, check the following box. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="width: 58%; padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></FONT></TD>
    <TD STYLE="width: 37%; padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings 2">&pound;</FONT> (Do not check if a smaller reporting company)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-indent: 0pt"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings 2">S</FONT></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 3pt; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 7pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Calculation of Registration Fee</B></FONT></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: Black 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Title of Each Class of </B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Securities to be Registered</B></FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount to be Registered(1)</B></FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposed Maximum Offering Price</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>per Share (3)</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: windowtext 1pt solid; padding-right: 5pt; padding-left: 5pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Proposed
    Maximum Aggregate Offering Price (3)</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount of Registration Fee (4)(5)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares of common stock issuable upon exercise of warrants</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,708,687</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3.54</FONT></TD>
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$6,048,752</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">$826</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares of common stock issuable as interest payments on senior unsecured notes</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">491,315<B><SUP> (2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3.54</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1,739,255</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$238</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total number of shares of common stock to be registered</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,200,002</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3.54</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: windowtext 1pt solid; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$7,788,007</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: windowtext 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$1,064 (5)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 3pt; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>In accordance with Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), the Registrant
is also registering hereunder an indeterminate number of shares of common stock that may be issued and resold resulting from stock
splits, stock dividends or similar transactions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents shares of common stock issuable, at the Registrant&rsquo;s election, in payment of interest on the Registrant&rsquo;s
senior unsecured notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) of the Securities Act based upon
the price of $3.54, which was the average of the high and low prices for the Registrant&rsquo;s common stock on The NASDAQ Capital
Market on June 20, 2013.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Computed in accordance with Section 6(b) of the Securities Act.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>The registrant previously paid a registration fee of $1,711 with a registration statement on Form S-1, File No.&nbsp;333-186551,
initially filed with the Securities and Exchange Commission on February 8, 2013 and withdrawn on March 28, 2013. Pursuant to Rule
457(p) of the Securities Act, $1,064 of the previously paid registration fee is offset against the registration fee otherwise due
for this registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><B>The Registrant hereby amends this
registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a
further amendment which specifically states that this registration statement shall thereafter become effective in accordance with
Section 8(a) of the Securities Act of 1933 or until the registration statement becomes effective on such date as the Commission,
acting under Section 8(a), may determine.</B></FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border: windowtext 1.5pt double; padding-left: 0.05in; text-align: left; font-weight: bold"><FONT STYLE="color: Red">The
    information in this prospectus is not complete and may be changed. The selling security holders will not sell these securities
    until after the registration statement filed with the Securities and Exchange Commission is declared effective.&nbsp;&nbsp;This
    prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state
    where the offer or sale is not permitted.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="color: Red">SUBJECT TO COMPLETION,
DATED JUNE 28, 2013</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>PROSPECTUS</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center">2,200,002 Shares<BR>
<BR>
PACIFIC ETHANOL, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">This is a public offering of 2,200,002
shares of our common stock, including 491,315 shares of common stock issuable, at our election, in payment of interest under the
terms of our senior unsecured notes, or Notes, and 1,708,687 shares of our common stock issuable upon exercise of our warrants,
or Warrants.&nbsp;&nbsp;All shares of common stock are being offered by the selling security holders identified in this prospectus.
It is anticipated that the selling security holders will sell these shares of common stock from time to time in one or more transactions,
in negotiated transactions or otherwise, at prevailing market prices or at prices otherwise negotiated. We will not receive any
proceeds from the sale of the shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Our common stock is currently traded
on The NASDAQ Capital Market under the symbol &ldquo;PEIX.&rdquo; The last reported price of our common stock on The NASDAQ Capital
Market on June 26, 2013, was $3.94 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Our principal offices are located at
400 Capitol Mall, Suite 2060, Sacramento, California 95814 and our telephone number is (916) 403-2123.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in"><B>Investing in our shares of common
stock involves substantial risks. See &ldquo;Risk Factors&rdquo; beginning on page 8 of this prospectus for factors you should
consider before buying shares of our common stock.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in; text-align: left"><B>Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">The date of this prospectus is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 88%; padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt"><U>Page</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">8</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">DIVIDEND POLICY</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">PRICE RANGE OF COMMON STOCK</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 11pt; text-indent: -11pt"><FONT STYLE="font-size: 10pt">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">22</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">BUSINESS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">MANAGEMENT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">77</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">PRINCIPAL STOCKHOLDERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">86</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">SELLING SECURITY HOLDERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">88</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">95</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF NOTE AND WARRANT FINANCING</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">98</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">DESCRIPTION OF CAPITAL STOCK</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">102</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1<FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1<FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">1<FONT STYLE="font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><FONT STYLE="font-size: 10pt">INDEX TO FINANCIAL STATEMENTS</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;F-1</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PROSPECTUS
SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>To fully understand this offering and
its consequences to you, you should read the following summary along with the more detailed information and our financial statements
and the notes to our financial statements appearing elsewhere in this prospectus. In this prospectus, the words &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our&rdquo; and similar terms refer to Pacific Ethanol, Inc., a Delaware corporation, unless the context
provides otherwise.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Our Company</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are the leading marketer and producer
of low-carbon renewable fuels in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market all the ethanol produced by four
ethanol production facilities located in California, Idaho and Oregon, or the Pacific Ethanol Plants, all the ethanol produced
by two<B> </B>other ethanol producers in the Western United States and ethanol purchased from other third-party suppliers throughout
the United States. We also market ethanol co-products, including wet distillers grains and syrup, or WDG, for the Pacific Ethanol
Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive customer relationships
throughout the Western United States. Our ethanol customers are integrated oil companies and gasoline marketers who blend ethanol
into gasoline. We arrange for transportation, storage and delivery of ethanol purchased by our customers through our agreements
with third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,
Idaho and Washington. Our WDG customers are dairies and feedlots located near the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive supplier relationships
throughout the Western and Midwestern United States. In some cases, we have marketing agreements with suppliers to market all of
the output of their facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hold an 85% ownership interest in New
PE Holdco LLC, or New PE Holdco, the owner of each of the plant holding companies, or the Plant Owners, that collectively own the
Pacific Ethanol Plants. We operate and maintain the Pacific Ethanol Plants under the terms of an asset management agreement with
New PE Holdco and the Plant Owners, including supplying all goods and materials necessary to operate and maintain each Pacific
Ethanol Plant. In operating the Pacific Ethanol Plants, we direct the production process to obtain optimal production yields, lower
costs by leveraging our infrastructure, enter into risk management agreements such as insurance policies and manage commodity risk
practices. We are also in complete charge of, and have care and custody over, each Pacific Ethanol Plant that is not operational,
and provide recommendations as to when a Pacific Ethanol Plant should become operational. We perform all activities necessary to
support a cost effective return of any idled Pacific Ethanol Plant to operational status once New PE Holdco approves our recommendation
to re-start an idled Pacific Ethanol Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market ethanol and WDG produced by the
Pacific Ethanol Plants under the terms of separate marketing agreements with the Plant Owners whose facilities are operational.
The marketing agreements provide us with the absolute discretion to solicit, negotiate, administer (including payment collection),
enforce and execute ethanol and co-product sales agreements with any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Pacific Ethanol Plants are comprised
of the four facilities described immediately below and have an aggregate annual production capacity of up to 200 million gallons.
Three of the facilities are currently operational and one of the facilities is currently idled. As market conditions change, we
may increase, decrease or idle production at one or more operational facilities or resume operations at any idled facility. The
Pacific Ethanol Plants are comprised of the four facilities described immediately below, three of which are currently operational.
As future market conditions change, we may increase, decrease or idle production at those facilities which are operational or resume
operations of any facility which is not operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Facility Name</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Facility
        Location</B></P></TD>
    <TD STYLE="width: 27%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Estimated
        Annual Capacity</B><BR>
        <B>(gallons)</B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        Operating Status</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Magic Valley</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Burley, ID</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Columbia</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Boardman, OR</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Stockton</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Stockton, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Madera</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Madera, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Idled</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also provide operations, maintenance
and accounting services for a 250,000 gallon per year cellulosic integrated biorefinery owned by ZeaChem Inc. in Boardman, Oregon,
which is adjacent to the Pacific Ethanol Columbia plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Series A Subordinated Convertible Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 28, 2013,
we issued $6.0 million in Series A Subordinated Convertible Notes, or Series A Notes, and warrants to purchase an aggregate of
1.8 million shares of our common stock for aggregate gross proceeds of $6.0 million. The warrants have an exercise price of $7.80
per share. Of the warrants issued in the transaction, warrants to purchase 0.8 million shares of common stock expire in March 2015
and warrants to purchase 1.0 million shares of common stock expire on June 20, 2015. Unless converted or redeemed earlier, the
Series A Notes will mature on March 28, 2014. The Series A Notes bear interest at 5%&nbsp;per annum, compounded monthly. All amounts
due under the Series A Notes are convertible at any time, in whole or in part, at the option of the holders into shares of our
common stock at a conversion price, or Fixed Conversion Price, which is subject to adjustment as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A Notes
are initially convertible into shares of our common stock at the initial Fixed Conversion Price of $15.00 per share. If we sell
or issue any securities with &ldquo;floating&rdquo; conversion prices based on the market price of our common stock, the holder
of a Series A Note will have the right thereafter to substitute the &ldquo;floating&rdquo; conversion price for the Fixed Conversion
Price upon conversion of all or part of the Series A Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amortization payments, together with accrued
and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar day
before each installment date, we are required to deliver a notice electing to effect a redemption in cash or a conversion of the
installment amount due on the installment date into shares of our common stock. Our ability to pay an installment amount in shares
of our common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will require that we
pay an installment amount solely in cash. On the applicable installment date, we are required to deliver to the holders of Series
A Notes an amount of shares of common stock equal to that portion of the installment amount being converted divided by the lesser
of the then existing Fixed Conversion Price and 85% of the Market Price on the installment date, or Company Conversion Price. The
Market Price on any given date is equal to the lesser of (i) the volume weighted average price on the trading day immediately preceding
the date of determination, and (ii) the average of the three lowest volume weighted average prices during the ten trading day period
ending on the trading day immediately prior to the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holder of a Series A Note may, at the
holder&rsquo;s election by giving notice to us, defer the payment of the installment amount due on any installment date to another
installment date, in which case the amount deferred will become part of the subsequent installment date and will continue to accrue
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at
its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect
on the current installment date, provided that if we had elected to convert the installment amount due on the current installment
date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of default, there
will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion Price applicable
to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion Price on the current
installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Reverse Stock Split</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 14, 2013, we effected a one-for-fifteen reverse split
of our common stock. All share and per share information contained in this prospectus have been restated to show the effect of
the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Series B Subordinated Convertible Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 20, 2013, we issued $8.0 million in Series B Subordinated
Convertible Notes, or Series B Notes. Unless converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together
with the Series A Notes. The terms of the Series B Notes are substantially similar to those of the Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Acquisition of Plant Debt and Additional Interests
in New PE Holdco</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, we used proceeds from
the issuance of its Series A Notes and warrants to purchase and immediately retire $3.5 million of the Plant Owners&rsquo; revolving
debt for a purchase price of $3.5 million. On June 21, 2013, we also used proceeds from the issuance of the Series A Notes and
warrants to purchase $2.6 million of the Plant Owners&rsquo; term debt and an additional 3% ownership interest in New PE Holdco
for a combined purchase price of $2.2 million. As of March 31, 2013, the Plant Owners had up to $103.6 million in combined term
and revolving debt, of which $4.1 million was to mature due on June 25, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 21, 2013, we used the proceeds from
the sale of the Series B Notes, to acquire $4.1 million of the Plant Owners&rsquo; combined term and revolving debt for a purchase
price of $3.0 million and 19.7 units of limited liability company interests of New PE Holdco for a purchase price of $197,000.
As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&rsquo; revolving debt was retired and the
maturity date applicable to approximately $2.9 million of the Plant Owners&rsquo; term debt was extended from June 25, 2013 to
June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this prospectus, we hold
an 85% ownership interest in New PE Holdco. As of the date of this prospectus, the Plant Owners have up to $109.7 million in combined
term and revolving debt, of which up to $15.6 million in revolving debt is due on June 25, 2015 and $94.1 million in combined term
and revolving debt is due on June, 30, 2016, of which Pacific Ethanol owns $27.1 million. See &ldquo;&mdash;Plant Owners&rsquo;
Term Debt and Operating Lines of Credit&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are a Delaware corporation that was incorporated
in February 2005. Our principal executive offices are located at 400 Capitol Mall, Suite 2060, Sacramento, California 95814. Our
telephone number is (916) 403-2123 and our Internet website is <FONT STYLE="color: windowtext">www.pacificethanol.net</FONT>. The
content of our Internet website does not constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information in this Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">You should rely only on the information
contained in this prospectus in connection with this offering. We have not authorized anyone to provide you with information that
is different. The selling security holders are not making an offer to sell these securities in any jurisdiction where the offer
or sale is not permitted. You should assume that the information appearing in this prospectus is accurate only as of the date on
the front cover of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We earn fees as follows under our asset
management and other agreements with New PE Holdco and the Plant Owners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>ethanol marketing fees of approximately 1% of the net sales price, but not less than $0.015 per gallon and not more than $0.0225
per gallon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>corn procurement and handling fees of $0.045 per bushel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>WDG fees of 5% of the third-party purchase price, but not less than $2.00 per ton and not more than $3.50 per ton; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD>asset management fees of $75,000 per month for each operating facility and $40,000 per month for each idled facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; width: 49%; padding-right: 5.4pt; padding-left: 0pt">Common stock offered by the selling security holders</TD>
    <TD STYLE="vertical-align: bottom; width: 51%; padding-right: 5.4pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">2,200,002(1)</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0pt">Common stock outstanding prior to this offering</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">11,852,839</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0pt">Common stock to be outstanding after this offering </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">14,052,841(2)</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0pt">The NASDAQ Capital Market symbol </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">PEIX</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0pt">Use of Proceeds&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt"><P STYLE="margin-top: 0; margin-bottom: 0">We will not receive any of the proceeds from the sale of the shares of common stock being offered under this prospectus. See &ldquo;Use of Proceeds.&rdquo;</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0pt">Risk Factors </TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0pt">There are many risks related to our business,
this offering and ownership of our common stock that you should consider before you decide to buy our common stock in this offering.&nbsp;&nbsp;You
should read the &ldquo;Risk Factors&rdquo; section beginning on page 8, as well as other cautionary statements throughout this
prospectus, before investing in shares of our common stock.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Consists of the 491,315 shares of common stock issuable, at our election, in payment of interest under the terms of the Notes
and the 1,708,687 shares of common stock issuable upon exercise of the Warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Represents 11,852,839<B> </B>shares of common stock currently outstanding plus 2,200,002 shares of common stock being offered
by the selling security holders under this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The number of shares of common stock that
will be outstanding upon the completion of this offering is based on the 11,852,839 shares outstanding as of June 26, 2013, and
excludes the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>257,153 shares of common stock reserved for issuance under our 2006 Stock Incentive Plan, or 2006 Plan, of which options to
purchase 241,246 shares were outstanding as of that date, at a weighted average exercise price of $4.20 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>762 shares of common stock reserved for issuance under outstanding options issued under our 2004 Stock Option Plan, or 2004
Plan, at a weighted average exercise price of $867.23 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>6,463,496 shares of common stock reserved for issuance under warrants to purchase common stock outstanding as of that date,
other than the Warrants held by the selling security holders, at a weighted average exercise price of $14.78 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD>502,193 shares of common stock reserved for issuance upon conversion of our Series B Cumulative Convertible Preferred Stock,
or Series B Preferred Stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any additional shares of common stock we may issue from time to time after that date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I>Investing
in the securities offered hereby involves a high degree of risk. You should carefully consider the following risks factors and
all other information contained in this prospectus, including our consolidated financial statements and the related notes, before
investing in our securities. If any of these risks materialize, our business, financial condition or results of operations could
be materially harmed. In that case, the trading price of our common stock could decline, and you may lose some or all of your investment.
The risks and uncertainties we describe are not the only ones facing us. Additional risks not presently known to us, or that we
currently deem immaterial, may also impair our business operations. If any of these risks were to occur, our business, financial
condition, or results of operations would likely suffer. In that event, the trading price of our common stock could decline, and
you could lose all or part of your investment.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><FONT STYLE="font-weight: normal"><I>&nbsp;</I></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">Risks Related to
Our Business</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">We have incurred significant losses and
negative operating cash flow in the past and we may incur significant losses and negative operating cash flow in the foreseeable
future. Continued losses and negative operating cash flow will hamper our operations and prevent us from expanding our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have incurred significant losses and
negative operating cash flow in the past. For the quarter ended March 31, 2013, we incurred a consolidated net loss of approximately
$6.6 million and a negative operating cash flow of approximately $6.5 million. For 2012 and 2011, we incurred consolidated net
losses of approximately $43.4 million and $4.0 million and negative operating cash flows of approximately $20.8 million and $4.0
million, respectively. We believe that we may incur significant losses and negative operating cash flows in the foreseeable future.
We expect to rely on cash on hand, cash, if any, generated from our operations and cash, if any, generated from future financing
activities, to fund all of the cash requirements of our business. Continued losses and negative operating cash flow may hamper
our operations and impede us from expanding our business. Continued losses and negative operating cash flows are also likely to
make our capital raising needs more acute while limiting our ability to raise additional financing on favorable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The results of our operations and our
ability to operate at a profit is largely dependent on managing the prices of corn, natural gas, ethanol and WDG, all of which
are subject to significant volatility and uncertainty.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our results of operations are highly impacted
by commodity prices, including the cost of corn and natural gas that we must purchase, and the prices of ethanol and WDG that we
sell. Prices and supplies are subject to and determined by market forces over which we have no control, such as weather, domestic
and global demand, shortages, export prices and various governmental policies in the United States and around the world. For example,
over a period of four weeks at the end of 2011, the market price of ethanol declined by approximately 28%, which substantially
reduced our profitability during the fourth quarter and full year of 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of price volatility of corn,
natural gas, ethanol and WDG, our results of operations may fluctuate substantially. In addition, increases in corn or natural
gas prices or decreases in ethanol or WDG prices may make it unprofitable to operate. In fact, some of our marketing activities
will likely be unprofitable in a market of generally declining ethanol prices due to the nature of our business. For example, to
satisfy customer demands, we must maintain certain quantities of ethanol inventory for subsequent resale. Moreover, we procure
much of our inventory outside the context of a marketing arrangement and therefore must buy ethanol at a price established at the
time of purchase and sell ethanol at an index price established later at the time of sale that is generally reflective of movements
in the market price of ethanol. As a result, our margins for ethanol sold in these transactions generally decline and may turn
negative as the market price of ethanol declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No assurance can be given that corn or natural
gas can be purchased at, or near, current or any particular prices or that ethanol or WDG will sell at, or near, current or any
particular prices. Consequently, our results of operations and financial position may be adversely affected by increases in the
price of corn or natural gas or decreases in the price of ethanol or WDG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Over the past several years, the spread
between ethanol and corn prices has fluctuated widely and narrowed significantly. Fluctuations are likely to continue to occur.
A sustained narrow spread or any further reduction in the spread between ethanol and corn prices, whether as a result of sustained
high or increased corn prices or sustained low or decreased ethanol prices, would adversely affect our results of operations and
financial position. Further, combined revenues from sales of ethanol and WDG could decline below the marginal cost of production,
which could cause us to suspend production of ethanol and WDG at some or all of the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">We are currently a member of New PE Holdco
with limited control over certain business decisions. As a result, our interests may not be as well served as if we were in control
of all aspects of the business of New PE Holdco, which could adversely affect its contribution to our results of operations and
our business prospects related to that entity.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">New PE Holdco owns, and we operate, the
Pacific Ethanol Plants. We currently have an 85% ownership interest in New PE Holdco. While this represents the single largest
ownership position in New PE Holdco and although we have the power to make decisions regarding the activities of New PE Holdco
that most significantly impact New PE Holdco&rsquo;s economic performance by virtue of the terms of the asset management agreement
we have with New PE Holdco and the Plant Owners and by virtue of the fact that Neil Koehler, our President and Chief Executive
Officer, is the sole manager of New PE Holdco, some actions require the consent of holders of 100% of the ownership interests.
In addition, we are precluded from voting on matters in which we have a direct financial interest, such as the amendment or extension
of the asset management agreement we have with New PE Holdco and the Plant Owners and/or the marketing agreements we have with
the Plant Owners whose facilities are operational. As a result of these limitations, we are dependent on the business judgment
of the other owners of New PE Holdco in respect of a number of significant matters bearing on the operations of the Pacific Ethanol
Plants. Consequently, our interests may not be as well served as if we were in complete control of New PE Holdco, and the contribution
by New PE Holdco to our results of operations and our business prospects related to that entity may be adversely affected by our
lack of control over that entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Increased ethanol production may cause
a decline in ethanol prices or prevent ethanol prices from rising, and may have other negative effects, adversely impacting our
results of operations, cash flows and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the most significant factor
influencing the price of ethanol has been the substantial increase in ethanol production in recent years. Domestic ethanol production
capacity has increased steadily from an annualized rate of 1.5 billion gallons per year in January 1999 to 14.9 billion gallons
in 2012 according to the RFA. See &ldquo;Business&mdash;Governmental Regulation.&rdquo; However, increases in the demand for ethanol
may not be commensurate with increases in the supply of ethanol, thus leading to lower ethanol prices. Demand for ethanol could
be impaired due to a number of factors, including regulatory developments and reduced United States gasoline consumption. Reduced
gasoline consumption has occurred in the past and could occur in the future as a result of increased gasoline or oil prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The market price of ethanol is volatile
and subject to large fluctuations, which may cause our profitability or losses to fluctuate significantly.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of ethanol is volatile
and subject to large fluctuations. The market price of ethanol is dependent upon many factors, including the supply of ethanol
and the price of gasoline, which is in turn dependent upon the price of petroleum which is highly volatile and difficult to forecast.
For example, although the market price of ethanol increased by approximately 42% for the year ended December 31, 2011 as compared
to 2010, during a period of four weeks at the end of 2011, the market price of ethanol declined by approximately 28%, which substantially
reduced our profitability during the fourth quarter and full year of 2011. Fluctuations in the market price of ethanol may cause
our profitability or losses to fluctuate significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Some of our marketing activities will
likely be unprofitable in a market of generally declining ethanol prices due to the nature of our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Some of our marketing activities will likely
be unprofitable in a market of generally declining ethanol prices due to the nature of our business. For example, to satisfy customer
demands, we must maintain certain quantities of ethanol inventory for subsequent resale. Moreover, we procure much of our inventory
outside the context of a marketing arrangement and therefore must buy ethanol at a price established at the time of purchase and
sell ethanol at an index price established later at the time of sale that is generally reflective of movements in the market price
of ethanol. As a result, our margins for ethanol sold in these transactions generally decline and may turn negative as the market
price of ethanol declines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Disruptions in ethanol production infrastructure
may adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business depends on the continuing availability
of rail, road, port, storage and distribution infrastructure. In particular, due to limited storage capacity at the Pacific Ethanol
Plants and other considerations related to production efficiencies, the Pacific Ethanol Plants depend on just-in-time delivery
of corn. The production of ethanol also requires a significant and uninterrupted supply of other raw materials and energy, primarily
water, electricity and natural gas. The prices of electricity and natural gas have fluctuated significantly in the past and may
fluctuate significantly in the future. Local water, electricity and gas utilities may not be able to reliably supply the water,
electricity and natural gas that the Pacific Ethanol Plants will need or may not be able to supply those resources on acceptable
terms. Any disruptions in the ethanol production infrastructure, whether caused by labor difficulties, earthquakes, storms, other
natural disasters or human error or malfeasance or other reasons, could prevent timely deliveries of corn or other raw materials
and energy and may require the Pacific Ethanol Plants to halt production which could have a material adverse effect on our business,
results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">We and the Pacific Ethanol Plants may
engage in hedging transactions and other risk mitigation strategies that could harm our results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In an attempt to partially offset the effects
of volatility of ethanol prices and corn and natural gas costs, the Pacific Ethanol Plants may enter into contracts to fix the
price of a portion of their ethanol production or purchase a portion of their corn or natural gas requirements on a forward basis.
In addition, we may engage in other hedging transactions involving exchange-traded futures contracts for corn, natural gas and
unleaded gasoline from time to time. The financial statement impact of these activities is dependent upon, among other things,
the prices involved and our ability to sell sufficient products to use all of the corn and natural gas for which forward commitments
have been made. Hedging arrangements also expose us to the risk of financial loss in situations where the other party to the hedging
contract defaults on its contract or, in the case of exchange-traded contracts, where there is a change in the expected differential
between the underlying price in the hedging agreement and the actual prices paid or received by us. As a result, our results of
operations and financial position may be adversely affected by fluctuations in the price of corn, natural gas, ethanol and unleaded
gasoline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Operational difficulties at the Pacific
Ethanol Plants could negatively impact sales volumes and could cause us to incur substantial losses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Operations at the Pacific Ethanol Plants
are subject to labor disruptions, unscheduled downtimes and other operational hazards inherent in the ethanol production industry,
including equipment failures, fires, explosions, abnormal pressures, blowouts, pipeline ruptures, transportation accidents and
natural disasters. Some of these operational hazards may cause personal injury or loss of life, severe damage to or destruction
of property and equipment or environmental damage, and may result in suspension of operations and the imposition of civil or criminal
penalties. Insurance obtained by the Pacific Ethanol Plants may not be adequate to fully cover the potential operational hazards
described above or the Pacific Ethanol Plants may not be able to renew this insurance on commercially reasonable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Moreover, the production facilities at the
Pacific Ethanol Plants may not operate as planned or expected. All of these facilities are designed to operate at or above a specified
production capacity. The operation of these facilities is and will be, however, subject to various uncertainties. As a result,
these facilities may not produce ethanol and its co-products at expected levels. In the event any of these facilities do not run
at their expected capacity levels, our business, results of operations and financial condition may be materially and adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The United States ethanol industry is
highly dependent upon myriad federal and state legislation and regulation and any changes in legislation or regulation could have
a material adverse effect on our results of operations and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Various studies have criticized the efficiency
of ethanol in general, and corn-based ethanol in particular, which could lead to the reduction or repeal of mandates that require
the use and domestic production of ethanol or otherwise negatively impact public perception and acceptance of ethanol as an alternative
fuel.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although many trade groups, academics and
governmental agencies have supported ethanol as a fuel additive that promotes a cleaner environment, others have criticized ethanol
production as consuming considerably more energy and emitting more greenhouse gases than other biofuels and as potentially depleting
water resources. Other studies have suggested that ethanol negatively impacts consumers by causing higher prices for dairy, meat
and other foodstuffs from livestock that consume corn. If these views gain acceptance, support for existing measures requiring
the use and domestic production of corn-based ethanol could decline, leading to a reduction or repeal of these measures. These
views could also negatively impact public perception of the ethanol industry and acceptance of ethanol as a component for blending
in transportation fuel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>Waivers or repeal of the national Renewable Fuel
Standard&rsquo;s minimum levels of renewable fuels included in gasoline could have a material adverse effect on our results of
operations.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shortly after passage of the Energy Independence
and Security Act of 2007, which increased the minimum mandated required usage of ethanol, a Congressional sub-committee held hearings
on the potential impact of the national RFS on commodity prices. While no action was taken by the sub-committee towards repeal
of the national RFS, any attempt by Congress to re-visit, repeal or grant waivers of the national RFS could adversely affect demand
for ethanol and could have a material adverse effect on our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The ethanol production and marketing industry
is extremely competitive. Many of our significant competitors have greater production and financial resources and one or more of
these competitors could use their greater resources to gain market share at our expense. In addition, a number of Kinergy&rsquo;s
suppliers may circumvent the marketing services we provide, causing our sales and profitability to decline.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ethanol production and marketing industry
is extremely competitive. Many of our significant competitors in the ethanol production and marketing industry, including Archer
Daniels Midland Company and Valero Energy Corporation, have substantially greater production and/or financial resources. As a result,
our competitors may be able to compete more aggressively and sustain that competition over a longer period of time. Successful
competition will require a continued high level of investment in marketing and customer service and support. Our limited resources
relative to many significant competitors may cause us to fail to anticipate or respond adequately to new developments and other
competitive pressures. This failure could reduce our competitiveness and cause a decline in market share, sales and profitability.
Even if sufficient funds are available, we may not be able to make the modifications and improvements necessary to compete successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also face increasing competition from
international suppliers. Currently, international suppliers produce ethanol primarily from sugar cane and have cost structures
that are generally substantially lower than the cost structures of the Pacific Ethanol Plants. Any increase in domestic or foreign
competition could cause the Pacific Ethanol Plants to reduce their prices and take other steps to compete effectively, which could
adversely affect their and our results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, some of our suppliers are potential
competitors and, especially if the price of ethanol reaches historically high levels, they may seek to capture additional profits
by circumventing our marketing services in favor of selling directly to our customers. If one or more of our major suppliers, or
numerous smaller suppliers, circumvent our marketing services, our sales and profitability may decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">If Kinergy fails to satisfy its financial
covenants under its credit facility, it may experience a loss or reduction of that facility, which would have a material adverse
effect on our financial condition and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are substantially dependent on Kinergy&rsquo;s
credit facility to help finance its operations. Kinergy must satisfy quarterly financial covenants under its credit facility, including
covenants regarding its quarterly EBITDA and fixed coverage ratios. Kinergy will be in default under its credit facility if it
fails to satisfy any financial covenant. A default may result in the loss or reduction of the credit facility. The loss of Kinergy&rsquo;s
credit facility, or a significant reduction in Kinergy&rsquo;s borrowing capacity under the facility, would result in Kinergy&rsquo;s
inability to finance a significant portion of its business and would have a material adverse effect on our financial condition
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The high concentration of our sales within
the ethanol marketing and production industry could result in a significant reduction in sales and negatively affect our profitability
if demand for ethanol declines.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect to be completely focused on the
marketing and production of ethanol and its co-products for the foreseeable future. We may be unable to shift our business focus
away from the marketing and production of ethanol to other renewable fuels or competing products. Accordingly, an industry shift
away from ethanol or the emergence of new competing products may reduce the demand for ethanol. A downturn in the demand for ethanol
would likely materially and adversely affect our sales and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">In addition to ethanol produced by the
Pacific Ethanol Plants, we also depend on a small number of third-party suppliers for a significant portion of the ethanol we sell.
If any of these suppliers does not continue to supply us with ethanol in adequate amounts, we may be unable to satisfy the demands
of our customers and our sales, profitability and relationships with our customers will be adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the ethanol produced by the
Pacific Ethanol Plants, we also depend, and expect to continue to depend for the foreseeable future, on a small number of third-party
suppliers for a significant portion of the total amount of ethanol that we sell. Our third-party suppliers are primarily located
in the Midwestern United States. The delivery of ethanol from these suppliers is therefore subject to delays resulting from inclement
weather and other conditions. If any of these suppliers is unable or declines for any reason to continue to supply us with ethanol
in adequate amounts, we may be unable to replace that supplier and source other supplies of ethanol in a timely manner, or at all,
to satisfy the demands of our customers. If this occurs, our sales, profitability and our relationships with our customers will
be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">We may be adversely affected by environmental,
health and safety laws, regulations and liabilities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to various federal, state
and local environmental laws and regulations, including those relating to the discharge of materials into the air, water and ground,
the generation, storage, handling, use, transportation and disposal of hazardous materials, and the health and safety of our employees.
In addition, some of these laws and regulations require us to operate under permits that are subject to renewal or modification.
These laws, regulations and permits can often require expensive pollution control equipment or operational changes to limit actual
or potential impacts to the environment. A violation of these laws and regulations or permit conditions can result in substantial
fines, natural resource damages, criminal sanctions, permit revocations and/or facility shutdowns. In addition, we have made, and
expect to make, significant capital expenditures on an ongoing basis to comply with increasingly stringent environmental laws,
regulations and permits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may be liable for the investigation and
cleanup of environmental contamination at each of the Pacific Ethanol Plants or other third-party plants that we operate and at
off-site locations where we arrange for the disposal of hazardous substances. If these substances have been or are disposed of
or released at sites that undergo investigation and/or remediation by regulatory agencies, we may be responsible under the Comprehensive
Environmental Response, Compensation and Liability Act of 1980, or other environmental laws for all or part of the costs of investigation
and/or remediation, and for damages to natural resources. We may also be subject to related claims by private parties alleging
property damage and personal injury due to exposure to hazardous or other materials at or from those properties. Some of these
matters may require us to expend significant amounts for investigation, cleanup or other costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, new laws, new interpretations
of existing laws, increased governmental enforcement of environmental laws or other developments could require us to make significant
additional expenditures. Continued government and public emphasis on environmental issues can be expected to result in increased
future investments for environmental controls at the Pacific Ethanol Plants. Present and future environmental laws and regulations,
and interpretations of those laws and regulations, applicable to our operations, more vigorous enforcement policies and discovery
of currently unknown conditions may require substantial expenditures that could have a material adverse effect on our results of
operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The hazards and risks associated with producing
and transporting our products (including fires, natural disasters, explosions and abnormal pressures and blowouts) may also result
in personal injury claims or damage to property and third parties. As protection against operating hazards, we maintain insurance
coverage against some, but not all, potential losses. However, we could sustain losses for uninsurable or uninsured risks, or in
amounts in excess of existing insurance coverage. Events that result in significant personal injury or damage to our property or
third parties or other losses that are not fully covered by insurance could have a material adverse effect on our results of operations
and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">If we are unable to attract and retain
key personnel, our ability to operate effectively may be impaired.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our ability to operate our business and
implement strategies depends, in part, on the efforts of our executive officers and other key employees. Our future success will
depend on, among other factors, our ability to retain our current key personnel and attract and retain qualified future key personnel,
particularly executive management. Failure to attract or retain key personnel could have a material adverse effect on our business
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">We depend on a small number of customers
for the majority of our sales. A reduction in business from any of these customers could cause a significant decline in our overall
sales and profitability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The majority of our sales are generated
from a small number of customers. During 2012 and 2011, three customers accounted for an aggregate of approximately 49% and 38%
of our net sales, respectively. We expect that we will continue to depend for the foreseeable future upon a small number of customers
for a significant portion of our sales. Our agreements with these customers generally do not require them to purchase any specified
amount of ethanol or dollar amount of sales or to make any purchases whatsoever. Therefore, in any future period, our sales generated
from these customers, individually or in the aggregate, may not equal or exceed historical levels. If sales to any of these customers
cease or decline, we may be unable to replace these sales with sales to either existing or new customers in a timely manner, or
at all. A cessation or reduction of sales to one or more of these customers could cause a significant decline in our overall sales
and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">Our lack of long-term ethanol orders and
commitments by our customers could lead to a rapid decline in our sales and profitability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We cannot rely on long-term ethanol orders
or commitments by our customers for protection from the negative financial effects of a decline in the demand for ethanol or a
decline in the demand for our marketing services. The limited certainty of ethanol orders can make it difficult for us to forecast
our sales and allocate our resources in a manner consistent with our actual sales. Moreover, our expense levels are based in part
on our expectations of future sales and, if our expectations regarding future sales are inaccurate, we may be unable to reduce
costs in a timely manner to adjust for sales shortfalls. Furthermore, because we depend on a small number of customers for a significant
portion of our sales, the magnitude of the ramifications of these risks is greater than if our sales were less concentrated. As
a result of our lack of long-term ethanol orders and commitments, we may experience a rapid decline in our sales and profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Risks Relating to Ownership of Our
Common Stock and this Offering</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Our future ability to raise capital may be
limited by applicable laws and regulations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">Our
capital raising activities have benefited from using a &ldquo;shelf&rdquo; registration on Form S-3, which typically enables an
issuer to raise additional capital on a more timely and cost effective basis than through other means, such as registration of
a securities offering under a Form S-1 registration statement. Our current and future ability to raise additional capital through
the sale and issuance of our equity securities may be limited by, among other things, current Securities and Exchange Commission
rules and regulations. Under current Securities and Exchange Commission rules and regulations, to be eligible to use a Form S-3
registration statement for primary offerings without restriction as to the amount of securities to be sold and issued, the aggregate
market value of our common equity held by non-affiliates (i.e., our &ldquo;public float&rdquo;) must be at least $75.0 million
at the time we file the Form S-3 (calculated pursuant to the General Instructions to Form S-3). Furthermore, with respect to our
effective Form S-3 registration statement, the Securities and Exchange Commission&rsquo;s rules and regulations require that we
periodically re-evaluate the value of our public float (typically when we file our Annual Report on Form 10-K) to determine whether
we continue to satisfy the foregoing public float requirement. As of the date of this prospectus, we do not satisfy the $75.0 million
public float requirement. As a result, the amount we can raise through primary offerings of our securities in any 12-month period
using a Form S-3 registration statement is limited to an aggregate of one-third of our public float. Moreover, the market value
of all securities sold by us under our Form S-3 registration statements during the 12-month period prior to any intended sale will
be subtracted from that amount to determine the amount we can then raise under our Form S-3 registration statements. If our public
float increases to $75.0 million or more, this limitation would cease to apply until we conduct our next re-evaluation.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The conversion of convertible securities,
the issuance of the shares of our common stock in payment of interest on outstanding promissory notes, and the exercise of outstanding
options and warrants to purchase our common stock could substantially dilute your investment, impede our ability to obtain additional
financing and cause us to incur additional expenses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Series B Preferred Stock and convertible
promissory notes, which are convertible into our common stock, and outstanding options to acquire our common stock issued to employees,
directors and others, and warrants (including the Warrants) to purchase our common stock, allow the holders of these securities
an opportunity to profit from a rise in the market price of our common stock such that conversion of the securities will result
in dilution of the equity interests of our common stockholders. In addition, the issuance of shares of our common stock at our
election in payment of principal and/or interest on our outstanding promissory notes (including, with respect to the Notes, the
payment of interest in shares of our common stock) will result in dilution of the equity interests of our common stockholders.
The terms on which we may obtain additional financing may be adversely affected by the existence and potentially dilutive impact
of our outstanding convertible and other promissory notes (including the Notes), Series B Preferred Stock, options and warrants
(including the Warrants). In addition, holders of our outstanding promissory notes (including the Notes) and certain warrants (including
the Warrants) have registration rights with respect to the common stock underlying those notes and warrants, the registration of
which involves substantial expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">The voting power and value of your investment
could decline if our outstanding securities that are convertible or exercisable into shares of our common stock are converted or
exercised.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have issued a significant amount of securities
that are convertible or exercisable into shares of our common stock, the conversion or exercise of these securities could have
a substantial negative impact on the price of our common stock and could result in a dramatic decrease in the value of your investment.
The conversion or exercise prices applicable to some of our outstanding securities are subject to market-price protection that
may cause the conversion or exercise prices to be reduced in the event of a decline in the market price of our common stock. In
addition, the conversion or exercise prices of some of our outstanding securities (including the Warrants) are subject to downward
anti-dilution adjustments, from time to time, if we issue securities at a purchase, exercise or conversion price that is less than
the then-applicable conversion or exercise price of the applicable security. Consequently, the voting power and value of your investment
in each of these events would decline if the securities are converted or exercised for shares of our common stock at lower prices
as a result of the declining market price or sales of our securities are made below the conversion or exercise prices of some of
our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market-price protection features of
our convertible notes could also allow the convertible notes to become convertible into a greatly increased number of additional
shares of our common stock, particularly if a holder of a convertible note sequentially converts portions of the note into shares
of our common stock at alternate conversion prices and resells those shares into the market. If a holder of a convertible note
sequentially converts portions of the note into shares of our common stock or if we issue shares of common stock in lieu of cash
payments of principal and interest, each at alternate conversion prices, and the holder of the note resells those shares into the
market, then the market price of our common stock could decline due to the additional shares available in the market, particularly
in the event of any thin trading volume of our common stock. Consequently, if a holder of a convertible note repeatedly converts
portions of the note or we repeatedly issue shares of common stock in lieu of cash payments of principal and/or interest on the
note at alternate conversion prices and then the holder resells those underlying shares into the market, a continuous downward
spiral of the market price of our common stock could occur that would benefit a holder of the convertible note at the expense of
other existing or potential holders of our common stock, potentially creating a divergence of interests between a holder of the
convertible note and investors who purchase the shares of common stock resold by a holder of the convertible note following conversion
of the note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The market price of our common stock
and the value of your investment could substantially decline if our convertible notes or Series B Preferred Stock are converted
into shares of our common stock, if we issue shares of our common stock in payment of principal and/or interest on our notes (including
the issuance of common stock in payment of interest on the Notes) and if our options and warrants (including the Warrants) are
exercised for shares of our common stock and all of these shares of common stock are resold into the market, or if a perception
exists that a substantial number of shares will be issued upon conversion of our Notes or Series B Preferred Stock, upon the payment
of principal and/or interest on our promissory notes or upon exercise of our warrants (including the Warrants) or options and then
resold into the market.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the conversion prices at which the Series
B Preferred Stock is converted, the conversion prices at which shares of common stock in payment of principal and/or interest on
our notes (including the issuance of common stock in payment of interest on the Notes) are issued, and the exercise prices at which
our warrants (including the Warrants) and options are exercised are lower than the price at which you made your investment, immediate
dilution of the value of your investment will occur. In addition, sales of a substantial number of shares of common stock issued
upon conversion of Series B Preferred Stock, in lieu of cash payments of principal and/or interest on our notes (including the
issuance of common stock in payment of interest on the Notes) and upon exercise of our warrants (including the Warrants) and options,
or even the perception that these sales could occur, could adversely affect the market price of our common stock. As a result,
you could experience a substantial decline in the value of your investment as a result of both the actual and potential conversion
of our outstanding shares of Series B Preferred Stock, issuance of shares of common stock in lieu of cash payments of principal
and/or interest on our notes (including the issuance of common stock in payment of interest on the Notes) and exercise of our outstanding
warrants (including the Warrants) or options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The issuance of shares upon the conversion
of Series B Preferred Stock, upon the payment of principal and/or interest on our notes (including upon the payment of interest
on our Notes) and upon the exercise of outstanding options and warrants (including the Warrants) could result in a change of control
of Pacific Ethanol.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, we had outstanding
options, warrants (including the Warrants), Series B Preferred Stock and Notes that were exercisable for or convertible into approximately
10,254,121 shares of common stock based on conversion and exercise prices as of that date. A change of control of Pacific Ethanol
could occur if a significant number of shares of our common stock are issued to the holders of our outstanding options, warrants
(including the Warrants), notes (including the Notes) or shares of Series B Preferred Stock.&nbsp; If a change of control occurs,
then the stockholders who historically have controlled our company would no longer have the ability to exert significant control
over matters that could include the election of our directors, changes in the size and composition of our board of directors, and
mergers and other business combinations involving Pacific Ethanol. Instead, one or more other stockholders could gain the ability
to exert this type of control and may also, through control of our board of directors and voting power, be able to control a number
of decisions, including decisions regarding the qualification and appointment of officers, dividend policy, access to capital (including
borrowing from third-party lenders and the issuance of additional equity securities), and the acquisition or disposition of our
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Our stock price is highly volatile,
which could result in substantial losses for investors purchasing shares of our common stock and in litigation against us.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of our common stock has
fluctuated significantly in the past and may continue to fluctuate significantly in the future. The market price of our common
stock may continue to fluctuate in response to one or more of the following factors, many of which are beyond our control:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to maintain contracts that are critical to our operations, including the asset management agreement with the Plant
Owners that provide us with the ability to operate the Pacific Ethanol Plants and the marketing agreements with the Plant Owners
whose facilities are operational that provide us with the ability to market all ethanol and co-products produced by the Pacific
Ethanol Plants;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in the market price of ethanol and its co-products;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the cost of key inputs to the production of ethanol, including corn and natural gas;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the volume and timing of the receipt of orders for ethanol from major customers;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>competitive pricing pressures;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to produce, sell and deliver ethanol on a cost-effective and timely basis;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the introduction and announcement of one or more new alternatives to ethanol by our competitors;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in market valuations of similar companies;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>stock market price and volume fluctuations generally;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulatory developments or increased enforcement;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>fluctuations in our quarterly or annual operating results;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>additions or departures of key personnel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our inability to obtain financing; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our financing activities and future sales of our common stock or other securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Furthermore, we believe that the economic
conditions in California and other Western states, as well as the United States as a whole, could have a negative impact on our
results of operations. Demand for ethanol could also be adversely affected by a slow-down in overall demand for oxygenate and gasoline
additive products. The levels of our ethanol production and purchases for resale will be based upon forecasted demand. Accordingly,
any inaccuracy in forecasting anticipated revenues and expenses could adversely affect our business. The failure to receive anticipated
orders or to complete delivery in any quarterly period could adversely affect our results of operations for that period. Quarterly
results are not necessarily indicative of future performance for any particular period, and we may not experience revenue growth
or profitability on a quarterly or an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The price at which you purchase shares of
our common stock may not be indicative of the price that will prevail in the trading market. You may be unable to sell your shares
of common stock at or above your purchase price, which may result in substantial losses to you and which may include the complete
loss of your investment. In the past, securities class action litigation has often been brought against a company following periods
of high stock price volatility. We may be the target of similar litigation in the future. Securities litigation could result in
substantial costs and divert management&rsquo;s attention and our resources away from our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any of the risks described above could have
a material adverse effect on our results of operations, the price of our common stock, or both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus contains &ldquo;forward-looking
statements&rdquo; that are intended to be covered by the safe harbor provided for under Section 27A of the Securities Act of 1933,
as amended, or Securities Act, and Section 21E of the Securities Exchange Act f 1934, as amended, or Exchange Act. These forward-looking
statements include our current expectations and projections about future results, performance, business strategy, recent and pending
acquisitions, budgets, objectives of management or future operations, legal strategies, prospects and opportunities. We have tried
to identify these forward-looking statements by using words like &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo;
&ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;seek,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;future,&rdquo; &ldquo;plan&rdquo; or variations of those terms and other
similar expressions, including their use in the negative. You should not place undue reliance on these forward-looking statements,
which speak only as to our expectations, as of the date of this prospectus. These forward-looking statements are subject to a number
of risks, uncertainties and other factors that could cause or actual results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these forward-looking statements. We claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 for all forward-looking statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Forward-looking statements may be made regarding
our business, operations, financial performance and condition, earnings, our prospects, as well as regarding our industry generally.
Forward-looking statements are not guarantees of performance. You should understand that these factors, in addition to those discussed
in &ldquo;Risk Factors&rdquo; above and elsewhere in this prospectus could affect our future results and could cause those results
or other outcomes to differ materially from those expressed or implied in any forward-looking statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Given these risks and uncertainties, readers
are cautioned not to place undue reliance on our forward-looking statements. Projections included in such risk factors have been
prepared based on assumptions, which we believe to be reasonable, but not in accordance with United States generally accepted accounting
principles or any guidelines of the Securities and Exchange Commission. Actual results will vary, perhaps materially, and we undertake
no obligation to update the projections at any future date. You are strongly cautioned not to place undue reliance on such projections.
All subsequent written and oral forward-looking statements attributable to Pacific Ethanol or to persons acting on our behalf are
expressly qualified in their entirety by these cautionary statements, whether as a result of new information, future events or
otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">USE OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will not receive any of the proceeds
from the sale of the shares of common stock offered under this prospectus by the selling security holders. Rather, the selling
security holders will receive those proceeds directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DIVIDEND
POLICY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have never paid cash dividends on our
common stock and do not intend to pay cash dividends on our common stock in the foreseeable future. We anticipate that we will
retain any earnings for use in the continued development of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Several of our current and future debt financing
arrangements may limit or prevent cash distributions from our subsidiaries to us, depending upon the achievement of specified financial
and other operating conditions and our ability to properly service our debt, thereby limiting or preventing us from paying cash
dividends. Further, the holders of our outstanding Series B Preferred Stock are entitled to dividends of 7% per annum, payable
quarterly in arrears. In 2012, we paid, in cash, the dividends on out outstanding shares of Series B Preferred Stock as they became
due. As of June 26, 2013, we had accrued unpaid dividends of approximately $5.1 million on our Series B Preferred Stock. The holders
of our outstanding Series B Preferred Stock have agreed to forbear from exercising any and all of their rights and remedies against
us with respect to such unpaid dividends. Accumulated and unpaid dividends in respect of our Series B Preferred Stock must be paid
prior to the payment of any dividends on shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PRICE RANGE
OF COMMON STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock has traded on The NASDAQ
Capital Market under the symbol &ldquo;PEIX&rdquo; since May&nbsp;3, 2010. Between October 10, 2005 and May&nbsp;3, 2010, our common
stock traded on The NASDAQ Global Market (formerly, The NASDAQ National Market). On June 8, 2011, we effected a one-for-seven reverse
split of our common stock and on May 14, 2013, we effected a one-for-fifteen reverse split of our common stock. The table below
shows, for each fiscal quarter indicated, the high and low sales prices for shares of our common stock. The prices for periods
prior May 14, 2013, have been retroactively restated as if both reverse splits had occurred on January 1, 2011. The prices shown
reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not necessarily represent actual transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Price Range</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">Year Ending December 31, 2013:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; text-indent: -12pt; padding-left: 12pt">First Quarter (January 1 &ndash; March 31)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">6.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4.95</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Second Quarter (April 1 &ndash; June 26)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5.69</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.42</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">Year Ended December 31, 2012:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">First Quarter (January 1 &ndash; March 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">25.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Second Quarter (April 1 &ndash; June 30)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.65</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Third Quarter (July 1 &ndash; September 30)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Fourth Quarter (October 1 &ndash; December 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: -12pt; padding-left: 12pt">Year Ended December 31, 2011:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">First Quarter (January 1 &ndash; March 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">119.70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">63.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Second Quarter (April 1 &ndash; June 30)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">68.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16.20</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Third Quarter (July 1 &ndash; September 30)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19.65</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Fourth Quarter (October 1 &ndash; December 31)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">27.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3.75</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, we had 11,852,839
shares of common stock outstanding held of record by approximately 389 stockholders. These holders of record include depositories
that hold shares of stock for brokerage firms which, in turn, hold shares of stock for numerous beneficial owners. On June 26,
2013, the last reported price of our common stock on The NASDAQ Capital Market was $3.94 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Equity Compensation Plan Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table provides information
about our common stock that may be issued upon the exercise of options under all of our existing equity compensation plans as of
December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: -11pt">Plan Category</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Securities to be<BR> Issued Upon Exercise of Outstanding<BR> Options</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Weighted-Average <BR>Exercise Price of Outstanding Options</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Number of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Remaining Available</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for Future Issuance Under Equity Compensation Plans<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Equity Compensation Plans Approved by Security Holders:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 49%; padding-left: 0pt; padding-top: 3pt">2004 Plan<SUP>(1)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">762</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">867.23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">2006 Plan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,221</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">340,531</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Our 2004 Plan was terminated effective September 7, 2006, except to the extent of then-outstanding options.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 33pt; text-indent: -16.5pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF<BR>
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>The following discussion and analysis
of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and
notes to consolidated financial statements included elsewhere in this prospectus. This discussion contains forward-looking statements,
reflecting our plans and objectives that involve risks and uncertainties. Actual results and the timing of events may differ materially
from those contained in these forward-looking statements due to a number of factors, including those discussed in the section entitled
&ldquo;Risk Factors&rdquo; and elsewhere in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are the leading marketer and producer
of low-carbon renewable fuels in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market all the ethanol produced by the
Pacific Ethanol Plants, all the ethanol produced by two other ethanol producers in the Western United States and ethanol purchased
from other third-party suppliers throughout the United States. We also market ethanol co-products for the Pacific Ethanol Plants,
including WDG.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive customer relationships
throughout the Western United States. Our ethanol customers are integrated oil companies and gasoline marketers who blend ethanol
into gasoline. We arrange for transportation, storage and delivery of ethanol purchased by our customers through our agreements
with third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,
Idaho and Washington. Our WDG customers are dairies and feedlots located near the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive supplier relationships
throughout the Western and Midwestern United States. In some cases, we have marketing agreements with suppliers to market all of
the output of their facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hold an 85% ownership interest in New
PE Holdco which indirectly owns the Pacific Ethanol Plants through its ownership of the Plant Owners. We operate and maintain the
Pacific Ethanol Plants under the terms of an asset management agreement with New PE Holdco and the Plant Owners. We also market
ethanol and WDG produced by the Pacific Ethanol Plants under the terms of separate marketing agreements with the Plant Owners whose
facilities are operational. In addition, we provide operations, maintenance and accounting services for a 250,000 gallon per year
cellulosic integrated biorefinery owned by ZeaChem Inc. in Boardman, Oregon, which is adjacent to the Pacific Ethanol Columbia
plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Pacific Ethanol Plants are comprised
of the four facilities described immediately below and have an aggregate annual production capacity of up to 200 million gallons.
Three of the facilities are currently operational and one of the facilities is currently idled. As market conditions change, we
may increase, decrease or idle production at one or more operational facilities or resume operations at any idled facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Facility Name</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Facility
        Location</B></P></TD>
    <TD STYLE="width: 27%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Estimated
        Annual Capacity</B><BR>
        <B>(gallons)</B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        Operating Status</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Magic Valley</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Burley, ID</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Columbia</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Boardman, OR</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Stockton</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Stockton, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.75pt; text-indent: -5.75pt">Madera</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Madera, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Idled</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We earn fees as follows under our asset
management and other agreements with New PE Holdco and the Plant Owners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ethanol marketing fees of approximately 1% of the net sales price, but not less than $0.015 per gallon and not more than $0.0225
per gallon;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>corn procurement and handling fees of $0.045 per bushel;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>WDG fees of 5% of the third-party purchase price, but not less than $2.00 per ton and not more than $3.50 per ton; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>asset management fees of $75,000 per month for each operating facility and $40,000 per month for each idled facility.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We intend to advance our position as the
leading marketer and producer of low-carbon renewable fuels in the Western United States, in part by expanding our relationships
with customers and third-party ethanol producers to market higher volumes of ethanol and by expanding the market for ethanol by
continuing to work with state governments to encourage the adoption of policies and standards that promote ethanol as a fuel additive
and transportation fuel. Further, we may seek to provide management services for other third-party ethanol production facilities
in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Three Months Ended March 31, 2013 Compared to the Three Months
Ended March 31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results of Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following selected financial information
should be read in conjunction with our consolidated financial statements and notes to our consolidated financial statements included
elsewhere in this prospectus, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo; contained in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Certain performance metrics that we believe
are important indicators of our results of operations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 0pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>Three
                                                                                                 Months Ended <BR>
                                                                                                 March 31,</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>Percentage</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 0pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>2013</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><B>2012</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>&nbsp;</B></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center"><B>Variance</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left; padding-left: 0pt">Production gallons sold (in millions)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">35.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">35.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&minus;%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Third party gallons sold (in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65.4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79.5</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Total gallons sold (in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114.8</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Average sales price per gallon</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.60</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Corn cost per bushel&mdash;CBOT equivalent (1)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.47</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Co-product revenues as % of delivered cost of corn</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Average CBOT ethanol price per gallon</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.41</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.22</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Average CBOT corn price per bushel</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.41</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD>We exclude transportation&mdash;or &ldquo;basis&rdquo;&mdash;costs in our corn costs to calculate
a Chicago Board of Trade, or CBOT, equivalent price to compare our corn costs to average CBOT corn prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>Net Sales, Cost of Goods Sold and
Gross Profit (Loss)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">The following table presents our net sales,
cost of goods sold and gross profit (loss) in dollars and gross profit (loss) as a percentage of net sales (in thousands, except
percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 38.15pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-left: 0pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">225,459</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">197,719</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">27,740</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">14.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">224,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,417</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(7,477</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NM</P></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 10pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.0%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(3.8%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Net Sales</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The increase in our net sales for the three
months ended March 31, 2013 as compared to the same period in 2012 was due to an increase in our average sales price per gallon
sold, partially offset by a decrease in total gallons sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our average sales price per gallon increased
11.1% to $2.60 for the three months ended March 31, 2013 from an average sales price per gallon of $2.34 for the same period in
2012. The average CBOT price per gallon increased 8.6% to $2.41 for the three months ended March 31, 2013 from an average CBOT
price per gallon of $2.22 for the same period in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Total volume of ethanol gallons sold decreased
by 14.1 million gallons, or 12.3%, to 100.7 million gallons for the three months ended March 31, 2013 as compared to 114.8 million
gallons for the same period in 2012. The decrease in total gallons sold is due to a decrease in third party gallons sold. The decrease
in third party sales volume is primarily due to fewer gallons sold through third-party ethanol marketing arrangements as other
producers adjusted production levels, due to the unfavorable margin environment in the early part of the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White"><I>Cost
of Goods Sold and Gross Profit (Loss)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">Our
gross margin increased to flat for the three months ended March 31, 2013 from negative 3.8% for the same period in 2012 primarily
due to improved crush and commodity margins. Crush and commodity margins reflect ethanol and co-product sales prices relative
to ethanol production inputs such as corn and natural gas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>Selling, General and Administrative
Expenses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our selling,
general and administrative expenses, or SG&amp;A, in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; text-indent: -9.55pt; padding-left: 9.55pt">Selling, general and&nbsp;&nbsp;administrative expenses</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">4,005</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">3,378</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">627</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">18.6%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.8%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.7%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our SG&amp;A increased in both absolute
dollars and as a percentage of net sales for the three months ended March 31, 2013. The $0.6 million increase in SG&amp;A for the
three months ended March 31, 2013 as compared to the same period in 2012 is primarily due to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an increase in professional fees of $0.5 million due to non-capitalized expenses associated with the issuance of our senior
unsecured notes in January 2013; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an increase in noncash compensation expenses of $0.3 million due to increased grants of restricted stock awards to our employees
and members of our board of directors during the quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Warrant Inducements and Fair Value
Adjustments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our warrant
inducements and fair value adjustments in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; text-indent: -9.55pt; padding-left: 9.55pt">Warrant inducements and fair value adjustments</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(692</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(33</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(659</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#9;NM</P></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.3%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(0.0%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">We have issued warrants in various financing
transactions since 2010. These warrants were recorded at fair value. We adjusted the warrants&rsquo; fair values and recorded aggregate
adjustments reflecting a $0.1 million gain and a $0.1 million loss for the three months ended March 31, 2013 and 2012, respectively,
due to minor changes in our stock price as compared to the beginning of those periods. In addition, in the three months ended March
31, 2013, we paid $0.8 million in cash to holders of certain warrants to induce them to exercise their warrants. The warrants had
higher exercise prices than our stock price at the time. We recorded the $0.8 million payment as an additional expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>Interest Expense, net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our interest
expense, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Interest expense, net&#9;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">3,481</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">2,909</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">572</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">19.7%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">1.5%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">Interest expense, net increased $0.6 million
to $3.5 million for the three months ended March 31, 2013 from $2.9 million for the same period in 2012. The $0.6 million increase
in interest expense, net is primarily due to increased average debt balances, in part resulting from the issuance of our senior
unsecured notes in January 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>Gain on Extinguishment of
Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our gain on
extinguishment of debt, net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Gain on extinguishment of debt&#9;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">817</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">817</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NM</P></TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.4%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;<FONT STYLE="font-size: 10pt"><I>%</I></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">In March 2013, we extinguished New PE Holdco
debt by paying cash in an amount equal to $0.8 million less than the amount of the debt and as such, recorded a gain on extinguishment
of debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>Other Expense, net</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our other expense,
net in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; padding-left: 1.45pt">Other expense, net&#9;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">87</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">194</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(107</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(55.2%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.0%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">Other expense, net decreased by $0.1 million
to $0.1 million for the three months ended March 31, 2013 from $0.2 million for the same period in 2012. The $0.1 million decrease
in other expense, net is primarily due to a decrease in bank fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Net Loss Attributed to Noncontrolling
Interest in Variable Interest Entity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents the portion
of our net loss attributed to noncontrolling interest in variable interest entity in dollars and as a percentage of net sales (in
thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; text-indent: -7.55pt; padding-left: 7.55pt">Net loss attributed to noncontrolling interest in variable interest entity&#9;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">1,148</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">9,038</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(7,890</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(87.3%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.6%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">Net loss attributed to noncontrolling interest
in variable interest entity relates to our consolidated treatment of New PE Holdco, a variable interest entity. For the three months
ended March 31, 2013 and 2012, we consolidated the entire income statement of New PE Holdco. However, because we owned only 83%
and 34% of New PE Holdco for the three months ended March 31, 2013 and 2012, respectively, we reduced our consolidated net loss
for the noncontrolling interest, which was the ownership interest that we did not own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>Net Loss Attributed to Pacific
Ethanol, Inc.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our net loss
attributed to Pacific Ethanol, Inc. in dollars and as a percentage of net sales (in thousands, except percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; text-indent: -7.55pt; padding-left: 7.55pt">Net loss attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(5,454</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(4,953</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">501</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">10.1%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; text-indent: 9.35pt; padding-left: 1.45pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.4%)</TD><TD STYLE="font-style: italic; text-align: left"></TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">(2.5%</TD><TD STYLE="font-style: italic; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">The increase in net loss attributed to Pacific
Ethanol, Inc. was primarily due to our increased ownership interest in New PE Holdco, despite the fact that consolidated net loss
decreased 53% due to improved commodity margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.5pt"><B><I>Preferred Stock Dividends and Net
Loss Available to Common Stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents our preferred
stock dividends for our Series B Cumulative Convertible Preferred Stock, or Series B Preferred Stock, in dollars and as a percentage
of net sales, and our net loss available to common stockholders in dollars and as a percentage of net sales (in thousands, except
percentages):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance in</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Dollars</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Preferred stock dividends</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">312</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">315</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(3</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; border-bottom: Black 2.5pt double; text-align: right">(1.0%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.1%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">0.2%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">&nbsp;</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -11pt; padding-left: 11pt">Net loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,766</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">498</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9.5%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-style: italic; text-align: left; padding-left: 11pt">Percentage of net sales</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2.6%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-style: italic; text-align: right">2.7%</TD><TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shares of our Series B Preferred Stock are entitled to quarterly
cumulative dividends payable in arrears in an amount equal to 7% per annum of the purchase price per share of the Series B Preferred
Stock. We accrued and paid cash dividends on our Series B Preferred Stock in the aggregate amount of $0.3 million for the three
months ended March 31, 2013 and 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Year Ended December 31, 2012 Compared to the Year Ended December
31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Performance Summary</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Consolidation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consolidate New
PE Holdco&rsquo;s financial results due to the nature of our ownership in and control over New PE Holdco. However, since we do
not wholly-own New PE Holdco, we must adjust our consolidated net income (loss) for the income (loss) attributed to New PE Holdco&rsquo;s
other owners. This adjustment results in net income (loss) attributed to Pacific Ethanol, Inc. See &ldquo;&mdash;Results of Operations-Accounting
for the Results of New PE Holdco&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Summary</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated net
sales decreased by 9%, or $85.2 million, to $816.0 million for 2012 from $901.2 million for 2011. Our net income (loss) attributed
to Pacific Ethanol, Inc. decreased by $22.2 million to a net loss of $19.1 million for 2012 from net income of $3.1 million for
2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Factors that contributed
to our results of operations for 2012 include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Net sales. </I>The decrease in our net sales for 2012 as compared to 2011 was primarily due to the following combination
of factors:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><I>Lower production sales volumes.</I> Although our total volume of ethanol sold increased by 4% to 440.8 million gallons for
2012 from 424.1 million gallons for 2011, our total production sales volume decreased by 7% to 140.6 million gallons for 2012 from
150.8 million for 2011. Our net sales for the period decreased because the decline in production gallons sold, which are recorded
at gross sales prices, was greater than the increase in third party gallons sold, which are predominantly recorded at net sales
prices. We reduced production sales volume due to lower industry-wide corn crush margins resulting from an oversupply of ethanol
in relation to demand. Corn crush margins are determined based on the difference between ethanol and corn prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><I>Lower ethanol sales prices</I>. Our average ethanol sales price decreased 12% to $2.45 per gallon for 2012 as compared to
$2.79 per gallon for 2011.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Gross margin. </I>Our gross margin declined significantly to negative 2.4% for 2012 from positive 2.2% for 2011. The decline
in our gross margin was primarily the result of negative corn crush margins at the Pacific Ethanol Plants for most of the year
due to reduced ethanol demand.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Selling, general and administrative expenses</I>. Our SG&amp;A decreased by $3.3 million to $12.1 million for 2012, as compared
to $15.4 million for 2011, primarily as a result of lower professional expenses and noncash compensation expenses.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Fair value adjustments. </I>We issued warrants and senior convertible notes that were recorded at fair value, with quarterly
adjustments for changes in their fair value, resulting in income of $2.0 million for 2012 as compared to $7.6 million for 2011.
This decrease is primarily due to the retirement of the senior convertible notes in 2011 upon their conversion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Interest expense. </I>Our interest expense decreased by $1.8 million to $13.0 million for 2012 from $14.8 million for 2011.
This decrease is primarily due to decreased average debt balances under our convertible notes and credit facilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Other expense. </I>Our other expense decreased by $0.1 million to $0.6 million for 2012 from $0.7 million for 2011. This
decrease is primarily due to a reduction in bank fees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Sales and Margins</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We generate sales by
marketing all the ethanol produced by the Pacific Ethanol Plants, all the ethanol produced by two other ethanol producers in the
Western United States and ethanol purchased from other third-party suppliers throughout the United States. We also market ethanol
co-products, including WDG, for the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our profitability is
highly dependent on various commodity prices, including the market prices of ethanol, corn and natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Average ethanol sales
prices decreased in 2012 as compared to 2011. The average price of ethanol, as reported by the CBOT decreased by 10% to $2.31 for
2012 from $2.58 for 2011. The drop in the price of ethanol was due to a drop in demand for gasoline, of which ethanol is a primary
blend stock component.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Average corn prices,
on the other hand, increased in 2012 as compared to 2011, further negatively impacting corn crush margins. Specifically, the average
price of corn, as reported by the CBOT, increased by 2% to $6.95 for 2012 from $6.80 for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We have three principal
methods of selling ethanol: as a merchant, as a producer and as an agent. See &ldquo;&mdash;Critical Accounting Policies&mdash;Revenue
Recognition&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">When acting as a merchant
or as a producer, we generally enter into sales contracts to ship ethanol to a customer&rsquo;s desired location. We support these
sales contracts through purchase contracts with several third-party suppliers or through our own production. We manage the necessary
logistics to deliver ethanol to our customers either directly from a third-party supplier or from our inventory via truck or rail.
Our sales as a merchant or as a producer expose us to significant price risks resulting from potential fluctuations in the market
price of ethanol and corn. Our exposure varies depending on the magnitude of our sales and purchase commitments compared to the
magnitude of our existing inventory, as well as the pricing terms&mdash;such as market index or fixed pricing&mdash;of our contracts.
We seek to mitigate our exposure to price risks by implementing appropriate risk management strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">When acting as an agent
for third-party suppliers, we conduct back-to-back purchases and sales in which we match ethanol purchase and sale contracts
of like quantities and delivery periods. When acting in this capacity, we receive a predetermined service fee and have little or
no exposure to price risks resulting from potential fluctuations in the market price of ethanol. For these sales, we record the
marketing fee as net sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We believe that our
gross profit margins depend primarily on five key factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the market price of ethanol, which we believe is impacted by the degree of competition in the ethanol market; the price of
gasoline and related petroleum products; and government regulation, including government mandates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the market price of key production input commodities, including corn and natural gas;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the market price of WDG;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to anticipate trends in the market price of ethanol, WDG, and key input commodities and implement appropriate risk
management and opportunistic strategies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">the proportion of our sales of ethanol produced at the Pacific Ethanol Plants to our sales of ethanol produced by unrelated
third-parties.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">We seek to optimize
our gross profit margins by anticipating the factors above and, when resources are available, implementing hedging transactions
and taking other actions designed to limit risk and address these factors. For example, we may seek to decrease inventory levels
in anticipation of declining ethanol prices and increase inventory levels in anticipation of rising ethanol prices. We may also
seek to alter our proportion or timing, or both, of purchase and sales commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our limited resources
to act upon the anticipated factors described above and/or our inability to anticipate these factors or their relative importance,
and adverse movements in the factors themselves, could result in declining or even negative gross profit margins over certain periods
of time. Our ability to anticipate these factors or favorable movements in these factors may enable us to generate above-average
gross profit margins. However, given the difficulty associated with successfully forecasting any of these factors, we are unable
to estimate our future gross profit margins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Results of Operations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.55pt; text-align: left"><B><I>Accounting for the Results of New
PE Holdco</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.55pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Since October 6, 2010,
our consolidated financial statements have included the financial statements of New PE Holdco, which in turn include the financial
statements of the Plant Owners. On October 6, 2010, we purchased a 20% ownership interest in New PE Holdco, which gave us the single
largest equity position in New PE Holdco. Based on our ownership interest as well as our asset management and marketing agreements
with New PE Holdco, we determined that, beginning on October 6, 2010, we were the primary beneficiary of New PE Holdco, and as
such, we consolidated New PE Holdco&rsquo;s financial results with our financial results. As of December 31, 2012, we held a 67%
ownership interest in New PE Holdco. We increased our ownership interest in New PE Holdco to 83% in the first quarter of 2013.
On June 21, 2013, we further increased our ownership interest in New PE Holdco to 85%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.55pt; text-align: left"><B><I>Selected Financial Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 16.55pt; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The following selected
financial information should be read in conjunction with our consolidated financial statements and notes to our consolidated financial
statements included elsewhere in this prospectus, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations&rdquo; contained in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain performance
metrics that we believe are important indicators of our results of operations include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 112.5pt 0pt 9pt; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: -11pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Years Ended<BR> December
    31,</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><B>Percentage</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: -11pt"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>2012</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>2011</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Variance</B></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left; padding-left: 0pt">Production gallons sold (in millions)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">140.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">150.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">(6.8%</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Third party gallons sold (in millions)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">300.2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">273.3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.8%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt">Total gallons sold (in millions)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">424.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Average sales price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.2%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Corn cost per bushel&mdash;CBOT equivalent<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.89</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.9%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Co-product revenues as % of delivered cost of corn<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.6%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.6%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Average CBOT ethanol price per gallon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.58</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.5%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Average CBOT corn price per bushel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 112.5pt 0pt 9pt; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 112.5pt 0pt 9pt; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(1) &nbsp;&nbsp;&nbsp;We exclude transportation&mdash;or &ldquo;basis&rdquo;&mdash;costs
in our corn costs to calculate a CBOT equivalent in order to more appropriately compare our corn costs to average CBOT corn prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(2) &nbsp;&nbsp;&nbsp;Co-product revenues as percentage of delivered cost
of corn shows our yield based on sales of WDG generated from ethanol we produced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Year Ended December&nbsp;31, 2012 Compared
to the Year Ended December 31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><B>Years Ended</B></TD><TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Dollar Variance</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Percentage Variance</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><B>Results as a Percentage of Net Sales for the <BR>Years Ended</B></TD><TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Favorable</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Favorable</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Unfavorable)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">(Unfavorable)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: -11pt"></TD><TD>&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center; padding-top: 3pt; padding-bottom: 3pt"><B>(dollars in thousands)</B></TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 28%; text-align: left; padding-left: 0pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">816,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">901,188</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">(85,144</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">(9.4%</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">100.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">100.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">835,568</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">881,789</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,221</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5.2%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">102.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">97.8%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,524</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,399</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NM</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.4%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,141</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,427</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,286</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21.3%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.5%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,972</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,637</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">NM</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.9%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Fair value adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,605</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(74.2%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.8%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,049</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,813</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.9%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.6%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.6%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(741</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">146</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19.7%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Loss before provision for income taxes and noncontrolling interest in variable interest entity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,023</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,332</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(977.7%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.3%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.4%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Consolidated net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,023</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,332</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(977.7%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.3%</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.4%</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Net loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,298</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,097</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,201</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">242.4%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.8%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Net income (loss) attributed to Pacific Ethanol, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(19,057</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,074</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(22,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">NM</P></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.3%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.3%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,268</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,265</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.2%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.2%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 11pt; text-indent: -11pt">Income (loss) available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,325</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,809</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(22,134</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">NM</P></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.5%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.2%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Net Sales</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">The decrease in our
net sales for 2012 as compared to 2011 was primarily due to a decrease in total production gallons sold and a decrease in our average
sales price per gallon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Total volume of production
gallons sold decreased 7%, or 10.2 million gallons, to 140.6 million gallons for 2012 as compared to 150.8 million gallons for
2011. The decrease in production gallons sold is primarily due to reduced production rates. We reduced production rates due to
industry-wide lower corn crush margins resulting from reduced ethanol demand. Third-party gallons sold, however, increased by 10%,
or 26.9 million gallons, to 300.2 million gallons for 2012 as compared to 273.3 million gallons for 2011. The increase in third-party
gallons sold is primarily due to increased sales under our third-party ethanol marketing arrangements. Our net sales for the period
decreased because the decline in production gallons sold, which are recorded at gross sales prices, was greater than the increase
in third party gallons sold, which are predominantly recorded at net sales prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Our average sales price
per gallon decreased 12% to $2.45 for 2012 from $2.79 for 2011. This decrease in average sales price per gallon is consistent with
the average CBOT price per gallon, which decreased 10% to $2.31 for 2012 from $2.58 for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: left"><B><I>Cost of Goods Sold and Gross Profit
(Loss)</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: left">Our gross profit (loss) declined to a gross
loss of $19.5 million for 2012 from a gross profit of $19.4 million for 2011 primarily due to poor commodity margins predominately
related to the spread between ethanol prices and corn and energy costs. Our gross margin declined to negative 2.4% for 2012 as
compared to positive 2.2% for 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Selling, General and Administrative
Expenses</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our SG&amp;A decreased by $3.3 million to
$12.1 million for 2012 as compared to $15.4 million for 2011. The decrease in SG&amp;A is primarily due to the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>professional expenses declined by $1.7 million; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>noncash compensation expense declined by $1.5 million due to the decreased value of restricted stock awards to our employees
and members of our Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fair Value Adjustments</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We issued senior convertible notes and warrants
in the fourth quarter of 2010 for $35.0 million in cash. The senior convertible notes and warrants were recorded at fair value
and adjusted quarterly. As a result of quarterly adjustments to their fair values, we recorded income of $2.0 million for 2012
as compared to $7.6 million for 2011. This decrease is primarily due to the retirement of the senior convertible notes in 2011
upon their conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Interest Expense</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest expense decreased by $1.8 million
to $13.0 million for 2012 from $14.8 million for 2011. The decrease is primarily due to decreased average debt balances, which
included our senior convertible notes and the term loans and credit facilities for New PE Holdco and Kinergy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Other Expense, Net</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other expense decreased
by $0.1 million to $0.6 million for 2012 from $0.7 million for 2011. The decrease in other expense is primarily due to a reduction
in bank fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Net Loss Attributed to Noncontrolling
Interest in Variable Interest Entity</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Net loss attributed to noncontrolling interest
in variable interest entity relates to the consolidated treatment of New PE Holdco, and represents the noncontrolling interest
of other owners in New PE Holdco&rsquo;s earnings. We consolidated New PE Holdco&rsquo;s financial results for the periods presented,
however, we owned less than 100% of New PE Holdco, and accordingly reduced our net loss for the noncontrolling interest, which
represents the remaining ownership interest that we do not own.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Preferred Stock Dividends</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of our Series B Preferred Stock are
entitled to quarterly cumulative dividends payable in arrears in an amount equal to 7% per annum of the purchase price per share
of the Series B Preferred Stock. We accrued dividends of $1.3 million for each of 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Liquidity and Capital Resources</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the three months ended March 31,
2013, we funded our operations primarily from cash on hand, borrowings under our credit facilities and various capital raising
transactions in which we raised gross proceeds of $31.0 million through the issuance of senior unsecured notes and unsecured subordinated
convertible notes and in connection with the exercise of warrants. These funds were used to fund our operations, purchase Pacific
Ethanol Plant debt of $24.2 million, make other debt related payments of $5.4 million and purchase additional ownership interests
in New PE Holdco for $1.6 million. On June 20, 2013, we raised $8.0 million through the issuance of unsecured subordinated convertible
notes. We used $3.2 million of the proceeds of this offering to purchase $4.1 million of Pacific Ethanol Plant debt and 19.7 units
of limited liability company interests of New PE Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, the Plant Owners had
up to $109.7 million in combined term and revolving debt, of which up to $15.6 million in revolving debt is due on June 25, 2015
and $94.1 million in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol owns $27.1 million. See
&ldquo;&mdash;Plant Owners&rsquo; Term Debt and Operating Lines of Credit&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our current available capital resources
consist of cash on hand and amounts available for borrowing under Kinergy&rsquo;s credit facility. In addition, the Plant Owners
have credit facilities for use in the operations of the Pacific Ethanol Plants. We expect that our future available capital resources
will consist primarily of our remaining cash balances, amounts available for borrowing, if any, under Kinergy&rsquo;s credit facility,
cash generated from Kinergy&rsquo;s ethanol marketing business, fees paid under our asset management agreement relating to our
operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership interest in New PE Holdco, and the
remaining proceeds of any future debt and/or equity financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that current and future available
capital resources, revenues generated from operations, and other existing sources of liquidity, including our credit facilities,
will be adequate to meet our anticipated working capital and capital expenditure requirements for at least the next twelve months.
If, however, our capital requirements or cash flow vary materially from our current projections, if unforeseen circumstances occur,
or if we require a significant amount of cash to fund future acquisitions, we may require additional financing. Our failure to
raise capital, if needed, could restrict its growth, or hinder our ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>March 31, 2013 Compared to December
31, 2012</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Quantitative Quarter-End Liquidity Status</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that the following amounts provide
insight into our liquidity and capital resources. The following selected financial information should be read in conjunction with
our consolidated financial statements and notes to consolidated financial statements included elsewhere in this prospectus, and
the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations&rdquo;
contained in this prospectus (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2013</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left; padding-left: 1.45pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,194</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">7,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">(44.7)</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">65,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.1&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87.3&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Current portion &ndash; long-term debt&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110.9&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Notes payable, noncurrent portion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">113,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2.9)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Total liabilities of variable interest entity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">110,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">105,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.8&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,266</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6.1)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 1.45pt">Working capital ratio&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.82</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39.1)</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Change in Working Capital and Cash Flows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Working capital decreased to $42.3 million
at March 31, 2013 from $45.0 million at December&nbsp;31, 2012 as a result of an increase in current liabilities of $10.8 million,
which was partially offset by an increase in current assets of $8.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current assets increased primarily due to
increases in accounts receivable of $6.1 million, prepaid inventory of $4.2 million and inventories of $1.3 million, partially
offset by decreases in cash and cash equivalents of $3.4 million. Current liabilities increased primarily due to increases in trade
accounts payable of $4.6 million, current portion of long-term debt of $4.5 million and accrued liabilities of $1.7 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in operating activities of $6.5
million resulted primarily from a consolidated net loss of $6.6 million and increases in accounts receivable of $6.3 million, prepaid
inventories of $4.2 million and inventories of $1.3 million, partially offset by increases in accounts payable and accrued expenses
of $6.4 million, depreciation and amortization of $3.0 million and interest expense added to the Plant Owners&rsquo; debt of $2.3
million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in investing activities of $1.9
million resulted from a purchase of additional New PE Holdco ownership interests for $1.6 million and additions to property and
equipment of $0.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash provided by financing activities of
$5.0 million resulted from proceeds from the issuance of senior unsecured notes and convertible notes in the aggregate of $28.2
million, proceeds from exercises of warrants of $2.1 million and proceeds from borrowings of $4.8 million, partially offset by
purchases of the Plant Owners&rsquo; debt of $23.4 million, principal payments on senior notes and Plant Owners&rsquo; borrowings
of $5.4 million, debt issuance costs of $1.0 million and cash payment of dividends in respect of our Series B Preferred Stock of
$0.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>December 31, 2012 Compared to December
31, 2011</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Quantitative Year-End Liquidity Status</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the
following amounts provide insight into our liquidity and capital resources. The following selected financial information should
be read in conjunction with our consolidated financial statements and notes to consolidated financial statements included elsewhere
in this prospectus, and the other sections of &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations&rdquo; contained in this prospectus (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">As of and for the<BR> Year Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Variance</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: left; text-indent: -9.55pt; padding-left: 9.55pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">7,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">(14.9)</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Current assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">57,432</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">66,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13.5)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Total assets of variable interest entity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">156,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">173,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.0)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23.8)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Property and equipment, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">150,409</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">159,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5.8)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Notes payable, current portion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;NM</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Notes payable, noncurrent portion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.2&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Total liabilities of variable interest entity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">105,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.7&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Working capital&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">45,017</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.2)</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Working capital ratio&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.63</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.08</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.5&nbsp;</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>Change in Working Capital and Cash Flows</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Working capital decreased from $50.1 million
at December 31, 2011 to $45.0 million at December&nbsp;31, 2012 as a result of a decrease in current assets of $9.0 million, partially
offset by a decrease in current liabilities of $3.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Current assets decreased primarily due to
a decrease in inventories, due to the timing of sales at the end of 2012 as compared to 2011. Current liabilities decreased primarily
due to the reclassification of accrued and unpaid dividends in respect of our Series B Preferred Stock to noncurrent liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in our operating activities of
$20.8 million resulted primarily from our consolidated net loss of $43.4 million and $2.0 million in income from fair value adjustments,
partially offset by $12.2 million in depreciation and amortization of intangibles, interest expense added to the Plant Owners&rsquo;
debt, a $3.8 million decrease in prepaid inventory, a $2.3 million decrease in prepaid expenses and other assets and a $2.1 million
decrease in accounts receivable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash used in our investing activities of
$12.3 million resulted primarily from our part purchase of additional ownership interests in New PE Holdco for $10.0 million in
cash and additions to property and equipment of $2.3 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash provided by our financing activities
of $31.8 million resulted primarily from $24.0 million in proceeds from the Plant Owners&rsquo; borrowings, $21.0 million in net
proceeds from the issuance and sale of our common stock and warrants, partially offset by $10.0 million in principal payments on
our senior notes, $1.3 million in cash dividend payments in respect of our Series B Preferred Stock and $1.2 million in debt issuance
costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Kinergy Operating Line of Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Kinergy maintains an operating line of credit
for an aggregate amount of up to $30.0 million, with an optional accordion feature for up to an additional $10.0 million. The credit
facility expires on December 31, 2015. Interest accrues under the credit facility at a rate equal to (i)&nbsp;the three-month London
Interbank Offered Rate (&ldquo;LIBOR&rdquo;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The credit
facility&rsquo;s monthly unused line fee is 0.50% of the amount by which the maximum credit under the facility exceeds the average
daily principal balance. Payments that may be made by Kinergy to Pacific Ethanol as reimbursement for management and other services
provided by Pacific Ethanol to Kinergy are limited under the terms of the credit facility to $0.9 million per fiscal quarter in
2013, $1.0 million per fiscal quarter in 2014 and $1.1 million per fiscal quarter in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The credit facility also includes the accounts
receivable of Pacific Ag. Products, LLC, one of our indirect wholly-owned subsidiaries, or PAP, as additional collateral. Payments
that may be made by PAP to Pacific Ethanol as reimbursement for management and other services provided by Pacific Ethanol to PAP
are limited under the terms of the credit facility to the extent that quarterly payments would result in PAP recording less than
$0.1 million of net income in the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the quarter ending June 30, 2012 and
each quarter thereafter, Kinergy and PAP are collectively required to generate aggregate earnings before interest, taxes, depreciation
and amortization, or EBITDA, of $450,000 for the quarter and aggregate EBITDA of $1.1 million for each two consecutive quarters.
These amounts are required through December 31, 2013. In 2014, the required EBITDA amounts increase to $0.5 million per quarter
and $1.3 million for each two consecutive quarters. Further, for all monthly periods, Kinergy and PAP must collectively maintain
a fixed charge coverage ratio (calculated as a twelve-month rolling EBITDA divided by the sum of interest expense, capital expenditures,
principal payments of indebtedness, indebtedness from capital leases and taxes paid during such twelve-month rolling period) of
at least 2.0 and are prohibited from incurring any additional indebtedness (other than specific intercompany indebtedness) or making
any capital expenditures in excess of $0.1 million absent the lender&rsquo;s prior consent. Kinergy and PAP&rsquo;s obligations
under the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes Kinergy&rsquo;s
financial covenants and actual results for the periods presented (dollars in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended<BR> March 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years <BR>Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; padding-left: 0pt">EBITDA Requirement &ndash; Three Months</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">300</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">450</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">N/A</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,765</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">639</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,165</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">EBITDA Requirement &ndash; Six Months</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,930</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">N/A</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">58</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Fixed Charge Coverage Ratio Requirement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">Actual</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Excess</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.98</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.26</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pacific Ethanol has guaranteed all of Kinergy&rsquo;s
obligations under the credit facility. As of March 31, 2013, Kinergy had an available borrowing base under the credit facility
of $7.9 million and an outstanding balance of $20.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Plant Owners&rsquo; Term Debt and
Operating Lines of Credit</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Plant Owners&rsquo; debt, prior to any
of the amendments discussed below, consisted of a $25.0 million tranche A-1 term loan, a $26.3 million tranche A-2 term loan and
a $35.0 million revolving credit facility. Except as noted below, the term and revolving debt require monthly interest payments
at a floating rate equal to the three-month LIBOR or the Prime Rate of interest, at the Plant Owners&rsquo; election, plus 10.0%.
At March 31, 2013, the interest rate was approximately 13.25%. Repayments of principal are based on available free cash flow of
the borrower, until maturity, when all principal amounts are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From July 13, 2012 through March 31, 2013,
the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect
of $48.4 million of the combined term loans and $38.9 million of the original $40.0 million in revolving debt from June 25, 2013
to June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Further, monthly interest payments due to
certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013, be
deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. The amendments
also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty
while keeping the extended loans in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 29, 2012, the Plant Owners entered
into a new revolving credit facility that initially provided up to an additional $10.0 million. The Plant Owners were able to request
increases in the amount of the facility in increments of not less than $1.0 million, up to a maximum additional credit limit of
$5.0 million. On March 28, 2013, the lenders approved $5.0 million in additional availability for a maximum total credit limit
of $15.0 million under the facility. Loans made under the credit facility originally matured on June 25, 2013 or such later date
on or prior to June 25, 2016, as may be agreed to by certain of the lenders. The Plant Owners have the right at any time, and from
time to time, but subject to limitations imposed by an intercreditor agreement, to prepay in whole or in part the revolving loans
and tranche A-1 loans (and the tranche A-2 loans following the payment in full of the revolving loans and tranche A-1 loans). However,
in the event of any prepayment of the tranche A-1 loans that have a maturity date of June 30, 2016, the Plant Owners must pay a
premium equal to the present value of all interest payments that would have accrued from the date of such payment through June
30, 2016, calculated using a discount rate, applied quarterly, equal to the Treasury Rate as of such prepayment date plus 50 basis
points. The credit agreement also provides for mandatory prepayments in connection with certain customary events, including any
sale of material assets; however, certain mandatory prepayments are not subject to the prepayment premium. On January 4, 2013,
the Plant Owners entered into an amendment to the new revolving credit facility and extended the maturity date of the facility
from June 25, 2013 to June 25, 2015. As of March 31, 2013, the Plant Owners had unused availability under the new revolving credit
facility of $5.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, the Plant Owners had
up to $109.7 million in combined term and revolving debt, of which up to $15.6 million in revolving debt is due on June 25, 2015
and $94.1 million in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol owns $27.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All of the term loans and revolving credit
facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets,
including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The Plant
Owners&rsquo; creditors do not have recourse to Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Pacific Ethanol Debt</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>January 2013 Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 11, 2013 we issued and sold $22.2
million in aggregate principal amount of senior unsecured notes and warrants to purchase an aggregate of 1.7 million shares of
our common stock for aggregate gross proceeds of $22.2 million. If the aggregate outstanding principal balance of the January 2013
Notes is not less than $10.8 million by January 15, 2014, the interest rate will increase commencing on January 15, 2014 by 1%
per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance of the January
2013 Notes is less than $10.8 million. If we issue equity or equity-linked securities, conduct certain sales of assets or incur
certain indebtedness, then we will be obligated to prepay the January notes using all net cash proceeds from the transaction, provided
that any proceeds received in connection with an equity-linked issuance must be used to either prepay the notes or purchase certain
outstanding debt issued by the Plant Owners. Interest on the notes is payable in cash in arrears on the fifteenth day of each month
beginning on March 15, 2013. Subject to the satisfaction of certain equity conditions, at our option, we may elect to pay interest
due and payable in shares of our common stock, provided that the interest rate applicable to any outstanding amounts we pay in
shares of common stock will increase by 2% per annum from the then applicable interest rate for the period for which such interest
is paid. The number of shares to be issued for any particular interest payment equals the quotient of (x) the amount of interest
payable (assuming payment in shares), divided by (y) the product of (i) the weighted average price of our common stock for the
thirty trading days immediately preceding (but excluding) the payment due date, and (ii) 0.95. During the three months ended March
31, 2013, we made principal payments on our January 2013 Notes of $1.9 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series A Notes and Series B Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, we issued $6.0 million
in Series A Notes and warrants to purchase an aggregate of 1.8 million shares of our common stock for aggregate gross proceeds
of $6.0 million. On June 20, 2013, we issued $8.0 million in Series B Notes for aggregate gross proceeds of $8.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless converted or redeemed earlier, the
Series A Notes and Series B Notes, or the Subordinated Notes, will mature on March 28, 2014. The Subordinated Notes bear interest
at 5%&nbsp;per annum, compounded monthly. All amounts due under the Subordinated Notes are convertible at any time, in whole or
in part, at the option of the holders into shares of our common stock at a conversion price, or Fixed Conversion Price, which is
subject to adjustment as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Subordinated Notes are initially convertible
into shares of our common stock at the initial Fixed Conversion Price of $15.00 per share. If we sell or issue any securities with
&ldquo;floating&rdquo; conversion prices based on the market price of our common stock, the holder of a Subordinated Notes will
have the right thereafter to substitute the &ldquo;floating&rdquo; conversion price for the Fixed Conversion Price upon conversion
of all or part of the Subordinated Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amortization payments, together with accrued
and unpaid interest on the Subordinated Notes, will be payable on monthly installment dates. On or prior to the tenth calendar
day before each installment date, we are required to deliver a notice electing to effect a redemption in cash or a conversion of
the installment amount due on the installment date into shares of our common stock. Our ability to pay an installment amount in
shares of our common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will require that
we pay an installment amount solely in cash. On the applicable installment date, we are required to deliver to the holders of Subordinated
Notes an amount of shares of common stock equal to that portion of the installment amount being converted divided by the lesser
of the then existing Fixed Conversion Price and 85% of the Market Price on the installment date, or the Company Conversion Price.
The Market Price on any given date is equal to the lesser of (i) the volume weighted average price on the trading day immediately
preceding the date of determination, and (ii) the average of the three lowest volume weighted average prices during the ten trading
day period ending on the trading day immediately prior to the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holder of a Subordinated Notes may,
at the holder&rsquo;s election by giving notice to us, defer the payment of the installment amount due on any installment date
to another installment date, in which case the amount deferred will become part of the subsequent installment date and will continue
to accrue interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Subordinated Notes may,
at its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in
effect on the current installment date, provided that if we had elected to convert the installment amount due on the current installment
date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of default, there
will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion Price applicable
to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion Price on the current
installment date, (ii) 85% of the Market Price (as defined below), and (iii) the Fixed Conversion Price then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Note Payable to Related Party</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 31, 2009, our Chief Executive Officer
provided funds in an aggregate amount of $1.0 million for general working capital purposes, in exchange for an unsecured promissory
note issued by us. Interest on the unpaid principal amount accrues at a rate of 8.00% per annum. As of December 31, 2012, the remaining
amount of $0.8 million was due and payable on the extended maturity date of March 31, 2013. On February 7, 2013, the maturity date
was further extended to March 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Critical Accounting Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our discussion and analysis of our financial
condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance
with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires
us to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements and the reported amount of net sales and expenses for each period. The
following represents a summary of our critical accounting policies, defined as those policies that we believe are the most important
to the portrayal of our financial condition and results of operations and that require management&rsquo;s most difficult, subjective
or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We recognize revenue when it is realized
or realizable and earned. We consider revenue realized or realizable and earned when there is persuasive evidence of an arrangement,
delivery has occurred, the sales price is fixed or determinable, and collection is reasonably assured. We derive revenue primarily
from sales of ethanol and related co-products. We recognize revenue when title transfers to our customers, which is generally upon
the delivery of these products to a customer&rsquo;s designated location. These deliveries are made in accordance with sales commitments
and related sales orders entered into with customers either verbally or in written form. The sales commitments and related sales
orders provide quantities, pricing and conditions of sales. In this regard, we engage in three basic types of revenue generating
transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>As a producer</I>. Sales as a producer consist of sales of our inventory produced at the Pacific Ethanol Plants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>As a merchant</I>. Sales as a merchant consist of sales to customers through purchases from third-party suppliers in which
we may or may not obtain physical control of the ethanol or co-products in which shipments are directed from our suppliers to our
terminals or direct to our customers but for which we accept the risk of loss in the transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>As an agent</I>. Sales as an agent consist of sales to customers through purchases from third-party suppliers in which the
risks and rewards of inventory ownership remain with third-party suppliers and we receive a predetermined service fee under these
transactions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Revenue from sales of third-party ethanol
and its co-products is recorded net of costs when we are acting as an agent between a customer and a supplier and gross when we
are a principal to the transaction. Several factors are considered to determine whether we are acting as an agent or principal,
most notably whether we are the primary obligor to the customer, whether we have inventory risk and related risk of loss or whether
we add meaningful value to the supplier&rsquo;s product or service. Consideration is also given to whether we have latitude in
establishing the sales price or have credit risk, or both. When we act as an agent, we record revenues on a net basis, or our predetermined
fees and any associated freight, based upon the amount of net revenues retained in excess of amounts paid to suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We record revenues based upon the gross
amounts billed to our customers in transactions where we act as a producer or a merchant and obtain title to ethanol and its co-products
and therefore own the product and any related unmitigated inventory risk for the ethanol, regardless of whether we actually obtain
physical control of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Consolidation of Variable Interest
Entity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We analyze whether any of our variable interests
constitute controlling financial interests in a variable interest entity. This analysis identifies the primary beneficiary of a
variable interest entity as the enterprise that has both of the following characteristics: (i) the power to direct the activities
of a variable interest entity that most significantly impact the entity&rsquo;s economic performance, and (ii) the obligation to
absorb losses of the entity that could potentially be significant to the variable interest entity or the right to receive benefits
from the entity that could potentially be significant to the variable interest entity. Additionally, an enterprise is required
to assess whether it has an implicit financial responsibility to ensure that a variable interest entity operates as designed when
determining whether it has the power to direct the activities of the variable interest entity that most significantly impact the
entity&rsquo;s economic performance. We perform ongoing reassessments of whether an enterprise is the primary beneficiary of a
variable interest entity at the end of each reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 6, 2010, upon our initial purchase
of a 20% interest in New PE Holdco, we determined that we were New PE Holdco&rsquo;s primary beneficiary and began consolidating
the results of New PE Holdco. As of December 31, 2012, we held a 67% ownership interest in New PE Holdco. We increased our ownership
interest in New PE Holdco to 83% in the first quarter of 2013. We further increased our ownership interest in New PE Holdco to
85% on June 21, 2013. As long as we believe we are deemed the primary beneficiary of New PE Holdco, we will treat New PE Holdco
as a consolidated subsidiary for financial reporting purposes. These determinations will be reassessed for appropriateness at each
future reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Warrants<FONT STYLE="color: black">
and Convertible Notes Carried at Fair Value</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have recorded our warrants issued since
2010 and our senior convertible notes issued in 2010 at fair value. We believe the valuation of these warrants and convertible
notes is a critical accounting estimate because valuation estimates obtained from third parties involve inputs other than quoted
prices to value the exercise and conversion features. Changes in these estimates, and in particular, certain of the inputs to the
valuation estimates, can be volatile from period to period and may markedly impact the total mark-to-market valuation of the warrants
and convertible notes recorded as fair value adjustments in our consolidated statements of operations. <FONT STYLE="color: black">We
recorded fair value adjustments on warrants and convertible notes as income of $2.0 million and $7.6 million for the years ended
December 31, 2012 and 2011, respectively. Our </FONT>senior convertible notes issued in 2010 were retired in 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Impairment of Long-Lived and Intangible
Assets</I> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our<FONT STYLE="color: black"> long-lived
assets have been primarily associated with the Pacific Ethanol Plants, reflecting their original book value, adjusted for any subsequent
impairment. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">We assess the
impairment of long-lived assets, including property and equipment and purchased intangibles subject to amortization, when events
or changes in circumstances indicate that the fair value of an asset could be less than the net book value of the asset. We assess
long-lived assets for impairment by first determining the forecasted, undiscounted cash flows each asset is expected to generate
plus the net </FONT>proceeds<FONT STYLE="color: black"> expected from the sale of the asset. If the amount of proceeds is less
than the carrying value of the asset, we then determine the fair value of the asset. An impairment loss would be recognized when
the fair value is less than the related net book value, and an impairment expense would be recorded in the amount of the difference.
Forecasts of future cash flows are judgments based on our experience and knowledge of our operations and the industry in which
we operate. These forecasts could be significantly affected by future changes in market conditions, the economic environment, including
inflation, and the purchasing decisions of our customers. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="color: black">We review our
intangible assets with indefinite lives at least annually or more frequently if impairment indicators arise. In our </FONT>review<FONT STYLE="color: black">,
we determine the fair value of these assets using market multiples and discounted cash flow modeling and compare it to the net
book value of the acquired assets. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We did not recognize
any asset impairment charges associated with the Pacific Ethanol Plants in 2012 or 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="color: black"><B><I>Allowance</I></B></FONT><B><I>
for Doubtful Accounts </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We sell ethanol primarily to gasoline refining
and distribution companies and sell WDG to dairy operators and animal feed distributors. We had significant concentrations of credit
risk from sales of our ethanol as of December 31, 2012 and 2011, as described in Note 1 to our consolidated financial statements
included <FONT STYLE="color: black">elsewhere</FONT> in this report. However, historically, those ethanol customers have had good
credit ratings and we have collected the amounts billed to those customers. Receivables from customers are generally unsecured.
We continuously monitor our customer account balances and actively pursue collections on past due balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We maintain an allowance for doubtful accounts
for balances that appear to have specific collection issues. Our collection process is based on the age of the invoice and requires
attempted contacts with the customer at <FONT STYLE="color: black">specified</FONT> intervals. If after a specified number of days,
we have been unsuccessful in our collection efforts, we consider recording a bad debt allowance for the balance in question. We
would eventually write-off accounts included in our allowance when we have determined that collection is not likely. The factors
considered in reaching this determination are&nbsp;the apparent financial condition of the customer, and our success in contacting
and negotiating with the customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We <FONT STYLE="color: black">recognized</FONT>
a recovery of bad debt expense of less than $0.1 million and $0.2 million for the years ended December 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Impact of New Accounting Pronouncements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Effects of Inflation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">The impact of inflation was not significant
to our financial condition or results of operations for the three months ended March 31, 2013 and 2012 and the years ended December
31, 2011 and 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">BUSINESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Background</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are the leading marketer and producer
of low-carbon renewable fuels in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market all the ethanol produced by the
Pacific Ethanol Plants, all the ethanol produced by two<B> </B>other ethanol producers in the Western United States and ethanol
purchased from other third-party suppliers throughout the United States. We also market ethanol co-products, including WDG, for
the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive customer relationships
throughout the Western United States. Our ethanol customers are integrated oil companies and gasoline marketers who blend ethanol
into gasoline. We arrange for transportation, storage and delivery of ethanol purchased by our customers through our agreements
with third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,
Idaho and Washington. Our WDG customers are dairies and feedlots located near the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have extensive supplier relationships
throughout the Western and Midwestern United States. In some cases, we have marketing agreements with suppliers to market all of
the output of their facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We hold an 85% ownership interest in New
PE Holdco, the owner of each of the Plant Owners that collectively own the Pacific Ethanol Plants. We operate and maintain the
Pacific Ethanol Plants under the terms of an asset management agreement with New PE Holdco and the Plant Owners, including supplying
all goods and materials necessary to operate and maintain each Pacific Ethanol Plant. In operating the Pacific Ethanol Plants,
we direct the production process to obtain optimal production yields, lower costs by leveraging our infrastructure, enter into
risk management agreements such as insurance policies and manage commodity risk practices. We are also in complete charge of, and
have care and custody over, each Pacific Ethanol Plant that is not operational, and provide recommendations as to when a Pacific
Ethanol Plant should become operational. We perform all activities necessary to support a cost effective return of any idled Pacific
Ethanol Plant to operational status once New PE Holdco approves our recommendation to re-start an idled Pacific Ethanol Plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We market ethanol and WDG produced by the
Pacific Ethanol Plants under the terms of separate marketing agreements with the Plant Owners whose facilities are operational.
The marketing agreements provide us with the absolute discretion to solicit, negotiate, administer (including payment collection),
enforce and execute ethanol and co-product sales agreements with any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Pacific Ethanol Plants are comprised
of the four facilities described immediately below and have an aggregate annual production capacity of up to 200 million gallons.
Three of the facilities are currently operational and one of the facilities is currently idled. As market conditions change, we
may increase, decrease or idle production at one or more operational facilities or resume operations at any idled facility. The
Pacific Ethanol Plants are comprised of the four facilities described immediately below, three of which are currently operational.
As future market conditions change, we may increase, decrease or idle production at those facilities which are operational or resume
operations of any facility which is not operational.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 34%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><B>Facility Name</B></P></TD>
    <TD STYLE="width: 21%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Facility
        Location</B></P></TD>
    <TD STYLE="width: 27%; padding-right: 0.05in; padding-left: 0.05in">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Estimated
        Annual Capacity</B><BR>
        <B>(gallons)</B></P></TD>
    <TD STYLE="width: 18%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Current
        Operating Status</B></P></TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Magic Valley</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Burley, ID</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Columbia</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Boardman, OR</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: rgb(238,238,238)">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Stockton</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Stockton, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">60,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Operating</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.05in; padding-left: 5.8pt; text-indent: -5.8pt">Madera</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">Madera, CA</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-right: 0.05in; padding-left: 0.05in; text-align: center">40,000,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Idled</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We also provide operations, maintenance
and accounting services for a 250,000 gallon per year cellulosic integrated biorefinery owned by ZeaChem Inc. in Boardman, Oregon,
which is adjacent to the Pacific Ethanol Columbia plant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><I>Recent Developments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Series A Subordinated Convertible Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On March 28, 2013, we
issued $6.0 million in Series A Notes and warrants to purchase an aggregate of 1.8 million shares of our common stock for aggregate
gross proceeds of $6.0 million. The warrants have an exercise price of $7.80 per share. Of the warrants issued in the transaction,
warrants to purchase 0.8 million shares of common stock expire in March 2015 and warrants to purchase 1.0 million shares of common
stock expire on June 20, 2015. Unless converted or redeemed earlier, the Series A Notes will mature on March 28, 2014. The Series
A Notes bear interest at 5%&nbsp;per annum, compounded monthly. All amounts due under the Series A Notes are convertible at any
time, in whole or in part, at the option of the holders into shares of our common stock at a Fixed Conversion Price, which is subject
to adjustment as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series A Notes
are initially convertible into shares of our common stock at the initial Fixed Conversion Price of $15.00 per share. If we sell
or issue any securities with &ldquo;floating&rdquo; conversion prices based on the market price of our common stock, the holder
of a Series A Note will have the right thereafter to substitute the &ldquo;floating&rdquo; conversion price for the Fixed Conversion
Price upon conversion of all or part of the Series A Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Amortization payments, together with accrued
and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar day
before each installment date, we are required to deliver a notice electing to effect a redemption in cash or a conversion of the
installment amount due on the installment date into shares of our common stock. Our ability to pay an installment amount in shares
of our common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will require that we
pay an installment amount solely in cash. On the applicable installment date, we are required to deliver to the holders of Series
A Notes an amount of shares of common stock equal to that portion of the installment amount being converted divided by the lesser
of the then existing Fixed Conversion Price and the Company Conversion Price. The Market Price on any given date is equal to the
lesser of (i) the volume weighted average price on the trading day immediately preceding the date of determination, and (ii) the
average of the three lowest volume weighted average prices during the ten trading day period ending on the trading day immediately
prior to the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The holder of a Series A Note may, at the
holder&rsquo;s election by giving notice to us, defer the payment of the installment amount due on any installment date to another
installment date, in which case the amount deferred will become part of the subsequent installment date and will continue to accrue
interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at
its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect
on the current installment date, provided that if we had elected to convert the installment amount due on the current installment
date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of default, there
will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion Price applicable
to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion Price on the current
installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Reverse Stock Split</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On May 14, 2013, we effected a one-for-fifteen reverse split
of our common stock. All share and per share information contained in this prospectus, other than share and per share information
contained in our consolidated financial statements for the years ended December 31, 2012 and 2011, have been restated to show the
effect of the reverse stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Series B Subordinated Convertible Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On June 20, 2013, we issued $8.0 million in Series B Notes.
Unless converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together with the Series A Notes. The terms
of the Series B Notes are substantially similar to those of the Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>Acquisition of Plant Debt and Additional Interests
in New PE Holdco</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 28, 2013, we used proceeds from
the issuance of its Series A Notes and warrants to purchase and immediately retire $3.5 million of the Plant Owners&rsquo; revolving
debt for a purchase price of $3.5 million. On March 28, 2013, we also used proceeds from the issuance of the Series A Notes and
warrants to purchase $2.6 million of the Plant Owners&rsquo; term debt and an additional 3% ownership interest in New PE Holdco
for a combined purchase price of $2.2 million. As of March 31, 2013, the Plant Owners had up to $103.6 million in combined term
and revolving debt, of which $4.1 million was to mature due on June 25, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 21, 2013, we used the proceeds from
the sale of the Series B Notes, to acquire $4.1 million of the Plant Owners&rsquo; combined term and revolving debt for a purchase
price of $3.0 million and 19.7 units of limited liability company interests of New PE Holdco for a purchase price of $197,000.
As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&rsquo; revolving debt was retired and the
maturity date applicable to approximately $2.9 million of the Plant Owners&rsquo; term debt was extended from June 25, 2013 to
June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of the date of this prospectus, we hold
an 85% ownership interest in New PE Holdco. As of the date of this prospectus, the Plant Owners have up to $109.7 million in combined
term and revolving debt, of which up to $15.6 million in revolving debt is due on June 25, 2015 and $94.1 million in combined term
and revolving debt is due on June, 30, 2016, of which Pacific Ethanol owns $27.1 million. See &ldquo;&mdash;Plant Owners&rsquo;
Term Debt and Operating Lines of Credit&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company History</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.1pt">We are a Delaware corporation formed in
February 2005. Our main Internet address is http://www.pacificethanol.net. Our annual reports on Form 10-K, quarterly reports on
Form 10-Q, current reports on Form 8-K, amendments to those reports and other Securities and Exchange Commission, or SEC, filings
are available free of charge through our website as soon as reasonably practicable after the reports are electronically filed with,
or furnished to, the Securities and Exchange Commission. Our common stock trades on The NASDAQ Capital Market under the symbol
&ldquo;PEIX.&rdquo; The inclusion of our Internet address in this prospectus does not include or incorporate by reference into
this prospectus any information contained on our website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 33.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2006, we began constructing the first
of the four Pacific Ethanol Plants and were continuously engaged in plant construction until the fourth facility was completed
in 2008. In late 2008 and early 2009, we idled production at three of the Pacific Ethanol Plants due to adverse market conditions
and lack of adequate working capital. On May 17, 2009, each of the Plant Owners filed voluntary petitions for relief under chapter
11 of Title 11 of the United States Bankruptcy Code, or Bankruptcy Code, in the United States Bankruptcy Court for the District
of Delaware, or Bankruptcy Court, in an effort to restructure their indebtedness. On April 16, 2010, the Plant Owners filed a joint
plan of reorganization, or Plan, with the Bankruptcy Court, which was structured in cooperation with a number of the Plant Owners&rsquo;
secured lenders. The Bankruptcy Court confirmed the Plan at a hearing on June 8, 2010. On June 29, 2010, or Effective Date, the
Plant Owners emerged from bankruptcy under the terms of the Plan. Under the Plan, on the Effective Date, all of the ownership interests
in the Plant Owners were transferred to New PE Holdco, which was wholly-owned as of that date by some of the prepetition lenders
to the Plant Owners and new lenders to the Plant Owners. As a result, the Pacific Ethanol Plants became wholly-owned by New PE
Holdco as of the Effective Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Business Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our primary goal is to advance our position
as the leading marketer and producer of low-carbon renewable fuels in the Western United States. The key elements of our business
and growth strategy to achieve this objective include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Expand</I> <I>ethanol</I> <I>production and marketing</I> <I>revenues,</I> <I>ethanol</I> <I>markets</I> <I>and</I> <I>distribution</I>
<I>infrastructure</I>. We plan to increase our ethanol production and marketing revenues by expanding our relationships with third-party
ethanol producers and our ethanol customers to increase sales volumes of ethanol throughout the Western United States at profitable
margins. In addition, we plan to maintain and increase sales to animal feed customers in the local markets we serve for WDG. We
also plan to expand the market for ethanol by continuing to work with the federal government and state governments to encourage
the adoption of policies and standards that promote ethanol as a component in transportation fuels. In addition, we plan to expand
our distribution infrastructure by increasing our ability to provide transportation, storage and related logistical services to
our customers throughout the Western United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Operation of Pacific Ethanol Plants and Third-Party Plants. </I>We operate the Pacific Ethanol Plants under an asset management
agreement with New PE Holdco and the Plant Owners. If the Madera, California facility becomes operational, we intend to expand
our business by providing management and operational services to that facility. We also intend to expand our business by providing
management services to other third party facilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Focus</I> <I>on</I> <I>cost</I> <I>efficiencies</I>. We operate the Pacific Ethanol Plants in markets where we believe local
characteristics create an opportunity to capture a significant production and shipping cost advantage over competing ethanol production
facilities. We believe a combination of factors will enable us to achieve this cost advantage, including:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Locations near fuel blending facilities will enable lower ethanol transportation costs and allow timing and logistical advantages
over competing locations that require ethanol to be shipped over much longer distances.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Locations adjacent to major rail lines will enable the efficient delivery of corn in large unit trains from major corn-producing
regions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 64.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD>Locations near large concentrations of dairy and/or beef cattle will enable delivery of WDG over short distances without the
need for costly drying processes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 82.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">In addition to these location-related efficiencies,
we believe that we can continue to increase operating efficiencies by incorporating advanced design elements into the Pacific Ethanol
Plants to take advantage of state-of-the-art technical and operational efficiencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Diversify revenue streams. </I>We are currently installing equipment at our Magic Valley and Stockton facilities to separate
out the corn oil from the corn kernel. Corn oil separation will allow us to sell corn oil to poultry and biodiesel customers with
little marginal cost, providing an additional co-product revenue stream from the ethanol production process.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Install</I> <I>new</I> <I>technologies and source new feedstocks</I>. We are evaluating a number of technologies that may
increase the efficiency of our ethanol production facilities, reduce our use of carbon-based fuels and allow us to produce advanced
biofuels. We are using grain sorghum, also known as milo, in our production process as an alternative to corn, and will continue
to source different and potentially abundant and cost-effective feedstocks, including cellulosic feedstock, to supplement corn
as the raw material used in the production of ethanol.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.5pt; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Evaluate</I> <I>and</I> <I>pursue</I> <I>acquisition</I> <I>opportunities</I>. We intend to evaluate and pursue opportunities
to acquire additional ethanol production, storage and distribution facilities and related infrastructure as financial resources
and business prospects make the acquisition of these facilities advisable. In addition, we may also seek to acquire facility sites
under development.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competitive Strengths</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">We believe that our competitive strengths include
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our</I> <I>customer</I> <I>and</I> <I>supplier</I> <I>relationships</I>. We have developed extensive business relationships
with our customers and suppliers. In particular, we have developed extensive business relationships with major and independent
un-branded gasoline suppliers who collectively control the majority of all gasoline sales in California and other Western states.
In addition, we have developed extensive business relationships with ethanol and grain suppliers throughout the Western and Midwestern
United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our</I> <I>ethanol</I> <I>distribution</I> <I>network</I>. We believe that we have a competitive advantage due to our experience
in marketing to the segment of customers in major metropolitan and rural markets in the Western United States. We have developed
an ethanol distribution network for delivery of ethanol by truck to virtually every significant fuel terminal as well as to numerous
smaller fuel terminals throughout California and other Western states. Fuel terminals have limited storage capacity and we have
been successful in securing storage tanks at many of the terminals we service. In addition, we have an extensive network of third-party
delivery trucks available to deliver ethanol throughout the Western United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our operational expertise</I>. We began managing ethanol production facilities in 2006. We believe that we have obtained
operational expertise and know-how that can be used to continue operating the Pacific Ethanol Plants and provide operational services
to third party facilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our</I> s<I>trategic locations</I>. We believe that our focus on operating ethanol production facilities in markets where
local characteristics create the opportunity to capture a significant production and shipping cost advantage over competing ethanol
production facilities provides us with competitive advantages, including transportation cost, delivery timing and logistical advantages
as well as higher margins associated with the local sale of WDG and other co-products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our low carbon-intensity ethanol.</I> The California Air Resources Board has enacted a Low-Carbon Fuel Standard for transportation
fuels. According to the Low-Carbon Fuel Standard, carbon emission levels for ethanol produced in California are lower than most
ethanol plants located in other states. This is primarily because the plants in California, including the Pacific Ethanol Plants,
use less energy in their production process.&nbsp;The ethanol produced in California by the Pacific Ethanol Plants and certain
other California producers, all of which we market, has a lower carbon-intensity rating than either gasoline or ethanol produced
in the mid-west. The lower carbon-intensity rating of ethanol we produce or resell is valued in the market by our customers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Modern technologies</I>. The Pacific Ethanol Plants use the latest production technologies to take advantage of state-of-the-art
technical and operational efficiencies in order to achieve lower operating costs, higher yields and more efficient production of
ethanol and its co-products and reduce our use of carbon-based fuels.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Our experienced management</I>. Neil M. Koehler, our President and Chief Executive Officer, has over 30 years of experience
in the ethanol production, sales and marketing industry. Mr.&nbsp;Koehler is a Director of the California Renewable Fuels Partnership,
a Director of the Renewable Fuels Association, or RFA, and is a frequent speaker on the issue of renewable fuels and ethanol marketing
and production. In addition to Mr. Koehler, we have seasoned managers with many years of experience in the ethanol, fuel and energy
industries leading our various departments. We believe that the experience of our management over the past two decades and our
ethanol marketing operations have enabled us to establish valuable relationships in the ethanol industry and understand the business
of marketing and producing ethanol and its co-products.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that these advantages will allow
us to capture an increasing share of the total market for ethanol and its co-products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Industry Overview and Market Opportunity</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Overview of Ethanol Market </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The primary applications for fuel-grade ethanol in
the United States include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Octane enhancer</I>. On average, regular unleaded gasoline has an octane rating of 87 and premium unleaded gasoline has
an octane rating of 91. In contrast, pure ethanol has an average octane rating of 113. Adding ethanol to gasoline enables refiners
to produce greater quantities of lower octane blend stock with an octane rating of less than 87 before blending. In addition, ethanol
is commonly added to finished regular grade gasoline as a means of producing higher octane mid-grade and premium gasoline.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Renewable fuels</I>. Ethanol is blended with gasoline in order to enable gasoline refiners to comply with a variety of governmental
programs, in particular, the national Renewable Fuel Standard, or national RFS, which was enacted to promote alternatives to fossil
fuels. See &ldquo;&mdash;Governmental Regulation.&rdquo;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>Fuel blending</I>. In addition to its performance and environmental benefits, ethanol is used to extend fuel supplies. As
the need for automotive fuel in the United States increases and the dependence on foreign crude oil and refined products grows,
the United States is increasingly seeking domestic sources of fuel. Much of the ethanol blending throughout the United States is
done for the purpose of extending the volume of fuel sold at the gasoline pump.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The United States ethanol industry is highly
dependent upon federal and state legislation and regulation. For example, the Energy Independence and Security Act of 2007, which
was signed into law in December 2007, significantly increased the prior national RFS. The national RFS increases the mandated use
of all renewable fuels to approximately 16.6 billion gallons in 2013 and 18.1 billion gallons in 2014. Under the national RFS,
the mandated use of all renewable fuels rises incrementally in succeeding years and peaks at 36.0 billion gallons by 2022. Under
the national RFS, approximately 13.8 billion gallons in 2013 and 14.4 billion gallons in 2014 are required from conventional, or
corn-based, ethanol, which also rises incrementally in succeeding years and peaks at 15.0 billion gallons by 2015. We believe that
these increases will bolster demand for ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">According to the RFA, the domestic ethanol
industry produced approximately 14.9 billion gallons of ethanol in 2012. We believe that the ethanol market in California alone
represented approximately 10% of the national market. However, the Western United States has relatively few ethanol facilities
and local ethanol production levels are substantially below the local demand for ethanol. The balance of ethanol is shipped via
rail from the Midwest to the Western United States. Gasoline and diesel fuel that supply the major fuel terminals are shipped in
pipelines throughout portions of the Western United States. Unlike gasoline and diesel fuel, however, ethanol is not shipped in
these pipelines because ethanol has an affinity for mixing with water already present in the pipelines. When mixed, water dilutes
ethanol and creates significant quality control issues. Therefore, ethanol must be trucked from rail terminals to regional fuel
terminals, or blending racks. In addition, we believe that ethanol prices in the Western United States are typically $0.15 to $0.20
per gallon higher than in the Midwest due to the freight costs of delivering ethanol from Midwest production facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that approximately 90% of the
ethanol produced in the United States is made in the Midwest from corn. According to the Department of Energy, or DOE, ethanol
is generally blended at 10% by volume, but is also blended at up to 85% by volume for vehicles designed to operate on 85% ethanol.
The Environmental Protection Agency, or EPA, recently increased the allowable blend of ethanol in gasoline from 10% to 15% for
model year 2001 and newer automobiles, pending final approvals by certain state regulatory authorities. Some retailers have begun
blending at higher rates in states that have approved higher blend rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Compared to gasoline, ethanol is generally
considered to be cleaner burning and contains higher octane. We anticipate that the increasing demand for renewable transportation
fuels coupled with limited opportunities for gasoline refinery expansions and the growing importance of reducing CO<SUB>2</SUB>
emissions through the use of renewable fuels will generate additional growth in the demand for ethanol in the Western United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">According
to the DOE, total annual gasoline consumption in the United States is approximately 134 billion gallons and total annual ethanol
consumption represented approximately 10% of this amount in 2012. The domestic ethanol industry has substantially reached the
initial 10% blend ratio, and we believe the industry has significant potential for growth as the industry migrates to an up to
15% blend ratio, which equals an annual demand of between 13.4 billion and 20.1 billion gallons of ethanol. Furthermore, the national
RFS requires an increase of up to 36.0 billion gallons of ethanol annually by 2022, subject to an annual EPA review to adjust
targets based on availability of commercially produced advanced and cellulose biofuels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Overview of Ethanol Production Process</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The production of ethanol from starch- or
sugar-based feedstock has been refined considerably in recent years, leading to a highly-efficient process that we believe now
yields substantially more energy from ethanol and its co-products than is required to make the products. The modern production
of ethanol requires large amounts of corn, or other high-starch grains, and water as well as chemicals, enzymes and yeast, and
denaturants including unleaded gasoline or liquid natural gas, in addition to natural gas and electricity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the dry milling process, corn or other
high-starch grains are first ground into meal and then slurried with water to form a mash. Enzymes are then added to the mash to
convert the starch into the simple sugar, dextrose. Ammonia is also added for acidic (pH) control and as a nutrient for the yeast.
The mash is processed through a high temperature cooking procedure, which reduces bacteria levels prior to fermentation. The mash
is then cooled and transferred to fermenters, where yeast is added and the conversion of sugar to ethanol and CO<SUB>2 </SUB>begins.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">After fermentation, the resulting &ldquo;beer&rdquo;
is transferred to distillation, where the ethanol is separated from the residual &ldquo;stillage.&rdquo; The ethanol is concentrated
to 190 proof using conventional distillation methods and then is dehydrated to approximately 200 proof, representing 100% alcohol
levels, in a molecular sieve system. The resulting anhydrous ethanol is then blended with about 2.5% denaturant, which is usually
gasoline, and is then ready for shipment to market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The residual stillage is separated into
a coarse grain portion and a liquid portion through a centrifugation process. The soluble liquid portion is concentrated to about
40% dissolved solids by an evaporation process. This intermediate state is called condensed distillers solubles, or syrup. The
coarse grain and syrup portions are then mixed to produce WDG or can be mixed and dried to produce dried distillers grains with
solubles, or DDGS. Both WDG and DDGS are high-protein animal feed products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Overview of Distillers Grains Market</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Most distillers grains are produced in the
Midwest, where producers dry the grains before shipping. Successful and profitable delivery of DDGS from the Midwest to markets
in the Western United States faces a number of challenges, including drying of distiller grains which may increase the energy cost
to dry the grains and reduce the quality of the feed product, and longer distance to market, which may increase the handling and
transportation costs to deliver the grains to market. By not drying the distillers grains and by shipping WDG locally, we believe
that we will be able to better preserve the feed value of this product, as the WDG retains a higher percentage of nutrients than
DDGS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Historically, the market price for distillers
grains has generally tracked the value of corn. We believe that the market price of DDGS is determined by a number of factors,
including the market value of corn, soybean meal and other competitive ingredients, the performance or value of DDGS in a particular
feed formulation and general market forces of supply and demand. The market price of distillers grains is also often influenced
by nutritional models that calculate the feed value of distillers grains by nutritional content, as well as reliability of consistent
supply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We sell ethanol produced by the Pacific
Ethanol Plants and other third-parties to various customers in the Western United States. We also arrange for transportation, storage
and delivery of ethanol purchased by our customers through our agreements with third-party service providers. In addition, we sell
WDG produced by the Pacific Ethanol Plants to customers comprised of dairies and feedlots located near the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During 2012 and 2011, we produced or purchased
ethanol from third parties and resold an aggregate of approximately 285 million and 283 million gallons of fuel-grade ethanol to
approximately 52 and 55 customers, respectively. Sales to our three largest customers, Chevron Products USA, Valero Energy Corporation
and Sinclair Oil Corporation in 2012 and 2011 represented an aggregate of approximately 49% and 38%, of our net sales, respectively.
Sales to each of our other customers represented less than 10% of our net sales in each of 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Most of the major metropolitan areas in
the Western United States have fuel terminals served by rail, but other major metropolitan areas and more remote smaller cities
and rural areas do not. We believe that we have a competitive advantage due to our experience in marketing to the segment of customers
in major metropolitan and rural markets in the Western United States. We manage the complicated logistics of shipping ethanol purchased
from third-parties from the Midwest by rail to intermediate storage locations throughout the Western United States and trucking
the ethanol from these storage locations to blending racks where the ethanol is blended with gasoline. We believe that by establishing
an efficient service for truck deliveries to these more remote locations, we have differentiated ourselves from our competitors.
In addition, by producing ethanol in the Western United States, we believe that we will benefit from our ability to increase spot
sales of ethanol from this additional supply following ethanol price spikes caused from time to time by rail delays in delivering
ethanol from the Midwest to the Western United States. In addition to producing ethanol, we produce ethanol co-products, including
WDG. We endeavor to position WDG as the protein feed of choice for cattle based on its nutritional composition, consistency of
quality and delivery, ease of handling and its mixing ability with other feed ingredients. We are one of the few WDG producers
with production facilities located in the Western United States and we primarily sell our WDG to dairy farmers in close proximity
to the Pacific Ethanol Plants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Suppliers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our marketing operations are dependent upon
various third-party producers of fuel-grade ethanol. In addition, we provide ethanol transportation, storage and delivery services
through third-party service providers with whom we have contracted to receive ethanol at agreed upon locations from our suppliers
and to store and/or deliver the ethanol to agreed-upon locations on behalf of our customers. These contracts generally run from
year-to-year, subject to termination by either party upon advance written notice before the end of the then current annual term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During 2012 and 2011, we purchased fuel-grade
ethanol and corn, the largest component in producing ethanol, from our suppliers. Purchases from our two largest suppliers in 2012
represented an aggregate of approximately 54% of our total ethanol and corn purchases. Purchases from our three largest suppliers
in 2011 represented an aggregate of approximately 64% of our total ethanol and corn purchases. Purchases from each of our other
suppliers represented less than 10% of total ethanol and corn purchases in each of 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ethanol production operations of the
Pacific Ethanol Plants are dependent upon various raw materials suppliers, including suppliers of corn, natural gas, electricity
and water. The cost of corn is the most important variable cost associated with the production of ethanol. An ethanol facility
must be able to efficiently ship corn from the Midwest via rail and cheaply and reliably truck ethanol to local markets. We believe
that our existing grain receiving facilities at the Pacific Ethanol Plants are some of the most efficient grain receiving facilities
in the United States. We source corn for the Pacific Ethanol Plants using standard contracts, including spot purchase, forward
purchase and basis contracts. When resources are available to do so, we seek to limit the exposure of the Pacific Ethanol Plants
to raw material price fluctuations by purchasing forward a portion of their corn requirements on a fixed price basis and by purchasing
corn and other raw materials futures contracts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Pacific Ethanol Plants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below provides
an overview of the Pacific Ethanol Plants owned by New PE Holdco and operated by us. Three of the Pacific Ethanol Plants are currently
operational and one of the facilities is currently idled. As market conditions change, we may increase, decrease or idle production
at one or more operational facilities or resume operations at any idled facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Madera<BR> Facility</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Columbia<BR> Facility</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Magic Valley<BR> Facility</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stockton<BR> Facility</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -5.8pt; padding-left: 5.8pt">Location&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Madera, CA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Boardman, OR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Burley, ID</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Stockton, CA</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.8pt; padding-left: 5.8pt">Quarter/Year operations began&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">4<SUP>th</SUP> Qtr., 2006</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">3<SUP>rd</SUP> Qtr., 2007</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2<SUP>nd</SUP> Qtr., 2008</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in"><FONT STYLE="font-size: 10pt">3<SUP>rd</SUP> Qtr., 2008</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -5.8pt; padding-left: 5.8pt">Operating status&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Idled</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Operating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Operating</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Operating</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; text-align: left; text-indent: -5.8pt; padding-left: 5.8pt">Approximate maximum annual ethanol production capacity (in millions of gallons)&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-left: 0.05in">40</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-left: 0.05in">40</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center">60</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-left: 0.05in">60</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -5.8pt; padding-left: 5.8pt">Ownership by New PE Holdco&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">100%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">100%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">100%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">100%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -5.8pt; padding-left: 5.8pt">Primary energy source&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Natural Gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">Natural Gas</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -5.75pt; padding-left: 5.75pt">Estimated annual WDG production capacity (in thousands of tons)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">293</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">293</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">418</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 0.05in">418</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Commodity Risk Management</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We employ various risk mitigation techniques.
For example, we may seek to mitigate our exposure to commodity price fluctuations by purchasing forward a portion of our corn and
natural gas requirements through fixed-price or variable-price contracts with our suppliers, as well as entering into derivative
contracts for ethanol, corn and natural gas. To mitigate ethanol inventory price risks, we may sell a portion of our production
forward under fixed- or index-price contracts, or both. We may hedge a portion of the price risks by selling exchange-traded futures
contracts. Proper execution of these risk mitigation strategies can reduce the volatility of our gross profit margins. However,
given the nature of our business, we cannot effectively hedge against extreme volatility or certain market conditions. For example,
over a period of four weeks at the end of 2011, the west coast market price of ethanol declined by approximately 28%, which substantially
reduced our fourth quarter and full year profitability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Marketing Arrangements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to our marketing agreements
with the Plant Owners whose facilities are operational to market all of the ethanol produced at those Pacific Ethanol Plants, we
have exclusive ethanol marketing agreements with third-party ethanol producers, including Calgren Renewable Fuels, LLC and AE Advanced
Fuels Keyes, Inc. to market and sell their entire ethanol production volumes. Calgren Renewable Fuels, LLC owns and operates an
ethanol production facility in Pixley, California with annual production capacity of 55 million gallons. AE Advanced Fuels Keyes,
Inc. owns and operates an ethanol production facility in Keyes, California with annual production capacity of 55 million gallons.
We intend to evaluate and pursue opportunities to enter into marketing arrangements with other ethanol producers as business prospects
make these marketing arrangements advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We operate in the highly competitive ethanol
marketing and production industry. The largest ethanol producers in the United States are Archer Daniels Midland Company and Valero
Energy Corporation, collectively with over 20% of the total installed capacity of ethanol in the United States. In addition, there
are many mid-size producers with several plants under ownership, smaller producers with one or two plants, and several ethanol
marketers that create significant competition. Overall, we believe there are over 200 ethanol facilities in the United States with
an installed operating capacity of approximately 14.9 billion gallons and many brokers and marketers with whom we compete for sales
of ethanol and its co-products.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our competitive strengths
include our strategic locations in the Western United States, our extensive ethanol distribution network, our extensive customer
and supplier relationships, our use of modern technologies at our production facilities and our experienced management. We believe
that these advantages will allow us to capture an increasing share of the total market for ethanol and its co-products and earn
favorable margins on ethanol and its co-products that we produce.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our strategic focus on particular geographic
locations designed to exploit cost efficiencies may nevertheless result in higher than expected costs as a result of more expensive
raw materials and related shipping costs, including corn, which generally must be transported from the Midwest. If the costs of
producing and shipping ethanol and its co-products over short distances are not advantageous relative to the costs of obtaining
raw materials from the Midwest, then the planned benefits of our strategic locations may not be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Governmental Regulation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our business is subject to federal, state
and local laws and regulations relating to the production of renewable fuels, the protection of the environment and in support
of the corn and ethanol industries. These laws, their underlying regulatory requirements and their enforcement, some of which are
described below, impact, or may impact, our existing and proposed business operations by imposing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrictions on our existing and proposed business operations and/or the need to install enhanced or additional controls;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the need to obtain and comply with permits and authorizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>liability for exceeding applicable permit limits or legal requirements, in some cases for the remediation of contaminated soil
and groundwater at our facilities, contiguous and adjacent properties and other properties owned and/or operated by third parties;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>specifications for the ethanol we market and produce.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, some governmental regulations
are helpful to our ethanol marketing and production business. The ethanol fuel industry is greatly dependent upon mandates and
environmental regulations that favor the use of ethanol in motor fuel blends in North America. Some of the governmental regulations
applicable to our ethanol marketing and production business are briefly described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt"><B><I>National Energy Legislation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Energy Independence and Security Act
of 2007, which was signed into law in December 2007, significantly increased the prior national RFS. The national RFS significantly
increases the mandated use of renewable fuels to approximately 16.6 billion gallons in 2013, and rises incrementally and peaks
at 36.0 billion gallons by 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>E15 (a Blend of Gasoline and Ethanol</I>)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The EPA has allowed fuel and fuel additive
manufacturers to introduce into commercial gasoline that contains greater than 10 volume percent of ethanol, up to 15 volume percent
of ethanol, or E15, for vehicles from model year 2001 and beyond. Additional changes to some states&rsquo; laws to allow for the
use of E15 are still required, however, commercial sale of E15 has begun in some states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.1pt"><B><I>State Energy Legislation and Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 15.1pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In January 2007, California&rsquo;s Governor
signed an executive order directing the California Air Resources Board to implement California&rsquo;s Low-Carbon Fuel Standard
for transportation fuels. The Governor&rsquo;s office estimates that the standard will have the effect of increasing current renewable
fuels use in California by three to five times by 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The State of California has established
a policy to support ethanol produced in California with the California Ethanol Producer Incentive Program, or CEPIP, a producer
incentive which offers up to $0.25 per gallon when ethanol production profitability is less than prescribed levels determined by
the California Energy Commission, or CEC. The Pacific Ethanol Plants located in California are eligible for the CEPIP, and the
Stockton facility participated in the program in 2010 and 2011. In 2012, this program was not funded and no assurances can be given
that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds, participant eligibility or other
policy choices that may impact the ability of the Pacific Ethanol Plants located in California to be eligible for the CEPIP in
2013 or future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>Additional Environmental Regulations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the governmental regulations
applicable to the ethanol marketing and production industries described above, our business is subject to additional federal, state
and local environmental regulations, including regulations established by the EPA, the San Joaquin Valley Regional Water Quality
Control Board, the San Joaquin Valley Air Pollution Control District and the California Air Resources Board. We cannot predict
the manner or extent to which these regulations will harm or help our business or the ethanol production and marketing industry
in general.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Employees</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, we had approximately
142 full-time employees. We believe that our employees are highly-skilled, and our success will depend in part upon our ability
to retain our employees and attract new qualified employees, many of whom are in great demand. We have never had a work stoppage
or strike, and no employees are presently represented by a labor union or covered by a collective bargaining agreement. We consider
our relations with our employees to be good.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>Legal Proceedings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 45pt; text-indent: -45pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 24, 2013, GS CleanTech Corporation,
or GS CleanTech, filed suit in the United States District Court for the Eastern District of California, Sacramento Division (Case
No.: 2:13-CV-01042-JAM-AC), naming Pacific Ethanol, Inc. as a defendant. The suit alleges patent infringement by virtue of certain
corn oil separation technology in use at one or more of our ethanol production facilities, including the plant located in Stockton,
California. The complaint seeks preliminary and permanent injunctions prohibiting future infringement on the patent owned by GS
CleanTech and damages in an unspecified amount adequate to compensate GS CleanTech for the alleged patent infringement, but in
any event no less than a reasonable royalty for the use made of the inventions of the patent, plus attorneys fees. We strongly
disagree that our use of corn oil separation technology infringes the patent owned by GS CleanTech and intends to vigorously defend
against GS CeanTech&rsquo;s claims. As of the date of this report, discovery has not commenced and a trial date has not been set.
In addition, GS CleanTech has advised us that it is in the process of amending its complaint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Directors and Executive Officers</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
regarding our current directors and executive officers as of February 6, 2013:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt; margin-left: 22pt; text-indent: -22pt"><B>Name</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center; border-bottom: Black 1pt solid">
        <P STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt; text-align: center"><B>Age</B></P></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 59%; padding-right: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="padding-top: 7pt; padding-left: 8.1pt"><B>Positions Held</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">William L. Jones<SUP>(1)</SUP>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">63</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Chairman of the Board and Director</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Neil M. Koehler&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">55</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Chief Executive Officer, President and Director</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Michael D. Kandris&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">65</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Director and Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Bryon T. McGregor&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">49</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Chief Financial Officer</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Christopher W. Wright&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">60</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Vice President, General Counsel and Secretary</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Terry L. Stone <SUP>(2)</SUP>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">63</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Director</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">John L. Prince <SUP>(3)</SUP>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">70</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Director (Lead Independent Director)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Douglas L. Kieta <SUP>(3)</SUP>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">70</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Director </TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 7pt; padding-right: 5.4pt; padding-left: 0pt">Larry D. Layne <SUP>(4)</SUP>&#9;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; text-align: center">72</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 7pt; padding-left: 8.1pt">Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(1) Member of the Audit Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(2) Member of the Audit and Compensation Committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(3) Member of the Compensation and Nominating
and Corporate Governance Committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(4) Member of the Audit, Compensation and Nominating
and Corporate Governance Committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our officers are appointed by and serve
at the discretion of our Board of Directors, or Board. There are no family relationships among our executive officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Following is a brief description of the
business experience and educational background of each of our directors and executive officers, including the capacities in which
they served during the past five years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The biographies below describe the skills,
qualities and attributes and business experience of each of our directors, including the capacities in which they served during
the past five years:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>William L. Jones</I></B> has served
as Chairman of the Board and as a director since March 2005. Mr. Jones is a co-founder of Pacific Ethanol California, Inc., or
PEI California, which is one of our predecessors, and served as Chairman of the Board of PEI California since its formation in
January 2003 through March 2004, when he stepped off the board of directors of PEI California to focus on his candidacy for one
of California&rsquo;s United States Senate seats. Mr. Jones was California&rsquo;s Secretary of State from 1995 to 2003. Since
May 2002, Mr. Jones has also been the owner of Tri-J Land &amp; Cattle, a diversified farming and cattle company in Fresno County,
California. Mr. Jones has a B.A. degree in Agribusiness and Plant Sciences from California State University, Fresno.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Jones&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>co-founder of PEI California;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>knowledge gained through his extensive work as our Chairman since our inception in 2005;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive knowledge of and experience in the agricultural and feed industries, as well as a deep understanding of operations
in political environments; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>background as an owner of a farming company in California, and his previous role in the California state government.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Neil M. Koehler</I></B> has served
as Chief Executive Officer, President and as a director since March 2005. Mr. Koehler is a co-founder of PEI California and served
as its Chief Executive Officer since its formation in January 2003 and as a member of its board of directors from March 2004 until
its dissolution in March 2012. Prior to his association with PEI California, Mr. Koehler was the co-founder and General Manager
of Parallel Products, one of the first ethanol production facilities in California, which was sold to a public company in 1997.
Mr. Koehler was also the sole manager and sole limited liability company member of Kinergy Marketing, LLC, which he founded in
September 2000, and which is one of our wholly-owned subsidiaries. Mr. Koehler has over 30 years of experience in the ethanol production,
sales and marketing industry in the Western United States. Mr. Koehler is a Director of the California Renewable Fuels Partnership,
a Director of the Renewable Fuels Association and is a nationally-recognized speaker on the production and marketing of renewable
fuels. Mr. Koehler also served as an executive officer of our plant subsidiaries at the time they filed for protection under the
United States Bankruptcy Code in 2009. Mr. Koehler has a B.A. degree in Government from Pomona College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Koehler&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>day-to-day leadership experience as our current President and Chief Executive Officer provides Mr. Koehler with intimate knowledge
of our operations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive knowledge of and experience in the ethanol production, sales and marketing industry, particularly in the Western
United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior leadership experience with other companies in the ethanol industry; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>day-to-day leadership experience affords a deep understanding of business operations, challenges and opportunities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Michael D. Kandris</I></B> has served
as a director since June 2008 and as our Chief Operating Officer since January 6, 2013. Mr. Kandris served as an independent contractor
with supervisory responsibility for ethanol plant operations, under the direction of our Chief Executive Officer, from January
1, 2012 to January 5, 2013. Mr. Kandris was President, Western Division of Ruan Transportation Management Systems from November
2007 until his retirement in September 2009. From January 2000 to November 2007, Mr. Kandris served as President and Chief Operating
Officer of Ruan Transportation Management Systems, where he had overall responsibility for all operations, finance and administrative
functions. Mr. Kandris has 30 years of experience in all modes of transportation and logistics. Mr. Kandris served on the Executive
Committee of the American Trucking Association and as a board member for the National Tank Truck Organization until his retirement
from Ruan Transportation Management Systems in September 2009. Mr. Kandris has a B.S. degree in Business from California State
University, Hayward.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Kandris&rsquo; qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in; padding-left: -11pt">&nbsp;</TD>
    <TD STYLE="width: 0.25in; padding-right: 5.4pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">extensive experience in various executive leadership positions;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">extensive experience in rail and truck transportation and logistics; and</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify"><FONT STYLE="font-family: Wingdings 2">&mdash;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: justify">day-to-day leadership experience affords a deep understanding of business operations, challenges and opportunities.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Bryon T. McGregor</I></B> has served
as our Chief Financial Officer since November 19, 2009. Mr. McGregor served as Vice President, Finance at Pacific Ethanol from
September 2008 until he became Interim Chief Financial Officer in April 2009. Prior to joining Pacific Ethanol, Mr. McGregor was
employed as Senior Director for E*TRADE Financial from February 2002 to August 2008, serving in various capacities including International
Treasurer based in London, England from 2006 to 2008, Brokerage Treasurer and Director from 2003 to 2006 and Assistant Treasurer
and Director of Finance and Investor Relations from 2002 to 2003. Prior to joining E*TRADE, Mr. McGregor served as Manager of Finance
and Head of Project Finance for BP (formerly Atlantic Richfield Company &ndash; ARCO) from 1998 to 2001. Mr. McGregor has extensive
experience in banking and served as a Director of International Project Finance for Credit Suisse from 1992 to 1998, as Assistant
Vice President for Sumitomo Mitsubishi Banking Corp (formerly The Sumitomo Bank Limited) from 1989 to 1992, and as Commercial Banking
Officer for Bank of America from 1987 to 1989. Mr. McGregor has a B.S. degree in Business Management from Brigham Young University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Christopher W. Wright</I></B> has
served as Vice President, General Counsel and Secretary since June 2006. From April 2004 until he joined Pacific Ethanol in June
2006, Mr. Wright operated an independent consulting practice, advising companies on complex transactions, including acquisitions
and financings. Prior to that time, from January 2003 to April 2004, Mr. Wright was a partner with Orrick, Herrington &amp; Sutcliffe,
LLP, and from July 1998 to December 2002, Mr. Wright was a partner with Cooley Godward LLP, where he served as Partner-in-Charge
of the Pacific Northwest office. Mr. Wright has extensive experience advising boards of directors on compliance, securities matters
and strategic transactions, with a particular focus on guiding the development of rapidly growing companies. He has acted as general
counsel for numerous technology enterprises in all aspects of corporate development, including fund-raising, business and technology
acquisitions, mergers and strategic alliances. Mr. Wright has an A.B. degree in History from Yale College and a J.D. from the University
of Chicago Law School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Terry L. Stone</I></B> has served
as a director since March 2005. Mr. Stone is a Certified Public Accountant with over thirty years of experience in accounting and
taxation. He has been the owner of his own accountancy firm since 1990 and has provided accounting and taxation services to a wide
range of industries, including agriculture, manufacturing, retail, equipment leasing, professionals and not-for-profit organizations.
Mr. Stone has served as a part-time instructor at California State University, Fresno, teaching classes in taxation, auditing and
financial and management accounting. Mr. Stone is also a financial advisor and franchisee of Ameriprise Financial Services, Inc.
Mr. Stone has a B.S. degree in Accounting from California State University, Fresno.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Stone&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive experience with financial accounting and tax matters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>recognized expertise as an instructor of taxation, auditing and financial and management accounting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>&ldquo;audit committee financial expert,&rdquo; as defined by the Securities and Exchange Commission, and satisfies the &ldquo;financial
sophistication&rdquo; requirements of NASDAQ&rsquo;s listing standards; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ability to communicate and encourage discussion, together with his experience as a senior independent director of all Board
committees on which he serves make him an effective chairman of our Audit Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>John L. Prince</I></B> has served
as a director since July 2005 and has served as Lead Independent Director since October 4, 2012. Mr. Prince is retired but also
works as a consultant to Ruan Transport Corp. and other companies. Mr. Prince was an Executive Vice President with Land O&rsquo;
Lakes, Inc. from July 1998 until his retirement in 2004. Prior to that time, Mr. Prince was President and Chief Executive Officer
of Dairyman&rsquo;s Cooperative Creamery Association located in Tulare, California, until its merger with Land O&rsquo; Lakes,
Inc. in July 1998. Land O&rsquo; Lakes, Inc. is a farmer-owned, national branded organization based in Minnesota with annual sales
in excess of $6 billion and membership and operations in over 30 states. Prior to joining the Dairyman&rsquo;s Cooperative Creamery
Association, Mr. Prince was President and Chief Executive Officer for nine years until 1994, and was Operations Manager for the
preceding ten years commencing in 1975, of the Alto Dairy Cooperative in Waupun, Wisconsin. Mr. Prince has a B.A. degree in Business
Administration from the University of Northern Iowa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Prince&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive experience in various executive leadership positions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>day-to-day leadership experience affords a deep understanding of business operations, challenges and opportunities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ability to communicate and encourage discussion helps Mr. Prince discharge his duties effectively as chairman of our Nominating
and Corporate Governance Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Douglas L. Kieta</I></B> has served
as a director since April 2006. Mr. Kieta is currently retired. Prior to retirement in January 2009, Mr. Kieta was employed by
BE&amp;K, Inc., a large engineering and construction company headquartered in Birmingham, Alabama, where he served as the Vice
President of Power from May 2006 to January 2009. From April 1999 to April 2006, Mr. Kieta was employed at Calpine Corporation
where he was the Senior Vice President of Construction and Engineering. Calpine Corporation is a major North American power company
which leases and operates integrated systems of fuel-efficient natural gas-fired and renewable geothermal power plants and delivers
clean, reliable and fuel-efficient electricity to customers and communities in 21 states and three Canadian provinces. Mr. Kieta
has a B.S. degree in Civil Engineering from Clarkson University and a Master&rsquo;s degree in Civil Engineering from Cornell University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Kieta&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive experience in various leadership positions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>day-to-day leadership experience affords a deep understanding of business operations, challenges and opportunities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>service with Calpine affords a deep understanding of large-scale construction and engineering projects as well as plant operations,
which is particularly relevant to our ethanol production facility operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Larry D. Layne</I></B> has served
as a director since December 2007. Mr. Layne joined First Western Bank in 1963 and served in various capacities with First Western
Bank and its acquiror, Lloyds Bank of California, and Lloyd&rsquo;s acquiror, Sanwa Bank, until his retirement in 2000. Sanwa Bank
was subsequently acquired by Bank of the West. From 1999 to 2000, Mr. Layne was Vice Chairman of Sanwa Bank in charge of its Commercial
Banking Group which encompassed all of Sanwa Bank&rsquo;s 38 commercial and business banking centers and 12 Pacific Rim branches
as well as numerous internal departments. From 1997 to 2000, Mr. Layne was also Chairman of the Board of The Eureka Funds, a mutual
fund family of five separate investment funds with total assets of $900,000,000. From 1996 to 2000, Mr. Layne was Group Executive
Vice President of the Relationship Banking Group of Sanwa Bank in charge of its 107 branches and 13 commercial banking centers
as well as numerous internal departments. Mr. Layne has also served in various capacities with many industry and community organizations,
including as Director and Chairman of the Board of the Agricultural Foundation at California State University, Fresno; Chairman
of the Audit Committee of the Ag. Foundation at California State University, Fresno; board member of the Fresno Metropolitan Flood
Control District; and Chairman of the Ag Lending Committee of the California Bankers Association. Mr. Layne has a B.S. degree in
Dairy Husbandry from California State University, Fresno and is a graduate of the California Agriculture Leadership Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Layne&rsquo;s qualifications to serve
on our Board include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>extensive experience in various leadership positions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>day-to-day leadership experience affords a deep understanding of business operations, challenges and opportunities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>experience and involvement in California industry and community organizations provides a useful perspective; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ability to communicate and encourage discussion helps Mr. Layne discharge his duties effectively as chairman of our Compensation
Committee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Board Leadership Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our governance documents provide the Board
with flexibility to select the appropriate leadership structure depending on the then current circumstances. In making leadership
structure determinations, the Board considers many factors, including the specific needs of our business and what is in the best
interests of our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Jones currently serves as Chairman of
the Board and Mr. Prince currently serves as our Lead Independent Director. Mr. Prince has served as Lead Independent Director
since October 4, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under our Bylaws, the Chairman of the Board
presides over meetings of the Board and stockholders and exercises and performs certain other powers and duties designated in the
Bylaws and as may be assigned by the Board. Pursuant to the Charter Defining Responsibilities of the Lead Independent Director,
the Lead Independent Director is responsible for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>scheduling meetings of the independent directors at least twice a year and advising the Chairman of the Board of the schedule
of meetings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conferring with our Chief Executive Officer about matters of concern to the independent directors, including the quality, quantity
and timeliness of the information submitted by our management that is necessary or appropriate for the independent directors to
effectively and responsibly perform their duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>providing the Chairman of the Board with input as to the preparation of agendas for meetings of the Board and committees of
the Board, and the quality, quantity and timeliness of the information provided to the Board in connection with meetings of the
Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>developing agendas for, and serving as chairman of, executive sessions of the Board&rsquo;s independent directors,</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>serving as the principal liaison between the independent directors and the Chairman of the Board on sensitive issues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>preparing minutes of the meetings of the independent directors, sharing the minutes with the full Board not later than the
next meeting of the Board, and delivering the minutes to the Secretary of Pacific Ethanol for filing with the minutes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>making recommendations to the Board on behalf of the independent directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>undertaking such further responsibilities that the independent directors as a whole may designate to the lead independent director
from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 60.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our corporate governance guidelines provide
that a majority of the Board and all members of our Audit, Compensation and Nominating and Corporate Governance Committees shall
be independent. On an annual basis, each director and executive officer is obligated to complete a Director and Officer Questionnaire
that requires disclosure of any transactions with Pacific Ethanol in which a director or executive officer, or any member of his
or her immediate family, have a direct or indirect material interest. Following completion of these questionnaires, the Board,
with the assistance of the Nominating and Corporate Governance Committee, makes an annual determination as to the independence
of each director using the current standards for &ldquo;independence&rdquo; established by the Securities and Exchange Commission
and NASDAQ, additional criteria contained in our corporate governance guidelines and consideration of any other material relationship
a director may have with Pacific Ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Board has determined that all of its
directors are independent under these standards, except for Michael D. Kandris, who serves as our Chief Operating Officer, and
Neil M.&nbsp;Koehler, who serves full-time as our Chief Executive Officer and President. See &ldquo;Certain Relationships and Related
Transactions&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We use a combination of cash and equity-based
incentive compensation to attract and retain qualified candidates to serve on our Board. In setting the compensation of directors,
we consider the significant amount of time that Board members spend in fulfilling their duties to Pacific Ethanol as well as the
experience level we require to serve on our Board. The Board, through its Compensation Committee, annually reviews the compensation
and compensation policies for Board members. In recommending director compensation, the Compensation Committee is guided by the
following three goals:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compensation should pay directors fairly for work required in a company of our size and scope;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>compensation should align directors&rsquo; interests with the long-term interests of our stockholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the structure of the compensation should be clearly disclosed to our stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, as with our executive compensation,
in making compensation decisions as to our directors, our Compensation Committee compared our cash and equity compensation payable
to directors against market data obtained by Aon Hewitt in 2007 and market data obtained from survey data provided by Equilar,
Inc. The Aon Hewitt data included a general industry survey of 235 companies with less than $1 billion in annual revenues and a
general industry survey of 51 companies with between $500 million and $1 billion in annual revenues. The data provided by Equilar,
Inc. included a survey of 20 companies in the chemicals sector with between $200 million and $1 billion in annual revenues. The
Compensation Committee sets compensation for our directors at approximately the median of compensation paid to directors of the
companies surveyed by Aon Hewitt and Equilar, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Cash Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our cash compensation plan for directors
provides the Chairman of our Board annual compensation of $80,000, the Chairman of our Audit Committee annual compensation of $42,000,
the Chairman of our Compensation Committee annual compensation of $36,000, the Chairman of our Nominating and Corporate Governance
Committee annual compensation of $36,000, the Chairman of our Operations and Feed Committee annual compensation of $36,000 and
the Chairman of our Strategic Transactions Committee annual compensation of $36,000. All other directors, except employee directors,
are to receive annual compensation of $24,000. These amounts are paid in advance in bi-weekly installments. In addition, directors
are reimbursed for specified reasonable and documented expenses in connection with attendance at meetings of our Board and its
committees. Employee directors do not receive director compensation in connection with their service as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Equity Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Compensation Committee or our full Board
typically grants equity compensation to our newly elected or reelected directors which normally vests as to 100% of the grants
no later than one year after the date of grant. Vesting is normally subject to continued service on our Board during the full year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In determining the amount of equity compensation,
the Compensation Committee determines the value of total compensation, approximately targeting the median of compensation paid
to directors of the companies comprising the market data provided to us by Aon Hewitt in 2007. The Compensation Committee then
determines the cash component based on this market data. The balance of the total compensation target is then allocated to equity
awards, and the number of shares to be granted to our directors is based on the estimated value of the underlying shares on the
expected grant date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our Compensation Committee
may grant, and has from time to time granted, additional equity compensation to directors at its discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Employee Director</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Koehler was compensated as a full-time
employee and officer but received no additional compensation for service as a Board member during 2012. Information regarding the
compensation awarded to Mr. Koehler is included in &ldquo;Executive Compensation and Related Information&mdash;Summary Compensation
Table&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Compensation Table &ndash; 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table summarizes the compensation
of our non-employee directors for the year ended December&nbsp;31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; padding-left: -11pt">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><P STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Fees Earned<BR> or Paid<BR> in Cash<BR> ($)<SUP>(1)</SUP></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Stock <BR>Awards<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center"><P STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>All other Compensation<BR> ($)<SUP>(2)</SUP></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<BR> ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; text-align: left; padding-left: 0pt">William L. Jones<SUP>(3)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">80,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">80,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Terry L. Stone<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">42,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">John L. Prince<SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Douglas L. Kieta<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Larry D. Layne<SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Michael D. Kandris<SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">239,135</TD><TD STYLE="text-align: left"><SUP>(9)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">275,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(1)</TD><TD STYLE="padding-right: 31.5pt">For a description of annual director fees and fees for chair positions, see the disclosure above
under &ldquo;Compensation of Directors&mdash;Cash Compensation.&rdquo;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(2)</TD><TD STYLE="padding-right: 31.5pt">Except as contained in the table, the value of perquisites and other personal benefits was less
than $10,000 in aggregate for each director.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(3)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Jones held 3,168 vested shares from stock awards and also held options
to purchase an aggregate of 476 shares of common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(4)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Stone held 2,259 vested shares from stock awards and also held options
to purchase an aggregate of 143 shares of common stock.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(5)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Prince held 1,973 vested shares from stock awards and also held options
to purchase an aggregate of 143 shares of common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 31.5pt 0pt 22.5pt; text-indent: -0.25in">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(6)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Kieta held 2,589 vested shares from stock awards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(7)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Layne held 2,303 vested shares from stock awards.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(8)</TD><TD STYLE="padding-right: 31.5pt">At December 31, 2012, Mr. Kandris held 2,259 vested shares from stock awards. On January 6, 2013,
we entered into an Executive Employment Agreement with Mr. Kandris under which Mr. Kandris became our Chief Operating Officer and
one of our employees.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4.5pt"></TD><TD STYLE="width: 18pt">(9)</TD><TD STYLE="padding-right: 31.5pt">Represents payments we made to Mr. Kandris in consideration of consulting services provided to
us in 2012 under a consulting agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary Compensation Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth summary information
concerning the compensation of our (i)&nbsp;Chief Executive Officer and President, who serves as our principal executive officer,
(ii)&nbsp;Chief Financial Officer, who serves as our principal financial officer, and (iii)&nbsp;Vice President, General Counsel
and Secretary (collectively, the &ldquo;named executive officers&rdquo;), for all services rendered in all capacities to us for
the years ended December 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-left: -11pt">Name and Principal
    Position</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Salary ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Bonus ($)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font-weight: bold; text-align: center"><B>Stock Awards ($)<SUP>(1)</SUP></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font-weight: bold; text-align: center"><B>Option Awards ($)<SUP>(2)</SUP></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font-weight: bold; text-align: center"><B>Total ($)<SUP>(3)</SUP></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 31%; text-align: left; text-indent: 0pt; padding-left: -33pt">Neil M. Koehler</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2012</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">384,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">40,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">424,375</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Chief Executive Officer and President</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">381,900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,429</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,750</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">468,079</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Bryon T. McGregor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">246,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">269,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Chief Financial Officer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">244,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Christopher W. Wright</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">246,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,370</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">269,370</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Vice President, General Counsel and Secretary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">244,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,314</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">272,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The amounts shown are the fair value of stock awards on the date of grant. Fair value of stock awards is calculated by multiplying
the number of shares of stock granted by the closing price of our common stock on the date of grant. The shares of common stock
were issued under our 2006 Plan. Information regarding the vesting schedules for the named executive officers is included in the
footnotes to the &ldquo;Outstanding Equity Awards at Fiscal Year-End&minus;2012&rdquo; table below.<FONT STYLE="color: black">
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The amounts shown are the aggregate grant date fair values of grants of stock options to the named executive officers pursuant
to the provisions of Accounting Standards Codification (&ldquo;ASC&rdquo;) 718. For a discussion of valuation assumptions used
in ASC 718 calculations, see &ldquo;Note 10&mdash;Stock-Based Compensation&rdquo; of the Notes to Consolidated Financial Statements
for the year ended December 31, 2012 set forth below. The options were issued under our 2006 Plan. Information regarding the vesting
schedules for the named executive officers is included in the footnotes to the &ldquo;Outstanding Equity Awards at Fiscal Year-End&minus;2012&rdquo;
table below.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The value of perquisites and other personal benefits was less than $10,000 in aggregate for each of the named executive officers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Executive Employment Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>Neil M. Koehler</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Amended and Restated Executive Employment
Agreement with Mr. Koehler dated as of December 11, 2007 provides for at-will employment as our President and Chief Executive Officer.
Mr. Koehler initially received a base salary of $300,000 per year, which was increased to $375,000 effective March 1, 2008 and
further increased to $384,375 effective April 3, 2011, and is eligible to receive an annual discretionary cash bonus of up to 70%
of his base salary, to be paid based upon performance criteria set by the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon termination by Pacific Ethanol without
cause, resignation by Mr. Koehler for good reason or upon Mr. Koehler&rsquo;s disability, Mr. Koehler is entitled to receive (i)
severance equal to twelve months of base salary, (ii) continued health insurance coverage for twelve months, and (iii) accelerated
vesting of 25% of all shares or options subject to any equity awards granted to Mr. Koehler prior to Mr. Koehler&rsquo;s termination
which are unvested as of the date of termination. However, if Mr. Koehler is terminated without cause or resigns for good reason
within three months before or twelve months after a change in control, Mr. Koehler is entitled to (a) severance equal to eighteen
months of base salary, (b) continued health insurance coverage for eighteen months, and (c) accelerated vesting of 100% of all
shares or options subject to any equity awards granted to Mr. Koehler prior to Mr. Koehler&rsquo;s termination that are unvested
as of the date of termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;for good reason&rdquo; is
defined in the Amended and Restated Executive Employment Agreement as (i) the assignment to Mr. Koehler of any duties or responsibilities
that result in the material diminution of Mr. Koehler&rsquo;s authority, duties or responsibility, (ii) a material reduction by
Pacific Ethanol in Mr. Koehler&rsquo;s annual base salary, except to the extent the base salaries of all other executive officers
of Pacific Ethanol are accordingly reduced, (iii) a relocation of Mr. Koehler&rsquo;s place of work, or Pacific Ethanol&rsquo;s
principal executive offices if Mr. Koehler&rsquo;s principal office is at these offices, to a location that increases Mr. Koehler&rsquo;s
daily one-way commute by more than thirty-five miles, or (iv) any material breach by Pacific Ethanol of any material provision
of the Amended and Restated Executive Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;cause&rdquo; is defined
in the Amended and Restated Executive Employment Agreement as (i) Mr. Koehler&rsquo;s indictment or conviction of any felony or
of any crime involving dishonesty, (ii) Mr. Koehler&rsquo;s participation in any fraud or other act of willful misconduct against
Pacific Ethanol, (iii) Mr. Koehler&rsquo;s refusal to comply with any lawful directive of Pacific Ethanol, (iv) Mr. Koehler&rsquo;s
material breach of his fiduciary, statutory, contractual, or common law duties to Pacific Ethanol, or (v) conduct by Mr. Koehler
which, in the good faith and reasonable determination of the Board, demonstrates gross unfitness to serve; provided, however, that
in the event that any of the foregoing events is reasonably capable of being cured, Pacific Ethanol shall, within twenty days after
the discovery of the event, provide written notice to Mr. Koehler describing the nature of the event and Mr. Koehler shall thereafter
have ten business days to cure the event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A &ldquo;change in control&rdquo; of Pacific
Ethanol is deemed to have occurred if, in a single transaction or series of related transactions (i) any person (as the term is
used in Section 13(d) and 14(d) of the Exchange Act, or persons acting as a group, other than a trustee or fiduciary holding securities
under an employee benefit program, is or becomes a &ldquo;beneficial owner&rdquo; (as defined in Rule 13-3 under the Exchange Act),
directly or indirectly of securities of Pacific Ethanol representing a majority of the combined voting power of Pacific Ethanol,
(ii) there is a merger, consolidation or other business combination transaction of Pacific Ethanol with or into another corporation,
entity or person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of
Pacific Ethanol outstanding immediately prior to the transaction continue to hold (either by the shares remaining outstanding or
by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented
by the shares of voting capital stock of Pacific Ethanol (or the surviving entity) outstanding immediately after the transaction,
or (iii) all or substantially all of our assets are sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Bryon T. McGregor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Amended and Restated Executive Employment
Agreement with Mr. McGregor effective as of November 25, 2009 provides for at-will employment as our Chief Financial Officer. Mr.
McGregor initially received a base salary of $240,000 per year, which was increased to $246,000 effective April 3, 2011, and is
eligible to receive an annual discretionary cash bonus of up to 50% of his base salary, to be paid based upon performance criteria
set by the Board. All other terms and conditions of Mr. McGregor&rsquo;s Amended and Restated Executive Employment Agreement are
substantially the same as those contained in Mr. Koehler&rsquo;s Amended and Restated Executive Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Christopher W. Wright</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Amended and Restated Executive Employment
Agreement with Mr. Wright dated as of December 11, 2007 provides for at-will employment as our Vice President, General Counsel
and Secretary. Mr. Wright initially received a base salary of $225,000 per year, which was increased to $240,000 effective March
1, 2008 and further increased to $246,000 effective April 3, 2011, and is eligible to receive an annual discretionary cash bonus
of up to 50% of his base salary, to be paid based upon performance criteria set by the Board. All other terms and conditions of
Mr. Wright&rsquo;s Amended and Restated Executive Employment Agreement are substantially the same as those contained in Mr. Koehler&rsquo;s
Amended and Restated Executive Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Michael Kandris</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Executive Employment Agreement with
Mr. Kandris dated as of January 6, 2013 provides for at-will employment as our Chief Operating Officer. Mr. Kandris&rsquo; base
salary is $246,000 per year and he is eligible to receive an annual discretionary cash bonus of up to 50% of his base salary, to
be paid based upon performance criteria set by the Board. All other terms and conditions of Mr. Kandris&rsquo;s Executive Employment
Agreement are substantially the same as those contained in Mr. Koehler&rsquo;s Amended and Restated Executive Employment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Clawback Policy</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2011, our Compensation Committee instituted
a &ldquo;clawback&rdquo; policy with respect to incentive compensation. Except as otherwise required by applicable law and regulations,
the clawback policy applies to any incentive-based compensation awarded or paid after January 1, 2011. The clawback policy mitigates
the risks associated with our compensation policies, because certain executive officers will be required to repay compensation
in the circumstances identified in the policy. The clawback policy requires recoupment of the incentive based compensation paid
or granted to certain executive officers in the event of a material noncompliance with any financial reporting requirements under
the federal securities laws (other than to comply with changes in applicable accounting principles).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Compensation Committee will reevaluate
and, if necessary, revise our clawback policy to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act once
the rules implementing the clawback requirements have been finalized by the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Outstanding Equity Awards at Fiscal Year-End &ndash; 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
about outstanding equity awards held by our named executive officers as of December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 0pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Option
    Awards</B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; vertical-align: bottom">Stock Awards</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; padding-left: 0pt">Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Number of Securities Underlying Unexercised Options (#) Exercisable</B></P>

</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Number of Securities Underlying Unexercised Options (#) Unexercisable</B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Option Exercise Price ($)</B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Option Expiration Date</B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Number of Shares or Units of Stock That Have Not Vested (#)</B><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></P>

</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.85pt"><B>Market Value
                                                                                                                                                                     of Shares<BR> or Units of Stock That Have Not Vested ($)<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></B></P></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 28%; text-align: left; padding-left: 0pt">Neil M. Koehler</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">1,250</TD><TD STYLE="width: 1%; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">2,500</TD><TD STYLE="width: 1%; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">12.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&#9;8/1/2021</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 10pt">&#9;2,858</FONT></TD><TD STYLE="width: 1%; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">13,714</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,572</TD><TD STYLE="text-align: left"><SUP>(5)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">17,143</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Bryon T. McGregor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">572</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,143</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;8/1/2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left"><SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Christopher W. Wright</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">572</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,143</TD><TD STYLE="text-align: left"><SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;8/1/2021</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">800</TD><TD STYLE="text-align: left"><SUP>(7)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000</TD><TD STYLE="text-align: left"><SUP>(8)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(1)</TD><TD>The stock awards reported in the above table represent shares of restricted stock and stock options granted under our 2006
Stock Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(2)</TD><TD>Represents the fair market value per share of our common stock on December 31, 2012, which was $4.80, multiplied by the number
of shares that had not vested as of that date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(3)</TD><TD>Represents stock options granted on August 1, 2011. The option vested as to 1,250 shares on April 1, 2012 and will vest as
to 1,250 shares on each of April 1, 2013 and 2014.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(4)</TD><TD>Represents shares granted on October 20, 2010. Mr. Koehler&rsquo;s grant vests as to 1,429 shares on each of October 4, 2013
and 2014.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(5)</TD><TD>Represents shares granted on August 1, 2011. Mr. Koehler&rsquo;s grant vests as to 1,191 shares on each of April 1, 2013 and
2014 and as to 1,192 on April 1, 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(6)</TD><TD>Represents stock options granted on August 1, 2011. The option vested as to 572 shares on April 1, 2012 and will vest as to
572 shares on April 1, 2013 and as to 571 shares on April 1, 2014.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(7)</TD><TD>Represents shares granted on October 20, 2010. The grant vests as to 400 shares on each of October 4, 2013 and 2014.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(8)</TD><TD>Represents shares granted on August 1, 2011. The grant vested as to 333 shares on April 1, 2013 and will vest as to 333 shares
on April 1, 2014 and 334 shares on April 1, 2015.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>2006 Stock Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In 2006, our Board adopted and our stockholders
ratified and approved the adoption of our 2006 Plan. On March 5, 2010, our Board approved an increase in the number of shares of
common stock authorized for issuance under our 2006 Plan from 19,048 shares to 57,143 shares. Our stockholders approved the amendment
to the 2006 Plan on June 3, 2010. Effective October 20, 2010, our Board approved amendments to our 2006 Plan to (i) increase the
limit on annual awards to any plan participant from 250,000 shares to 1,000,000 shares, and (ii) eliminate the authority of the
plan administrator to reduce the exercise or base price of one or more outstanding stock options or stock appreciation rights.
These amendments did not require stockholder approval. On March 25, 2011, our Board approved a further increase in the number of
shares of common stock authorized for issuance under our 2006 Plan from 57,143 to 80,952 shares. Our stockholders approved the
amendment to the 2006 Plan on May 19, 2011. Effective April 2, 2012, our Board approved a further increase in the number of shares
of common stock authorized for issuance under our 2006 Plan from 80,952 to 414,286 shares. Our stockholders approved the amendment
to the 2006 Plan on December 13, 2012. The 2006 Plan was further amended effective April 12, 2013 to (i) change the limit on annual
awards to any plan participant from 1,000,000 shares to a limit of $1,000,000, and (ii) eliminate the authority to replace outstanding
options or stock appreciation rights or pay cash or issue shares of common stock in consideration of cancelled options or stock
appreciation rights. On April 12, 2013, our Board approved a further increase in the number of shares of common stock authorized
for issuance under our 2006 Plan from 414,286 to 914,286. Our stockholders approved the foregoing amendment to the 2006 Plan on
June 18, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 2006 Plan is intended to promote our
interests by providing eligible persons in our service with the opportunity to acquire a proprietary or economic interest, or otherwise
increase their proprietary or economic interest, in Pacific Ethanol as an incentive for them to remain in service and render superior
performance during their service. The 2006 Plan consists of two equity-based incentive programs, the Discretionary Grant Program
and the Stock Issuance Program. Principal features of each program are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A total of 914,286 shares of common stock
are authorized for issuance under the 2006 Plan. As of the date of this prospectus, equity awards totaling 898,378 shares of common
stock, net of forfeitures and shares withheld to satisfy tax withholding obligations, have been issued under the 2006 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a summary of the principal
features of our 2006 Plan as amended to reflect the recent amendment. The summary does not purport to be a complete description
of all provisions of our 2006 Plan and is qualified in its entirety by the text of the 2006 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Administration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Compensation Committee of our Board
has the exclusive authority to administer the Discretionary Grant and Stock Issuance Programs with respect to option grants, restricted
stock awards, restricted stock units, stock appreciation rights, direct stock issuances and other stock-based awards (&ldquo;equity
awards&rdquo;) made to executive officers and non-employee Board members, and also has the authority to make equity awards under
those programs to all other eligible individuals. However, the Board may retain, reassume or exercise from time to time the power
to administer those programs. Equity awards made to members of the Compensation Committee must be authorized and approved by a
disinterested majority of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The term &ldquo;plan administrator,&rdquo;
as used in this summary, means the Compensation Committee or the Board, to the extent either entity is acting within the scope
of its administrative jurisdiction under the 2006 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Share Reserve</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An aggregate of 914,286 shares of common
stock are authorized for issuance under the 2006 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No participant in the 2006 Plan may be granted
equity awards for shares of common stock having a value in excess of $1,000,000 per calendar year. Prior stockholder approval constituted
approval of the $1,000,000 share limitation for purposes of Code Section 162(m). This share limitation is intended to assure that
any deductions to which we would otherwise be entitled, either upon the exercise of stock options or stock appreciation rights
granted under the Discretionary Grant Program with an exercise price per share equal to the fair market value per share of our
common stock on the grant date or upon the subsequent sale of the shares purchased under those options, will not be subject to
the $1,000,000 limitation on the income tax deductibility of compensation paid per covered executive officer imposed under Code
Section 162(m). In addition, shares issued under the Stock Issuance Program may qualify as performance-based compensation that
is not subject to the Code Section 162(m) limitation, if the issuance of those shares is approved by the Compensation Committee
and the vesting is tied solely to the attainment of the corporate performance milestones discussed below in the summary description
of that program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares of common stock issuable under
the 2006 Plan may be drawn from shares of our authorized but unissued shares or from shares reacquired by us, including shares
repurchased on the open market. Shares subject to any outstanding equity awards under the 2006 Plan that expire or otherwise terminate
before those shares are issued will be available for subsequent awards. Unvested shares issued under the 2006 Plan and subsequently
repurchased by us at the option exercise or direct issue price paid per share, under our repurchase rights under the 2006 Plan,
will be added back to the number of shares reserved for issuance under the 2006 Plan and will be available for subsequent reissuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the exercise price of an option under
the 2006 Plan is paid with shares of common stock, then the authorized reserve of common stock under the 2006 Plan will be reduced
only by the net number of new shares issued under the exercised stock option. If shares of common stock otherwise issuable under
the 2006 Plan are withheld in satisfaction of the withholding taxes incurred in connection with the issuance, exercise or vesting
of an equity award, then the number of shares of common stock available for issuance under the 2006 Plan will be reduced only by
the net number of shares issued under that equity award. The withheld shares will not reduce the share reserve. Upon the exercise
of any stock appreciation right granted under the 2006 Plan, the share reserve will only be reduced by the net number of shares
actually issued upon exercise, and not by the gross number of shares as to which the stock appreciation right is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have registered the issuance of all of
the shares of common stock authorized for issuance under our 2006 Plan on Form S-8 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Eligibility</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Officers, employees, non-employee directors,
and consultants and independent advisors who are under written contract and whose securities issued under the 2006 Plan could be
registered on Form S-8, all of whom are in our service or the service of any parent or subsidiary of ours, whether now existing
or subsequently established, are eligible to participate in the Discretionary Grant and Stock Issuance Programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, four executive officers,
approximately 142 other employees, five non-executive officer members of our Board and an indeterminate number of consultants and
advisors were eligible to participate in the 2006 Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Valuation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The fair market value per share of our common
stock on any relevant date under the 2006 Plan will be deemed to be equal to the closing price per share of our common stock at
the close of regular trading hours on that date on The NASDAQ Capital Market (or any other primary successor exchange or market
on which our securities are listed or traded). If there is no closing price for our common stock on the date in question, the fair
market value will be the closing price on the last preceding date for which a quotation exists. On June 26, 2013, the fair market
value determined on that basis was $3.94 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Discretionary Grant Program</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The plan administrator has complete discretion
under the Discretionary Grant Program to determine which eligible individuals are to receive equity awards under that program,
the time or times when those equity awards are to be made, the number of shares subject to each award, the time or times when each
equity award is to vest and become exercisable, the maximum term for which the equity award is to remain outstanding and the status
of any granted option as either an incentive stock option or a non-statutory option under the federal tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Stock Options.</I> Each granted option
will have an exercise price per share determined by the plan administrator, provided that the exercise price will not be less than
85% or 100% of the fair market value of a share on the grant date in the case of non-statutory or incentive options, respectively.
No granted option will have a term in excess of ten years. Incentive options granted to an employee who beneficially owns more
than 10% of our outstanding common stock must have exercise prices not less than 110% of the fair market value of a share on the
grant date and a term of not more than five years measured from the grant date. Options generally will become exercisable in one
or more installments over a specified period of service measured from the grant date. However, options may be structured so that
they will be immediately exercisable for any or all of the option shares. Any unvested shares acquired under immediately exercisable
options will be subject to repurchase, at the exercise price paid per share, if the optionee ceases service with us prior to vesting
in those shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">An optionee who ceases service with us other
than due to misconduct will have a limited time within which to exercise outstanding options for any shares for which those options
are vested and exercisable at the time of cessation of service. The plan administrator has complete discretion to extend the period
following the optionee&rsquo;s cessation of service during which outstanding options may be exercised (but not beyond the expiration
date) and/or to accelerate the exercisability or vesting of options in whole or in part. Discretion may be exercised at any time
while the options remain outstanding, whether before or after the optionee&rsquo;s actual cessation of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Stock Appreciation Rights.</I> The plan
administrator has the authority to issue the following three types of stock appreciation rights under the Discretionary Grant Program:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 4%">&bull;</TD><TD STYLE="width: 89%">Tandem stock appreciation rights, which provide the holders with the right, upon approval of the plan administrator, to surrender
their options for an appreciation distribution in an amount equal to the excess of the fair market value of the vested shares of
common stock subject to the surrendered option over the aggregate exercise price payable for those shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 4%">&bull;</TD><TD STYLE="width: 89%">Standalone stock appreciation rights, which allow the holders to exercise those rights as to a specific number of shares of
common stock and receive in exchange an appreciation distribution in an amount equal to the excess of the fair market value on
the exercise date of the shares of common stock as to which those rights are exercised over the aggregate base price in effect
for those shares. The base price per share may not be less than the fair market value per share of the common stock on the date
the standalone stock appreciation right is granted, and the right may not have a term in excess of ten years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7%"></TD><TD STYLE="width: 4%">&bull;</TD><TD STYLE="width: 89%">Limited stock appreciation rights, which may be included in one or more option grants made under the Discretionary Grant Program
to executive officers or directors who are subject to the short-swing profit liability provisions of Section 16 of the Exchange
Act. Upon the successful completion of a hostile takeover for more than 50% of our outstanding voting securities or a change in
a majority of our Board as a result of one or more contested elections for Board membership over a period of up to 36 consecutive
months, each outstanding option with a limited stock appreciation right may be surrendered in return for a cash distribution per
surrendered option share equal to the excess of the fair market value per share at the time the option is surrendered or, if greater
and the option is a non-statutory option, the highest price paid per share in the transaction, over the exercise price payable
per share under the option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Payments with respect to exercised tandem
or standalone stock appreciation rights may, at the discretion of the plan administrator, be made in cash or in shares of common
stock. All payments with respect to exercised limited stock appreciation rights will be made in cash. Upon cessation of service
with us, the holder of one or more stock appreciation rights will have a limited period within which to exercise those rights as
to any shares as to which those stock appreciation rights are vested and exercisable at the time of cessation of service. The plan
administrator will have complete discretion to extend the period following the holder&rsquo;s cessation of service during which
his or her outstanding stock appreciation rights may be exercised and/or to accelerate the exercisability or vesting of the stock
appreciation rights in whole or in part. Discretion may be exercised at any time while the stock appreciation rights remain outstanding,
whether before or after the holder&rsquo;s actual cessation of service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Stock Issuance Program</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of common stock may be issued under
the Stock Issuance Program for valid consideration under the Delaware General Corporation Law as the plan administrator deems appropriate,
including cash, past services or other property. In addition, restricted shares of common stock may be issued under restricted
stock awards that vest in one or more installments over the recipient&rsquo;s period of service or upon attainment of specified
performance objectives. Shares of common stock may also be issued under the program under restricted stock units or other stock-based
awards that entitle the recipients to receive the shares underlying those awards upon the attainment of designated performance
goals, the satisfaction of specified service requirements and/or upon the expiration of a designated time period following the
vesting of those awards or units, including a deferred distribution date following the termination of the recipient&rsquo;s service
with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The plan administrator will have complete
discretion under the Stock Issuance Program to determine which eligible individuals are to receive equity awards under the program,
the time or times when those equity awards are to be made, the number of shares subject to each equity award, the vesting schedule
to be in effect for the equity award and the consideration, if any, payable per share. The shares issued under an equity award
may be fully vested upon issuance or may vest upon the completion of a designated service period and/or the attainment of pre-established
performance goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To assure that the compensation attributable
to one or more equity awards under the Stock Issuance Program will qualify as performance-based compensation that will not be subject
to the $1,000,000 limitation on the income tax deductibility of the compensation paid per covered executive officer imposed under
Code Section 162(m), the Compensation Committee will also have the discretionary authority to structure one or more equity awards
under the Stock Issuance Program so that the shares subject to those particular awards will vest only upon the achievement of pre-established
corporate performance goals. Goals may be based on one or more of the following criteria: (i) return on total stockholders&rsquo;
equity; (ii) net income per share; (iii) net income or operating income; (iv) earnings before interest, taxes, depreciation, amortization
and stock-based compensation costs, or operating income before depreciation and amortization; (v) sales or revenue targets; (vi)
return on assets, capital or investment; (vii) cash flow; (viii) market share; (ix) cost reduction goals; (x) budget comparisons;
(xi) implementation or completion of projects or processes strategic or critical to our business operations; (xii) measures of
customer satisfaction; (xiii) any combination of, or a specified increase in, any of the foregoing; and (xiv) the formation of
joint ventures, research and development collaborations, marketing or customer service collaborations, or the completion of other
corporate transactions intended to enhance our revenue or profitability or expand our customer base; provided, however, that for
purposes of items (ii), (iii) and (vii) above, the Compensation Committee may, at the time the equity awards are made, specify
adjustments to those items as reported in accordance with United States generally accepted accounting principles, or GAAP, which
will exclude from the calculation of those performance goals one or more of the following: charges related to acquisitions, stock-based
compensation, employer payroll tax expense on stock option exercises, settlement costs, restructuring costs, gains or losses on
strategic investments, non-operating gains, other non-cash charges, valuation allowance on deferred tax assets, and the related
income tax effects, purchases of property and equipment, and any extraordinary non-recurring items as described in Accounting Principles
Board Opinion No. 30 or its successor, provided that those adjustments are in conformity with those reported by us on a non-GAAP
basis. In addition, performance goals may be based upon the attainment of specified levels of our performance under one or more
of the measures described above relative to the performance of other entities and may also be based on the performance of any of
our business groups or divisions thereof or any parent or subsidiary. Performance goals may include a minimum threshold level of
performance below which no award will be earned, levels of performance at which specified portions of an award will be earned,
and a maximum level of performance at which an award will be fully earned. The Compensation Committee may provide that, if the
actual level of attainment for any performance objective is between two specified levels, the amount of the award attributable
to that performance objective shall be interpolated on a straight-line basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The plan administrator will have the discretionary
authority at any time to accelerate the vesting of any and all shares of restricted stock or other unvested shares outstanding
under the Stock Issuance Program. However, no vesting requirements tied to the attainment of performance objectives may be waived
with respect to shares that were intended at the time of issuance to qualify as performance-based compensation under Code Section
162(m), except in the event of specified involuntary terminations or changes in control or ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Outstanding restricted stock units or other
stock-based awards under the Stock Issuance Program will automatically terminate, and no shares of common stock will actually be
issued in satisfaction of those awards, if the performance goals or service requirements established for those awards are not attained.
The plan administrator, however, will have the discretionary authority to issue shares of common stock in satisfaction of one or
more outstanding restricted stock units or other stock-based awards as to which the designated performance goals or service requirements
are not attained. However, no vesting requirements tied to the attainment of performance objectives may be waived with respect
to awards that were intended at the time of issuance to qualify as performance-based compensation under Code Section 162(m), except
in the event of specified involuntary terminations or changes in control or ownership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>General Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Acceleration</I>. If a change in control
occurs, each outstanding equity award under the Discretionary Grant Program will automatically accelerate in full, unless (i) that
award is assumed by the successor corporation or otherwise continued in effect, (ii) the award is replaced with a cash retention
program that preserves the spread existing on the unvested shares subject to that equity award (the excess of the fair market value
of those shares over the exercise or base price in effect for the shares) and provides for subsequent payout of that spread in
accordance with the same vesting schedule in effect for those shares, or (iii) the acceleration of the award is subject to other
limitations imposed by the plan administrator. In addition, all unvested shares outstanding under the Discretionary Grant and Stock
Issuance Programs will immediately vest upon the change in control, except to the extent our repurchase rights with respect to
those shares are to be assigned to the successor corporation or otherwise continued in effect or accelerated vesting is precluded
by other limitations imposed by the plan administrator. Each outstanding equity award under the Stock Issuance Program will vest
as to the number of shares of common stock subject to that award immediately prior to the change in control, unless that equity
award is assumed by the successor corporation or otherwise continued in effect or replaced with a cash retention program similar
to the program described in clause (ii) above or unless vesting is precluded by its terms. Immediately following a change in control,
all outstanding awards under the Discretionary Grant Program will terminate and cease to be outstanding except to the extent assumed
by the successor corporation or its parent or otherwise expressly continued in full force and effect under the terms of the change
in control transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The plan administrator will have the discretion
to structure one or more equity awards under the Discretionary Grant and Stock Issuance Programs so that those equity awards will
vest in full either immediately upon a change in control or in the event the individual&rsquo;s service with us or the successor
entity is terminated (actually or constructively) within a designated period following a change in control transaction, whether
or not those equity awards are to be assumed or otherwise continued in effect or replaced with a cash retention program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A change in control will be deemed to have
occurred if, in a single transaction or series of related transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(i)&#9;any person (as that term is used
in Section 13(d) and 14(d) of the Exchange Act), or persons acting as a group, other than a trustee or fiduciary holding securities
under an employment benefit program, is or becomes a beneficial owner (as defined in Rule 13-3 under the Exchange Act), directly
or indirectly of securities representing 51% or more of the combined voting power of our company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(ii)&#9;there is a merger, consolidation,
or other business combination transaction of us with or into another corporation, entity or person, other than a transaction in
which the holders of at least a majority of the shares of our voting capital stock outstanding immediately prior to the transaction
continue to hold (either by the shares remaining outstanding or by their being converted into shares of voting capital stock of
the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of our company (or
the surviving entity) outstanding immediately after the transaction; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(iii)&#9;all or substantially all of our
assets are sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Stockholder Rights and Option Transferability.</I>
The holder of an option or stock appreciation right will have no stockholder rights with respect to the shares subject to that
option or stock appreciation right unless and until the holder exercises the option or stock appreciation right and becomes a holder
of record of shares of common stock distributed upon exercise of the award. Incentive options are not assignable or transferable
other than by will or the laws of inheritance following the optionee&rsquo;s death, and during the optionee&rsquo;s lifetime, may
only be exercised by the optionee. However, non-statutory options and stock appreciation rights may be transferred or assigned
during the holder&rsquo;s lifetime to one or more members of the holder&rsquo;s family or to a trust established for the benefit
of the holder and/or one or more family members or to the holder&rsquo;s former spouse, to the extent the transfer is in connection
with the holder&rsquo;s estate plan or under a domestic relations order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A participant will have a number of rights
with respect to shares of common stock issued to the participant under the Stock Issuance Program, whether or not the participant&rsquo;s
interest in those shares is vested. Accordingly, the participant will have the right to vote the shares and to receive any regular
cash dividends paid on the shares, but will not have the right to transfer the shares prior to vesting. A participant will not
have any stockholder rights with respect to the shares of common stock subject to restricted stock units or other stock-based awards
until the awards vest and the shares of common stock are actually issued. However, dividend-equivalent units may be paid or credited,
either in cash or in actual or phantom shares of common stock, on outstanding restricted stock units or other stock-based awards,
subject to terms and conditions the plan administrator deems appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Changes in Capitalization.</I> If any
change is made to the outstanding shares of common stock by reason of any recapitalization, stock dividend, stock split, combination
of shares, exchange of shares or other change in corporate structure effected without our receipt of consideration, appropriate
adjustments will be made to (i) the maximum number and/or class of securities issuable under the 2006 Plan, (ii) the maximum number
and/or class of securities for which any one person may be granted equity awards under the 2006 Plan per calendar year, (iii) the
number and/or class of securities and the exercise price or base price per share in effect under each outstanding option or stock
appreciation right, and (iv) the number and/or class of securities subject to each outstanding restricted stock unit or other stock-based
award under the 2006 Plan and the cash consideration, if any, payable per share. All adjustments will be designed to preclude any
dilution or enlargement of benefits under the 2006 Plan and the outstanding equity awards thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Special Tax Election.</I> Subject to
applicable laws, rules and regulations, the plan administrator may permit any or all holders of equity awards to utilize any or
all of the following methods to satisfy all or part of the federal and state income and employment withholding taxes to which they
may become subject in connection with the issuance, exercise or vesting of those equity awards:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Stock Withholding</I>: The election to have us withhold, from the shares otherwise issuable upon the issuance, exercise
or vesting of an equity award, a portion of those shares with an aggregate fair market value equal to the percentage of the withholding
taxes (not to exceed 100%) designated by the holder and make a cash payment equal to the fair market value directly to the appropriate
taxing authorities on the individual&rsquo;s behalf.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Stock Delivery</I>: The election to deliver to us shares of common stock previously acquired by the holder (other than in
connection with the issuance, exercise or vesting that triggered the withholding taxes) with an aggregate fair market value equal
to the percentage of the withholding taxes (not to exceed 100%) designated by the holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&bull;</TD><TD><I>Sale and Remittance</I>: The election to deliver to us, to the extent the award is issued or exercised for vested shares,
through a special sale and remittance procedure under which the optionee or participant will concurrently provide irrevocable instructions
to a brokerage firm to effect the immediate sale of the purchased or issued shares and remit to us, out of the sale proceeds available
on the settlement date, sufficient funds to cover the withholding taxes we are required to withhold by reason of the issuance,
exercise or vesting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Amendment, Suspension and Termination</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board may suspend or terminate the 2006
Plan at any time. Our Board may amend or modify the 2006 Plan, subject to any required stockholder approval. Stockholder approval
will be required for any amendment that materially increases the number of shares available for issuance under the 2006 Plan, materially
expands the class of individuals eligible to receive equity awards under the 2006 Plan, materially increases the benefits accruing
to optionees and other participants under the 2006 Plan or materially reduces the price at which shares of common stock may be
issued or purchased under the 2006 Plan, materially extends the term of the 2006 Plan, expands the types of awards available for
issuance under the 2006 Plan, or as to which stockholder approval is required by applicable laws, rules or regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless sooner terminated by our Board, the
2006 Plan will terminate on the earliest to occur of: July 19, 2016; the date on which all shares available for issuance under
the 2006 Plan have been issued as fully-vested shares; and the termination of all outstanding equity awards upon specified changes
in control or ownership. If the 2006 Plan terminates on July 19, 2016, then all equity awards outstanding at that time will continue
to have force and effect in accordance with the provisions of the documents evidencing those awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Federal Income Tax Consequences</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following discussion summarizes income
tax consequences of the 2006 Plan under current federal income tax law and is intended for general information only. In addition,
the tax consequences described below are subject to the limitations of Code Section 162(m), as discussed in further detail below.
Other federal taxes and foreign, state and local income taxes are not discussed, and may vary depending upon individual circumstances
and from locality to locality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Option Grants</I>. Options granted under
the 2006 Plan may be either incentive stock options, which satisfy the requirements of Code Section 422, or non-statutory stock
options, which are not intended to meet those requirements. The federal income tax treatment for the two types of options differs
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Incentive Stock Options.</I> No taxable
income is recognized by the optionee at the time of the option grant, and, if there is no disqualifying disposition at the time
of exercise, no taxable income is recognized for regular tax purposes at the time the option is exercised, although taxable income
may arise at that time for alternative minimum tax purposes equal to the excess of the fair market value of the purchased shares
at the time over the exercise price paid for those shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The optionee will recognize taxable income
in the year in which the purchased shares are sold or otherwise made the subject of some dispositions. For federal tax purposes,
dispositions are divided into two categories: qualifying and disqualifying. A qualifying disposition occurs if the sale or other
disposition is made more than two years after the date the option for the shares involved in the sale or disposition was granted
and more than one year after the date the option was exercised for those shares. If either of these two requirements is not satisfied,
a disqualifying disposition will result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon a qualifying disposition, the optionee
will recognize long-term capital gain in an amount equal to the excess of the amount realized upon the sale or other disposition
of the purchased shares over the exercise price paid for the shares. If there is a disqualifying disposition of the shares, the
excess of the fair market value of those shares on the exercise date over the exercise price paid for the shares will be taxable
as ordinary income to the optionee. Any additional gain or any loss recognized upon the disposition will be taxable as a capital
gain or capital loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the optionee makes a disqualifying disposition
of the purchased shares, we will be generally entitled to an income tax deduction, for our taxable year in which the disposition
occurs, equal to the excess of the fair market value of the shares on the option exercise date over the exercise price paid for
the shares. If the optionee makes a qualifying disposition, we will not be entitled to any income tax deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Non-Statutory Stock Options.</I> No taxable
income is generally recognized by an optionee upon the grant of a non-statutory option. The optionee will, in general, recognize
ordinary income, in the year in which the option is exercised, equal to the excess of the fair market value of the purchased shares
on the exercise date over the exercise price paid for the shares, and we will be required to collect withholding taxes applicable
to the income from the optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will generally be entitled to an income
tax deduction equal to the amount of any ordinary income recognized by the optionee with respect to an exercised non-statutory
option. The deduction will in general be allowed for our taxable year in which the ordinary income is recognized by the optionee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the shares acquired upon exercise of
the non-statutory option are unvested and subject to repurchase in the event of the optionee&rsquo;s cessation of service prior
to vesting in those shares, the optionee will not recognize any taxable income at the time of exercise but will have to report
as ordinary income, as and when our repurchase right lapses, an amount equal to the excess of the fair market value of the shares
on the date the repurchase right lapses over the exercise price paid for the shares. The optionee may elect under Code Section
83(b) to include as ordinary income in the year of exercise of the option an amount equal to the excess of the fair market value
of the purchased shares on the exercise date over the exercise price paid for the shares. If a timely Code Section 83(b) election
is made, the optionee will not recognize any additional income as and when the repurchase right lapses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Stock Appreciation Rights.</I> No taxable
income is generally recognized upon receipt of a stock appreciation right. The holder will recognize ordinary income in the year
in which the stock appreciation right is exercised, in an amount equal to the excess of the fair market value of the underlying
shares of common stock on the exercise date over the base price in effect for the exercised right, and we will be required to collect
withholding taxes applicable to the income from the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will generally be entitled to an income
tax deduction equal to the amount of any ordinary income recognized by the holder in connection with the exercise of a stock appreciation
right. The deduction will in general be allowed for our taxable year in which the ordinary income is recognized by the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Direct Stock Issuances.</I> Stock granted
under the 2006 Plan may include issuances including unrestricted stock grants, restricted stock grants and restricted stock units.
The federal income tax treatment for the stock issuances is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Unrestricted Stock Grants</I>. The holder
will recognize ordinary income in the year in which shares are actually issued to the holder. The amount of that income will be
equal to the fair market value of the shares on the date of issuance, and we will be required to collect withholding taxes applicable
to the income from the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be entitled to an income tax deduction
equal to the amount of ordinary income recognized by the holder at the time the shares are issued. The deduction will in general
be allowed for our taxable year in which the ordinary income is recognized by the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock Grants</I>. No taxable
income is recognized upon receipt of stock that qualifies as performance-based compensation unless the recipient elects to have
the value of the stock (without consideration of any effect of the vesting conditions) included in income on the date of receipt.
The recipient may elect under Code Section 83(b) to include as ordinary income in the year the shares are actually issued an amount
equal to the fair market value of the shares. If a timely Code Section 83(b) election is made, the holder will not recognize any
additional income when the vesting conditions lapse and will not be entitled to a deduction in the event the stock is forfeited
as a result of failure to vest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the holder does not file an election
under Code Section 83(b), he will not recognize income until the shares vest. At that time, the holder will recognize ordinary
income in an amount equal to the fair market value of the shares on the date the shares vest. We will be required to collect withholding
taxes applicable to the income of the holder at that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will be entitled to an income tax deduction
equal to the amount of ordinary income recognized by the holder at the time the shares are issued, if the holder elects to file
an election under Code Section&nbsp;83(b), or we will be entitled to an income tax deduction at the time the vesting conditions
occur, if the holder does not elect to file an election under Code Section 83(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock Units</I>. No taxable
income is generally recognized upon receipt of a restricted stock unit award. The holder will recognize ordinary income in the
year in which the shares subject to that unit are actually issued to the holder. The amount of that income will be equal to the
fair market value of the shares on the date of issuance, and we will be required to collect withholding taxes applicable to the
income from the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will generally be entitled to an income
tax deduction equal to the amount of ordinary income recognized by the holder at the time the shares are issued. The deduction
will in general be allowed for our taxable year in which the ordinary income is recognized by the holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Section&nbsp;409A.</I>&nbsp;&nbsp;A number
of awards, including non-statutory stock options and stock appreciation rights granted with an exercise price that is less than
fair market value, and some restricted stock units, can be considered &ldquo;non-qualified deferred compensation&rdquo; and subject
to Code Section 409A. Awards that are subject to but do not meet the requirements of Code Section&nbsp;409A will result in an additional
20% tax obligation, plus penalties and interest to the recipient, and may result in accelerated imposition of income tax and the
related withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Deductibility of Executive Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We anticipate that any compensation deemed
paid by us in connection with disqualifying dispositions of incentive stock option shares or the exercise of non-statutory stock
options or stock appreciation rights with exercise prices or base prices equal to or greater than the fair market value of the
underlying shares on the grant date will qualify as performance-based compensation for purposes of Code Section 162(m) and will
not have to be taken into account for purposes of the $1,000,000 limitation per covered individual on the deductibility of the
compensation paid to some executive officers. Accordingly, all compensation deemed paid with respect to those options or stock
appreciation rights should remain deductible without limitation under Code Section 162(m). However, any compensation deemed paid
by us in connection with shares issued under the Stock Issuance Program will be subject to the $1,000,000 limitation on deductibility
per covered individual, except to the extent the vesting of those shares is based solely on one or more of the performance milestones
specified above in the summary of the terms of the Stock Issuance Program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Accounting Treatment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In accordance with accounting standards
established by the Financial Accounting Standards Board&rsquo;s Accounting Standards Codification Topic 718, <I>Stock Compensation</I>,
we are<FONT STYLE="font-size: 10pt; color: black"> </FONT>required to recognize all share-based payments, including grants of stock
options, restricted stock and restricted stock units, in our financial statements. Accordingly, stock options are valued at fair
value as of the grant date under an appropriate valuation formula, and that value will be charged as stock-based compensation expense
against our reported earnings over the designated vesting period of the award. For shares issuable upon the vesting of restricted
stock units that may be awarded under the 2006 Plan, we are required to expense over the vesting period a compensation cost equal
to the fair market value of the underlying shares on the date of the award. Restricted stock issued under the 2006 Plan results
in a direct charge to our reported earnings equal to the excess of the fair market value of those shares on the issuance date over
the cash consideration (if any) paid for the shares. If the shares are unvested at the time of issuance, then any charge to our
reported earnings is amortized over the vesting period. This accounting treatment for restricted stock units and restricted stock
issuances is applicable whether vesting is tied to service periods or performance criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>New Plan Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No additional awards under the 2006 Plan
are determinable at this time because awards under the 2006 Plan are discretionary and no specific additional awards have been
approved by the plan administrator beyond currently outstanding unvested restricted stock grants and outstanding stock options
in respect of  898,378 shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Other Arrangements Not Subject to
Stockholder Action</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Information regarding our equity compensation
plan arrangements that existed as of the end of 2012 is included in this prospectus under the heading &ldquo;Price Range of Common
Stock--Equity Compensation Plan Information.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Interests of Related Parties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The 2006 Plan provides that our officers,
employees, non-employee directors, and some consultants and independent advisors will be eligible to receive awards under the 2006
Plan. As discussed above, we may be eligible in some circumstances to receive a tax deduction for some executive compensation resulting
from awards under the 2006 Plan that would otherwise be disallowed under Section 162(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Possible Anti-Takeover Effects</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although not intended as an anti-takeover
measure by our Board, one of the possible effects of the 2006 Plan could be to place additional shares, and to increase the percentage
of the total number of shares outstanding, or to place other incentive compensation, in the hands of the directors and officers
of Pacific Ethanol. Those persons may be viewed as part of, or friendly to, incumbent management and may, therefore, under some
circumstances be expected to make investment and voting decisions in response to a hostile takeover attempt that may serve to discourage
or render more difficult the accomplishment of the attempt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, options or other incentive
compensation may, in the discretion of the plan administrator, contain a provision providing for the acceleration of the exercisability
of outstanding, but unexercisable, installments upon the first public announcement of a tender offer, merger, consolidation, sale
of all or substantially all of our assets, or other attempted changes in the control of Pacific Ethanol. In the opinion of our
Board, this acceleration provision merely ensures that optionees under the 2006 Plan will be able to exercise their options or
obtain their incentive compensation as intended by our Board and stockholders prior to any extraordinary corporate transaction
which might serve to limit or restrict that right. Our Board is, however, presently unaware of any threat of hostile takeover involving
Pacific Ethanol, Inc..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Indemnification of Directors and Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the Delaware General Corporation
Law permits a corporation to indemnify its directors and officers against expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred in connection with a pending or completed action, suit or proceeding if the officer or director
acted in good faith and in a manner the officer or director reasonably believed to be in the best interests of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our certificate of incorporation provides
that, except in certain specified instances, our directors shall not be personally liable to us or our stockholders for monetary
damages for breach of their fiduciary duty as directors, except liability for the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any breach of their duty of loyalty to Pacific Ethanol or our stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">acts or omissions not in good faith or which involve intentional misconduct or a knowing violation
of law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section
174 of the Delaware General Corporation Law; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our certificate of incorporation
and bylaws obligate us to indemnify our directors and officers against expenses and other amounts reasonably incurred in connection
with any proceeding arising from the fact that such person is or was an agent of ours. Our bylaws also authorize us to purchase
and maintain insurance on behalf of any of our directors or officers against any liability asserted against that person in that
capacity, whether or not we would have the power to indemnify that person under the provisions of the Delaware General Corporation
Law. We have entered and expect to continue to enter into agreements to indemnify our directors and officers as determined by our
Board. These agreements provide for indemnification of related expenses including attorneys&rsquo; fees, judgments, fines and settlement
amounts incurred by any of these individuals in any action or proceeding. We believe that these bylaw provisions and indemnification
agreements are necessary to attract and retain qualified persons as directors and officers. We also maintain directors&rsquo; and
officers&rsquo; liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The limitation of liability and indemnification
provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against our directors
for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers,
even though an action, if successful, might benefit us and other stockholders. Furthermore, a stockholder&rsquo;s investment may
be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as required
by these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to our directors, officers and controlling persons under the foregoing provisions
of our certificate of incorporation or bylaws, or otherwise, we have been informed that in the opinion of the Securities and Exchange
Commission, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Certain
Relationships and Related Transactions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Policies and Procedures for Approval of Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board has the responsibility to review
and discuss with management and approve, and has adopted written policies and procedures relating to approval or ratification of,
interested transactions with related parties. During this process, the material facts as to the related party&rsquo;s interest
in a transaction are disclosed to all Board members or the Audit Committee. Under the policies and procedures, the Board, through
the Audit Committee, is to review each interested transaction with a related party that requires approval and either approve or
disapprove of the entry into the interested transaction. An interested transaction is any transaction in which we are a participant
and in which any related party has or will have a direct or indirect interest. Transactions that are in the ordinary course of
business and would not require either disclosure required by Item 404(a) of Regulation S-K under the Securities Act or approval
of the Board or an independent committee of the Board as required by applicable NASDAQ rules would not be deemed interested transactions.
No director may participate in any approval of an interested transaction with respect to which he or she is a related party. Our
Board intends to approve only those related party transactions that are in the best interests of Pacific Ethanol and our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than as described below or elsewhere
in this Proxy Statement, since January 1, 2011, there has not been a transaction or series of related transactions to which Pacific
Ethanol was or is a party involving an amount in excess of $120,000 and in which any director, executive officer, holder of more
than 5% of any class of our voting securities, or any member of the immediate family of any of the foregoing persons, had or will
have a direct or indirect material interest. All of the below transactions were separately approved by our Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Relationships and Related Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Miscellaneous</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are or have been a party to employment
and compensation arrangements with related parties, as more particularly described above in &ldquo;Management&mdash;Executive Employment
Agreements.&rdquo; We have entered into an indemnification agreement with each of our directors and executive officers. The indemnification
agreements and our certificate of incorporation and bylaws require us to indemnify our directors and officers to the fullest extent
permitted by Delaware law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Neil M. Koehler</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series B Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 20, 2008, we sold to Neil M. Koehler,
who is our President and Chief Executive Officer and one of our directors, 256,410 shares of our Series B Preferred Stock, all
of which were initially convertible into an aggregate of 7,326 shares of our common stock based on an initial preferred-to-common
conversion ratio of approximately 1-for-0.03, and warrants to purchase an aggregate of 3,663 shares of our common stock at an exercise
price of $735.00 per share, for an aggregate purchase price of $5,000,000. As a result of various anti-dilution adjustments, the
conversion ratio of the Series B Preferred Stock has declined to approximately 1-for-0.54. For each the years ended December 31,
2012 and 2011, we accrued cash dividends in the amount of $350,000 in respect of shares of Series B Preferred Stock held by Mr.
Koehler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with Mr. Koehler under which $105,000 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held
by Mr. Koehler were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by issuing an
aggregate of 22,581 shares of common stock to Mr. Koehler on August 24, 2012. On December 26, 2012, we entered into an agreement
with Mr. Koehler under which $105,000 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held
by Mr. Koehler were to be paid in shares of our common stock at a price per share of $5.10. We made such payment by issuing an
aggregate of 20,754 shares of common stock to Mr. Koehler on December 31, 2012. As of December 31, 2012, in aggregate, dividends
totaling $840,000 had not been paid. On March 27, 2013, we entered into an agreement with Mr. Koehler under which $105,000 of the
accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by Mr. Koehler were to be paid in shares of
our common stock at a price per share of $5.25. We made such payment by issuing an aggregate of 20,000 shares of common stock to
Mr. Koehler on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Loan Transaction</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 30, 2009, we entered into an unsecured
promissory note in favor of Mr. Koehler. The promissory note was for the principal amount of $1,000,000. Interest on the unpaid
principal amount of the promissory note accrues at a rate per annum of 8.00%. On March 29, 2010, we entered into an amendment to
the promissory note to extend its maturity date to January 5, 2011. On October 29, 2010, we paid all accrued interest under the
promissory note, totaling $126,500. On November 5, 2010, we entered into an amendment to the promissory note extending its maturity
date to March 31, 2012. On December 31, 2010, we paid all accrued interest under the promissory note, totaling $13,774. On November
30, 2011, we made a principal payment of $250,000, resulting in an unpaid principal balance of $750,000. On March 7, 2012, we entered
into an amendment to the promissory note further extending its maturity date to March 31, 2013. On February 7, 2013, we entered
into an amendment to the promissory note further extending its maturity date to March 31, 2014. For the years ended December 31,
2012 and 2011, we paid all accrued interest under the promissory note, totaling $60,164 and $78,300, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock and Option Grants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 4,762 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $61,429. On August 1, 2011, we also granted to Mr. Koehler an option to purchase up to 3,750 shares of our common stock at
an exercise price of $12.90 per share as incentive compensation. The option vested as to 33.3% of the shares on each of April 1,
2012 and 2013 and vests as to the final 33.3% of the shares on April 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 1, 2013, we granted 66,667 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $380,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 12, 2013, we granted 16,667 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $77,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 55,556 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $208,000.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we also granted to Mr.
Koehler an option to purchase up to 113,379 shares of shares of our common stock at an exercise price of $3.74 per shares as incentive
compensation. The option vests as to 33.3% of the shares on each of April 1, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Paul P. Koehler </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Paul P. Koehler, a brother of Neil M. Koehler,
is employed by us as Vice President of Corporate Development at an annual salary of $220,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series B Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 20, 2008, we sold to Mr. Koehler
12,820 shares of our Series B Preferred Stock, all of which were initially convertible into an aggregate of 366 shares of our common
stock based on an initial preferred-to-common conversion ratio of approximately 1-for-0.03, and warrants to purchase an aggregate
of 183 shares of our common stock at an exercise price of $735.00 per share, for an aggregate purchase price of $250,000. As a
result of various anti-dilution adjustments, the conversion ratio of the Series B Preferred Stock has declined to approximately
1-for-0.54. For each of the years ended December 31, 2012 and 2011, we accrued cash dividends in the amount of $17,500 in respect
of shares of Series B Preferred Stock held by Mr. Koehler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with Mr. Koehler under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by
Mr. Koehler were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by issuing an aggregate
of 1,129 shares of common stock to Mr. Koehler on August 24, 2012. On December 26, 2012, we entered into an agreement with Mr.
Koehler under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by Mr. Koehler
were to be paid in shares of our common stock at a price per share of $5.10. We made such payment by issuing an aggregate of 1,038
shares of common stock to Mr. Koehler on December 31, 2012. As of December 31, 2012, in aggregate, dividends totaling $42,000 had
not been paid. On March 27, 2013, we entered into an agreement with Mr. Koehler under which $5,250 of the accrued and unpaid dividends
in respect of shares of Series B Preferred Stock held by Mr. Koehler were to be paid in shares of our common stock at a price per
share of $5.25. We made such payment by issuing an aggregate of 1,000 shares of common stock to Mr. Koehler on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock and Option Grants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 714 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $9,214.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2013, we granted 12,500 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $67,500.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 11,667 shares
of our restricted common stock to Mr. Koehler in consideration of services provided. The value of the common stock was determined
to be $44,000.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we also granted to Mr.
Koehler an option to purchase up to 10,204 shares of shares of our common stock at an exercise price of $3.74 per shares as incentive
compensation. The option vests as to 33.3% of the shares on each of April 1, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Thomas D. Koehler</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series B Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 20, 2008, we sold to Thomas D. Koehler,
a brother of Neil M. Koehler, who is our President and Chief Executive Officer and one of our directors, 12,820 shares of our Series
B Preferred Stock, all of which were initially convertible into an aggregate of 366 shares of our common stock based on an initial
preferred-to-common conversion ratio of approximately 1-for-0.03, and warrants to purchase an aggregate of 183 shares of our common
stock at an exercise price of $735.00 per share, for an aggregate purchase price of $250,000. As a result of various anti-dilution
adjustments, the conversion ratio of the Series B Preferred Stock has declined to approximately 1-for-0.54. For each of the years
ended December 31, 2012 and 2011, we accrued cash dividends in the amount of $17,500 in respect of shares of Series B Preferred
Stock held by Mr. Koehler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with Mr. Koehler under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by
Mr. Koehler were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by issuing an aggregate
of 1,129 shares of common stock to Mr. Koehler on August 24, 2012. On December 26, 2012, we entered into an agreement with Mr.
Koehler under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by Mr. Koehler
were to be paid in shares of our common stock at a price per share of $5.10. We made such payment by issuing an aggregate of 1,038
shares of common stock to Mr. Koehler on December 31, 2012. As of December 31, 2012, in aggregate, dividends totaling $42,000 had
not been paid. On March 27, 2013, we entered into an agreement with Mr. Koehler under which $5,250 of the accrued and unpaid dividends
in respect of shares of Series B Preferred Stock held by Mr. Koehler were to be paid in shares of our common stock at a price per
share of $5.25. We made such payment by issuing an aggregate of 1,000 shares of common stock to Mr. Koehler on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Consulting Services. </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 1, 2008, we entered into an Independent
Contractor Services Agreement with Mr. Koehler for the provision of strategic consulting services, including in connection with
promoting Pacific Ethanol, and ethanol as a fuel additive and transportation fuel, with governmental agencies. Mr. Koehler was
compensated at a rate of $5,000 per month under this arrangement from April 1, 2008 through September 30, 2010. Effective October
1, 2010, Mr. Koehler&rsquo;s compensation was increased to $7,500 per month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>William L. Jones</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series B Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 20, 2008, we sold to Mr. Jones 12,820
shares of our Series B Preferred Stock, all of which were initially convertible into an aggregate of 366 shares of our common stock
based on an initial preferred-to-common conversion ratio of approximately 1-for-0.03, and warrants to purchase an aggregate of
183 shares of our common stock at an exercise price of $735.00 per share, for an aggregate purchase price of $250,000. As a result
of various anti-dilution adjustments, the conversion ratio of the Series B Preferred Stock has declined to approximately 1-for-0.54.
For each of the years ended December 31, 2012 and 2011, we accrued cash dividends in the amount of $17,500 in respect of shares
of Series B Preferred Stock held by Mr. Jones.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with Mr. Jones under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by
Mr. Jones were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by issuing an aggregate
of 1,129 shares of common stock to Mr. Jones on August 24, 2012. On December 26, 2012, we entered into an agreement with Mr. Jones
under which $5,250 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by Mr. Jones were
to be paid in shares of our common stock at a price per share of $5.10. We made such payment by issuing an aggregate of 1,038 shares
of common stock to Mr. Jones on December 31, 2012. As of December 31, 2012, in aggregate, dividends totaling $42,000 had not been
paid. On March 27, 2013, we entered into an agreement with Mr. Jones under which $5,250 of the accrued and unpaid dividends in
respect of shares of Series B Preferred Stock held by Mr. Jones were to be paid in shares of our common stock at a price per share
of $5.25. We made such payment by issuing an aggregate of 1,000 shares of common stock to Mr. Jones on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Loan Transaction</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 30, 2009, we entered into an unsecured
promissory note in favor of Mr. Jones. The promissory note was for the principal amount of $1,000,000. Interest on the unpaid principal
amount of the promissory note accrued at a rate per annum of 8.00%. On October 29, 2010, we paid $750,000 in principal and all
accrued interest under the promissory note, totaling $127,000. On November 5, 2010, we entered into an amendment to the promissory
note extending its maturity date to March 31, 2012. On December 31, 2010, we paid all accrued interest under the promissory note,
totaling $3,000. On November 30, 2011, we paid in full the remainder of the outstanding balance of $250,000 on the promissory note.
For the year ended December 31, 2011, we paid all accrued interest under the promissory note, totaling $18,300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock Grants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 762 shares
of our restricted common stock to Mr. Jones in consideration of services provided. The value of the common stock was determined
to be $9,829.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2013, we granted 13,333 shares
of our restricted common stock to Mr. Jones in consideration of services provided. The value of the common stock was determined
to be $72,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 17,778 shares
of our restricted common stock to Mr. Jones in consideration of services provided. The value of the common stock was determined
to be $66,500.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Michael</I></B><I> <B>D. Kandris</B></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Consulting Services</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the years ended December 31, 2012
and 2011, Mr. Kandris provided consulting services to us concerning ethanol plant operations and was paid $239,135 and $184,074,
respectively, for his services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Restricted Stock and Option Grants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 571 shares
of our restricted common stock to each of our non-employee directors (except for the Chairman of our Board, Mr. Jones) in consideration
of services provided. The value of the common stock was determined to be $7,371.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2013, we granted 10,000 shares
of our restricted common stock to each of our non-employee directors (except for the Chairman of our Board, Mr. Jones) in consideration
of services provided. The value of the common stock was determined to be $54,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 15,556 shares
of our restricted common stock to Mr. Kandris in consideration of services provided. The value of the common stock was determined
to be $58,000.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we also granted to Mr.
Kandris an option to purchase up to 31,746 shares of shares of our common stock at an exercise price of $3.74 per shares as incentive
compensation. The option vests as to 33.3% of the shares on each of April 1, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Christopher W. Wright</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 1,333 shares
of our restricted common stock to Mr. Wright in consideration of services provided. The value of the common stock was determined
to be $17,200. On August 1, 2011, we also granted to Mr. Wright an option to purchase up to 1,714 shares of our common stock at
an exercise price of $12.90 per share as incentive compensation. The option vested as to 33.3% of the shares on each of April 1,
2012 and 2013 and vests as to the final 33.3% of the shares on April 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 1, 2013, we granted 23,333 shares
of our restricted common stock to Mr. Wright in consideration of services provided. The value of the common stock was determined
to be $133,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 15,556 shares
of our restricted common stock to Mr. Wright in consideration of services provided. The value of the common stock was determined
to be $58,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we also granted to Mr.
Wright an option to purchase up to 31,746 shares of shares of our common stock at an exercise price of $3.74 per shares as incentive
compensation. The option vests as to 33.3% of the shares on each of April 1, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Bryon T. McGregor</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 1, 2011, we granted 1,333 shares
of our restricted common stock to Mr. McGregor in consideration of services provided. The value of the common stock was determined
to be $17,200. On August 1, 2011, we also granted to Mr. McGregor an option to purchase up to 1,714 shares of our common stock
at an exercise price of $12.90 per share as incentive compensation. The option vested as to 33.3% of the shares on each of April
1, 2012 and 2013 and vests as to the final 33.3% of the shares on April 1, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 1, 2013, we granted 23,333 shares
of our restricted common stock to Mr. McGregor in consideration of services provided. The value of the common stock was determined
to be $133,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 15,556 shares
of our restricted common stock to Mr. McGregor in consideration of services provided. The value of the common stock was determined
to be $58,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we also granted to Mr.
McGregor an option to purchase up to 31,746 shares of shares of our common stock at an exercise price of $3.74 per shares as incentive
compensation. The option vests as to 33.3% of the shares on each of April 1, 2014, 2015 and 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Terry L. Stone, John L. Prince, Douglas
L. Kieta and Larry D. Layne</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Messrs. Stone, Prince, Kieta and Layne serve
as non-employee directors on our Board. On August 1, 2011, we granted 571 shares of our restricted common stock to each of our
non-employee directors (except for the Chairman of our Board, Mr. Jones) in consideration of services provided. The value of the
common stock granted to each of Messrs. Stone, Prince, Kieta and Layne on August 1, 2011 was determined to be $7,371.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2013, we granted 10,000 shares
of our restricted common stock to each of our non-employee directors (except for the Chairman of our Board, Mr. Jones) in consideration
of services provided. The value of the common stock granted to each of Messrs. Stone, Prince, Kieta and Layne on January 7, 2013
was determined to be $54,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On June 18, 2013, we granted 13,333 shares
of our restricted common stock to each of our non-employee directors (except for the Chairman of our Board, Mr. Jones) in consideration
of services provided. The value of the common stock granted to each of Messrs. Stone, Prince, Kieta and Layne on June 18, 2013
was determined to be $50,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Lyles United, LLC</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 27, 2008, we sold to Lyles United,
LLC, or Lyles United, 2,051,282 shares of our Series B Preferred Stock, all of which were initially convertible into an aggregate
of 58,608 shares of our common stock based on an initial preferred-to-common conversion ratio of approximately 1-for-0.03, and
warrants to purchase an aggregate of 29,304 shares of our common stock at an exercise price of $735.00 per share, for an aggregate
purchase price of $40,000,000. As a result of various anti-dilution adjustments, the conversion ratio of the Series B Preferred
Stock has declined to approximately 1-for-0.54. For each of the years ended December 31, 2012 and 2011, we accrued cash dividends
in the amount of $700,000 in respect of shares of Series B Preferred Stock held by Lyles United.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with Lyles United under which $367,068 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held
by Lyles United were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by issuing an
aggregate of 78,939 shares of common stock to Lyles United on August 24, 2012. On December 26, 2012, we entered into an agreement
with Lyles United under which $367,068 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held
by Lyles United were to be paid in shares of our common stock at a price per share of $5.10. We made such payment by issuing an
aggregate of 72,552 shares of common stock to Lyles United on December 31, 2012. As of December 31, 2012, in aggregate, dividends
totaling $2,936,546 had not been paid. On March 27, 2013, we entered into an agreement with Lyles United under which $367,068 of
the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by Lyles United were to be paid in shares
of our common stock at a price per share of $5.25. We made such payment by issuing an aggregate of 69,918 shares of common stock
to Lyles United on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Frank P. Greinke</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Series B Preferred Stock</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For each of the years ended December 31,
2012 and 2011, we accrued cash dividends in the amount of $116,000 in respect of shares of Series B Preferred Stock held by the
Greinke Personal Living Trust Dated April 20, 1999 (&ldquo;Greinke Trust&rdquo;). Frank P. Greinke is one of our former directors
and the trustee of the holder of shares of our issued and outstanding Series B Preferred Stock. The Greinke Trust acquired its
shares of Series B Preferred Stock from Lyles United in December 2009. On January 4, 2011, the Greinke Trust converted 170,358
shares of Series B Preferred Stock into 9,524 shares of our common stock. On January 10, 2011, the Greinke Trust converted 233,782
shares of Series B Preferred Stock into 13,069 shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of our Series B Preferred Stock,
which were initially convertible into shares of our common stock based on an initial preferred-to-common conversion ratio of approximately
1-for-0.03, were converted into shares of our common stock based on lower conversion ratios resulting from various anti-dilution
adjustments, thereby increasing the number of shares of common stock issued to the Greinke Trust in connection with its conversions
of our Series B Preferred Stock. The current conversion ratio is approximately 1-for-0.54.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 21, 2012, we entered into an agreement
with the Greinke Trust under which $189,656 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock
held by the Greinke Trust were to be paid in shares of our common stock at a price per share of $4.65. We made such payment by
issuing an aggregate of 40,786 shares of common stock to the Greinke Trust on August 24, 2012. On December 26, 2012, we entered
into an agreement with the Greinke Trust under which $189,656 of the accrued and unpaid dividends in respect of shares of Series
B Preferred Stock held by the Greinke Trust were to be paid in shares of our common stock at a price per share of $5.10. We made
such payment by issuing an aggregate of 37,486 shares of common stock to the Greinke Trust on December 31, 2012. As of December
31, 2012, in aggregate, dividends totaling $1,517,250 had not been paid. On March 27, 2013, we entered into an agreement with the
Greinke Trust under which $189,656 of the accrued and unpaid dividends in respect of shares of Series B Preferred Stock held by
the Greinke Trust were to be paid in shares of our common stock at a price per share of $5.25. We made such payment by issuing
an aggregate of 36,125 shares of common stock to the Greinke Trust on March 28, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Sales of Ethanol</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">During the years ended December 31, 2012
and 2011, we contracted with Southern Counties Oil Co., an entity controlled by Mr. Greinke, for sales of ethanol in an aggregate
amount of approximately $1,062,600 and $11,775,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Ryan W. Turner</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Turner was appointed to our Board in
February 2010. We paid $14,539 in director fees to Mr. Turner for services provided as a member of our Board during 2011. On April
4, 2011, Mr. Turner chose not to stand for reelection as a member of our Board and his directorship ceased on May 9, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PRINCIPAL
STOCKHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth information
with respect to the beneficial ownership of our voting securities as of June 26, 2013, the date of the table, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each person known by us to beneficially own more than 5% of the outstanding shares of our common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our current executive officers; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all of our directors and executive officers as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beneficial ownership is determined in accordance
with the rules of the Securities and Exchange Commission, and includes voting or investment power with respect to the securities.
To our knowledge, except as indicated by footnote, and subject to community property laws where applicable, the persons named in
the table below have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by
them. Shares of common stock underlying derivative securities, if any, that currently are exercisable or convertible or are scheduled
to become exercisable or convertible for or into shares of common stock within 60 days after the date of the table are deemed to
be outstanding in calculating the percentage ownership of each listed person or group but are not deemed to be outstanding as to
any other person or group. Except as indicated by footnote, percentage of beneficial ownership is based on 11,852,839 shares of
common stock and 926,942 shares of Series B Preferred Stock outstanding as of the date of the table.<FONT STYLE="font-size: 10pt">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt; text-align: left; text-indent: -9pt"><B>Name and Address of Beneficial Owner</B><SUP>(1)</SUP></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Title of Class</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount and Nature<BR> of Beneficial Ownership</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percent<BR> of Class</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in; width: 49%">William L. Jones</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right; padding-top: 3pt">60,968</TD><TD STYLE="width: 2%"><SUP>(2)</sup></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Series B Preferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">12,820</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.38%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Neil M. Koehler</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">395,329</TD><TD><SUP>(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">3.29%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Series B Preferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">256,410</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">27.66%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Bryon T. McGregor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">45,551</TD><TD><SUP>(4)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Christopher W. Wright</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">40,301</TD><TD><SUP>(5)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Terry L. Stone</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">25,736</TD><TD><SUP>(6)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">John L. Prince</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">25,450<SUP></SUP></TD><TD><SUP>(7)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Douglas L. Kieta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">25,922</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Larry D. Layne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">32,303</TD><TD><SUP>(8)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Michael D. Kandris</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">28,482</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Frank P. Greinke</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">181,897</TD><TD><SUP>(9)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">1.53%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Series B Preferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">85,180</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">9.19%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"><FONT STYLE="background-color: White"></FONT>Lyles United, LLC</TD><TD><FONT STYLE="background-color: White">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in"><FONT STYLE="background-color: White">Common</FONT></TD><TD><FONT STYLE="background-color: White">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-top: 3pt"><FONT STYLE="background-color: White">331,145</FONT></TD><TD><SUP>(10)</SUP><FONT STYLE="background-color: White">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="background-color: White">2.72%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Series B Preferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">512,820</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">55.32%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Capital Ventures International</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">496,553</TD><TD><SUP>(11)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4.16%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Iroquois Master Fund Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">514,146<SUP></SUP></TD><TD><SUP>(12)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4.16%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">All executive officers and directors <BR>as a group (9 persons)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Common</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">680,041</TD><TD><SUP>(13)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">5.82%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">Series B Preferred</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-top: 3pt">269,230</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">29.04%</TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">*</TD><TD>Less than 1.00%</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(1)</TD><TD>Messrs. Jones, Koehler, Stone, Prince, Kieta, Layne and Kandris are directors of Pacific Ethanol. Messrs. Koehler, McGregor,
Wright and Kandris are executive officers of Pacific Ethanol. The address of each of these persons is c/o Pacific Ethanol, Inc.,
400 Capitol Mall, Suite 2060, Sacramento, California 95814.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(2)</TD><TD>Amount represents 53,362 shares of common stock held by William L. Jones and Maurine Jones, husband and wife, as community
property, 477 shares of common stock underlying options issued to Mr. Jones, 184 shares of common stock underlying a warrant issued
to Mr. Jones and 6,945 shares of common stock underlying our Series B Preferred Stock held by Mr. Jones.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: -24.5pt">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(3)</TD><TD>Amount represents 250,246 shares of common stock held directly, 3,663 shares of common stock underlying a warrant, 138,920
shares of common stock underlying our Series B Preferred Stock and 2,500 shares of common stock underlying options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(4)</TD><TD>Includes 1,143 shares of common stock underlying options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(5)</TD><TD>Includes 1,143 shares of common stock underlying options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(6)</TD><TD>Includes 143 shares of common stock underlying options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(7)</TD><TD>Includes 143 shares of common stock underlying options.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(8)</TD><TD>Includes 100,000 shares beneficially owned by Larry D. Layne, as trustee under the Layne Family Trust.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(9)</TD><TD>Amount represents 135,748 shares of common stock held directly and 46,149 shares of common stock underlying our Series B Preferred
Stock. The shares are beneficially owned by Frank P. Greinke, as trustee under the Greinke Personal Living Trust Dated April 20,
1999. The address of Frank P. Greinke is P.O. Box 4159, 1800 W. Katella, Suite 400, Orange, California 92863.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(10)</TD><TD>Includes 29,305 shares of common stock underlying a warrant and
                                                             277,840 shares of common stock underlying our Series B Preferred
                                                             Stock. In addition, Lyles Diversified, Inc. holds 5,333 shares of
                                                             common stock and The Lyles Foundation holds 3,448 shares of common
                                                             stock. The address of Lyles United, LLC is P.O. Box 4376, Fresno,
                                                             CA 93744-4376.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(11)</TD><TD>Amount represents 424,462 shares of common stock and 72,091 shares of common stock underlying warrants. The information with
respect to the holdings of Capital Ventures International is based solely on the Schedule 13G/A filed February 13, 2013 by Capital
Ventures International and Heights Capital Management, Inc. as the reporting persons. Each of the reporting persons shares voting
and dispositive power over all shares beneficially owned. Heights Capital Management, Inc. is the investment manager to Capital
Ventures International and as such may exercise voting and dispositive power over the shares. The shares reported as beneficially
owned excludes 16,142,169 shares of common stock issuable upon exercise of a warrant issued to Capital Ventures International because
the warrant contains a blocking provision under which the holder thereof does not have the right to exercise the warrant to the
extent that such exercise would result in beneficial ownership by the holder thereof or any of its affiliates, of more than 4.9%
of our shares of common stock outstanding. The shares reported as beneficially owned also excludes shares underlying Series A subordinated
convertible notes and 1,076,145 shares of common stock issuable upon exercise of warrants issued to Capital Ventures International.
The Series A subordinated convertible notes and related warrants were issued in a financing transaction that closed on March 28,
2013. The warrants are not presently exercisable. The shares reported as beneficially owned also excludes shares underlying Series
B subordinated convertible notes issued on June 20, 2013. The address for Capital Ventures International is One Capitol Place,
P.O. Box 1787 GT, Grand Cayman, Cayman Islands, British West Indies. The address for Heights Capital Management, Inc. is 101 California
Street, Suite 3250, San Francisco, California 94111.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(12)</TD><TD>Amount represents 55 shares of common stock and 514,091 shares of common stock underlying a warrant. The information with respect
to the holdings of Iroquois Master Fund Ltd. is based solely on the Schedule 13G/A filed February 12, 2013 by Iroquois Capital
Management L.L.C., Joshua Silverman and Richard Abbe, as the reporting persons. Each of the reporting persons shares voting and
dispositive power over all shares beneficially owned. The shares reported as beneficially owned excludes 7,623,895 shares of common
stock issuable upon exercise of a warrant issued to Iroquois Master Fund Ltd. because the warrant contains a blocking provision
under which the holder thereof does not have the right to exercise the warrant to the extent that such exercise would result in
beneficial ownership by the holder thereof or any of its affiliates, of more than 4.9% of our shares of common stock outstanding.
The shares reported as beneficially owned also excludes 257,000 shares underlying Series A subordinated convertible notes and 1,181,943
shares of common stock issuable upon exercise of warrants issued to Iroquois Master Fund Ltd. The Series A subordinated convertible
notes and related warrants were issued in a financing transaction that closed on March 28, 2013. The warrants are not presently
exercisable. The shares reported as beneficially owned also excludes shares underlying Series B subordinated convertible notes
issued on June 20, 2013. The address for each of the reporting persons is 641 Lexington Avenue, 26<SUP>th</SUP> Floor, New York,
New York 10022.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.5pt">(13)</TD><TD>Amount represents 524,780 shares of common stock held directly, 5,549 shares of common stock underlying options, 3,847 shares
of common stock underlying warrants and 145,865 shares of common stock underlying our Series B Preferred Stock.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">SELLING
SECURITY HOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Selling Security Holder Table</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus covers the sale by the selling
security holders of up to an aggregate of 2,200,002 shares of common stock, representing an aggregate of 491,315 shares of common
stock issuable, at our election, in payment of interest on the Notes and an aggregate of 1,708,687 shares of our common stock underlying
Warrants. We are registering the shares of common stock in order to permit the selling security holders to offer the shares for
resale from time to time. Except for the ownership of the Notes and the Warrants described below, the selling security holders
have not had any material relationship with us within the past three years except as disclosed under the heading &ldquo;Our Relationships
with the Selling Security Holders&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The table below lists the selling security
holders and other information regarding the beneficial ownership of the shares of common stock held by each of the selling security
holders. The second column lists the number of shares of common stock beneficially owned by the selling security holders, based
on their respective ownership of shares of common stock, Warrants and other warrants, as of June 26, 2013. The number of shares
in the second column does not take into account any limitations on the exercise of any warrants (including, the Warrants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The third column lists the shares of common
stock being offered by this prospectus by the selling security holders and does not take into account any limitations on issuance
contained in the Notes or on exercise contained in the Warrants. The selling security holders may sell all, some or none of their
shares in this offering. See &ldquo;Plan of Distribution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This prospectus generally covers the resale
of up to 491,315 shares of common stock issuable, at our election, in payment of interest on the Notes (i.e., a portion of the
shares of common stock that may be issued as interest in lieu of cash payments). We are only registering a portion of the total
number of shares that may be issued, at our election, in payment of interest on the Notes. The number of shares of common stock
that will be issued, at our election, in payment of interest on the Notes (i.e., shares of common stock that may be issued as interest
in lieu of cash payments) may be more or less than the number of shares being offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The fourth column assumes the sale of all
of the shares offered by the selling security holders under this prospectus<FONT STYLE="font-size: 10pt">. </FONT>The number of
shares in the fourth column does not take into account any limitations on the exercise of any warrants held by the selling security
holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Warrants, a selling
security holder may not exercise the Warrants to the extent (but only to the extent)&nbsp;that&nbsp;the selling security holder
or any of its affiliates would, after such exercise, beneficially own more than&nbsp;4.99% of our outstanding shares of common
stock, or Blocker. The Blocker applicable to the exercise of the Warrants may be raised or lowered at the option of the selling
security holder to any percentage not in excess of 9.99%, except that any increase will only be effective upon 61-days&rsquo; prior
notice to us. The number of shares in the second column does not reflect this limitation contained in the Warrants or identical
limitations contained in any other warrants held by the selling security holders. The number of shares in the fourth column does
not reflect limitations contained in any other warrants held by the selling security holders. The number of shares beneficially
owned by each selling security holder taking into account these limitations, if such number is less than the number of shares set
forth in the table, is set forth in the footnotes to the table below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Except as disclosed in the footnotes to
the table below, each of the selling security holders has represented to us that it is not a broker-dealer, or affiliated with
or associated with a broker-dealer, registered with the Securities and Exchange Commission or designated as a member of the Financial
Industry Regulatory Authority. The shares of common stock being offered under this prospectus may be offered for sale from time
to time during the period the registration statement of which this prospectus is a part remains effective, by or for the accounts
of the selling security holders listed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Beneficial ownership is determined in accordance
with the rules of the SEC, and includes voting or investment power with respect to the securities. To our knowledge, except as
indicated by footnote, and subject to community property laws where applicable, the persons named in the table below have sole
voting and investment power with respect to all shares of common stock shown as beneficially owned by them. Except as indicated
by footnote, all shares of common stock underlying derivative securities, if any, that are currently exercisable or convertible
or are scheduled to become exercisable or convertible for or into shares of common stock within 60 days after the date of the table
are deemed to be outstanding for the purpose of calculating the percentage ownership of each listed person or group but are not
deemed to be outstanding as to any other person or group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">Name of</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Shares of<BR> Common Stock<BR> Beneficially Owned Prior to</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Maximum Number of Shares of Common Stock<BR>
to be Sold Pursuant to this</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shares of<BR> Common Stock<BR> Beneficially Owned<BR> After Offering (##)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Beneficial Owner</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Offering (#)</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"> Prospectus</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD><P STYLE="text-align: left; text-indent: -8.15pt; padding-left: 8.15pt">CWD OC 522 Master Fund, Ltd. (1)</P>


</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">270,116&nbsp;&nbsp; (2)</P>


</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><P STYLE="margin: 0">347,975&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif"> (3)</FONT></P>


</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.15pt; padding-left: 8.15pt">Candlewood Special Situations Master Fund, Ltd. (1)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">542,847 </FONT>&nbsp;&nbsp;(4)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">699,319 </FONT>&nbsp;(5)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -8.15pt; padding-left: 8.15pt; width: 32%">Credit Suisse Loan Funding LLC (6)</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; color: black; text-align: right"><FONT STYLE="color: black">1,109,346</FONT>&nbsp;&nbsp;&nbsp;(7)</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; color: black; text-align: right"><FONT STYLE="color: black">1,148,522</FONT> (8)</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right; padding-left: 4.3pt">217,808 (9)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: right; padding-left: 4.3pt">1.54%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -8.15pt; padding-left: 8.15pt">CCVF PacEth LLC (10)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">2,093</FONT> (11)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">2,093 </FONT>(11)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -8.15pt; padding-left: 8.15pt">Candlewood Credit Value Fund II, LP (10)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">2,093</FONT> (11)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right"><FONT STYLE="color: black">2,093 </FONT>(11)</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right; padding-left: 4.3pt">&mdash;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(#)</TD><TD>Does not take into account any limitations on exercise contained in any warrants (including, the Warrants).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(##)</TD><TD>Assumes all shares being offered under this prospectus are sold. The percentage of beneficial ownership is based on 14,052,841<B>
</B>shares of common stock, consisting of 11,852,839<B> </B>shares of common stock outstanding as of June 26, 2013 and the 2,200,002
shares of common stock offered under this prospectus. Does not take into account any limitations on exercise contained in any warrants
beneficially held by the selling security holders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(1)</TD><TD>Michael Lau and David Koenig, as Managing Partners of Candlewood Investment Group, LP (&ldquo;CIG&rdquo;), the investment manager
of the selling security holder, have the power to vote and dispose of the securities held by the selling security holder&nbsp;and
may be deemed to beneficially own such securities.&nbsp;&nbsp;Mr. Lau, Mr. Koenig and&nbsp;CIG each disclaim beneficial ownership
of such securities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">The number of shares represented
in the second column of the table does not take into account the limitations on exercise contained in the Warrants, which provide
that the selling security holder may not exercise the Warrants to the extent (but only to the extent)&nbsp;that&nbsp;the selling
security holder or any of its affiliates would, after such exercise, beneficially own more than&nbsp;4.99% of our outstanding shares
of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">CWD OC 522 Master Fund, Ltd.,
Candlewood Special Situations Master Fund, Ltd. and CIG, together with certain other investment funds advised by CIG that are not
selling security holders, may be deemed to be a &ldquo;group&rdquo; within the meaning of Section 13(d) of the Exchange Act (collectively,
the &ldquo;Candlewood Entities&rdquo;). To the extent that such entities are deemed to be a &ldquo;group,&rdquo; each such entity
may be deemed to beneficially own all of the shares of common stock beneficially owned by each other member of the &ldquo;group.&rdquo;
The number of shares of common stock represented as beneficially owned by the selling security holder in the table does not include
any shares of common stock that may be deemed to be beneficially owned by such entity as a result of membership in any &ldquo;group&rdquo;.
The Candlewood Entities may be deemed to beneficially own an additional 252,455 shares of our common stock, consisting of 110,842
shares of common stock and 141,613 shares of common stock issuable upon exercise of warrants held by Candlewood Special Situations
Fund, L.P. Such warrants may not be exercised to the extent (but only to the extent) that the holder or any of its affiliates would
beneficially own a number of shares of our common stock which would exceed 4.99% of our outstanding shares of common stock (which
limit may be lowered or raised to an amount not in excess of 9.99%, in either case at the option of the holder, provided that any
increase will only be effective upon 61 days&rsquo; prior notice to us).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">Without taking into account
the limitations on exercise contained in the warrants (including the Warrants), the Candlewood Entities may be deemed to beneficially
own an aggregate of 1,065,418 shares prior to the offering. Taking into account the limitations on exercise contained in the warrants
(including the Warrants), the Candlewood Entities may be deemed to beneficially own an aggregate of 616,698 shares of our common
stock prior to the offering. If the limitation is raised to 9.99%, the Candlewood Entities may be deemed to beneficially own an
aggregate of 1,065,418 shares prior to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">After the offering, taking
into account the limitations on exercise contained in the warrants, the Candlewood Entities may be deemed to beneficially own 252,455
shares, or 1.78%, of our outstanding common stock. Percentage of beneficial ownership is calculated as set forth above (see footnote
##).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">None of the Candlewood Entities
is affiliated with the Credit Value Entities (see footnote 10).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(2)</TD><TD>Represents shares of common stock issuable upon exercise of the Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(3)</TD><TD>Represents (i) 270,116 shares of common stock issuable upon exercise of the Warrants and (ii) 77,859 shares of common stock
issuable, at our election, in payment of interest on the Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(4)</TD><TD>Represents shares of common stock issuable upon exercise of the Warrants.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(5)</TD><TD>Represents (i) 542,847 shares of common stock issuable upon exercise of the Warrants and (ii) 156,472 shares of common stock
issuable, at our election, in payment of interest on the Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(6)</TD><TD>Credit Suisse Loan Funding LLC is an indirect wholly owned subsidiary of Credit Suisse Group AG, a publicly traded corporation
(NYSE:CS). Credit Suisse Loan Funding LLC is affiliated with a broker-dealer. Credit Suisse Loan Funding LLC has represented that
it acquired the securities offered for its own account in the ordinary course of business, and at the time it acquired the securities,
it had no agreements, plans or understandings, directly or indirectly, to distribute the securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">The number of shares represented
in the second column and the fourth column of the table does not take into account the limitations on exercise contained in the
Warrants, which provide that the selling security holder may not exercise the Warrants to the extent (but only to the extent)&nbsp;that&nbsp;the
selling security holder or any of its affiliates would, after such exercise, beneficially own more than&nbsp;4.99% of our outstanding
shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">Taking into account the limitations
on exercise contained in the Warrants, the selling security holder would beneficially own 617,944 shares of our common stock prior
to the offering. If the limitation is raised to 9.99%, the selling security holder would beneficially own the number of shares
represented in the second column of the table prior to the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(7)</TD><TD>Represents (i) 891,538 shares of common stock issuable upon exercise of the Warrants, (ii) 87,123<B> </B>shares of common stock
held by the selling security holder and (iii) 130,685 shares of common stock issuable upon exercise of warrants issued in July
2012 to the selling security holder.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(8)</TD><TD>Represents (i) 891,538 shares of common stock issuable upon exercise of the Warrants and (ii) 256,984<B> </B>shares of common
stock issuable, at our election, in payment of interest on the Notes.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(9)</TD><TD>Represents (i) 87,123<B> </B>shares of common stock held by the selling security holder and (ii) 130,685 shares of common stock
issuable upon exercise of warrants we issued to the selling security holder in July 2012.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27pt">(10)</TD><TD>Donald Pollard, Grant Pothast and Michael Geroux, as portfolio managers of Credit Value Partners LP (&ldquo;CVP&rdquo;), the
investment manager of the selling security holder, have the power to vote and dispose of the securities held by the selling security
holder&nbsp;and may be deemed to beneficially own such securities.&nbsp;&nbsp;Messrs. Pollard, Pothast and Geroux, and CVP, each
disclaim beneficial ownership of such securities.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">CCVF PacEth LLC, Candlewood
Credit Value Fund II, LP and CVP are affiliated entities and may be deemed to be a &ldquo;group&rdquo; within the meaning of Section
13(d) of the Exchange Act (collectively, the &ldquo;Credit Value Entities&rdquo;). To the extent CCVF PacEth LLC, Candlewood Credit
Value Fund II, LP and CVP are deemed to be a &ldquo;group,&rdquo; each such entity may be deemed to beneficially own all of the
shares of common stock beneficially owned by each other member of the &ldquo;group.&rdquo; The number of shares of common stock
represented as beneficially owned by the selling security holder in the table does not include any shares of common stock that
may be deemed to be beneficially owned by such entity as a result of membership in any &ldquo;group&rdquo;. As such, the number
of shares of common stock represented as beneficially owned (i) by CCVF PacEth LLC in the table does not include shares of common
stock represented in the table as beneficially owned by Candlewood Credit Value Fund II, LP and (ii) by Candlewood Credit Value
Fund II, LP in the table does not include shares of common stock represented in the table as beneficially owned by CCVF PacEth
LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">The Credit Value Entities
would beneficially own<B> </B>4,186<B> </B>shares, or 0.04% of our outstanding shares, prior to the offering, consisting of the
shares underlying the Warrants held by Candlewood Credit Value Fund II, LP and Candlewood Credit Value Fund II, LP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">The Credit Value Entities
do not hold any outstanding Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">None of the Credit Value Entities
is affiliated with the Candlewood Entities (see footnote 1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -0.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt">(11)</TD><TD>Represents shares of common stock issuable upon exercise of the Warrants held by the selling securityholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt"><B>Transactions Through Which
the Selling Security Holders Obtained Beneficial Ownership of the Offered Shares </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-indent: -27.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 11, 2013, or Closing Date, we
issued $22,192,491 in aggregate principal amount of Notes and Warrants to purchase an aggregate of 1,708,687 shares of our common
stock to five accredited investors in a private placement transaction, or Financing, resulting in aggregate gross proceeds of $22,192,491,
under the terms of a Securities Purchase Agreement, dated as of December 19, 2012, or Purchase Agreement, as more fully described
below. Under the terms of the Purchase Agreement, each selling security holder purchased a Note and Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Of the 2,200,002 shares of common stock
offered by the selling security holders under this prospectus, 1,708,687 shares of common stock are issuable upon exercise of the
Warrants and 491,315 shares of common stock are issuable in payment of interest on the Notes. The Notes and Warrants were acquired
from us in connection with the transaction described below in &ldquo;Description of Note and Warrant Financing.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Subject to the satisfaction of the Equity
Conditions (as defined below), we may, at our option, elect to pay interest due and payable on the Notes on any Interest Payment
Date (as defined below) in shares of our common stock, or Interest Shares. The Warrants are exercisable into shares of our common
stock, or as exercised, the Warrant Shares. The exercise price applicable to the Warrants is subject to weighted-average anti-dilution
protection in the event that we issue or are deemed to have issued certain securities at a price lower than applicable the then
applicable exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the issuance of the Notes
and Warrants, we paid commissions to Lazard Capital Markets LLC in the amount of $100,000 and expenses of approximately $371.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the sale of the Notes
and the Warrants, we entered into a registration rights agreement, or Registration Rights Agreement, with all of the selling security
holders to file a registration statement with the Securities and Exchange Commission by February 10, 2013 for the resale by the
selling security holders of 491,315 Interest Shares and 1,708,687 Warrant Shares. We are required to use commercially reasonable
best efforts to have such registration statement declared effective by the Securities and Exchange Commission within ninety (90)
days after the filing of such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On February 8, 2013, we filed the registration
statement with the Securities and Exchange Commission pursuant to the terms of the Registration Rights Agreement. On March 28,
2013, we entered into an Amendment Agreement, or Amendment Agreement, with all of the selling security holders. The Amendment Agreement
amends certain terms of the Purchase Agreement, the Registration Rights Agreement, the Note and the Warrant. Under the terms of
the Amendment Agreement, we are required to file a registration statement with the Securities and Exchange Commission by June 30,
2013 for the resale by the selling security holders of 491,315 Interest Shares and 1,708,687 Warrant Shares. In connection with
the Amendment Agreement, on March 28, 2013, we withdrew the registration statement we filed with the Securities and Exchange Commission
on February 8, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are obligated to use commercially reasonable
best efforts to keep a registration statement we file in compliance with our obligations under the Registration Rights Agreement
(as amended by the Amendment Agreement) effective (and the prospectus contained therein available for use) for resales by the selling
security holders on a delayed or continuous basis at then-prevailing market prices at all times until the earlier of (i) the date
on which all of the shares of common stock covered by the registration statement have been sold, (ii) the date on which all of
the shares of common stock covered by the registration statement may be sold without restriction pursuant to Rule 144 of the Securities
Act (including, without limitation, volume restrictions and without the need for current public information required by Rule 144(c),
if applicable) or (iii) the date on which all of the Warrants have expired or been fully exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Registration Rights Agreement (as amended
by the Amendment Agreement) contains various indemnification provisions in connection with the registration of the Interest Shares
and Warrants Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Relationships with the Selling Security Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the past three years, we have not had
any relationship or arrangement with any of the selling security holders, their affiliates, or any person with whom the selling
security holders have a contractual relationship regarding the Financing other than the agreements we have entered into in connection
with the Financing and as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On April 16, 2010, the Plant Owners filed the Plan, with the Bankruptcy Court, which was structured in cooperation with a number
of the Plant Owners&rsquo; secured lenders, including certain of the selling security holders and their affiliates. The Bankruptcy
Court confirmed the Plan at a hearing on June 8, 2010. On June 29, 2010, or Effective Date, the Plant Owners emerged from bankruptcy
under the terms of the Plan. Under the Plan, on the Effective Date, all of the ownership interests in the Plant Owners were transferred
to New PE Holdco, which was wholly-owned as of that date by some of the prepetition lenders (including certain of the selling security
holders and their affiliates) to the Plant Owners and new lenders (including certain of the selling security holders and their
affiliates) to the Plant Owners. As a result, the Pacific Ethanol Plants became wholly-owned by New PE Holdco as of the Effective
Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Certain of the selling security holders and certain affiliates of the selling security holders are lenders under the terms
of the Plant Owners&rsquo; credit facilities. See &ldquo;Liquidity and Capital Resources&mdash;Plant Owners&rsquo; Credit Facilities&rdquo;
above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On October 6, 2010, we purchased 80 units of New PE Holdco from Candlewood Special Situations Fund, L.P. for an aggregate purchase
price of $8,880,000 in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>In December 2011, we purchased 50 units of New PE Holdco from Candlewood Special Situations Fund, L.P. for an aggregate purchase
price of $3,250,000 in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On December 13, 2011, Candlewood Special Situations Fund, L.P. purchased 29,000 shares of our common stock and warrants to
purchase an aggregate of 18,850 shares of our common stock in a private placement transaction for an aggregate purchase price of
$456,750.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On July 3, 2012, we completed a public offering, described in our prospectus supplement dated June 28, 2012 to our prospectus
dated May 17, 2012 (File No. 333-180731), in which (i) Candlewood Special Situations Fund, L.P. purchased 81,842 shares of our
common stock and warrants to purchase an aggregate of 122,763 shares of our common stock for an aggregate purchase price of $527,879
and (ii) Credit Suisse Securities (USA) LLC purchased 87,122 shares of our common stock and warrants to purchase an aggregate of
130,684 shares of our common stock for an aggregate purchase price of $561,939.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On July 13, 2012, we purchased (i) 92.719 units of New PE Holdco from Credit Suisse Securities (USA) LLC for an aggregate purchase
price of approximately $5.6 million, with approximately $2.8 million paid in cash and approximately $2.8 million paid in our senior
unsecured notes dated July 13, 2012 and (ii) 87.100 units of New PE Holdco from Candlewood Special Situations Fund, L.P. for an
aggregate purchase price of approximately $5.3 million, with approximately $2.6 million paid in cash and approximately $2.6 million
paid in our senior unsecured notes dated July 13, 2012. On October 1, 2012, we fully repaid the senior unsecured notes we issued
to Credit Suisse Securities (USA) LLC and Candlewood Special Situations Fund, L.P. on July 13, 2012.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On January 11, 2013, using the cash proceeds of the Financing and cash, we purchased (i) 60.062 units of New PE Holdco from
Candlewood Special Situations Fund, LP for an aggregate purchase price of $600,620 in cash, (ii) 5.409 units of New PE Holdco from
CCVF PacEth LLC for an aggregate purchase price of $54,090 in cash, (iii) 5.410 units of New PE Holdco from Candlewood Credit Value
Fund II, LP for an aggregate purchase price of $54,100 in cash and (iv) 59.893 units of New PE Holdco from Credit Suisse Securities
(USA) LLC for an aggregate purchase price of $598,940 in cash.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>On January 11, 2013, we used $21,538,597 of the gross proceeds of the Financing to purchase (i) $368,388 of the Tranche A-2
Loan from CWD OC 522 Master Fund, Ltd., (ii) $10,209,414 of the Tranche A-2 Loan from Candlewood Special Situations Master Fund,
Ltd. and (iii) $10,960,795 of the Tranche A-2 Loan from Credit Suisse Loan Funding LLC, an affiliate of Credit Suisse Securities
(USA) LLC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are registering the shares of common
stock issuable pursuant to the terms of the Notes and exercise of the Warrants issued in the Financing to permit the resale of
these shares of common stock by the holders of the Notes and Warrants from time to time after the date of this prospectus. We will
not receive any of the proceeds from the sale by the selling security holders of the shares of common stock. We will bear all fees
and expenses incident to our obligation to register the shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling security holders may sell all
or a portion of the shares of common stock held by them and offered hereby from time to time directly or through one or more underwriters,
broker-dealers or agents. If the shares of common stock are sold through underwriters or broker-dealers, the selling security holders
will be responsible for underwriting discounts or commissions or agent&rsquo;s commissions. The shares of common stock may be sold
in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined
at the time of sale or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions,
pursuant to one or more of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in the over-the-counter market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in transactions otherwise than on these exchanges or systems or in the over-the-counter market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through the writing or settlement of options, whether such options are listed on an options exchange or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the
block as principal to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>privately negotiated transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>short sales made after the date the registration statement, of which this prospectus forms a part, is declared effective by
the Securities and Exchange Commission;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>broker-dealers may agree with the selling security holders to sell a specified number of such shares at a stipulated price
per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a combination of any such methods of sale; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other method permitted pursuant to applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling security holders may also sell
shares of common stock under Rule 144 promulgated under the Securities Act, if available, rather than under this prospectus. In
addition, the selling security holders may transfer the shares of common stock by other means not described in this prospectus.
If the selling security holders effect such transactions by selling shares of common stock to or through underwriters, broker-dealers
or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts, concessions or commissions
from the selling security holders or commissions from purchasers of the shares of common stock for whom they may act as agent or
to whom they may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or
agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of common
stock or otherwise, the selling security holders may enter into hedging transactions with broker-dealers, which may in turn engage
in short sales of the shares of common stock in the course of hedging in positions they assume. The selling security holders may
also sell shares of common stock short and deliver shares of common stock covered by this prospectus to close out short positions
and to return borrowed shares in connection with such short sales. The selling security holders may also loan or pledge shares
of common stock to broker-dealers that in turn may sell such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling security holders may pledge
or grant a security interest in some or all of the notes, warrants or shares of common stock owned by them and, if they default
in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of common stock
from time to time pursuant to this prospectus or any amendment to this prospectus under Rule 424(b)(3) or other applicable provision
of the Securities Act amending, if necessary, the list of selling security holders to include the pledgee, transferee or other
successors in interest as selling security holders under this prospectus. The selling security holders also may transfer and donate
the shares of common stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest
will be the selling beneficial owners for purposes of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent required by the Securities
Act and the rules and regulations thereunder, the selling security holders and any broker-dealer participating in the distribution
of the shares of common stock may be deemed to be &ldquo;underwriters&rdquo; within the meaning of the Securities Act, and any
commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions
or discounts under the Securities Act. At the time a particular offering of the shares of common stock is made, a prospectus supplement,
if required, will be distributed, which will set forth the aggregate amount of shares of common stock being offered and the terms
of the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting
compensation from the selling security holders and any discounts, commissions or concessions allowed or re-allowed or paid to broker-dealers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the securities laws of some states,
the shares of common stock may be sold in such states only through registered or licensed brokers or dealers. In addition, in some
states the shares of common stock may not be sold unless such shares have been registered or qualified for sale in such state or
an exemption from registration or qualification is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There can be no assurance that any selling
security holder will sell any or all of the shares of common stock registered pursuant to the registration statement, of which
this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The selling security holders and any other
person participating in such distribution will be subject to applicable provisions of the Exchange Act, and the rules and regulations
thereunder, including, without limitation, to the extent applicable, Regulation M of the Exchange Act, which may limit the timing
of purchases and sales of any of the shares of common stock by the selling security holders and any other participating person.
To the extent applicable, Regulation M may also restrict the ability of any person engaged in the distribution of the shares of
common stock to engage in market-making activities with respect to the shares of common stock. All of the foregoing may affect
the marketability of the shares of common stock and the ability of any person or entity to engage in market-making activities with
respect to the shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We will pay all expenses of the registration
of the shares of common stock pursuant to the registration rights agreement, estimated to be $100,000 in total, including, without
limitation, Securities and Exchange Commission filing fees and expenses of compliance with state securities or &ldquo;blue sky&rdquo;
laws. However, a selling security holder will pay all underwriting discounts and selling commissions, if any. We will indemnify
the selling security holders against liabilities, including some liabilities under the Securities Act in accordance with the registration
rights agreements or the selling security holders will be entitled to contribution. We may be indemnified by the selling security
holders against civil liabilities, including liabilities under the Securities Act that may arise from any written information furnished
to us by the selling security holder specifically for use in this prospectus, in accordance with the related registration rights
agreements or we may be entitled to contribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Once sold under the registration statement,
of which this prospectus forms a part, the shares of common stock will be freely tradable in the hands of persons other than our
affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal; text-transform: none">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Description<FONT STYLE="text-transform: none">
OF NOTE AND WARRANT FINANCING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="text-transform: none">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 11, 2013, we raised $22,192,491
through the issuance of $22,192,491 in aggregate principal amount of Notes and Warrants to purchase an aggregate of 1,708,687 shares
of our common stock in the Financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 11, 2013, using $21.5 million
of the gross proceeds of the Financing, we purchased $21.5 million of the Plant Owners&rsquo; term debt. On January 11, 2013, we
also purchased an additional 13% ownership interest in New PE Holdco, using $653,895 of the gross proceeds of the Financing and
$654,135 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes were issued on January 11, 2013
and have an aggregate principal amount of $22,192,491. The Notes mature on March 30, 2016, or Maturity Date. The Notes bear interest
at the rate of 5% per annum, subject to adjustment.&nbsp;&nbsp;If the aggregate outstanding principal balance of the Notes is not
less than the sum of (i) $10,769,298, plus (ii) the aggregate amount of all payments made by us to purchase or pay down the Revolving
Loans, as defined in the Amended and Restated Credit Facility, or Threshold Balance Reduction Amount, by January 15, 2014, the
interest rate will increase by an amount equal to 1% per annum commencing on January 15, 2014 and on each calendar January 15,
April 15, July 15 and October 15 thereafter until the aggregate outstanding principal balance of the Notes is less than the Threshold
Balance Reduction Amount. The interest rate will also increase by an additional 2% per annum above the interest rate otherwise
applicable upon the occurrence, and during the continuance, of an event of default (as described below) until such event of default
has been cured.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Payment of Principal and Optional
Prepayment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are required to pay all outstanding principal
and any accrued and unpaid interest on the Notes on the Maturity Date. We may, at our option, prepay the Notes at any time without
premium or penalty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Mandatory Prepayment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If at any time we receive net cash proceeds
from an issuance of our equity or equity linked securities, certain sales of our or any of our wholly or partially owned subsidiaries
assets or as a result of us or any of our wholly or partially owned subsidiaries incurring certain indebtedness, then we will be
obligated to prepay the Notes using 100% of all such net cash proceeds, provided that in connection with proceeds received in connection
with an equity linked security, we will be obligated to use all such net cash proceeds to either prepay the Notes or purchase outstanding
debt issued by indirect partially owned subsidiaries under the Plant Owners amended and restated credit facility. See &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&mdash;Liquidity and Capital Resources&mdash;Plant Owners&rsquo;
Credit Facilities&mdash;Amended and Restated Credit Facility&rdquo; above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Payments of Interest &ndash; Interest
Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Interest on the Notes is payable in cash
in arrears on the 15th calendar day of each month, or Interest Payment Date, beginning on March 15, 2013. Subject to the satisfaction
of the Equity Conditions (as defined below), at our option, we may elect to pay interest due and payable on any Interest Payment
Date in shares of our common stock, provided that the interest rate applicable to any outstanding amounts that we pay in Interest
Shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest is paid. The
number of Interest Shares to be issued, at our election, on any particular Interest Payment Date shall be equal to the quotient
of (x) the amount of interest payable (assuming payment in Interest Shares) on such Interest Payment Date divided by (y) the product
of (i) the weighted average price of our common stock for 30 trading days immediately preceding (but excluding) the Interest Payment
Date and (ii) 0.95.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For any Interest Payment Date on which we
elect to pay interest in Interest Shares in lieu of in cash, we are required to deliver a written notice, or Interest Notice, to
each holder of the Notes on or prior to the third trading day prior to the Interest Payment Date, or the Interest Notice Date.
If all of the Equity Conditions (as defined below) have not been satisfied as of the Interest Notice Date, then unless the holder
of the Note waives such failure, interest must be paid in cash. If we elect to pay the applicable interest in Interest Shares and
if the Equity Conditions were satisfied as of the applicable Interest Notice Date but are not satisfied as of the Interest Payment
Date, then, unless the holder of the Note waives such failure, interest must be paid in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In order for the interest to be paid in
Interest Shares, all of the following conditions must be satisfied (or waived by the investors) during the five trading days prior
to the applicable date (collectively, the &ldquo;Equity Conditions&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Interest Shares are either (i) covered by an effective registration statement and the prospectus contained therein shall
be available for the resale of the Interest Shares and we shall not have had knowledge of any fact that would cause such registration
statement not to be effective and available for the resale of the Interest Shares or (ii) are eligible for resale without restriction
under Rule&nbsp;144 of the Securities Act and without the need for registration under any applicable federal or state securities
laws and we shall not have had knowledge of any fact that would cause the Interest Shares not to be eligible for sale pursuant
to Rule 144 of the Securities Act and any applicable state securities laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our common stock shall have been listed or designated for quotation on an exchange or market permitted by the Notes (including
The NASDAQ Capital Market) and shall not have been suspended from trading on such exchange or market (other than suspensions of
not more than two days due to business announcements by us), nor shall delisting or suspension by such exchange or market been
threatened or pending either in writing by such exchange or market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Interest Shares may be issued without violating the regulations of the eligible exchange or market on which our common
stock is then listed or designated for quotation, including NASDAQ Listing Rule 5635(d);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there shall not have been (i) a public announcement of a proposed fundamental transaction, (ii) an event of default under the
Notes or (iii) an event that after the passage of time would constitute a event of default under the Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issuance of the Interest Shares will not result in the holder of the Note beneficially owning in excess of 4.99% of our
outstanding shares of common stock (which limit may be raised to an amount not in excess of 9.99%, at the option of the holder
with prior notice to Pacific Ethanol);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we shall have delivered Interest Shares on a timely basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we shall not have publicly announced that certain types of transactions involving a change of control are pending, proposed
or intended that have not been abandoned, terminated or consummated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>no event shall have occurred that constitutes, or with the passage of time or giving of notice would constitute, an event of
default under the Notes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we shall be in compliance with and shall not have breached any provision, covenant, representation or warranty of any transaction
document to which we became party in connection with the Financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Interest Shares shall be duly authorized; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the holder of the Note must not be in possession of any material, non-public information relating to us (other than certain
material, non-public information relating to Pacific Ethanol provided to the holder of the Note in accordance with the terms of
the Note).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we cannot make an interest payment in
shares of common stock because one of the conditions described above is not satisfied, we must make the interest payment in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have agreed not to issue more than 219,313
Interest Shares unless we have obtained either (i) stockholder approval pursuant to NASDAQ Listing Rule 5635(d) for the issuance
of more than 1,928,000 shares of our common stock upon exercise of the Warrants and in payment of interest on the Notes or (ii)
a waiver from NASDAQ of compliance with Rule 5635(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Events of Default</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes contain a variety of events of
default which are typical for transactions of this type. A holder of a Note may declare all amounts owed under the holder&rsquo;s
Note due and payable if there is an event of default; in addition, the all amounts owed the Notes will become immediately due and
payable upon certain events of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Covenants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Notes contain a variety of obligations
on the part of Pacific Ethanol not to engage in certain activities, which are typical for transactions of this type, as well as
the following covenants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the payments due under the Notes will rank senior to all of our other indebtedness and the indebtedness of our subsidiaries,
other than permitted senior indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and our subsidiaries will not incur other indebtedness, except for certain permitted indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and our subsidiaries will not incur any liens, except for certain permitted liens;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and our subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness (except for
certain permitted indebtedness) if at the time such payment is due or is made or, after giving effect to such payment, an event
constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred and is
continuing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and our subsidiaries will not redeem, repurchase or pay any dividend or distribution on our or its respective capital stock
without the prior consent of the holders of the Notes, other than certain permitted distributions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we and our subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of Pacific Ethanol or any
of its subsidiaries, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary
course of business).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants were issued on January 11,
2013, were initially immediately exercisable and, in the aggregate, entitle the holders to purchase up to an aggregate of 1,708,286
Warrant Shares for a period of five years at an exercise price of $7.80 per share, or Warrant Exercise Price, subject to adjustment.&nbsp;&nbsp;The
Warrants include both cash and cashless exercise provisions. Under the terms of the Amendment Agreement, the Warrants were amended
to provide that the Warrants shall not be exercisable until on or after June 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrant Exercise Price is subject to
adjustment for stock splits, combinations or similar events, and, in such event, the number of shares issuable upon the exercise
of the Warrant will also be adjusted such that the aggregate Warrant Exercise Price will be the same immediately before and immediately
after the adjustment.&nbsp;&nbsp;In addition, the Warrant Exercise Price is also subject to a &ldquo;weighted-average&rdquo; anti-dilution
adjustment in the event that we issue or are deemed to have issued certain securities at a price lower than the then applicable
Warrant Exercise Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants impose penalties on us for
failure to timely deliver Warrant Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Under the terms of the Warrants, each investor
is prohibited from exercising a Warrant to the extent that, as a result of the exercise, the investor will beneficially own in
excess of 4.99% of our outstanding shares of our common stock (which limit may be lowered or raised to an amount not in excess
of 9.99%, in either case at the option of the holder, provided that any increase will only be effective upon 61-days&rsquo; prior
notice to us). In addition, each investor is prohibited from exercising a Warrant to the extent that the exercise would violate
the regulations of the eligible exchange or market on which our common stock is then listed or designated for quotation, including
NASDAQ Listing Rule 5635(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we issue options, convertible securities,
warrants, stock, or similar securities to all holders of shares of our common stock, each holder of a Warrant will have the right
to acquire the same securities as if it had exercised its Warrant. If we make a distribution of our assets to all holders of shares
of our common stock, each holder of a Warrant will have the right to acquire the same assets as if it had exercised its Warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Warrants contain provisions prohibiting
us from entering into certain transactions involving a change of control, unless the successor assumes in writing all of our obligations
under the Warrants.&nbsp;&nbsp;Upon the occurrence of a transaction involving a permitted change of control, the holders of the
Warrants will have the right, among others, to have the Warrants repurchased for a purchase price in cash equal to the Black Scholes
value (as calculated pursuant to the Warrants) of the then unexercised portion of the Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">DESCRIPTION
OF CAPITAL STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Authorized and Outstanding Capital Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our authorized capital stock consists of
300,000,000 shares of common stock, $0.001 par value per share, and 10,000,000 shares of preferred stock, $0.001 par value per
share, of which 1,684,375 shares are designated as Series&nbsp;A Preferred Stock and 1,580,790 shares are designated as Series&nbsp;B
Preferred Stock. As of June 26, 2013, there were 11,852,839<B> </B>shares of common stock, no shares of Series A Preferred Stock
and 926,942 shares of Series B Preferred Stock issued and outstanding. On June 8, 2011, we effected a one-for-seven reverse split
of our common stock. On May 14, 2013, we effect a one-for-fifteen reverse split of our common stock. All share information contained
in this prospectus reflects the effects of these reverse stock splits. The following description of our capital stock does not
purport to be complete and should be reviewed in conjunction with our certificate of incorporation, including our Certificate of
Designations, Powers, Preferences and Rights of the Series&nbsp;A Preferred Stock, or Series A Certificate of Designations, our
Certificate of Designations, Powers, Preferences and Rights of the Series&nbsp;B Preferred Stock, or Series&nbsp;B Certificate
of Designations, and our bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All outstanding shares of common stock are
fully paid and nonassessable. The following summarizes the rights of holders of our common stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each holder of common stock is entitled to one vote per share on all matters to be voted upon generally by the stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subject to preferences that may apply to shares of preferred stock outstanding, the holders of common stock are entitled to
receive lawful dividends as may be declared by our Board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>upon our liquidation, dissolution or winding up, the holders of shares of common stock are entitled to receive a pro rata portion
of all our assets remaining for distribution after satisfaction of all our liabilities and the payment of any liquidation preference
of any outstanding preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there are no redemption or sinking fund provisions applicable to our common stock; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>there are no preemptive or conversion rights applicable to our common stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our Board is authorized to issue from time
to time, in one or more designated series, any or all of our authorized but unissued shares of preferred stock with dividend, redemption,
conversion, exchange, voting and other provisions as may be provided in that particular series. The issuance need not be approved
by our common stockholders and need only be approved by holders, if any, of our Series A Preferred Stock and Series B Preferred
Stock if, as described below, the shares of preferred stock to be issued have preferences that are senior to or on parity with
those of our Series A Preferred Stock and Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of the holders of our common
stock, Series A Preferred Stock and Series B Preferred Stock will be subject to, and may be adversely affected by, the rights of
the holders of any preferred stock that may be issued in the future. Issuance of a new series of preferred stock, while providing
desirable flexibility in connection with possible acquisitions and other corporate purposes, could have the effect of entrenching
our Board and making it more difficult for a third-party to acquire, or discourage a third-party from acquiring, a majority of
our outstanding voting stock. The following is a summary of the terms of the Series A Preferred Stock and the Series B Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series B Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, 926,942 shares of Series
B Preferred Stock were issued and outstanding and an aggregate of 1,419,210 shares of Series B Preferred Stock had been converted
into shares of our common stock. The converted shares of Series B Preferred Stock have been returned to undesignated preferred
stock. A balance of 653,848 shares of Series B Preferred Stock remain authorized for issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Rank and Liquidation Preference</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of Series B Preferred Stock rank
prior to our common stock as to distribution of assets upon liquidation events, which include a liquidation, dissolution or winding
up of Pacific Ethanol, whether voluntary or involuntary. The liquidation preference of each share of Series B Preferred Stock is
equal to $19.50, or Series B Issue Price, plus any accrued but unpaid dividends on the Series B Preferred Stock. If assets remain
after the amounts are distributed to the holders of Series B Preferred Stock, the assets shall be distributed pro rata, on an as-converted
to common stock basis, to the holders of our common stock and Series B Preferred Stock. The written consent of a majority of the
outstanding shares of Series B Preferred Stock is required before we can authorize the issuance of any class or series of capital
stock that ranks senior to or on parity with shares of Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Dividend Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As long as shares of Series B Preferred
Stock remain outstanding, each holder of shares of Series B Preferred Stock are entitled to receive, and shall be paid quarterly
in arrears, in cash out of funds legally available therefor, cumulative dividends, in an amount equal to 7.0% of the Series B Issue
Price per share per annum with respect to each share of Series B Preferred Stock. The dividends may, at our option, be paid in
shares of Series B Preferred Stock valued at the Series B Issue Price. In the event we declare, order, pay or make a dividend or
other distribution on our common stock, other than a dividend or distribution made in common stock, the holders of the Series B
Preferred Stock shall be entitled to receive with respect to each share of Series B Preferred Stock held, any dividend or distribution
that would be received by a holder of the number of shares of our common stock into which the Series B Preferred Stock is convertible
on the record date for the dividend or distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series B Preferred Stock ranks pari
passu with respect to dividends and liquidation rights with the Series A Preferred Stock and pari passu with respect to any class
or series of capital stock specifically ranking on parity with the Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Optional Conversion Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each share of Series B Preferred Stock is
convertible at the option of the holder into shares of our common stock at any time. Each share of Series B Preferred Stock is
convertible into the number of shares of common stock as calculated by multiplying the number of shares of Series B Preferred Stock
to be converted by the Series B Issue Price, and dividing the result thereof by the Conversion Price. The &ldquo;Conversion Price&rdquo;
was initially $682.50 per share of Series B Preferred Stock, subject to adjustment; therefore, each share of Series B Preferred
Stock was initially convertible into 0.03 shares of common stock, which number is equal to the quotient of the Series B Issue Price
of $19.50 divided by the initial Conversion Price of $682.50 per share of Series B Preferred Stock. Accrued and unpaid dividends
are to be paid in cash upon any conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Mandatory Conversion Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event of a Transaction which will
result in an internal rate of return to holders of Series B Preferred Stock of 25% or more, each share of Series B Preferred Stock
shall, concurrently with the closing of the Transaction, be converted into shares of common stock. A &ldquo;Transaction&rdquo;
is defined as a sale, lease, conveyance or disposition of all or substantially all of our capital stock or assets or a merger,
consolidation, share exchange, reorganization or other transaction or series of related transactions (whether involving us or a
subsidiary) in which the stockholders immediately prior to the transaction do not retain a majority of the voting power in the
surviving entity. Any mandatory conversion will be made into the number of shares of common stock determined on the same basis
as the optional conversion rights above. Accrued and unpaid dividends are to be paid in cash upon any conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No shares of Series B Preferred Stock will
be converted into common stock on a mandatory basis unless at the time of the proposed conversion we have on file with the Securities
and Exchange Commission an effective registration statement with respect to the shares of common stock issued or issuable to the
holders on conversion of the Series B Preferred Stock then issued or issuable to the holders and the shares of common stock are
eligible for trading on The NASDAQ Stock Market (or approved by and listed on a stock exchange approved by the holders of 66 2/3%
of the then outstanding shares of Series B Preferred Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Conversion Price Adjustments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Conversion Price is subject to customary
adjustment for stock splits, stock combinations, stock dividends, mergers, consolidations, reorganizations, share exchanges, reclassifications,
distributions of assets and issuances of convertible securities, and the like. The Conversion Price is also subject to downward
adjustments if we issue shares of common stock or securities convertible into or exercisable for shares of common stock, other
than specified excluded securities, at per share prices less than the then effective Conversion Price. In this event, the Conversion
Price shall be reduced to the price determined by dividing (i) an amount equal to the sum of (a) the number of shares of common
stock outstanding immediately prior to the issue or sale multiplied by the then existing Conversion Price, and (b) the consideration,
if any, received by us upon such issue or sale, by (ii) the total number of shares of common stock outstanding immediately after
the issue or sale. For purposes of determining the number of shares of common stock outstanding as provided in clauses (i) and
(ii) above, the number of shares of common stock issuable upon conversion of all outstanding shares of Series B Preferred Stock,
and the exercise of all outstanding securities convertible into or exercisable for shares of common stock, will be deemed to be
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Conversion Price will not be adjusted
in the case of the issuance or sale of the following: (i) securities issued to our employees, officers or directors or options
to purchase common stock granted by us to our employees, officers or directors under any option plan, agreement or other arrangement
duly adopted by us and the grant of which is approved by the compensation committee of our Board; (ii) the Series B Preferred Stock
and any common stock issued upon conversion of the Series B Preferred Stock; (iii) securities issued on the conversion of any convertible
securities, in each case, outstanding on the date of the filing of the Series B Certificate of Designations; and (iv) securities
issued in connection with a stock split, stock dividend, combination, reorganization, recapitalization or other similar event for
which adjustment is made in accordance with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Voting Rights and Protective Provisions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Series B Preferred Stock votes together
with all other classes and series of our voting stock as a single class on all actions to be taken by our stockholders. Each share
of Series B Preferred Stock entitles the holder thereof to the number of votes equal to the number of shares of common stock into
which each share of Series B Preferred Stock is convertible on all matters to be voted on by our stockholders, however, the number
of votes for each share of Series B Preferred Stock may not exceed the number of shares of common stock into which each share of
Series B Preferred Stock would be convertible if the applicable Conversion Price were $682.50 (subject to appropriate adjustment
for stock splits, stock dividends, combinations and other similar recapitalizations affecting the shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not permitted, without first obtaining
the written consent of the holders of at least a majority of the then outstanding shares of Series B Preferred Stock voting as
a separate class, to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase or decrease the total number of authorized shares of Series B Preferred Stock or the authorized shares of our common
stock reserved for issuance upon conversion of the Series B Preferred Stock (except as otherwise required by our certificate of
incorporation or the Series B Certificate of Designations);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increase or decrease the number of authorized shares of preferred stock or common stock (except as otherwise required by our
certificate of incorporation or the Series B Certificate of Designations);</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol"></FONT></TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>alter, amend, repeal, substitute or waive any provision of our certificate of incorporation or our bylaws, so as to affect
adversely the voting powers, preferences or other rights, including the liquidation preferences, dividend rights, conversion rights,
redemption rights or any reduction in the stated value of the Series B Preferred Stock, whether by merger, consolidation or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize, create, issue or sell any securities senior to or on parity with the Series B Preferred Stock or securities that
are convertible into securities senior to or on parity the Series B Preferred Stock with respect to voting, dividend, liquidation
or redemption rights, including subordinated debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize, create, issue or sell any securities junior to the Series B Preferred Stock other than common stock or securities
that are convertible into securities junior to Series B Preferred Stock other than common stock with respect to voting, dividend,
liquidation or redemption rights, including subordinated debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize, create, issue or sell any additional shares of Series B Preferred Stock other than the Series B Preferred Stock
initially authorized, created, issued and sold, Series B Preferred Stock issued as payment of dividends and Series B Preferred
Stock issued in replacement or exchange therefore;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>engage in a Transaction that would result in an internal rate of return to holders of Series B Preferred Stock of less than
25%;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>declare or pay any dividends or distributions on our capital stock in a cumulative amount in excess of the dividends and distributions
paid on the Series B Preferred Stock in accordance with the Series B Certificate of Designations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize or effect the voluntary liquidation, dissolution, recapitalization, reorganization or winding up of our business;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchase, redeem or otherwise acquire any of our capital stock other than Series B Preferred Stock, or any warrants or other
rights to subscribe for or to purchase, or any options for the purchase of, our capital stock or securities convertible into or
exchangeable for our capital stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Reservation of Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We initially were required to reserve 200,000
shares of common stock for issuance upon conversion of shares of Series B Preferred Stock and are required to maintain a sufficient
number of reserved shares of common stock to allow for the conversion of all shares of Series B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Series A Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, no shares of Series
A Preferred Stock were issued and outstanding and an aggregate of 5,315,625 shares of Series A Preferred Stock had been converted
into shares of our common stock and returned to undesignated preferred stock. A balance of 1,684,375 shares of Series A Preferred
Stock remain authorized for issuance. The rights and preferences of the Series A Preferred Stock are substantially the same as
the Series B Preferred Stock, except as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the Series A Issue Price, on which the Series A Preferred Stock liquidation preference is based, is $16.00 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>dividends accrue and are payable at a rate per annum of 5.0% of the Series A Issue Price per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each share of Series A Preferred Stock is convertible at a rate equal to the Series A Issue Price divided by an initial Conversion
Price of $56.00 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>holders of the Series A Preferred Stock have a number of votes equal to the number of shares of common stock into which each
share of Series A Preferred Stock is convertible on all matters to be voted on by our stockholders, voting together as a single
class; provided, however, that the number of votes for each share of Series A Preferred Stock shall not exceed the number of shares
of common stock into which each share of Series A Preferred Stock would be convertible if the applicable Conversion Price were
$62.93 (subject to appropriate adjustment for stock splits, stock dividends, combinations and other similar recapitalizations affecting
the shares); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are not permitted, without first obtaining the written consent of the holders of at least a majority of the then outstanding
shares of Series A Preferred Stock voting as a separate class, to:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>change the number of members of our Board to be more than nine members or less than seven members;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>effect any material change in our industry focus or that of our subsidiaries, considered on a consolidated basis;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize or engage in, or permit any subsidiary to authorize or engage in, any transaction or series of transactions with
one of our or our subsidiaries&rsquo; current or former officers, directors or members with value in excess of $100,000, excluding
compensation or the grant of options approved by our Board; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>authorize or engage in, or permit any subsidiary to authorize or engage in, any transaction with any entity or person that
is affiliated with any of our or our subsidiaries&rsquo; current or former directors, officers or members, excluding any director
nominated by the initial holder of the Series B Preferred Stock.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Preemptive Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Holders of our Series A Preferred Stock
have preemptive rights to purchase a pro rata portion of all capital stock or securities convertible into capital stock that we
issue, sell or exchange, or agree to issue, sell or exchange, or reserve or set aside for issuance, sale or exchange. We must
deliver each holder of our Series A Preferred Stock a written notice of any proposed or intended issuance, sale or exchange of
capital stock or securities convertible into capital stock which must include a description of the securities and the price and
other terms upon which they are to be issued, sold or exchanged together with the identity of the persons or entities (if known)
to which or with which the securities are to be issued, sold or exchanged, and an offer to issue and sell to or exchange with
the holder of the Series A Preferred Stock the holder&rsquo;s pro rata portion of the securities, and any additional amount of
the securities should the other holders of Series A Preferred Stock subscribe for less than the full amounts for which they are
entitled to subscribe. In the case of a public offering of our common stock for a purchase price of at least $12.00 per share
and a total gross offering price of at least $50 million, the preemptive rights of the holders of the Series A Preferred Stock
shall be limited to 50% of the securities. Holders of our Series A Preferred Stock have a 30 day period during which to accept
the offer. We will have 90 days from the expiration of this 30 day period to issue, sell or exchange all or any part of the securities
as to which the offer has not been accepted by the holders of the Series A Preferred Stock, but only as to the offerees or purchasers
described in the offer and only upon the terms and conditions that are not more favorable, in the aggregate, to the offerees or
purchasers or less favorable to us than those contained in the offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The preemptive rights of the holders of
the Series A Preferred Stock shall not apply to any of the following securities: (i) securities issued to our employees, officers
or directors or options to purchase common stock granted by us to our employees, officers or directors under any option plan, agreement
or other arrangement duly adopted by us and the grant of which is approved by the compensation committee of our Board; (ii) the
Series A Preferred Stock and any common stock issued upon conversion of the Series A Preferred Stock; (iii) securities issued on
the conversion of any convertible securities, in each case, outstanding on the date of the filing of the Series A Certificate of
Designations; (iv) securities issued in connection with a stock split, stock dividend, combination, reorganization, recapitalization
or other similar event for which adjustment is made in accordance with the Series A Certificate of Designations; and (v) the issuance
of our securities issued for consideration other than cash as a result of a merger, consolidation, acquisition or similar business
combination by us approved by our Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, we had outstanding
warrants to purchase 8,303,098 shares of our common stock at exercise prices ranging from $6.29 to $745.00 per share. These outstanding
warrants consist of warrants to purchase an aggregate of 803,856 shares of common stock at an exercise price of $6.29 per share
expiring in 2014, warrants to purchase an aggregate of 1,812,357 shares of common stock at an exercise price of $7.14 per share
expiring in 2017, warrants to purchase an aggregate of 1,708,687 shares of common stock at an exercise price of $7.43 per share
expiring in 2018, warrants to purchase an aggregate of 1,839,600 shares of common stock at an exercise price of $7.80 per share
expiring in 2015, warrants to purchase an aggregate of 1,770,838 shares of common stock at an exercise price of $8.85 per share
expiring in 2015, warrants to purchase an aggregate of 305,665 shares of common stock at an exercise price of $10.54 per share
expiring in 2016, warrants to purchase an aggregate of 33,520 shares of common stock at an exercise price of $735.00 per share
expiring in 2018 and warrants to purchase an aggregate of 28,573 shares of common stock at an exercise price of $745.00 per share
expiring in 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Options</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 26, 2013, we had outstanding
options to purchase 242,008 shares of our common stock at exercise prices ranging from $3.74 to $871.50 per share issued under
our 2004 and 2006 Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registration Rights</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A number of holders of shares of our common
stock and all holders of warrants are entitled to rights with respect to the registration of their shares of common stock and underlying
shares of common stock, respectively, under the Securities Act. The registration rights with respect to the shares of common stock
issuable under the Notes are described in the &ldquo;Selling Security Holders&rdquo; section of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Lyles Registration Rights Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A number of holders of our Series B Preferred
Stock have registration rights under a registration rights agreement dated March 27, 2008, or Series B Registration Rights Agreement,
with respect to shares of common stock issued, issuable or that may be issuable under shares of Series B Preferred Stock and warrants
that were purchased under the terms of a securities purchase agreement dated March 18, 2008 between us and Lyles United, LLC. The
Series B Registration Rights Agreement provides that holders of a majority of the Series B Preferred Stock, including the shares
of common stock into which the Series B Preferred Stock have been converted, may demand at any time that we register on their behalf
the shares of common stock issued, issuable or that may be issuable upon conversion of the Series B Preferred Stock and as payment
of dividends on the Series B Preferred Stock, and upon exercise of the warrants issued in connection with the issuance of the shares
of Series B Preferred Stock. Following such demand, we are required to notify any other parties that are entitled to registration
rights under the Lyles Registration Rights Agreement of our intent to file a registration statement and include them in the related
registration statement upon their request. We are required to keep a registration statement filed under the Lyles Registration
Rights Agreement effective until all shares that are entitled to be registered are sold or can be sold under Rule 144 of the Securities
Act. The holders are entitled to two demand registrations on Form S-1 and an unlimited demand registrations on Form S-3 (except
that we are not obligated to effect more than one demand registration on Form S-3 in any calendar year).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition to the demand registration rights
under the Lyles Registration Rights Agreement, the holders are entitled to &ldquo;piggyback&rdquo; registration rights. These rights
entitle the holders who so elect to be included in certain registration statements to be filed by us with respect to other registrations
of equity securities. The holders are entitled to unlimited &ldquo;piggyback&rdquo; registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Lyles Registration Rights Agreement
includes customary cross-indemnity provisions under which we are obligated to indemnify the holders and their affiliates as a result
of losses caused by untrue or allegedly untrue statements of material fact contained or incorporated by reference in any registration
statement under which a holder&rsquo;s shares are registered, including any prospectuses or amendments related thereto. Our indemnity
obligations also apply to omissions of material facts and to any failure on our part to comply with any law, rule or regulation
applicable to such registration statement. Each holder is obligated to indemnify us and our affiliates as a result of losses caused
by untrue or allegedly untrue statements of material fact contained in any registration statement under which their shares are
registered, including any prospectuses or amendments related thereto, which statements were furnished in writing by that holder,
but only to the extent of the net proceeds received by that holder with respect to shares sold under the registration statement.
The holders&rsquo; indemnity obligations also apply to omissions of material facts on the part of the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A number of customary limitations to our
registration obligations are included in the Lyles Registration Rights Agreement. These limitations include our right to, in good
faith, delay or withdrawal registrations requested by the holders under demand and &ldquo;piggyback&rdquo; registration rights,
and the right to exclude portions of holders&rsquo; shares upon the advice of its underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are responsible for all costs of registration,
plus reasonable fees of one legal counsel for the holders, which fees are not to exceed $25,000 per registration. The Lyles Registration
Rights Agreement provides for reasonable access on the part of the holders to all of our books, records and other information and
the opportunity to discuss the same with our management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Anti-Takeover Effects of Delaware Law and Our Certificate
of Incorporation and Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A number of provisions of Delaware law,
our certificate of incorporation and our bylaws contain provisions that could have the effect of delaying, deferring and discouraging
another party from acquiring control of us. These provisions, which are summarized below, are expected to discourage coercive takeover
practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us
to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to
negotiate with an unfriendly or unsolicited acquiror outweigh the disadvantages of discouraging a proposal to acquire us because
negotiation of these proposals could result in an improvement of their terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Undesignated Preferred Stock</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The ability to authorize undesignated preferred
stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could
impede the success of any attempt to acquire us. These and other provisions may have the effect of deferring hostile takeovers
or delaying changes in control or management of Pacific Ethanol.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>Delaware Anti-Takeover Statute</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to the provisions of Section
203 of the Delaware General Corporation Law regulating corporate takeovers. In general, Section 203 prohibits a publicly-held Delaware
corporation from engaging, under specified circumstances, in a business combination with an interested stockholder for a period
of three years following the date the person became an interested stockholder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior to the date of the transaction, the board of directors of the corporation approved either the business combination or
the transaction which resulted in the stockholder becoming an interested stockholder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the stockholder owned
at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of
determining the number of shares of voting stock outstanding (but not the outstanding voting stock owned by the stockholder) (1)
shares owned by persons who are directors and also officers and (2) shares owned by employee stock plans in which employee participants
do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange
offer; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on or subsequent to the date of the transaction, the business combination is approved by the board and authorized at an annual
or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66&#8532;% of the outstanding
voting stock that is not owned by the interested stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Generally, a business combination includes
a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. An interested
stockholder is a person who, together with affiliates and associates, owns or, within three years prior to the determination of
interested stockholder status, did own 15% or more of a corporation&rsquo;s outstanding voting securities. We expect the existence
of its provision to have an anti-takeover effect with respect to transactions our board of directors does not approve in advance.
We also anticipate that Section 203 may also discourage attempts that might result in a premium over the market price for the shares
of common stock held by stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provisions of Delaware law, our certificate
of incorporation and our bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence,
they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile
takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these
provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfer Agent and Registrar</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The transfer agent and registrar for our
common stock is American Stock Transfer &amp; Trust Company, LLC. Its telephone number is (718) 921-8200.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The validity of the shares of common stock
offered under this prospectus will be passed upon by Troutman Sanders LLP, Irvine, California.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The consolidated financial statements appearing
in this Prospectus and Registration Statement have been audited by Hein &amp; Associates LLP, an independent registered public
accounting firm, as stated in their report appearing elsewhere herein, (which report expresses an unqualified opinion) and are
included in reliance upon such report and upon the authority of such firm as experts in accounting and auditing.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">WHERE YOU
CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We have filed with the SEC a registration
statement on Form S-1 under the Securities Act, and the rules and regulations promulgated under the Securities Act, with respect
to the common stock offered under this prospectus. This prospectus, which constitutes a part of the registration statement, does
not contain all of the information contained in the registration statement and the exhibits and schedules to the registration statement.
Many of the contracts and documents described in this prospectus are filed as exhibits to the registration statements and you may
review the full text of these contracts and documents by referring to these exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For further information with respect to
us and the common stock offered under this prospectus, reference is made to the registration statement and its exhibits and schedules.
We file reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the
SEC. The public may read and copy any materials we file with the SEC at the SEC&rsquo;s Public Reference Room at 100 F Street,
N.E., Washington, DC 20549, on official business days during the hours of 10 a.m. to 3 p.m. The registration statement, including
its exhibits and schedules, may be inspected at the Public Reference Room. The public may obtain information on the operation of
the Public Reference Room by calling the SEC at 1-800-SEC-0330.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The SEC maintains an Internet web site
that contains reports, proxy and information statements and other information regarding issuers, including Pacific Ethanol, that
file electronically with the SEC. The SEC&rsquo;s Internet website address is <U>http://www.sec.gov</U>. Our Internet website
address is <U>http://www.pacificethanol.net</U>/.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We do not anticipate that we will send an
annual report to our stockholders until and unless we are required to do so by the rules of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">All trademarks or trade names referred to
in this prospectus are the property of their respective owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
<BR>
INDEX TO FINANCIAL STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 91%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: right"><U>Page</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012</TD>
    <TD STYLE="text-align: right">F-2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012 (unaudited)</TD>
    <TD STYLE="text-align: right">&nbsp; F-4</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Statements of Cash Flows for the Three Months Ended  March 31, 2013 and 2012 (unaudited)</TD>
    <TD STYLE="text-align: right">&nbsp; &nbsp; F-5</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Notes to Consolidated Financial Statements (unaudited) for the Three Months Ended March 31, 2013</TD>
    <TD STYLE="text-align: right">&nbsp; F-7</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Report of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="text-align: right">F-23</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Balance Sheets as of December 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right">F-24</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Statements of Operations for the Years Ended December 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right">F-26</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Statement of Stockholders&rsquo; Equity for the Years Ended December 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right">&nbsp; F-27</TD>
</TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Consolidated Statements of Cash Flows for the Years Ended December 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right">F-28</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>Notes to Consolidated Financial Statements for the Years Ended December 31, 2012 and 2011</TD>
    <TD STYLE="text-align: right">F-30</TD></TR>
</TABLE>


<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">March 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">ASSETS</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">*</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-left: 9pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,194</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">7,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 0.25in">Accounts receivable, net (net of allowance for doubtful accounts of $226 and $18, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,051</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,244</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,644</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,422</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">65,521</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,432</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Property and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">147,863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,409</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Other Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,734</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,425</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Total other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,040</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,122</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Total Assets**</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">221,424</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,963</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">                                                                                                                                           <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>*</TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">Amounts derived
                              from the audited financial statements for the year ended December 31, 2012.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 13.5pt"></TD><TD STYLE="width: 22.5pt">**</TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Assets of the consolidated variable interest entity that can only
be used to settle obligations of that entity were $153,954 and $156,192 as of March 31, 2013 and December 31, 2012, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-bottom: 0; text-align: center"><BR>
</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED BALANCE SHEETS (CONTINUED)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(in thousands, except par value and shares)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">March 31,</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">December 31,</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-left: 1.3pt">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">(unaudited)</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">*</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 66%; text-align: left; padding-left: 9pt">Accounts payable &ndash; trade</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">9,729</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">5,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Current portion &ndash; long-term debt ($750 due to a related party)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,496</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,029</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,415</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Long-term debt, net of current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">113,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Warrant liabilities and conversion feature at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,638</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,644</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">Total Liabilities**</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">153,326</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Commitments and Contingencies (Notes 5 and 7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -1.3pt; padding-left: 1.3pt">Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Pacific Ethanol, Inc. Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 22pt; text-indent: -11pt">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2013 and December&nbsp;31, 2012; <BR>Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2013 and December 31, 2012; liquidation preference of $23,196 as of March 31, 2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 22pt; text-indent: -11pt">Common stock, $0.001 par value; 300,000,000 shares authorized; 10,495,824 and 9,789,408 shares issued and outstanding as of March 31, 2013 and December&nbsp;31, 2012, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 22pt; text-indent: -11pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">594,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,861</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 22pt; text-indent: -11pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(536,076</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(530,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total Pacific Ethanol, Inc. Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,701</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,397</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,345</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">68,098</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,907</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0pt">Total Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">221,424</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,963</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.5pt; text-align: left; text-indent: -13.5pt">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt"><B>* </B>&nbsp;</TD>
    <TD STYLE="width: 93%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt">Amounts derived from the audited financial statements for the year ended December 31, 2012.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt"><B>** </B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 10pt">Liabilities of the consolidated variable interest entity for which creditors do not have recourse to the general credit of Pacific Ethanol, Inc. were $110,415 and $105,315 as of March 31, 2013 and December 31, 2012, respectively.</TD></TR>
</TABLE>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left; text-indent: -22.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 38.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 38.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify; text-indent: 38.5pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: left"></P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF OPERATIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(unaudited, in thousands, except per share
data)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">225,459</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">197,719</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">224,613</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">205,196</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,477</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,005</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Loss from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,159</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,855</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Warrant inducements and fair value adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(692</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,481</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,909</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Gain on extinguishment of debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(87</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(194</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss before provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,602</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,991</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,602</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,991</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,148</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net loss attributed to Pacific Ethanol, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,454</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,953</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(312</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(315</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,766</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net loss per share, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.57</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.92</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,060</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,748</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">See accompanying notes to consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">CONSOLIDATED STATEMENTS OF CASH FLOWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 2pt; text-align: center">(unaudited, in thousands)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended <BR>March 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt; width: 66%">Consolidated net loss</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(6,602</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(13,991</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Adjustments to reconcile consolidated net loss to <BR> net cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Depreciation and amortization of intangibles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,974</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,134</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Interest expense added to Plant Owners&rsquo; debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,276</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Gain on extinguishment of debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Warrant fair value adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Amortization of debt discount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Amortization of deferred financing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 27pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">630</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">296</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Loss (gain) on derivatives</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Bad debt expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">208</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,326</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(984</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 27pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,300</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,696</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,393</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 27pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,222</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,040</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.9pt; padding-left: 36.9pt">Accounts payable and accrued expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,428</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -10.4pt; padding-left: 46.4pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,454</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,752</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Additions to property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(309</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(896</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Purchases of New PE Holdco ownership interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,639</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Net cash used in investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,948</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(896</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Proceeds from Senior Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,192</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Proceeds from Series A Convertible Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 11pt">Proceeds from exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,064</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Proceeds from Plant Owners&rsquo; borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Principal Payments on Plant Owners&rsquo; borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Principal Payments on Senior Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,880</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Net proceeds from (payments on) Kinergy&rsquo;s line of credit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,970</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Parent purchases of Plant Owners&rsquo; debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,357</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Debt issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,044</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt">Preferred stock dividends paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Net cash provided by (used in) financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,010</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(285</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Net decrease in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,392</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,933</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Cash and cash equivalents at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,586</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,914</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Cash and cash equivalents at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,194</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,981</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0.05in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0pt">Supplemental Information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 11pt">Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">737</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,789</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Noncash financing and investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Reclass of noncontrolling interest in VIE to APIC upon acquisitions of ownership interests in New PE Holdco</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,161</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Discount on senior and convertible debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,940</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Reclass of warrant liability to equity upon warrant exercises</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">260</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">112</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 22pt; text-indent: -11pt">Preferred stock dividends paid in common stock</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">732</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: center">See
accompanying notes to consolidated financial statements.&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 38.5pt"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="font-variant: small-caps">ORGANIZATION </FONT>AND BASIS OF PRESENTATION.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Organization and Business</U></I>
&ndash; The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware
corporation (&ldquo;Pacific Ethanol&rdquo;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries,
Kinergy Marketing, LLC, an Oregon limited liability company (&ldquo;Kinergy&rdquo;), Pacific Ag. Products, LLC, a California limited
liability company (&ldquo;PAP&rdquo;) and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its
majority-owned subsidiary, New PE Holdco LLC (&ldquo;New PE Holdco&rdquo;), which owns the Plant Owners (each as defined below)
(collectively, the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">The Company is the
leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products,
including wet distillers grain (&ldquo;WDG&rdquo;), a nutritious animal feed, and syrup. Serving integrated oil companies and gasoline
marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through third-party
service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington.
The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four ethanol production facilities, as of March
31, 2013 and December 31, 2012, respectively. The facilities are near their respective fuel and feed customers, offering significant
timing, transportation cost and logistical advantages. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined
below) and unrelated third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal
feed distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company manages the production and
operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol
Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &ldquo;Pacific Ethanol Plants&rdquo;) and their holding
company, Pacific Ethanol Holding Co. LLC (&ldquo;PEHC,&rdquo; and together with the Pacific Ethanol Plants, the &ldquo;Plant Owners&rdquo;).
PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual ethanol production capacity
of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one of the facilities was idled.
As market conditions change, the Company may increase, decrease or idle production at one or more operational facilities or resume
operations at any idled facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Reverse Stock Split</U></I> &ndash;
On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share information has been restated
to retroactively show the effect of this stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Liquidity</U></I>
&ndash; During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand,
borrowings under its credit facilities and various capital raising transactions in which it raised gross proceeds of
$31,042,000 through the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with
the exercise of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">As of March 31, 2013, the Plant Owners
had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay the $4,029,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $89,568,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&rsquo; inability to restructure or repay the $4,029,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.<FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&rsquo;s current available
capital resources consist of cash on hand and amounts available for borrowing under Kinergy&rsquo;s credit facility. In addition,
the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future
available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under
Kinergy&rsquo;s credit facility, cash generated from Kinergy&rsquo;s ethanol marketing business, fees paid under the asset management
agreement relating to the Company&rsquo;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of the Company&rsquo;s
ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">Subject to closing
under the Company&rsquo;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder
approval of the transaction, the Company believes that current and future available capital resources, revenues generated from
operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&rsquo;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&rsquo;s failure to raise
capital, if needed, could restrict its growth, or hinder its ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Accounts Receivable and Allowance
for Doubtful Accounts</U></I> &ndash; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company maintains an allowance for
doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the
invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company
has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts
receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered
in reaching this determination are the apparent financial condition of the customer and the Company&rsquo;s success in contacting
and negotiating with the customer. If the financial condition of the Company&rsquo;s customers were to deteriorate, resulting in
an impairment of ability to make payments, additional allowances may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Of the accounts receivable balance,
approximately $25,385,000 and $20,627,000 at March 31, 2013 and December 31, 2012, respectively, were used as collateral under
Kinergy&rsquo;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000 as of March 31, 2013 and
December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the three months ended March
31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Basis of Presentation</U></I><U>&ndash;<I>Interim
Financial Statements</I></U><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: black"> </FONT>&ndash; The accompanying
unaudited consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information and the instructions to Form 10-Q and Rule&nbsp;10-01 of Regulation&nbsp;S-X.
Results for interim periods should not be considered indicative of results for a full year. These interim consolidated financial
statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December&nbsp;31, 2012. The accounting policies used in preparing these consolidated
financial statements are the same as those described in Note 1 to the consolidated financial statements in the Company&rsquo;s
Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal
recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant
intercompany accounts and transactions have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The preparation of the consolidated
financial statements in conformity with accounting principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of variable interest entities, fair value of convertible notes
and warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived asset impairments,
valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events recognized in the
Company&rsquo;s financial statements or tax returns. Actual results and outcomes may materially differ from management&rsquo;s
estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Reclassifications of prior year&rsquo;s
data have been made to conform to 2013 classifications. Such classifications had no effect on net income (loss) reported in the
consolidated statements of operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>VARIABLE INTEREST ENTITY.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company concluded that at all times
since New PE Holdco&rsquo;s inception, New PE Holdco has been a variable interest entity because the other owners of New PE Holdco,
due to the Company&rsquo;s involvement through its contractual arrangements, have at all times lacked the power to direct the activities
that most significantly impacted its economic performance. Some of these activities include efficient management and operation
of the Pacific Ethanol Plants, sale of ethanol, the procurement of feedstock, sale of co-products and implementation of risk management
strategies. At the time of New PE Holdco&rsquo;s inception, however, the Company did not have an obligation to absorb losses or
receive benefits that could potentially be significant to New PE Holdco and, as a result, it was determined that the Company was
not New PE Holdco&rsquo;s primary beneficiary. Upon the Company&rsquo;s purchase of its 20% initial ownership interest in New PE
Holdco on October 6, 2010, the Company, through its ownership interest, had an obligation to absorb losses and receive benefits
that could potentially be significant to New PE Holdco. As a result, the Company then became the primary beneficiary of New PE
Holdco and began consolidating the financial results of New PE Holdco.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In January and March 2013, the Company purchased
an additional 13% and 3% of the ownership interests in New PE Holdco for $1,308,000 and $331,000 in cash, respectively, bringing
its total ownership interest to 83% as of March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Because the Company has a controlling financial
interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead reduced the amount of noncontrolling
interest in variable interest entity on the consolidated balance sheets by an aggregate $9,800,000 and recorded the difference
of $8,161,000 for the three months ended March 31, 2013, which represents the fair value of these purchases above the price paid
by the Company, to additional paid-in capital on the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Because New PE Holdco&rsquo;s results
are consolidated with the Company&rsquo;s financial results for financial reporting purposes, the acquisition of additional interests
in New PE Holdco did not impact the Company&rsquo;s reported consolidated net income or loss. However, the portion of New PE Holdco&rsquo;s
net income or loss that is allocated to the Company increased from 34% to 67% during 2012 and from 67% to 83% in 2013, thus changing
the net income or loss attributable to Pacific Ethanol after reducing the net income or loss attributable to the noncontrolling
interests and the Company&rsquo;s earnings per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company recognized approximately
$122,225,000 and $105,854,000 in net sales and $4,973,000 and $13,641,000 in net loss attributed to New PE Holdco for the three
months ended March 31, 2013 and 2012, respectively. Had the Company held an 83% ownership interest in New PE Holdco, for the three
months ended March 31, 2013 and 2012, the Company&rsquo;s reported net loss available to common stockholders would have been $6,069,000
and $11,987,000, respectively, and loss per share would have been $0.60 and $2.09, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The carrying values and classification
of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 43%; text-align: left; padding-left: 0pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">11</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,485</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">143,308</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">153,954</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 43%; text-align: left; padding-left: 0pt">Current liabilities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">6,598</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0pt">Long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">103,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">220</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">110,415</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company&rsquo;s acquisition of its
ownership interest in New PE Holdco does not impact the Company&rsquo;s rights or obligations under any of its contractual agreements.
Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the Company has not provided any
additional support to New PE Holdco beyond the terms of its contractual agreements.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>INVENTORIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Inventories consisted primarily of bulk
ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.
Inventory balances consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -33pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 45%; text-align: left; padding-left: 0pt">Finished goods</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">11,053</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">10,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Work in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,846</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">790</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">805</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 22pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17,536</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>DERIVATIVES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">The business and activities of the Company
expose it to a variety of market risks, including risks related to changes in commodity prices and interest rates. The Company
monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes the
unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have on
operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><I><U>Commodity Risk</U></I><U> &ndash;
<I>Cash Flow Hedges</I></U> &ndash; The Company uses derivative instruments to protect cash flows from fluctuations caused by volatility
in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially adverse effects
of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date and/or if the
contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales of ethanol to
minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated and documented
as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions and regressing
commodity futures prices against the Company&rsquo;s purchase and sales prices. Ineffectiveness, which is defined as the degree
to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold. For the three
months ended March 31, 2013 and 2012, the Company did not designate any of its derivatives as cash flow hedges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Commodity Risk &ndash; Non-Designated
Hedges</U></I> &ndash; The Company uses derivative instruments to lock in prices for certain amounts of corn and ethanol by entering
into forward contracts for those commodities. These derivatives are not designated for special hedge accounting treatment. The
changes in fair value of these contracts are recorded on the balance sheet and recognized immediately in cost of goods sold. The
Company recognized losses of $5,000 and gains of $134,000 as the change in the fair value of these contracts for the three months
ended March 31, 2013 and 2012, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Non Designated Derivative Instruments</U></I>
&ndash; The classification and amounts of the Company&rsquo;s recognized gains (losses) for its derivatives not designated as hedging
instruments are as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: -11pt"></TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: -11pt"></TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center">Realized Losses</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: -11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: -11pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0pt; border-bottom: Black 1pt solid">Type of Instrument</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt; border-bottom: Black 1pt solid">Statements of Operations Location</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">2013</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 24%; text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Commodity contracts</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 40%; text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Cost of goods sold</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 13%; text-align: right; border-bottom: Black 2.5pt double">(73</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">)</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 13%; text-align: right; border-bottom: Black 2.5pt double">(102</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">)</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center; padding-left: 5.4pt"></TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt"></TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD COLSPAN="5" STYLE="text-align: center">Unrealized Gains</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD COLSPAN="5" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt; border-bottom: Black 1pt solid; width: 24%">Type of Instrument </TD><TD STYLE="text-align: center; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt; border-bottom: Black 1pt solid; width: 40%">Statements of Operations Location</TD><TD STYLE="text-align: center; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; width: 13%; border-bottom: Black 1pt solid">2013</TD><TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; width: 13%; border-bottom: Black 1pt solid">2012</TD><TD STYLE="text-align: center; width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Commodity contracts</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 0pt; padding-bottom: 2.5pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">68</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">236</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>DEBT.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term borrowings are summarized as follows
(in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: -11pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">March 31, 2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; color: black; text-align: left; padding-left: 0pt">Kinergy operating line of credit</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">20,558</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">19,711</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Senior unsecured notes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">20,313</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&ndash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Subordinated convertible notes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">6,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&ndash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Plant Owners&rsquo; term debt and accrued interest</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">57,097</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">54,821</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Plant Owners&rsquo; operating lines of credit</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">46,500</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">46,000</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Note payable to related party</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">151,218</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">121,282</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Less: Parent purchased Plant Owners&rsquo; term debt</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(24,174</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&ndash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left; padding-left: 0pt">Less: Unamortized discount on senior unsecured notes</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">(2,432</TD><TD STYLE="color: black; text-align: left">)</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">&ndash;</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Less: Unamortized discount on convertible notes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,283</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">122,329</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">121,282</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; padding-left: 0pt">Less short-term portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,496</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,029</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; padding-bottom: 2.5pt; padding-left: 0pt">Long-term debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">113,833</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">117,253</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Kinergy Operating Line of Credit</U></I>
&ndash; For the three months ended March 31, 2013, Kinergy borrowed a net $847,000 on its working capital line of credit. As of
March 31, 2013, Kinergy had an available borrowing base under the credit facility of $7,872,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><I><U>Senior Unsecured
Notes</U></I> &ndash; On January 11, 2013, under the terms of a Securities Purchase Agreement dated December 19, 2012 among the
Company and five accredited investors, the Company issued and sold to the investors in a private offering $22,192,000 in aggregate
principal amount of its senior unsecured notes ( &ldquo;January 2013 Notes&rdquo;) and warrants to purchase an aggregate of 1,708,687
shares of the Company&rsquo;s common stock ( &ldquo;January 2013 Financing Transaction&rdquo;) for aggregate gross proceeds of
$22,192,000. The warrants have an exercise price of $7.80 per share and expire in January 2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">The January 2013 Notes
mature on March 30, 2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal
balance of the January 2013 Notes is not less than $10,769,000 by January 15, 2014, the interest rate will increase commencing
on January 15, 2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal
balance of the January 2013 Notes is less than $10,769,000. Payments due under the January 2013 Notes rank senior to all other
indebtedness of the Company and its subsidiaries, other than certain permitted senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">Upon closing of the
January 2013 Notes, the Company recorded a debt discount of $2,657,000, attributed to the value of the warrants issued in connection
with the financing. The debt discount will be amortized over the life of the January 2013 Notes to approximate a yield adjustment.
For the three months ended March 31, 2013, the Company recorded $225,000 of discount amortization included in interest expense,
net on the consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If at any time the Company receives
net cash proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result
of incurring certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net
cash proceeds, provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January
2013 Notes or purchase certain outstanding debt issued by the Plant Owners. During the three months ended March 31, 2013, the Company
made principal payments in the aggregate amount of $1,880,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Interest on the January 2013 Notes is
payable in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &ldquo;Interest Payment
Date&rdquo;). Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to
pay interest due and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the
Company pays in shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest
is paid. The number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount
of interest payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted
average price of the Company&rsquo;s common stock for the thirty trading days immediately preceding (but excluding) the Interest
Payment Date, and (ii) 0.95. As of March 31, 2013, the Company has not made any interest payments in shares of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><I>Restrictive Covenants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The January 2013 Notes prohibit the
Company from engaging in various activities, including (i) the Company and its subsidiaries will not incur other indebtedness,
except for certain permitted indebtedness; (ii) the Company and its subsidiaries will not incur any liens, except for certain permitted
liens; (iii) the Company and its subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness
(except for certain permitted indebtedness) if at the time such payment is due or is made or, after giving effect to such payment,
an event constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred
and is continuing; (iv) the Company and its subsidiaries will not redeem, repurchase or pay any dividend or distribution on its
respective capital stock without the prior consent of the holders of the January 2013 Notes, other than certain permitted distributions;
and (v) the Company and its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of the Company
or any subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary course
of business).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><I>Registration Rights Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The January 2013 Notes include registration
rights which required that the Company file a registration statement with the Securities and Exchange Commission within 30 days
of the closing date for the resale by the January 2013 Note holders of up to 1,708,687 shares of common stock underlying the warrants
and 491,315 shares of common stock that may be issued as interest shares under the January 2013 Notes. The Company filed the initial
registration statement by the 30 day deadline. As part of the Company&rsquo;s issuance of subordinated convertible notes in March
2013, the initial registration statement was withdrawn with the permission of the January 2013 Note holders. The Company is obligated
to file another registration statement with the Securities and Exchange Commission covering the warrant shares and interest shares
by no later than June 30, 2013.</P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Subordinated Convertible Notes</U></I> &ndash;
On March 28, 2013, the Company issued $6,000,000 in aggregate principal amount of its Series A Subordinated Convertible Notes
(&ldquo;Series A Notes&rdquo;), and warrants to purchase an aggregate of 1,839,600 shares of common stock for aggregate gross
proceeds of $6,000,000. The warrants have an exercise price of $7.80 per share. Of the warrants issued in the transaction, warrants
to purchase 788,400 shares of common stock expire in March 2015 and warrants to purchase 1,051,200 shares of common stock expire
two years after the closing of the issuance of an $8,000,000 tranche of Series B Subordinated Convertible Notes, which is anticipated
to close, subject to stockholder approval, in June 2013. The net proceeds of the offering were used to (i) purchase $2,636,000
of Plant Owners&rsquo; debt maturing in June 2013, the maturity of which was also extended at the time from June 2013 to June
2016; (ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase and immediately retire $3,500,000 of the Plant
Owners&rsquo; term debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">Unless converted or
redeemed earlier, the Series A Notes will mature on March 28, 2014. The Series A Notes bear interest at 5%&nbsp;per annum, compounded
monthly. All amounts due under the Series A Notes are convertible at any time, in whole or in part, at the option of the holders
into shares of the Company&rsquo;s common stock at a conversion price ( &ldquo;Fixed Conversion Price&rdquo;), which is subject
to adjustment as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">The Series A Notes
are initially convertible into shares of the Company&rsquo;s common stock at the initial Fixed Conversion Price of $15.00 per share.
If the Company sells or issues any securities with &ldquo;floating&rdquo; conversion prices based on the market price of its common
stock, the holder of a Series A Note will have the right thereafter to substitute the &ldquo;floating&rdquo; conversion price for
the Fixed Conversion Price upon conversion of all or part of the Series A Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Amortization payments, together with
accrued and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar
day before each installment date, the Company is required to deliver a notice electing to effect a redemption in cash or a conversion
of the installment amount due on the installment date into shares of its common stock. The Company&rsquo;s ability to pay an installment
amount in shares of its common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will
require that the Company pay an installment amount solely in cash. On the applicable installment date, the Company is required
to deliver to the holders of Series A Notes an amount of shares of common stock equal to that portion of the installment amount
being converted divided by the lesser of the then existing Fixed Conversion Price and 85% of the Market Price on the installment
date ( &ldquo;Company Conversion Price&rdquo;). The &ldquo;Market Price&rdquo; on any given date is equal to the lesser of (i) the volume weighted
average price on the trading day immediately preceding the date of determination, and (ii) the average of the three lowest volume
weighted average prices during the ten trading day period ending on the trading day immediately prior to the date of determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The holder of a Series A Note may, at
the holder&rsquo;s election by giving notice to the Company, defer the payment of the installment amount due on any installment
date to another installment date, in which case the amount deferred will become part of the subsequent installment date and will
continue to accrue interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at
its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect
on the current installment date, provided that if the Company had elected to convert the installment amount due on the current
installment date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of
default, there will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion
Price applicable to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion
Price on the current installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect. At March
31, 2013, based on the Company&rsquo;s most recent conversion price of $3.60, the Series A Notes were convertible into 1,688,300
shares of the Company&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has determined that the
conversion feature in the Series A Notes and the related warrants require bifurcation and liability classification and measurement,
at fair value, and require evaluation at each reporting period. The initial fair values of the conversion feature of $1,400,800
and the warrants of $882,500 are accounted for as a debt discount and will be amortized into interest expense as a yield adjustment
over the term of the Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">From April 1, 2013 through May 14, 2013,
the Company made two installment payments and received various holder conversion notices. In the aggregate, the Company issued
386,000 shares of its common stock in payment of principal and interest in an aggregate amount of $1,447,000 in respect of the
Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><I><U>Plant Owners&rsquo;
Term Debt and Operating Lines of Credit</U></I> &ndash; The Plant Owners&rsquo; debt, prior to any of the amendments discussed
below, consisted of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit
facility. Except as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the
three-month LIBOR or the Prime Rate of interest, at the Plant Owners&rsquo; election, plus 10.0%. At March 31, 2013, the interest
rate was approximately 13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when
all principal amounts are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">From July 13, 2012 through
March 31, 2013, the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity
dates in respect of $48,372,000 of the combined term loans and $38,878,000 of the $40,000,000 in revolving debt from June 25, 2013
to June 30, 2016, of which Pacific Ethanol owns $24,174,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">Further, monthly interest
payments due to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June
30, 2013, be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As
of March 31, 2013, the extended principal balances include $5,818,000 of accrued interest that was deferred by the Plant Owners.
The amendments also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their
loans without penalty while keeping the extended loans in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><I><U>Acquisitions
of Plant Debt</U></I> &ndash; On January 11, 2013, the Company used $21,500,000 of the gross proceeds of the January 2013 Financing
Transaction to purchase from certain lenders an aggregate amount of $21,500,000 of the Plant Owners&rsquo; tranche A-2 term loans.
The Company reviewed the acquisition of the plant debt as a modification of terms as the lenders who held the acquired plant debt
were the same parties as those lenders under the January 2013 Notes. Based on the Company&rsquo;s review of the present value of
cash flows of the January 2013 Notes compared to the older plant debt, which resulted in a less than 10% change, the modification
was not significant and the Company did not record a gain or loss associated with the modification. The Company did however, record
as expenses as incurred certain legal costs associated with the debt modification of approximately $408,000, rather than amortizing
those expenses over the life of the debt. Because the plant debt acquired is now held by Pacific Ethanol, this specific debt is
eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">On March 28, 2013,
the Company used proceeds from the issuance of its Series A Notes and warrants to purchase $3,500,000 of revolving credit facility
debt, at par, from a lender. In accordance with the terms of the amended credit facility, the Company was obligated to immediately
forgive the purchased amount of revolving credit facility debt and has permanently reduced the maximum commitment on this facility
to $36,500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in">On March 28, 2013,
the Company also used proceeds from the issuance of its Series A Notes and warrants to purchase $2,636,000 of tranche A-2 term
loans and an additional 3% ownership interest in New PE Holdco for a combined purchase price of $2,150,000. The Company first allocated
$331,000 of this payment to the New PE Holdco ownership interest and the remainder was allocated to the tranche A-2 term debt.
The $817,000 difference between the amount the Company allocated to the term loans and the face amount of $2,636,000 was recorded
as a gain on debt extinguishment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>New Operating Line of Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases
in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.
The Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement,
to prepay in whole or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full
of the revolving loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity
date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have
accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the
Treasury Rate as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in
connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments are not
subject to the prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility
and extended the maturity date of the facility from June 25, 2013 to June 25, 2015. On March 28, 2013, the lenders approved $5,000,000
in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 31, 2013, the Plant
Owners had unused availability under the new revolving credit facility of $5,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">All of the term loans and revolving
credit facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the
assets, including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The
Plant Owners&rsquo; creditors do not have recourse to Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I>Debt due June 2013</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is in discussions with
the holder of the remaining $4,029,000 of combined term and
revolving debt due June 25, 2013. The Company believes that it will be able
to successfully extend, restructure or repay the loans prior to the June 25, 2013 maturity date. However, the Company
cannot provide any assurance that it will be able to do so, or what the terms of any such arrangement might be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2013 and December 31, 2012.
On February 7, 2013, the maturity date was extended to March 31, 2014.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD>COMMON STOCK AND WARRANTS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><I><U>Grants of stock</U>
</I>&ndash; In January 2013, the Company granted 63,333 shares of restricted stock to members of the Company&rsquo;s Board of Directors,
with the exception of its Chief Executive Officer, that vest on the earlier of (i) the date of the Company&rsquo;s 2013 annual
meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.25 per share. In January 2013, the Company
granted an additional 94,167 shares of restricted stock to the Company&rsquo;s non-executive employees that vest in equal amounts
on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.25 per share. In March 2013, the Company granted
an additional 113,333 shares of restricted common stock to its executive employees that vest in equal installments on each of April
1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><I><U>Warrant issuances</U>
</I>&ndash; In connection with the January 2013 Financing Transaction, the Company issued warrants to purchase an aggregate of
1,708,687 shares of the Company&rsquo;s common stock. The warrants have an exercise price of $7.80 per share and expire in January
2018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in">In connection with
the Company&rsquo;s issuance of its Series A Notes, the Company issued warrants to purchase up to 788,400 shares of common stock
at an exercise price of $7.80 per share that expire in March 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in">The Company has determined
that the warrants issued in the above transactions did not meet the conditions for classification in stockholders&rsquo; equity
and as such, the Company has recorded them as a liability at fair value. The Company will revalue them at each reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><I><U>Warrant exercises</U></I>
&ndash; During February 2013, certain holders exercised warrants and received 267,733 shares of the Company&rsquo;s common stock
upon payment of an aggregate of $2,064,000 in cash. The Company paid $785,800 in cash to the warrant holders as an inducement for
such exercises and recorded an expense of approximately $785,800. In March 2013, a holder exercised warrants on a cashless basis
and received 11,356 shares of the Company&rsquo;s common stock.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>COMMITMENTS AND CONTINGENCIES.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Sales Commitments</U></I> &ndash;
At March 31, 2013, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol,
WDG and syrup. The Company had open ethanol indexed-price contracts for 95,109,000 gallons of ethanol as of March 31, 2013. The
Company had open WDG and syrup fixed-price sales contracts valued at $552,000 and open indexed-price sales contracts for 27,000
tons of WDG and syrup as of March 31, 2013. These sales contracts will be completed throughout 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Purchase Commitments</U></I> &ndash;
At March 31, 2013, the Company had fixed-price purchase contracts with its suppliers to purchase $12,143,000 of ethanol and indexed-price
contracts to purchase 113,000 gallons of ethanol. These contracts will be satisfied throughout the remainder of 2013.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Litigation &ndash; General</U>
&ndash;</I> The Company is subject to various claims and contingencies in the ordinary course of its business, including those
related to litigation, business transactions, employee-related matters, and others. When the Company is aware of a claim or potential
claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss
can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the amount of the
loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably possible
and the amount involved could be material. While there can be no assurances, the Company does not expect that any of its pending
legal proceedings will have a material financial impact on the Company&rsquo;s operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in">8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>FAIR VALUE MEASUREMENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">The fair value hierarchy prioritizes
the inputs used in valuation techniques into three levels as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 &ndash; Observable inputs &ndash; unadjusted quoted prices in active markets for identical
assets and liabilities;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 &ndash; Observable inputs other than quoted prices included in Level 1 that are observable
for the asset or liability through corroboration with market data; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 &ndash; Unobservable inputs &ndash; includes amounts derived from valuation models where
one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description
of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the
prior reporting period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded its warrants issued from
2010 through 2013 at fair value and designated them as Level 3 on their issuance dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Warrants</U></I> &ndash; Except
for the warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based valuation methodology,
adjusted for marketability restrictions. The warrants issued September 26, 2012, did not contain any anti-dilution protection features.
As a result, the warrants were valued using the Black-Scholes Valuation Model. Of the various inputs used, the volatility and the
current price of the Company&rsquo;s common stock most significantly impact the fair value adjustments of the warrants. As the
Company&rsquo;s common stock increases or decreases, the valuation of the warrants will increase or decrease, respectively. As
the estimated volatility of the Company&rsquo;s common stock increases or decreases, the valuation of the warrants will increase
or decrease, respectively. These changes may result in significantly higher or lower fair value measurements from period to period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Significant assumptions used and related
fair values for the warrants as of March 31, 2013 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Original Issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Risk-Free Interest Rate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Term (years)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Discount for marketability restrictions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 9%; text-indent: -1in; padding-left: 1in">03/28/2013</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">7.80</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">71.1%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.24%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">38.2%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">788,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">882,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">01/11/2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.80</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.77%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.79</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.4%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,709,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,728,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">09/26/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.85</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.2%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.31%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.9%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,771,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">776,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,812,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,880,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.7%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.14%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.76</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57.6%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">804,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">335,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">12/13/2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.57%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.71</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.1%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">478,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: 8.6pt; padding-left: 1in; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">8,079,000</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">Significant assumptions used and related
fair values for the warrants as of December 31, 2012 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Original Issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Risk-Free Interest Rate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Term (years)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Discount for marketability restrictions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 9%; text-indent: -1in; padding-left: 1in">09/26/2012</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8.85</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">70.2%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.36%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2.74</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">53.9%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,833,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,112,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,867,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,756,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">930,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">12/13/2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.4%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">10/6/2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46.4%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,892,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Convertible Notes</U></I> &ndash;
The conversion feature imbedded in the convertible notes was valued using a combination of a Monte Carlo Binomial Lattice-Based
valuation methodology, adjusted for marketability restrictions. Significant assumptions used and related fair value for the conversion
feature as of March 31, 2013 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Original Issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Conversion Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Risk-Free Interest Rate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Term (years)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Discount for marketability restrictions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 22%; text-indent: -1in; padding-left: 1in; padding-bottom: 2.5pt">3/28/13</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">15.00</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">62.2%</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.14%</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1.0</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">24.5%</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="width: 9%; text-align: right; border-bottom: Black 2.5pt double">1,400,800</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"><I><U>Other Derivative Instruments</U></I>
&ndash; The Company&rsquo;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
are based on quoted prices on the commodity exchanges and are designated as Level 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">The following table summarizes fair value measurements by
level at March 31, 2013 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-left: 0pt">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in; padding-top: 3pt; width: 32%"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">205</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">205</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">205</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">205</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in; padding-top: 3pt"><FONT STYLE="font-size: 10pt">Warrants<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8,079</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Conversion feature<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,401</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(3)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">115</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,480</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,595</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">(1)&#9;Included in other current assets in the consolidated
balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">(2)&#9;Included in warrant liabilities and
conversion feature at fair value in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">(3)&#9;Included in accrued liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The following table summarizes fair value measurements by
level at December 31, 2012 (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-left: 0pt">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in">Total Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in">Total Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,892</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,059</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt">(1)&#9;Included in other current assets in
the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt">(2)&#9;Included in accrued
liabilities in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<!-- Field: Page; Sequence: 130; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-left: 0; text-align: justify">For fair value measurements using
significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs is required
along with a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&rsquo;s fair value of
its Level 3 inputs were as follows (in thousands):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Conversion Feature</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 66%; text-indent: -1in; padding-left: 1in">Balance, December 31, 2012</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,892</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Issuance of warrants in January offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,657</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Issuance of notes and warrants in March offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">883</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,401</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Exercises of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(260</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(93</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in">Balance, March 31, 2013</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,079</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,401</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>EARNINGS PER SHARE.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><FONT STYLE="background-color: White">The
following tables compute basic and diluted earnings per share (in thousands, except per share data):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March&nbsp;31, 2013</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss <BR>Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: justify; padding-left: 0pt">Net loss attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(5,454</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(312</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,766</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,060</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.57</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Three Months Ended March&nbsp;31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss <BR>Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: justify; padding-left: 0pt">Net loss attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(4,953</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; padding-left: 0pt">Less: Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(5,268</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,748</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.92</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There were an aggregate of 427,000
and 214,000 potentially dilutive weighted-average shares from convertible securities outstanding as of March 31, 2013 and 2012,
respectively. These convertible securities were not considered in calculating diluted net loss per share for the three months
ended March 31, 2013 and 2012, as their effect would have been anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B><BR>
<B>(UNAUDITED)</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>RELATED PARTY TRANSACTIONS.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Preferred Dividends</U></I> &ndash;
The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,120,000 and $5,852,000 as of March
31, 2013 and December 31, 2012, respectively. On March 27, 2013, the Company entered into an agreement with the holders of its
Series B Preferred Stock under which the Company issued approximately 139,000 shares of its common stock in payment of $732,000
of the total $5,852,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of
the Series B Preferred Stock agreed to forebear from exercising any rights they may have with respect to accrued unpaid dividends
until September 30, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2013 and December 31, 2012.
On February 7, 2013, the maturity date was extended to March 31, 2014.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD>SUBSEQUENT EVENTS.</TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Reverse Stock Split</U></I> &ndash;
On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share information has been restated
to retroactively show the effect of this stock split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Payments on Series A Notes</U></I>
&ndash; From April 1, 2013 through June 26, 2013, the Company made three installment payments and received various holder conversion
notices. In the aggregate, the Company issued 1,032,000 shares of its common stock in payment of principal and interest in an aggregate
amount of $3,748,000 in respect of the Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Series B Subordinated Convertible Notes</U></I> &ndash;
On June 20, 2013, the Company issued $8.0 million in Series B Subordinated Convertible Notes (&ldquo;Series B Notes&rdquo;). Unless
converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together with the Series A Notes. The terms of
the Series B Notes are substantially similar to those of the Series A Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Acquisition of Plant Debt and Additional Interests in
New PE Holdco</U></I> &ndash; On June 21, 2013, the Company used the proceeds from the sale of the Series B Notes, to acquire $4.1
million of the Plant Owners&rsquo; combined term and revolving debt for a purchase price of $3.0 million and 19.7 units of limited
liability company interests of New PE Holdco for a purchase price of $197,000, increasing the Company&rsquo;s ownership in New
PE Holdco to 85%. As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&rsquo; revolving debt
was retired and the maturity date applicable to approximately $2.9 million of the Plant Owners&rsquo; term debt was extended from
June 25, 2013 to June 30, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>2006 Stock Incentive Plan</U></I> &ndash; On April 1,
2013, the Company granted 16,667 shares of restricted common stock that vest in equal installments on each of April 1, 2014 and
2015 and had a grant date fair value of $4.65 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 12, 2013, the Company&rsquo;s Board approved an increase
in the number of shares of common stock authorized for issuance under its 2006 Stock Incentive Plan from 414,286 to 914,286. The
Company&rsquo;s stockholders approved the amendment to the 2006 Stock Incentive Plan on June 18, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 18, 2013, the Company granted to its management 256,665
shares of restricted common stock that vest in equal installments on each of April 1, 2014, 2015 and 2016, and had a grant date
fair value of $3.74 per share. On June 18, 2013, the Company granted to its non-management board members 71,110 shares of restricted
common stock that vest on the earlier of (i) the date of the Company&rsquo;s 2014 Annual Meeting of Stockholders and (ii) July
1, 2014, and had a grant date fair value of $3.74 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 18, 2013, the Company granted to its management 229,025
shares of stock options, with an exercise price of $3.74 per share, which vest in equal installments on each of April 1, 2014,
2015 and 2016, and had a grant date fair value of $1.68 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Capital Lease</U></I> &ndash; In May 2013, upon completion
of the Company&rsquo;s corn oil separation project at its Magic Valley Plant, the Company initially recorded a capital lease in
the amount of approximately $5,675,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Litigation</U></I> &ndash; On May
24, 2013, GS CleanTech Corporation (&ldquo;GS CleanTech&rdquo;), filed suit in the United States District Court for the Eastern
District of California, Sacramento Division, naming Pacific Ethanol, Inc. as a defendant. The suit alleges patent infringement
by virtue of certain corn oil separation technology in use at one or more of the Company&rsquo;s ethanol production facilities,
including the plant located in Stockton, California. The complaint seeks preliminary and permanent injunctions prohibiting future
infringement on the patent owned by GS CleanTech and damages in an unspecified amount adequate to compensate GS CleanTech for
the alleged patent infringement, but in any event no less than a reasonable royalty for the use made of the inventions of the
patent, plus attorneys fees. The Company strongly disagrees that its use of corn oil separation technology infringes the patent
owned by GS CleanTech and intends to vigorously defend against GS CeanTech&rsquo;s claims. As of the date of this report, discovery
has not commenced and a trial date has not been set. In addition, GS CleanTech has advised the Company that it is in the process
of amending its complaint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Board of Directors and Stockholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Pacific Ethanol, Inc. and subsidiaries as of December 31, 2012 and 2011, and the related consolidated statements
of operations, stockholders&rsquo; equity and cash flows for the years then ended. These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on these financial statements based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over
financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of Pacific Ethanol, Inc. and subsidiaries
as of December 31, 2012 and 2011, and the results of their operations and their cash flows for the years then ended, in conformity
with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">/s/ HEIN &amp; ASSOCIATES
LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Irvine, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">April 1, 2013 (June 28, 2013 as to the
effect of the May 2013 stock split described in Note 1)</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED BALANCE SHEETS<BR>
(in thousands, except shares and par value)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><U>ASSETS</U></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Current Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">7,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">8,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Accounts receivable, net of allowance for doubtful accounts of $18 and $24, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,244</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,131</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,422</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,994</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">57,432</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">66,418</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Total property and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150,409</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">159,617</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Other Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,734</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,388</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,983</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,122</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,441</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Assets (a)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,963</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 15%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 35pt; text-align: right">(a)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Assets of consolidated variable interest entity
that can only be used to settle obligations of that entity were $156,192 and $173,606 as of December 31, 2012 and 2011, respectively.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PACIFIC ETHANOL, INC.<BR> CONSOLIDATED BALANCE SHEETS (CONTINUED)<BR> (in thousands, except shares and par value)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Current Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt; width: 66%">Accounts payable &ndash; trade</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">5,104</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">5,519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,713</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,315</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Current portion &ndash; long-term debt ($0 and $750 due to a related party, respectively)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,029</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,297</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Long-term debt, net of current portion ($750 and $0 due to a related party, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,689</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accrued preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,852</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Warrant liabilities at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,644</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,305</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities (b)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">142,056</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">113,212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Commitments and contingencies (Notes 1, 5, 6 and 11)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Stockholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Preferred stock, $0.001 par value; 10,000,000 shares authorized:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of December&nbsp;31, 2012 and 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of December&nbsp;31, 2012 and 2011; liquidation preference of $23,927 as of December 31, 2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Common stock, $0.001 par value; 300,000,000 shares authorized; 9,789,408
    and 5,775,445  shares issued and outstanding as of December&nbsp;31, 2012 and 2011, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582,861</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">556,952</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(530,310</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(509,985</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Total Pacific Ethanol, Inc. stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">52,562</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,974</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">20,345</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,290</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt; text-indent: -10pt">Total stockholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">72,907</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">119,264</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities and Stockholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,963</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">232,476</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TD STYLE="width: 35pt; text-align: right">(b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">Liabilities of consolidated variable interest entity
for which creditors do not have recourse to the general credit of the Company were $105,315 and $76,478, as of December 31, 2012
and 2011, respectively.</FONT></TD>
</TR></TABLE>



<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">The accompanying notes are an integral part
of these consolidated financial statements.</P>



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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF OPERATIONS<BR>
(in thousands, except per share data)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9pt; padding-left: 9pt">Net sales</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">816,044</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">901,188</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Cost of goods sold</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">835,568</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">881,789</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Gross profit (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,524</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,399</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Selling, general and administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,141</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,427</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -22.5pt; padding-left: 22.5pt">Income (loss) from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,972</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Fair value adjustments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; text-indent: -9pt; padding-left: 9pt">Interest expense, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,049</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,813</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Other expense, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(595</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(741</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Loss before provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,023</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Consolidated net loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,355</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,023</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net loss attributed to noncontrolling interest in variable interest entity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,298</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,097</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Net income (loss) attributed to Pacific Ethanol, Inc.</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(19,057</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,074</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,268</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,265</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Income (loss) available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,325</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,809</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Income (loss) per share, basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.81</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.80</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Income (loss) per share, diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.81</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.80</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,224</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,249</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Weighted-average shares outstanding, diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,224</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,266</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="background-color: white">The accompanying notes are an integral part
of these consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSOLIDATED STATEMENTS OF STOCKHOLDERS&rsquo;
EQUITY</B><BR>
<B>FOR THE YEARS ENDED DECEMBER 31, 2012 and 2011</B><BR>
<B>(in thousands)</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Preferred Stock</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Additional</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">Non-controlling</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-left: 5.4pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Paid-In<BR> Capital</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Accumulated Deficit</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"> Interest in</P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0">VIE</P></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; font-weight: bold; padding-left: 5.4pt">Balances, January 1, 2011</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">1,456</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">861</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">504,635</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">(511,794</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">94,972</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">87,815</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Stock-based compensation expense &ndash; restricted stock and options to employees and directors, net of cancellations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Conversion of preferred stock to common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(529</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Shares issued on Convertible Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,257</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,864</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Shares issued in private placement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,555</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrant exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">101</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,157</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchase of interests in New PE Holdco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,585</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,117</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,265</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,265</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net income (loss)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,074</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,097</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,023</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Balances, December 31, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">927</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,775</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">556,952</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(509,985</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">72,290</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">119,264</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt">Stock-based compensation expense &ndash; restricted stock and options to employees and directors, net of cancellations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">806</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Shares issued on equity offerings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,860</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Warrant exercises</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Shares issued as payment of prior unpaid Series B preferred dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">302</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,462</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Purchases of interests in New PE Holdco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,646</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,647</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,001</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Preferred stock dividends</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,268</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9pt; padding-left: 9pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19,057</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,298</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(43,355</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Balances, December 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">927</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,789</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">582,861</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(530,310</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,345</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">72,907</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="background-color: white">&nbsp;</FONT>The accompanying notes are an integral part
of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS<BR>
(in thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Operating Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt; width: 66%">Consolidated net loss</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(43,355</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(4,023</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Adjustments to reconcile consolidated net loss to cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Fair value adjustments on convertible notes and&nbsp;&nbsp;warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,954</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,559</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Depreciation and amortization of intangibles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,205</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,648</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Interest expense added to Plant Owners&rsquo; debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Inventory valuation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Gain on derivative instruments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(999</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Amortization of deferred financing costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">736</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Non-cash compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,278</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Bad debt recovery</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(218</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Interest on convertible debt paid with stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,076</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,095</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,067</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Inventories</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(929</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,128</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(933</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Prepaid inventory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,817</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,524</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt; text-indent: -10pt">Accounts payable and accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,358</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">Net cash used in operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20,846</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,950</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Additions to property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,273</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,365</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Purchases of&nbsp;&nbsp;New PE Holdco ownership interests</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(10,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9,117</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,273</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,482</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Net proceeds from common stock and warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7,364</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Proceeds from Plant Owners&rsquo; borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Net proceeds (payments) on Kinergy&rsquo;s line of credit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,958</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Principal payments on senior and convertible notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,212</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Debt issuance costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Preferred stock dividend payments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,268</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Principal payments paid on related party borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(500</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 40pt; text-indent: -10pt">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,791</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,610</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Net increase (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,328</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents at beginning of period</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,914</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,736</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Cash and cash equivalents at end of period</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,914</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center">The accompanying notes are an integral part of these consolidated financial statements.</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">PACIFIC ETHANOL, INC.<BR>
CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)<BR>
(in thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center"><B>For the Years Ended December 31,</B></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2012</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD><TD STYLE="text-align: center; padding-bottom: 1pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2011</B></TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplemental Information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt; width: 66%">Interest paid</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 13%">8,828</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left; width: 1%">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right; width: 13%">11,669</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Non-cash financing and investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Preferred stock dividends paid in common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Notes issued for purchase of 33% ownership in New PEHC</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">10,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Preferred stock dividends accrued</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Debt extinguished with issuance of common stock</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">33,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt; text-indent: -10pt">Reclass of warrant liability to equity upon cashless net exercise of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">The accompanying notes are an integral part of these consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

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<P STYLE="margin: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><FONT STYLE="font-variant: small-caps">ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES</FONT>.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Organization and Business</U></I>
&ndash; The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware
corporation (&ldquo;Pacific Ethanol&rdquo;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries,
Kinergy Marketing, LLC, an Oregon limited liability company (&ldquo;Kinergy&rdquo;), Pacific Ag. Products, LLC, a California limited
liability company (&ldquo;PAP&rdquo;) and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its
majority-owned subsidiary, New PE Holdco LLC (&ldquo;New PE Holdco&rdquo;), which owns the Plant Owners (each as defined below)
(collectively, the &ldquo;Company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company is the leading
marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products, including
wet distillers grain (&ldquo;WDG&rdquo;), a nutritious animal feed. Serving integrated oil companies and gasoline marketers who
blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through third-party service providers
in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. The Company
had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production facilities, as of December 31, 2012
and 2011, respectively. The facilities are near their respective fuel and feed customers, offering significant timing, transportation
cost and logistical advantages. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated
third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company manages the production and
operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol
Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &ldquo;Pacific Ethanol Plants&rdquo;) and their holding
company, Pacific Ethanol Holding Co. LLC (&ldquo;PEHC,&rdquo; and together with the Pacific Ethanol Plants, the &ldquo;Plant Owners&rdquo;).
PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual ethanol production capacity
of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and one of the facilities was idled.
As market conditions change, the Company may increase, decrease or idle production at one or more operational facilities or resume
operations at any idled facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Basis of Presentation</U></I> &ndash;
The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted
in United States (&ldquo;GAAP&rdquo;) and include the accounts of the Company. All significant intercompany accounts and transactions
have been eliminated in consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Consolidation of Variable Interest
Entities</U></I> &ndash; The Company applies the guidance in the Financial Accounting Standards Board&rsquo;s (&ldquo;FASB&rdquo;)
Accounting Standards Codification 810, <I>Consolidation</I>, surrounding a company&rsquo;s analysis to determine whether any of
its variable interests constitute controlling financial interests in a variable interest entity (&ldquo;VIE&rdquo;). This analysis
identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to
direct the activities of a VIE that most significantly impact the entity&rsquo;s economic performance, and (ii) the obligation
to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity
that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has an implicit
financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct the activities
of the VIE that most significantly impact the entity&rsquo;s economic performance. The guidance also requires ongoing reassessments
of whether an enterprise is the primary beneficiary of a VIE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 6, 2010, the Company purchased
an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&rsquo;s owners. At that time, the Company
determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated the results of New PE Holdco. As
long as the Company is deemed New PE Holdco&rsquo;s primary beneficiary, the Company must treat New PE Holdco as a consolidated
subsidiary for financial reporting purposes. See Note 2 &ndash; Variable Interest Entity. Through various transactions, the Company
has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January 2013, the Company increased its ownership
interest in New PE Holdco to 80% and in March 2013, the Company further increased its ownership interest in New PE Holdco to 83%
..</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<I><U>Reverse
Stock Split</U></I> &ndash; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split and on June 8, 2011, the
Company effected a one-for-seven reverse stock split. All share and per share information has been restated to retroactively show
the effects of these stock splits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><I><U>Liquidity</U></I> &ndash; During
2012, the Company funded its operations primarily from cash provided by operations, borrowings under its credit facilities and
various capital raising transactions in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate
of 3,700,000 shares of its common stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 28, 2013, the Plant Owners
had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&rsquo; inability to restructure or repay the $4,000,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.<FONT STYLE="font-size: 10pt"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s current available capital
resources consist of cash on hand and amounts available for borrowing under Kinergy&rsquo;s credit facility. In addition, the Plant
Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future available
capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under Kinergy&rsquo;s
credit facility, cash generated from Kinergy&rsquo;s ethanol marketing business, fees paid under the asset management agreement
relating to the Company&rsquo;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership interest
in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to closing
under the Company&rsquo;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder
approval of the transaction, the Company believes that current and future available capital resources, revenues generated from
operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&rsquo;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&rsquo;s failure to raise
capital, if needed, could restrict its growth, or hinder its ability to compete.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Cash and Cash Equivalents</U></I>
&ndash; The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Accounts Receivable and Allowance
for Doubtful Accounts</U></I> &ndash; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the Company had significant
concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company maintains an allowance for
doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the
invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company
has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts
receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered
in reaching this determination are the apparent financial condition of the customer and the Company&rsquo;s success in contacting
and negotiating with the customer. If the financial condition of the Company&rsquo;s customers were to deteriorate, resulting in
an impairment of ability to make payments, additional allowances may be required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Of the accounts receivable balance, approximately
$20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral under Kinergy&rsquo;s operating
line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31, 2012 and 2011, respectively. The
Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31, 2012 and 2011, respectively. The Company
does not have any off-balance sheet credit exposure related to its customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Concentrations of Credit Risk</U></I>
&ndash; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely
to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial instruments
exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability
to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial
instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance
limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts
and believes that it is not exposed to any significant risk of loss of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company sells fuel-grade ethanol to
gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company&rsquo;s
total net sales, as follows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 26%; text-align: left">Customer A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">21%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">22%</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Customer B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Customer C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7%</TD><TD STYLE="text-align: left"></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company had accounts receivable due
from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts receivable as of December
31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company purchases fuel-grade ethanol
and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased ethanol and corn from suppliers
representing 10% or more of the Company&rsquo;s total purchases for the purchase and production of ethanol, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 26%; text-align: left">Supplier A</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">40%</TD><TD STYLE="width: 1%; text-align: left"></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">39%</TD><TD STYLE="width: 1%; text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplier B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14%</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Supplier C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12%</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">____________</P>
                                 <P STYLE="margin-top: 0; margin-bottom: 0">*Less than 10%</P></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Inventories</U> </I>&ndash; Inventories
consisted primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a
first-in, first-out basis. Inventory balances consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 26%; text-align: left">Finished goods</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">10,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">9,429</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Work in progress</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,846</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,284</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Raw materials</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,363</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">805</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,084</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 10pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Property and Equipment</U></I> &ndash;
Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated
useful lives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="width: 40%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Buildings </FONT></TD>
    <TD STYLE="width: 20%; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;40 years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Facilities and plant equipment</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;10 &ndash; 25 years</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Other equipment, vehicles and furniture</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 10pt">&#9;5 &ndash; 10 years</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The cost of normal maintenance and repairs
is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated
over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related
accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current
operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Intangible Assets</U></I> &ndash;
The Company amortizes intangible assets with definite lives using the straight-line method over their established lives, generally
2-10 years. Additionally, the Company tests these assets with established lives for impairment if conditions exist that indicate
that carrying values may not be recoverable. Possible conditions leading to the unrecoverability of these assets include changes
in market conditions, changes in future economic conditions or changes in technological feasibility that impact the Company&rsquo;s
assessments of future operations. If the Company determines that an impairment charge is needed, the charge will be recorded in
selling, general and administrative expenses in the consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Deferred Financing Costs</U></I>
&ndash; Deferred financing costs, which are included in other assets, are costs incurred to obtain debt financing, including all
related fees, and are amortized as interest expense over the term of the related financing using the straight-line method which
approximates the interest rate method. Amortization of deferred financing costs was $736,000 and $651,000 for the years ended December
31, 2012 and 2011, respectively. Unamortized deferred financing costs were approximately $1,447,000 at December 31, 2012 and are
recorded in other assets in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Derivative Instruments and Hedging
Activities</U></I> &ndash; Derivative transactions, which can include forward contracts and futures positions on the New York Mercantile
Exchange and the Chicago Board of Trade are recorded on the balance sheet as assets and liabilities based on the derivative&rsquo;s
fair value. Changes in the fair value of derivative contracts are recognized currently in income unless specific hedge accounting
criteria are met. If derivatives meet those criteria, effective gains and losses are deferred in accumulated other comprehensive
income (loss) and later recorded together with the hedged item in consolidated income (loss). For derivatives designated as a cash
flow hedge, the Company formally documents the hedge and assesses the effectiveness with associated transactions. The Company has
designated and documented contracts for the physical delivery of commodity products to and from counterparties as normal purchases
and normal sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Revenue Recognition</U></I> &ndash;
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable
and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable,
and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol and related co-products. The
Company recognizes revenue when title transfers to its customers, which is generally upon the delivery of these products to a
customer&rsquo;s designated location. These deliveries are made in accordance with sales commitments and related sales orders
entered into either verbally or in writing with customers. The sales commitments and related sales orders provide quantities,
pricing and conditions of sales. In this regard, the Company engages in three basic types of revenue generating transactions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 19pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>As a producer</I>. Sales as a producer consist of sales of the Company&rsquo;s inventory produced
at the Pacific Ethanol Plants.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 19pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>As a merchant</I>. Sales as a merchant consist of sales to customers through purchases from
third-party suppliers in which the Company may or may not obtain physical control of the ethanol or co-products, in which shipments
are directed from the Company&rsquo;s suppliers to its terminals or direct to its customers but for which the Company accepts the
risk of loss in the transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 19pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><I>As an agent</I>. Sales as an agent consist of sales to customers through purchases from third-party
suppliers in which the risks and rewards of inventory ownership remain with third-party suppliers and the Company receives a predetermined
service fee under these transactions.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue from sales of third-party ethanol
and co-products is recorded net of costs when the Company is acting as an agent between a customer and a supplier and gross when
the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in net sales when acting as an agent
for the years ended December 31, 2012 and 2011, respectively. Several factors are considered to determine whether the Company is
acting as an agent or principal, most notably whether the Company is the primary obligor to the customer and whether the Company
has inventory risk and related risk of loss or whether the Company adds meaningful value to the supplier&rsquo;s product or service.
Consideration is also given to whether the Company has latitude in establishing the sales price or has credit risk, or both. When
the Company acts as an agent, it recognizes revenue on a net basis or recognizes its predetermined fees and any associated freight,
based upon the amount of net revenues retained in excess of amounts paid to suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company records revenues based upon
the gross amounts billed to its customers in transactions where the Company acts as a producer or a merchant and obtains title
to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory risk for the ethanol, regardless
of whether the Company actually obtains physical control of the product.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Shipping and Handling Costs</U></I>
&ndash; Shipping and handling costs are classified as a component of cost of goods sold in the accompanying consolidated statements
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>California Ethanol Producer Incentive
Program</U></I> &ndash; The Company is eligible to participate in the California Ethanol Producer Incentive Program (&ldquo;CEPIP&rdquo;)
through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide funds to an eligible California
facility&mdash;up to $0.25 per gallon of production&mdash;when current production corn crush spreads, measured as the difference
between specified ethanol and corn index prices, are less than prescribed levels determined by the California Energy Commission
(&ldquo;CEC&rdquo;). For any month in which a payment is made by the CEPIP, the Company may be required to reimburse the funds
within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon. Since these funds are
provided to subsidize current production costs and encourage eligible facilities to either continue production or start up production
in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold. The Company will assess
the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If it becomes likely that amounts
may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize the costs as an increase
in cost of goods sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The program may provide up to $3,000,000
per plant per year of operation through 2014. However, in 2012, this program was not funded and the Company can provide no assurance
that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds, participant eligibility or other
policy choices that may impact the ability of the Pacific Ethanol Plants located in California to be eligible for the CEPIP in
2013 or future years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded $0 and $1,481,000
as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively, in respect of CEPIP payments
received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000 received under the program,
and based on historical corn crush spreads, the Company does not believe it will be required to make any reimbursements in the
foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Stock-Based Compensation</U></I>
&ndash; The Company accounts for the cost of employee services received in exchange for the award of equity instruments based on
the fair value of the award, determined on the date of grant. The expense is to be recognized over the period during which an employee
is required to provide services in exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions,
if necessary, in the second quarter of each year if actual forfeitures differ from those estimates. Based on historical experience,
the Company estimated future unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes
stock-based compensation expense as a component of selling, general and administrative expenses in the consolidated statements
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Impairment of Long-Lived Assets</U></I>
&ndash;<FONT STYLE="color: black"> The Company assesses the impairment of long-lived assets, including property and equipment and
purchased intangibles subject to amortization, when events or changes in circumstances indicate that the fair value of assets could
be less than their net book value. In such event, the Company assesses long-lived assets for impairment by first determining the
forecasted, undiscounted cash flows the asset is expected to generate plus the net proceeds expected from the sale of the asset.
If this amount is less than the carrying value of the asset, the Company will then determine the fair value of the asset. An impairment
loss would be recognized when the fair value is less than the related asset&rsquo;s net book value, and an impairment expense would
be recorded in the amount of the difference. Forecasts of future cash flows are judgments based on the Company&rsquo;s experience
and knowledge of its operations and the industries in which it operates. These forecasts could be significantly affected by future
changes in market conditions, the economic environment, including inflation, and purchasing decisions of the Company&rsquo;s customers.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Income Taxes</U></I> &ndash; Income
taxes are accounted for under the asset and liability approach, where deferred tax assets and liabilities are determined based
on differences between financial reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and
laws that are expected to be in effect when the differences reverse. Valuation allowances are established when necessary to reduce
deferred tax assets to the amounts expected to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for uncertainty in
income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled
on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest
and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other
income (expense), net, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Income (Loss) Per Share</U></I> &ndash;
Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding during
the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered in the
calculation of income (loss) available to common stockholders in computing basic income (loss) per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following tables compute basic and
diluted earnings per share (in thousands, except per share data):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Loss Numerator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%; text-align: justify">Net loss attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">(19,057</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,268</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-align: left">Basic and diluted loss per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Loss available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(20,325</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,224</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2.81</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Year Ended December 31, 2011</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Income Numerator</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Shares Denominator</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Per-Share Amount</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify; width: 49%">Net income attributed to Pacific Ethanol, Inc.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">$</TD><TD STYLE="text-align: right; width: 13%">3,074</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Preferred stock dividends</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,265</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Basic income per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt">Income available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,809</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,249</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.80</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1pt">Options</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Diluted income per share:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Income available to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,809</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,266</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.80</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had accrued and unpaid dividends
of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible
Preferred Stock (&ldquo;Series B Preferred Stock&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There were an aggregate of 246,000 and
54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively. These
convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December 31,
2012 and 2011 as their effect would be anti-dilutive.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Since December 31, 2012, through the
date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock under
its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock
upon cash exercises of certain outstanding warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Financial Instruments</U></I> &ndash;
The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable
estimates of their fair values because of the short maturity of these items. The Company recorded at fair value its warrants and
convertible notes. The Company believes the carrying value of its long-term debt approximates fair value because the interest rates
on these instruments are variable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Estimates and Assumptions</U></I>
&ndash; The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of VIEs, fair value of warrants, allowance for doubtful accounts,
estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income
taxes and the potential outcome of future tax consequences of events recognized in the Company&rsquo;s financial statements or
tax returns. Actual results and outcomes may materially differ from management&rsquo;s estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Subsequent Events</U></I> &ndash;
Management evaluates, as of each reporting period, events or transactions that occur after the balance sheet date through the date
that the financial statements are issued for either disclosure or adjustment to the consolidated financial results. The Company
has evaluated subsequent events up through the date of the filing of this report with the Securities and Exchange Commission. See
Note 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Reclassifications</U></I> &ndash;
Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassification had no effect on
the consolidated net income (loss) reported in the consolidated statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Recent Accounting Pronouncements</U></I>
&ndash; On May 12, 2011, FASB issued Accounting Standards Update (&ldquo;ASU&rdquo;) No. 2011-04, <I>Fair Value Measurement (Topic
820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS</I>. ASU No. 2011-04
was issued concurrently with International Financial Reporting Standards (&ldquo;IFRS&rdquo;) 13 <I>Fair Value Measurements</I>,
to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend
the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted
under IFRS or U.S. GAAP. The Company&rsquo;s adoption of this standard did not have a material effect on its consolidated financial
position, results of operations or cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>VARIABLE INTEREST ENTITY.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Consolidation of New PE Holdco</U></I>
&ndash; The Company concluded that at all times since its inception, New PE Holdco has been a VIE because the owners of New PE
Holdco, due to the Company&rsquo;s involvement through the contractual arrangements discussed below, have at all times lacked the
power to direct the activities that most significantly impacted its economic performance. Some of these activities include efficient
management and operation of the Pacific Ethanol Plants, sale of ethanol, procurement of feedstock, sale of co-products and implementation
of risk management strategies. At the time of its inception, however, the Company did not have an obligation to absorb losses or
receive benefits that could potentially be significant to New PE Holdco and, as a result, it was determined that the Company was
not New PE Holdco&rsquo;s primary beneficiary. Upon the Company&rsquo;s purchase of its 20% initial ownership interest in New PE
Holdco on October 6, 2010, the Company, through its ownership interest, had an obligation to absorb losses and receive benefits
that could potentially be significant to New PE Holdco. As a result, the Company then became the primary beneficiary of New PE
Holdco and began consolidating the financial results of New PE Holdco. The Company purchased its 20% ownership interest in New
PE Holdco from a number of New PE Holdco&rsquo;s owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November and December 2011, the Company
purchased an additional 14% ownership interest in New PE Holdco for $9,117,000 in cash. In July 2012, the Company purchased an
additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash and issuing $10,000,000 in promissory
notes. See Note 6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the Company has a controlling financial
interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead reduced the amount of noncontrolling
interest in VIE on the consolidated balance sheets by an aggregate $27,647,000 and $15,585,000 and recorded the difference of $7,646,000
and $6,468,000 for the years ended December 31, 2012 and 2011, respectively, which represents the fair value of these purchases
above the price paid by the Company, to additional paid-in capital on the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recognized approximately $448,414,000
and $512,497,000 in net sales and $18,717,000 and $836,000 in net loss attributed to New PE Holdco for the years ended December
31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s acquisition of its
ownership interest in New PE Holdco does not impact the Company&rsquo;s rights or obligations under any of the agreements described
below. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the Company has not provided
any additional support to New PE Holdco beyond the terms of the agreements described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company, directly or through one of
its subsidiaries, has entered into the management and marketing agreements described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Asset Management Agreement</U></I>
&ndash; The Company entered into an Asset Management Agreement (&ldquo;AMA&rdquo;) with the Plant Owners under which the Company
agreed to operate and maintain the Pacific Ethanol Plants on behalf of the Plant Owners. These services generally include, but
are not limited to, administering the Plant Owners&rsquo; compliance with their credit agreements and performing billing, collection,
record keeping and other administrative and ministerial tasks. The Company agreed to supply all labor and personnel required to
perform its services under the AMA, including the labor and personnel required to operate and maintain the production facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The costs and expenses
associated with the Company&rsquo;s provision of services under the AMA are prefunded by the Plant Owners under a preapproved budget.
The Company&rsquo;s obligation to provide services is limited to the extent there are sufficient funds advanced by the Plant Owners
to cover the associated costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">As compensation for providing
the services under the AMA, the Company is paid $75,000 per month for each production facility that is operational and $40,000
per month for each production facility that is idled. In addition to the monthly fee, if during any six-month period (measured
on September 30 and March 31 of each year commencing March 31, 2011) a production facility has annualized earnings before interest,
income taxes, depreciation and amortization (&ldquo;EBITDA&rdquo;) per gallon of operating capacity of $0.20 or more, the Company
will be paid a performance bonus equal to 3% of the increment by which EBITDA exceeds such amount. The aggregate performance bonus
for all plants is capped at $2,220,000 for each six-month period. The performance bonus is to be reduced by 25% if all production
facilities then operating do not operate at a minimum average yield of 2.70 gallons of denatured ethanol per bushel of corn. In
addition, no performance bonus is to be paid if there is a default or event of default under the Plant Owners&rsquo; credit agreement
resulting from their failure to pay any amounts then due and owing. The AMA also provides the Company with an incentive fee upon
any sale of a production facility to the extent the sales price is above $0.60 per gallon of annual capacity. To date, no such
bonuses have been earned by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The AMA had an initial term of six months
and successive six-month renewal periods at the option of the Plant Owners. In addition to typical conditions for a party to terminate
the agreement prior to its expiration, the Company may terminate the AMA, and the Plant Owners may terminate the AMA with respect
to any facility, at any time by providing at least 60 days prior notice of such termination. On June 30, 2012, the AMA was amended
and extended for one year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company recorded
revenues and New PE Holdco recorded costs of approximately $3,180,000 and $3,468,000 related to the AMA for the years ended December
31, 2012 and 2011, respectively, during which New PE Holdco&rsquo;s financial results were consolidated with the Company&rsquo;s
financial results. As such, these amounts have been eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Ethanol Marketing
Agreements</U></I> &ndash; The Company entered into separate ethanol marketing agreements with each of the three Plant Owners whose
facilities are operating, which granted it the exclusive right to purchase, market and sell the ethanol produced at those facilities.
Under the terms of the ethanol marketing agreements, <FONT STYLE="font-family: Times New Roman, Times, Serif">within ten days after
delivering ethanol to the Company, an amount is paid to the Company equal to (i) the estimated purchase price payable by the third-party
purchaser of the ethanol, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated incentive
fee payable to the Company, which equals 1% of the aggregate third-party purchase price. </FONT>Each of the ethanol marketing agreements
had an initial term of one year and successive one year renewal periods at the option of the individual Plant Owner. On June 30,
2012, all ethanol marketing agreements were amended and extended for one year. In addition, the price to be paid was amended to
include a marketing fee collar of not less than $0.015 per gallon and not more than $0.0225 per gallon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company recorded
revenues and New PE Holdco recorded costs of approximately $3,157,000 and $3,708,000 related to the ethanol marketing agreements
for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco was consolidated with the
Company. These amounts were eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Corn Procurement and Handling Agreements</U></I>
&ndash; The Company entered into separate corn procurement and handling agreements with each of the three Plant Owners whose facilities
are operating. Under the terms of the corn procurement and handling agreements, each facility appointed the Company as its exclusive
agent to solicit, negotiate, enter into and administer, on its behalf, corn supply arrangements to procure the corn necessary to
operate its facility. The Company also provides grain handling services including, but not limited to, receiving, unloading and
conveying corn into the facility&rsquo;s storage and, in the case of whole corn delivered, processing and hammering the whole corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company was to receive
a fee of $0.50 per ton of corn delivered to each facility as consideration for its procurement services and a fee of $1.50 per
ton of corn delivered as consideration for its grain handling services, each payable monthly. The Company agreed to enter into
an agreement guaranteeing the performance of its obligations under the corn procurement and handling agreement upon the request
of a Plant Owner. Each corn procurement and handling agreement had an initial term of one year and successive one year renewal
periods at the option of the individual Plant Owner. On June 30, 2012, all corn procurement and handling agreements were amended
and extended for one year. In addition, the corn procurement and handling fee was changed to $0.045 per bushel of corn.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company recorded
revenues and New PE Holdco recorded costs of approximately $2,271,000 and $2,758,000 related to the corn procurement and handling
agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco was consolidated
with the Company. These amounts were eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Distillers Grains
Marketing Agreements</U></I> &ndash; The Company entered into separate distillers grains marketing agreements with each of the
three Plant Owners whose facilities are operating, which grant the Company the exclusive right to market, purchase and sell the
WDG produced at each facility. Under the terms of the distillers grains marketing agreements, <FONT STYLE="font-family: Times New Roman, Times, Serif">within
ten days after a Plant Owner delivers WDG</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">to the Company, the Plant
Owner is paid an amount equal to (i) the estimated purchase price payable by the third-party purchaser of the WDG, minus (ii) the
estimated amount of transportation costs to be incurred, minus (iii) the estimated amount of fees and taxes payable to governmental
authorities in connection with the tonnage of WDG produced or marketed, minus (iv) the estimated incentive fee payable to the Company,
which equals the greater of (a) 5% of the aggregate third-party purchase price, and (b) $2.00 for each ton of WDG sold in the transaction.
</FONT>Each distillers grains marketing agreement had an initial term of one year and successive one year renewal periods at the
option of the individual Plant Owner. On June 30, 2012, all distillers grains marketing agreements were amended and extended for
one year. In addition, the fee to be paid to the Company was amended to include a collar of not less than $2.00 per ton and not
more than $3.50 per ton.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS<BR>
</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company recorded
revenues and New PE Holdco recorded costs of approximately $4,353,000 and $4,797,000 related to the distillers grain marketing
agreements for the years ended December 31, 2012 and 2011, respectively, for the period which New PE Holdco was consolidated with
the Company. These amounts were eliminated upon consolidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Assets and Liabilities of New PE
Holdco</U></I> &ndash; The carrying values and classification of assets that are collateral for the obligations of New PE Holdco
at December 31, 2012 were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 43%; text-align: left">Other current assets</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">7,699</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">145,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,719</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt">Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">156,192</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 43%; text-align: left">Current liabilities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,287</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Long-term debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,821</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">207</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">105,315</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>PROPERTY AND EQUIPMENT.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property and equipment consisted of the following (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 36%; text-align: left">Facilities and plant equipment</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">169,229</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">168,036</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Land</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,570</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,570</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Other equipment, vehicles and furniture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Construction in progress</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,014</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,328</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">178,852</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accumulated depreciation</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(30,684</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(19,235</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">150,409</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">159,617</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Depreciation expense,
including idled facilities, was $11,481,000 and $11,724,000 for the years ended December 31, 2012 and 2011, respectively. One of
the Pacific Ethanol Plants was idled at December 31, 2012 and 2011. The carrying values of this facility totaled $27,773,000 and
$29,924,000 at December 31, 2012 and 2011, respectively. The Company continues to depreciate these assets, resulting in depreciation
expense in the aggregate of $2,136,000 and $2,155,000 for the years ended December 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company and the ethanol
industry have experienced significant adverse conditions over the last 12 months, including prolonged negative operating margins.
In accordance with the Company&rsquo;s policy for evaluating impairment of long-lived assets under Accounting Codification Standards
360, management has evaluated the facilities for possible impairment based on projected future cash flows from operations of these
facilities with the work of a qualified valuation specialist. Management has determined that the undiscounted cash flows from operations
of these facilities over their estimated useful lives exceed their carrying values, and therefore, no impairment has been recognized
at December 31, 2012. In determining future undiscounted cash flows, the Company has made significant assumptions concerning the
future viability of the ethanol industry, the future price of corn in relation to the future price of ethanol, production volumes
and the overall demand in relation to production and supply. <FONT STYLE="color: black">If the Company were required to compute
the fair value in the future, it may use the work of its qualified valuation specialist who would assist it in examining replacement
costs, recent transactions between third parties and cash flow that can be generated from operations. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Given the recent fresh
start accounting when the Company began consolidating the results of New PE Holdco, fair value would likely approximate the carrying
value of the facilities. If, however the Company were required to adjust the carrying value of the facilities to fair value at
some future point in time, the adjustment could be significant and could significantly impact the Company&rsquo;s financial position
and results of operation. No adjustment has been made in these financial statements for this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>INTANGIBLE ASSETS.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Intangible assets consisted of the following
(in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; background-color: White">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2012</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2011</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Useful Life (Years)</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Gross</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Net Book Value</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Gross</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Accumulated Amortization</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Net Book Value</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold">Non-Amortizing:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 23%">Kinergy tradename</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,678</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-indent: 0in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: 0in">Amortizing:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Customer relationships</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,685</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,741</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,211</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,530</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 11pt; text-indent: -11pt">Pacific Ethanol tradename</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">800</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(550</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Total intangible assets, net</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,219</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(4,485</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,734</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,219</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(3,761</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,458</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Kinergy Tradename</U></I>
&ndash; The Company recorded a tradename valued at $2,678,000 in 2006 as part of its acquisition of Kinergy. The Company determined
that the Kinergy tradename has an indefinite life and therefore, rather than being amortized, will be tested annually for impairment.
The Company did not record any impairment of the Kinergy tradename for the years ended December 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Customer Relationships</U> &ndash;</I>
The Company recorded customer relationships valued at $4,741,000 as part of its acquisition of Kinergy. The Company has established
a useful life of ten years for these customer relationships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Pacific Ethanol Tradename</U> &ndash;</I>
The Company recorded a tradename valued at $800,000 as part of its acquisition of its ownership interest in New PE Holdco, which
relates to its marketing and management agreements with Pacific Ethanol, Inc. The Company has established a useful life of two
years for this intangible asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amortization expense associated with intangible
assets totaled $724,000 and $924,000 for the years ended December&nbsp;31, 2012 and 2011, respectively. The weighted-average unamortized
life of the intangible assets is 2.2 years. The remaining expected amortization expense relating to amortizable intangible assets
is $474,000, $474,000 and $108,000 for each of the years ending December 31, 2013, 2014 and 2015, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>DERIVATIVES.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The business and activities of the Company
expose it to a variety of market risks, including risks related to changes in commodity prices. The Company monitors and manages
these financial exposures as an integral part of its risk management program. This program recognizes the unpredictability of financial
markets and seeks to reduce the potentially adverse effects that market volatility could have on operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Commodity Risk</U></I><U> &ndash;
<I>Cash Flow Hedges</I></U> &ndash; The Company uses derivative instruments to protect cash flows from fluctuations caused by volatility
in commodity prices for periods of up to twelve months in order to protect gross profit margins from potentially adverse effects
of market and price volatility on ethanol sale and purchase commitments where the prices are set at a future date and/or if the
contracts specify a floating or index-based price for ethanol. In addition, the Company hedges anticipated sales of ethanol to
minimize its exposure to the potentially adverse effects of price volatility. These derivatives may be designated and documented
as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated transactions and regressing
commodity futures prices against the Company&rsquo;s purchase and sales prices. Ineffectiveness, which is defined as the degree
to which the derivative does not offset the underlying exposure, is recognized immediately in cost of goods sold. For the years
ended December 31, 2012 and 2011, the Company did not designate any of its derivatives as cash flow hedges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Commodity Risk &ndash; Non-Designated
Hedges</U></I> &ndash; The Company uses derivative instruments to lock in prices for certain amounts of corn and ethanol by entering
into forward contracts for those commodities. These derivatives are not designated for special hedge accounting treatment. The
changes in fair value of these contracts are recorded on the balance sheet and recognized immediately in cost of goods sold. The
Company recognized gains of $999,000 and $96,000 as the change in the fair value of these contracts for the years ended December
31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Non Designated Derivative Instruments</U></I>
&ndash; The classification and amounts of the Company&rsquo;s derivatives not designated as hedging instruments are as follows
(in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">&nbsp;As of December 31, 2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid">Assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="text-align: center; border-bottom: Black 1pt solid">Liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">Type of Instrument</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Balance Sheet Location</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Balance Sheet Location</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 19%; text-align: left; padding-left: 0pt; padding-bottom: 1pt">Commodity contracts</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 19%; text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt">Other current assets</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 16%; text-align: right; border-bottom: Black 1pt solid">189</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt">Accrued liabilities</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid">$</TD><TD STYLE="width: 16%; text-align: right; border-bottom: Black 1pt solid">167</TD><TD STYLE="width: 1%; text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">189</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-left: 5.4pt; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double">$</TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double">167</TD><TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;As of December 31, 2011</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Assets</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">Type of Instrument</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Balance Sheet Location</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fair Value</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Balance Sheet Location</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">Fair Value</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #EEEEEE">
    <TD STYLE="width: 19%; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Commodity contracts</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 19%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Other current assets</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">244</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Accrued liabilities</FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">500</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">244</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.25pt double"><FONT STYLE="font-size: 10pt">$</FONT></TD>
    <TD STYLE="border-bottom: black 2.25pt double; text-align: right"><FONT STYLE="font-size: 10pt">500</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The classification and amounts of the Company&rsquo;s
recognized gains (losses) for its derivatives not designated as hedging instruments are as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Realized Gains</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Type of Instrument</P></TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Statements of Operations Location</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 30%; text-align: left; padding-bottom: 2.5pt">Commodity contracts</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Cost of goods sold</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">720</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">338</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">720</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">338</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Unrealized Gains (Losses)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt"></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">For the Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                   <P STYLE="margin-top: 0; margin-bottom: 0">Type of Instrument</P></TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Statements of Operations Location</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="text-align: center; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 30%; text-align: left; padding-bottom: 2.5pt">Commodity contracts</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">Cost of goods sold</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">279</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">(242</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">279</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(242</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD>DEBT.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term debt is summarized in the following
table (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; color: black; text-align: left">Kinergy&rsquo;s operating line of credit</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">19,711</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">20,432</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left">Note payable to related party</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">750</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">750</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left">Plant Owners&rsquo; term debt</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">54,821</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">51,279</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Plant Owners&rsquo; operating lines of credit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">21,978</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">121,282</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black">&nbsp;</TD>
    <TD STYLE="color: black; text-align: left">&nbsp;</TD><TD STYLE="color: black; text-align: right">94,439</TD><TD STYLE="color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Less current portion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,029</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(750</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; padding-bottom: 2.5pt">Long-term debt</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">117,253</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,689</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Kinergy Line of
Credit</U></I> &ndash; Kinergy has an operating line of credit, which was extended in May 2012, for an aggregate amount of up to
$30,000,000, with an optional accordion feature for up to an additional $10,000,000. The prior credit facility included an accordion
feature of $5,000,000. The line of credit matures on December 31, 2015. The credit facility is based on Kinergy&rsquo;s eligible
accounts receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain
other sublimits, including inventory loan limits. Interest accrues under the line of credit at a rate equal to (i)&nbsp;the three-month
London Interbank Offered Rate (&ldquo;LIBOR&rdquo;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The
applicable margin was 2.50% at December 31, 2012. The credit facility&rsquo;s monthly unused line fee is 0.50% of the amount by
which the maximum credit under the facility exceeds the average daily principal balance. Payments that may be made by Kinergy to
the Company as reimbursement for management and other services provided by the Company to Kinergy are limited under the terms of
the credit facility to $900,000 per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter
in 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The credit facility also includes the accounts
receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for management
and other services provided by Pacific Ethanol to PAP are limited under the terms of the credit facility to the extent that quarterly
payments would result in PAP recording less than $100,000 of net income in the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal quarter ending June 30,
2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate EBITDA of $450,000 for
the quarter and aggregate EBITDA of $1,100,000 for each two consecutive quarters. These amounts are required through December 31,
2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further,
for all monthly periods, Kinergy and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month
rolling EBITDA divided by the sum of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from
capital leases and taxes paid during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional
indebtedness (other than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the
lender&rsquo;s prior consent. The Company believes it is in compliance with these covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Kinergy and PAP&rsquo;s
obligations under the credit facility are secured by a first-priority security interest in all of their assets in favor of the
lender. The Company has guaranteed all of Kinergy&rsquo;s obligations under the line of credit. As of December 31, 2012, Kinergy
had an available borrowing base under the credit facility of $27,017,000 and an outstanding balance of $19,711,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; On March 31, 2009, the Company&rsquo;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for
general working capital purposes in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal
amount accrues at a rate of 8.00% per annum. On November 30, 2011, the Company paid $250,000 in principal under the note. The Company
recorded interest under the note of approximately $60,000 and $78,000 for the years ended December 31, 2012 and 2011, respectively.
As of December 31, 2012, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2013.
On February 7, 2013, the maturity date was further extended to March 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Plant Owners&rsquo;
Term Debt and Operating Lines of Credit</U></I> &ndash; The Plant Owners&rsquo; debt, prior to any of the amendments discussed
below, consisted of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit
facility. Except as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the
three-month LIBOR or the Prime Rate of interest, at the Plant Owners&rsquo; election, plus 10.0%. At December 31, 2012, the interest
rate was approximately 13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when
all principal amounts are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">From July 13, 2012 through
March 28, 2013, the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity
dates in respect of $51,914,000 of the combined term loans and $30,378,000 of the original $35,000,000 in revolving debt from June
25, 2013 to June 30, 2016, of which Pacific Ethanol owns $24,200,000. In addition, the aggregate commitment amount under the revolving
credit facility was increased by $5,000,000 to $40,000,000, with a maturity date of June 30, 2016.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Further, monthly interest
payments due to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June
30, 2013, be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As
of December 31, 2012, the extended principal balances include $3,542,000 of accrued interest that was deferred by the Plant Owners.
The amendments also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their
loans without penalty while keeping the extended loans in place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>New Operating Line of Credit</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request
increases in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of
$5,000,000. The lenders have no obligation to agree to such a request. Loans made under the credit facility originally
matured on June 25, 2013, or such later date on or prior to June 25, 2016 as may be agreed to by certain of the lenders. The
Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor
agreement, to prepay in whole or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the
payment in full of the revolving loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1
loans that have a maturity date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all
interest payments that would have accrued from the date of such payment through June 30, 2016, calculated using a discount
rate, applied quarterly, equal to the Treasury Rate as of such prepayment date plus 50 basis points. The credit agreement
also provides for mandatory prepayments in connection with certain customary events, including any sale of material assets;
however, certain mandatory prepayments are not subject to the prepayment premium. On January 4, 2013, the Plant Owners
entered into an amendment to the new revolving credit facility and extended the maturity date of the facility from June 25,
2013 to June 25, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2012, the Plant Owners had unused availability
under the new revolving credit facility of $4,000,000. On March 28, 2013, the lenders approved $5,000,000 in additional availability
for a maximum total credit limit of $15,000,000 under the facility. As of March 28, 2013, the Plant Owners had $5,000,000 of unused
availability under the new credit facility.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All of the term loans and revolving credit
facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets,
including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The Plant
Owners&rsquo; creditors do not have recourse to Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Debt due June 2013</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has had and continues to have
extensive communications with the holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013 to further
extend the maturity date of that debt. The Company believes that it will be able to successfully extend, restructure and/or repay
the loans prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurance that it will be able to do
so, or what the terms of any such arrangement might be.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><I><U>Convertible
Notes</U></I> &ndash; On October 6, 2010, the Company raised $35,000,000 through the issuance and sale of $35,000,000 in principal
amount of secured convertible notes (&ldquo;Initial Notes&rdquo;) and warrants (&ldquo;Initial 2010 Warrants&rdquo;) to purchase
an aggregate of 196,079 shares of the Company&rsquo;s common stock. On January 7, 2011, the Company issued $35,000,000 in principal
amount of secured convertible notes (&ldquo;January Convertible Notes&rdquo;) in exchange for the Initial Notes and warrants (&ldquo;2010
Warrants&rdquo;) to purchase an aggregate of 196,079 shares of the Company&rsquo;s common stock in exchange for the Initial 2010
Warrants. The transactions contemplated by the exchange agreements were entered into to, among other things, clarify previously
ambiguous language in the Initial Notes and Initial 2010 Warrants, provide the Company with additional time to meet its registration
obligations and to add additional flexibility to the Company&rsquo;s ability to incur indebtedness subordinated to the January
Convertible Notes. As discussed below, the January Convertible Notes were valued at fair value, and as such, these modifications
were reflected in the fair value adjustments for the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2011, the Company issued $23,750,000
in principal amount of secured convertible notes, reflecting the amount then outstanding under the January Convertible Notes (&ldquo;June
Convertible Notes&rdquo;) in exchange for the January Convertible Notes. The transactions contemplated by the exchange agreements
were entered into to, among other things, defer an upcoming installment payment, add one additional month to the maturity date
and add a new additional conversion price option as described further below. As discussed further below, the June Convertible Notes
are valued at fair value, and as such, these modifications are reflected in the fair value adjustments for the year ended December
31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 3, 2011, under the terms of exchange
agreements with the holders of the June Convertible Notes, the Company issued approximately $17,170,000 in principal amount, reflecting
the amount then outstanding under the June Convertible Notes, of secured convertible notes (&ldquo;Convertible Notes&rdquo;) in
exchange for the June Convertible Notes. The transactions contemplated by the exchange agreements were entered into to, among other
things, add three additional months to the maturity date, add a new additional conversion price option as described further below
and reduce the price failure threshold from $1.40 to $0.60. As discussed below, the Convertible Notes were valued at fair value,
and as such, these modifications are reflected in the fair value adjustments for the years ended December 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was obligated to make amortization
payments with respect to the principal amount of each of the convertible notes, beginning on March 7, 2011 and then on the first
trading day of each calendar month thereafter, except for the month of August, through the extended maturity date of May 2012 (collectively,
the &ldquo;Installment Dates&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On each Installment Date, the Company was
to pay an amount of principal, as then determined under the convertible notes and any accrued and unpaid interest (the &ldquo;Installment
Amount&rdquo;). The Company could elect to pay the Installment Amount in cash or shares of its common stock, subject to the satisfaction
of certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company elected to make all or part
of an amortization payment in shares of its common stock, it was required to deliver to the holders of the convertible notes the
amount of shares of the Company&rsquo;s common stock equal to the portion of the amount being paid in shares of the Company&rsquo;s
common stock divided by the lesser of the then existing conversion price and 85% of the average of the volume weighted average
prices of the 5 lowest trading days during the 20 consecutive trading day period ending on the trading day immediately prior to
the applicable Installment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All amounts due under the convertible notes
were also convertible at any time, in whole or in part, at the option of the holders into shares of the Company&rsquo;s common
stock at a specified conversion price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company elected to account for the
convertible notes using the fair value alternative in order to simplify its accounting for and reporting of the convertible notes.
Accordingly, the Company adjusted as of each quarter the carrying value of the convertible notes to their fair value since their
initial issuance in October 2010, with such adjustments reflected in fair value adjustments on convertible debt and warrants in
the statements of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">The Company recorded income of $0 and
$3,108,000 for fair value adjustments for the years ended December 31, 2012 and 2011, respectively, for changes in fair value,
which adjustments are attributed to a reduction in the principal balances and fluctuations in the market value of the Company&rsquo;s
common stock during each quarterly period. There were no changes in fair value of the convertible notes due to a change in the
estimated credit risk of the instruments. See Note 12 for the Company&rsquo;s fair value assumptions. The principal of $35,000,000
and interest of $3,289,000 were retired through the issuance of 4,257,000 shares of the Company&rsquo;s common stock and payment
of $1,425,000 in cash in respect of holder conversions and installment payments during 2011.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Senior Unsecured Notes</U></I> &ndash;
In July 2012, as part of the Company&rsquo;s acquisition of an additional 33% ownership interest in New PE Holdco, the Company
issued senior unsecured promissory notes due April 13, 2013 in the aggregate principal amount of $10,000,000. Interest on the unpaid
principal amount accrued at a rate of 5.00% per annum. On October 1, 2012, the Company fully repaid in cash the senior unsecured
notes using proceeds of its public offering, which closed on September 26, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Interest Expense on Borrowings</U></I>
&ndash; Interest expense on all borrowings discussed above was $12,314,000 and $14,813,000 for the years ended December 31, 2012
and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Long-term debt due in each of the next
four years is as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 32%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Years Ended</P>
                                                                               <P STYLE="margin-top: 0; margin-bottom: 0">December 31,</P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right; padding-right: 20pt">2013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">4,029</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; padding-right: 20pt">2014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; padding-right: 20pt">2015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,711</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right; padding-right: 20pt">2016</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">90,792</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">121,282</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD>INCOME TAXES.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The asset and liability method is used
to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for tax credits and for the
future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities
and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recorded to
reduce the carrying amounts of deferred tax assets unless it is more likely than not that those assets will be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company files a consolidated federal
income tax return. This return includes all entities 80% or more owned by the Company as well as the Company&rsquo;s pro-rata share
of taxable income from pass-through entities in which the Company holds an ownership interest. State tax returns are filed on a
consolidated, combined or separate basis depending on the applicable laws relating to the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded no provision for income
taxes for the years ended December 31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reconciliation of the differences between
the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations
is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-align: left">Statutory rate</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 13%; text-align: center">35.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 13%; text-align: center">35.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">125.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(3,849.0)</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Section 382 reduction to loss carryover</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(169.4)</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3,827.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State income taxes, net of federal benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">5.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Stock compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(1.9)</TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center"></TD><TD STYLE="text-align: center">(16.8)</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Non-deductible items</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">3.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">(1.1)</TD><TD STYLE="text-align: left"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">1.7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">0.1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 13.7pt">Effective rate</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: center">0.0%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: center">0.0%</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred income taxes are provided using
the asset and liability method to reflect temporary differences between the financial statement carrying amounts and the tax bases
of assets and liabilities using presently enacted tax rates and laws. The components of deferred income taxes included in the consolidated
balance sheets were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Deferred tax assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 46%; text-indent: 10pt">Net operating loss carryforwards</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">17,818</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">30,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Capital loss carryover</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Stock-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">278</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Derivative instruments mark-to-market</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Other accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Fixed assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Other</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">207</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Total deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,759</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Deferred tax liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Investment in New PE Holdco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,480</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,792</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Intangibles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,513</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,706</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Derivative instruments mark-to-market</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(9</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left">Total deferred tax liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,002</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,498</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Valuation allowance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(35,352</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net deferred tax liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Classified in balance sheet as:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; text-indent: 10pt">Deferred income tax benefit (current assets)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 10pt">Deferred income taxes (long-term liability)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 13.7pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,091</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A portion of the Company&rsquo;s net operating
loss carryforwards will be subject to provisions of the tax law that limit the use of losses incurred by a company prior to the
date certain ownership changes occur. The amount of the Company&rsquo;s net operating loss carryforwards that would be subject
to these limitations was approximately $399,000,000 at December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the limitation, a significant portion
of these net operating loss carryforwards will expire regardless of whether the Company generates future taxable income. After
reducing these net operating loss carryforwards for the amount which will expire, the Company had federal net operating loss carryforwards
of approximately $45,424,000 and $16,272,000, and state net operating loss carryforwards of approximately $48,291,000 and $21,492,000,
at December 31, 2012 and 2011, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These net operating loss carryforwards
expire at various dates beginning in 2013. The deferred tax asset for the Company&rsquo;s net operating loss carryforwards at December&nbsp;31,
2012 does not include $662,000 which relates to the tax benefits associated with warrants and non-statutory options exercised by
employees, members of the board and others under the various incentive plans. These tax benefits will be recognized in stockholders&rsquo;
equity rather than in the statements of operations but not until the period in which these amounts decrease taxes payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In assessing whether the deferred tax assets
are realizable, a more likely than not standard is applied. If it is determined that it is more likely than not that deferred tax
assets will not be realized, a valuation allowance must be established against the deferred tax assets. The ultimate realization
of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary
differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable
income and tax planning strategies in making this assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A valuation allowance has been established
in the amount of $11,555,000 and $35,352,000 at December&nbsp;31, 2012 and 2011, respectively, based on the Company&rsquo;s assessment
of the future realizability of certain deferred tax assets. For the years ended December 31, 2012 and 2011, the Company recorded
a decrease in the valuation allowance of $23,797,000 and $123,361,000, respectively, attributable almost exclusively to the expected
expiration of net operating loss carryforwards due to limitations caused by ownership changes as previously discussed. The valuation
allowance on deferred tax assets is related to future deductible temporary differences and net operating loss carryforwards (exclusive
of net operating losses associated with items recorded directly to equity) for which the Company has concluded it is more likely
than not that these items will not be realized in the ordinary course of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">At December 31, 2012,
the Company had no increase or decrease in unrecognized income tax benefits for the year as a result of uncertain tax positions
taken in a prior or current period. There was no accrued interest or penalties relating to tax uncertainties at December 31, 2012.
Unrecognized tax benefits are not expected to increase or decrease within the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Company is subject
to income tax in the United States federal jurisdiction and various state jurisdictions and has identified its federal tax return
and tax returns in state jurisdictions below as &ldquo;major&rdquo; tax filings. These jurisdictions, along with the years still
open to audit under the applicable statutes of limitation, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; text-align: justify"><U>Jurisdiction</U></TD>
    <TD STYLE="width: 12%; text-align: justify"></TD>
    <TD STYLE="width: 13%; text-align: justify"><U>Tax Years</U></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">Federal</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2009 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Arizona</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2009 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">California</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2008 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Colorado</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2008 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">Idaho</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2009 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: justify">Oregon</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2009 &ndash; 2011</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: justify">Wisconsin</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">2008</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">However, because the Company had net operating
losses and credits carried forward in several of the jurisdictions, including the United States federal and California jurisdictions,
certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment
to tax attributes carried forward to open years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD>PREFERRED STOCK.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has 6,734,835 undesignated
shares of authorized and unissued preferred stock, which may be designated and issued in the future on the authority of the Company&rsquo;s
Board of Directors. As of December 31, 2012, the Company had the following designated preferred stock:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Series A Preferred Stock</U></I>
&ndash; The Company has authorized 1,684,375 shares of Series A Cumulative Redeemable Convertible Preferred Stock (&ldquo;Series
A Preferred Stock&rdquo;), with none outstanding at December 31, 2012 and 2011. Shares of Series A Preferred Stock that are converted
into shares of the Company&rsquo;s common stock revert to undesignated shares of authorized and unissued preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon any issuance, the Series A Preferred
Stock would rank senior in liquidation and dividend preferences to the Company&rsquo;s common stock. Holders of Series A Preferred
Stock would be entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 5% per annum of the
purchase price per share of the Series A Preferred Stock. The holders of the Series A Preferred Stock would have conversion rights
initially equivalent to two shares of common stock for each share of Series A Preferred Stock, subject to customary antidilution
adjustments. Certain specified issuances will not result in antidilution adjustments. The shares of Series A Preferred Stock would
also be subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the
holders of the Series A Preferred Stock of 25% or more. Accrued but unpaid dividends on the Series A Preferred Stock are to be
paid in cash upon any conversion of the Series A Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Series A Preferred Stock
would have a liquidation preference over the holders of the Company&rsquo;s common stock equivalent to the purchase price per share
of the Series A Preferred Stock plus any accrued and unpaid dividends on the Series A Preferred Stock. A liquidation would be deemed
to occur upon the happening of customary events, including transfer of all or substantially all of the Company&rsquo;s capital
stock or assets or a merger, consolidation, share exchange, reorganization or other transaction or series of related transactions,
unless holders of 66 2/3% of the Series A Preferred Stock vote affirmatively in favor of or otherwise consent to such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Series B Preferred Stock</U></I>
&ndash; The Company has authorized 1,580,790 shares of Series B Preferred Stock, with 926,942 outstanding at December 31, 2012
and 2011. Shares of Series B Preferred Stock that are converted into shares of the Company&rsquo;s common stock revert to undesignated
shares of authorized and unissued preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The Series B Preferred
Stock ranks senior in liquidation and dividend preferences to the Company&rsquo;s common stock. Holders of Series B Preferred Stock
are entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 7.00% per annum of the purchase
price per share of the Series B Preferred Stock; however, subject to the provisions of the Letter Agreement described below, such
dividends may, at the option of the Company, be paid in additional shares of Series B Preferred Stock based initially on the liquidation
value of the Series B Preferred Stock. The holders of Series B Preferred Stock have a liquidation preference over the holders of
the Company&rsquo;s common stock initially equivalent to $19.50 per share of the Series B Preferred Stock plus any accrued and
unpaid dividends on the Series B Preferred Stock. A liquidation will be deemed to occur upon the happening of customary events,
including the transfer of all or substantially all of the capital stock or assets of the Company or a merger, consolidation, share
exchange, reorganization or other transaction or series of related transaction, unless holders of 66 2/3% of the Series B Preferred
Stock vote affirmatively in favor of or otherwise consent that such transaction shall not be treated as a liquidation. The Company
believes that such liquidation events are within its control and therefore has classified the Series B Preferred Stock in stockholders&rsquo;
equity<I>.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I></I></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The holders of the Series
B Preferred Stock have conversion rights initially equivalent to approximately 0.03 shares of common stock for each share of Series
B Preferred Stock. The conversion ratio is subject to customary antidilution adjustments. In addition, antidilution adjustments
are to occur in the event that the Company issues equity securities, including derivative securities convertible into equity securities
(on an as-converted or as-exercised basis), at a price less than the conversion price then in effect. The shares of Series B Preferred
Stock are also subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return
to the holders of the Series B Preferred Stock of 25% or more. The forced conversion is to be based upon the conversion ratio as
last adjusted. Accrued but unpaid dividends on the Series B Preferred Stock are to be paid in cash upon any conversion of the Series
B Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The holders of Series
B Preferred Stock vote together as a single class with the holders of the Company&rsquo;s common stock on all actions to be taken
by the Company&rsquo;s stockholders. Each share of Series B Preferred Stock entitles the holder to approximately 0.03 votes per
share on all matters to be voted on by the stockholders of the Company. Notwithstanding the foregoing, the holders of Series B
Preferred Stock are afforded numerous customary protective provisions with respect to certain actions that may only be approved
by holders of a majority of the shares of Series B Preferred Stock.<I> </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In 2008, the Company
entered into Letter Agreements with Lyles United LLC (&ldquo;Lyles United&rdquo;) and other purchasers under which the Company
expressly waived its rights under the Certificate of Designations relating to the Series B Preferred Stock to make dividend payments
in additional shares of Series B Preferred Stock in lieu of cash dividend payments without the prior written consent of Lyles United
and the other purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Registration Rights
Agreement</U> </I>&ndash; In connection with the sale of its Series B Preferred Stock, the Company entered into a registration
rights agreement with Lyles United. The registration rights agreement is to be effective until the holders of the Series B Preferred
Stock, and their affiliates, as a group, own less than 10% for each of the series issued, including common stock into which such
Series B Preferred Stock has been converted. The registration rights agreement provides that holders of a majority of the Series
B Preferred Stock, including common stock into which such Series B Preferred Stock has been converted, may demand and cause the
Company to register on their behalf the shares of common stock issued, issuable or that may be issuable upon conversion of the
Preferred Stock and as payment of dividends thereon, and upon exercise of the related warrants (collectively, the &ldquo;Registrable
Securities&rdquo;). The Company is required to keep such registration statement effective until such time as all of the Registrable
Securities are sold or until such holders may avail themselves of Rule 144 for sales of Registrable Securities without registration
under the Securities Act of 1933, as amended. The holders are entitled to two demand registrations on Form S-1 and unlimited demand
registrations on Form S-3; provided, however, that the Company is not obligated to effect more than one demand registration on
Form S-3 in any calendar year. In addition to the demand registration rights afforded the holders under the registration rights
agreement, the holders are entitled to unlimited &ldquo;piggyback&rdquo; registration rights. These rights entitle the holders
who so elect to be included in registration statements to be filed by the Company with respect to other registrations of equity
securities. The Company is responsible for all costs of registration, plus reasonable fees of one legal counsel for the holders,
which fees are not to exceed $25,000 per registration. The registration rights agreement includes customary representations and
warranties on the part of both the Company and the holders and other customary terms and conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded preferred stock dividends
of $1,268,000 and $1,265,000 for the years ended December 31, 2012 and 2011, respectively. For the years ended December 31, 2009,
2010 and 2011, the Company accrued but did not pay any preferred stock dividends. For the year ended December 31, 2012, however,
the Company did pay its accrued dividends of $1,268,000 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">On August 12, 2012, the Company entered
into an agreement with the Series B Preferred Stock holders under which the Company issued approximately 157,000 shares of its
common stock in payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred
Stock. On December 26, 2012, the Company entered into an agreement with the Series B Preferred Stock holders under which the Company
issued approximately 145,000 shares of its common stock in payment of $732,000 of the total $6,583,000 of accrued and unpaid dividends
in respect of the Series B Preferred Stock. On March 27, 2013, the Company entered into an agreement with the Series B Preferred
Stock holders under which the Company issued approximately 139,000 shares of its common stock in payment of $732,000 of the total
$5,851,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series
B Preferred Stock agreed to forebear from exercising any rights they may have with respect to accrued unpaid dividends until September
30, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,851,000 as of December
31, 2012.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD>COMMON STOCK AND WARRANTS.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>September 2012 Public Offering</U>
</I>&ndash; On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,833,333 shares of common stock and warrants immediately exercisable
to purchase an aggregate of 1,833,333 shares of common stock at an exercise price of $8.85 per share and which expire in 2015.
The Company accounted for the net proceeds of the offering by first allocating the $1,658,000 fair value of the warrants to liabilities
and then allocating the remaining amount to equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>July 2012 Public Offering</U>
</I>&ndash; On July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,866,667 shares of common stock, warrants immediately exercisable to
purchase an aggregate of 1,866,667 shares of common stock at an exercise price of $9.45 per share and which expire in 2017 (&ldquo;Series
I Warrants&rdquo;) and warrants immediately exercisable to purchase an aggregate of 933,333 shares of common stock at an exercise
price of $7.95 per share and which expire in 2014 (&ldquo;Series II Warrants&rdquo;) . The Series I Warrants and the Series II
Warrants are subject to &ldquo;weighted-average&rdquo; anti-dilution adjustments if the Company issues or is deemed to have issued
securities at a price lower than their then applicable exercise prices. Due to subsequent transactions, the exercise price of the
Series I Warrants was reduced to $7.50 and the exercise price of the Series II Warrants was reduced to $6.45. The Company accounted
for the net proceeds of the offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then allocating
the remaining amount to equity. In 2012, certain holders exercised their warrants with respect to 3,333 shares of common stock
for $22,000 in cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>December 2011 Private Placement</U>
</I>&ndash; On December 13, 2011, the Company raised $7,364,000, net of $642,000 of placement agent fees and issuance costs, through
the issuance of an aggregate of 508,333 shares of common stock and warrants immediately exercisable to purchase an aggregate of
330,417 shares of common stock at an exercise price of $22.50 per share and which expire in 2016 (&ldquo;2011 Warrants&rdquo;).
The 2011 Warrants are subject to &ldquo;weighted-average&rdquo; anti-dilution adjustments if the Company issues or is deemed to
have issued securities at a price lower than the then applicable exercise price. Due to subsequent transactions, the exercise price
of the 2011 Warrants was reduced to $12.60.</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Convertible Note Warrants</U>
</I>&ndash; On October 6, 2010, as part of the issuance of the Initial Notes, the Company issued warrants that were immediately
exercisable and entitled the holders to purchase up to an aggregate of 196,079 shares of the Company&rsquo;s common stock at an
exercise price of $89.25 per share and which expire in 2017 (&ldquo;2010 Warrants&rdquo;). The 2010 Warrants are subject to &ldquo;full-ratchet&rdquo;
anti-dilution adjustments such that if the Company issues or is deemed to have issued securities at a price lower than the then
applicable exercise price, the exercise price of the 2010 Warrants will immediately decline to equal the price at which the Company
issued or is deemed to have issued its common stock. Due to subsequent transactions, the exercise price of the 2010 Warrants was
reduced to $0.12. During 2012 and 2011, certain holders exercised their 2010 Warrants with respect to 16,800 and 162,467 shares
of common stock on a cashless exercise basis, resulting in 11,467 and 101,467 net shares of common stock issued by the Company,
respectively.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Warrant Terms</U></I> &ndash; The
exercise prices of the warrants described above are subject to adjustment for stock splits, combinations or similar events, and,
in such event, the number of shares issuable upon the exercise of the warrants will also be adjusted so that the aggregate exercise
price shall be the same immediately before and immediately after the adjustment. The warrants generally require payments to be
made by the Company for failure to deliver the shares of common stock issuable upon exercise. The warrants may not be exercised
if, after giving effect to the exercise, the investor together with its affiliates would beneficially own in excess of 4.99% of
the Company&rsquo;s outstanding shares of common stock. The blocker applicable to the exercise of the warrants may be raised or
lowered to any other percentage not in excess of 9.99%, except that any increase will only be effective upon 61-days&rsquo; prior
notice to the Company. If the Company issues options, convertible securities, warrants, stock, or similar securities to holders
of its common stock generally, each holder of certain warrants has the right to acquire the same securities as if the holder had
exercised its warrants. The warrants prohibit the Company from entering into specified transactions involving a change of control,
unless the successor entity assumes all of the Company&rsquo;s obligations under the warrants under a written agreement before
the transaction is completed. When there is a transaction involving a permitted change of control, a holder of a warrant a will
have the right to force the Company to repurchase the holder&rsquo;s warrant for a purchase price in cash equal to the Black Scholes
value (as calculated under the individual warrant agreements) of the then unexercised portion of the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Accounting for Warrants</U> </I>&ndash;
The Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in
stockholders&rsquo; equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them
at each reporting period. Further, as noted above, certain of the exercise prices declined as a result of anti-dilution adjustments
due to subsequent transactions. Accordingly, the Company recorded fair value adjustments quarterly, with total fair value adjustments
of $1,954,000 and $4,451,000 for the years ended December 31, 2012 and 2011, respectively, which is largely attributed to adjustment,
if any, to their initial exercise prices, warrant term shortening and reductions in the market value of the Company&rsquo;s common
stock. See Note 12 for the Company&rsquo;s fair value assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Registration Rights Agreement
</U></I>&ndash; In connection with the December 2011 private placement, the Company entered into a registration rights agreement
with all of the investors to file a registration statement on Form S-1 with the Securities and Exchange Commission by December
23, 2011 for the resale by the purchasers of the 508,333 shares of common stock and the 330,417 shares of common stock issuable
upon exercise of the 2011 Warrants. Subject to customary grace periods, the Company is required to keep the registration statement
(and the accompanying prospectus) available for use for resale by the investors on a delayed or continuous basis at then-prevailing
market prices at all times until the earlier of (i) the date as of which all of the investors may sell all of the shares of common
stock required to be covered by the registration statement without restriction under Rule 144 under the Securities Act of 1933,
as amended (including volume restrictions) and without the need for current public information required by Rule 144(c)(1), if
applicable) or (ii) the date on which the investors have sold all of the shares of common stock covered by the registration statement.
The Company must pay registration delay payments of up to 2% of each investor&rsquo;s initial investment per month if the registration
statement ceases to be effective prior to the expiration of deadlines provided for in the registration rights agreement. The initial
registration statement became effective by the stated deadline and the Company did not record any liability associated with any
registration delay payments under the registration rights agreement.</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Other Warrant Issuances</U> </I>&ndash;
In March 2008, the Company issued warrants to purchase an aggregate of 29,304 shares of common stock at an exercise price of $735.00
per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate of 4,213 shares of common stock
at an exercise price of $735.00 per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate
of 28,572 shares of common stock at an exercise price of $745.50 per share, which expire in 2013. All of these warrants are currently
exercisable by the holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Warrant Summary</U> </I>&ndash; The
following table summarizes warrant activity for the years ended December 31, 2012 and 2011 (number of shares in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Price per<BR> Share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted<BR> Average<BR> Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 49%">Balance at December 31, 2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">258</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-left: 4.3pt">$1.80 &ndash; $745.50</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">183.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Warrants issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 4.3pt">$22.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22.50</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Warrants exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(162</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 4.3pt">$6.75</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6.75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Balance at December 31, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 4.3pt">$1.80 &ndash; $745.50</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">117.60</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 10pt">Warrants issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 4.3pt">$6.45 &ndash;&nbsp;&nbsp;$8.85</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.85</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Warrants exercised</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1pt; padding-left: 4.3pt">$1.80 &ndash;&nbsp;&nbsp;$7.95</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt">Balance at December&nbsp;31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,039</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; padding-left: 4.3pt">$1.80 &ndash; $745.50</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">17.10</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD>STOCK-BASED COMPENSATION.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has two equity incentive compensation
plans: a 2004 Stock Option Plan and a 2006 Stock Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>2004 Stock Option Plan</U></I>
&ndash; The 2004 Stock Option Plan authorized the issuance of incentive stock options (&ldquo;ISOs&rdquo;) and non-qualified stock
options (&ldquo;NQOs&rdquo;) to the Company&rsquo;s officers, directors or key employees or to consultants that do business with
the Company for up to an aggregate of 23,810 shares of common stock. On September 7, 2006, the Company terminated the 2004 Stock
Option Plan, except to the extent of issued and outstanding options then existing under the plan. The Company had 762 stock options
outstanding under its 2004 Stock Option Plan at December&nbsp;31, 2012 and 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>2006 Stock Incentive Plan</U></I>
&ndash; The 2006 Stock Incentive Plan authorizes the issuance of ISOs, NQOs, restricted stock, restricted stock units, stock appreciation
rights, direct stock issuances and other stock-based awards to the Company&rsquo;s officers, directors or key employees or to consultants
that do business with the Company for up to an aggregate of 414,286 shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Stock Options</U></I> &ndash;
On August 1, 2011 and August 25, 2011, the Company granted options to purchase an aggregate of 12,867 and 1,067 shares of the Company&rsquo;s
common stock at exercise prices of $12.90 and $5.25 per share, which were the respective closing prices per share of the Company&rsquo;s
common stock on the dates of grant, with estimated fair values of $6.60 and $2.70, respectively. The options vested as to 33% on
April 2, 2012 and vest as to 33% on each of April 1, 2013 and April 1, 2014. The options expire in 10 years from the date of grant.
Fair value was determined using the Black-Scholes Option Pricing Model. For the August 1, 2011 grants, the inputs to estimating
fair value were: exercise price of $12.90; estimated life of 5.0 years; expected volatility of 56.7%; and risk free interest rate
of 2.50%. For the August 25, 2011 grants, the inputs to estimating fair value were: exercise price of $5.25; estimated life of
5.0 years; expected volatility of 56.7% and risk free interest rate of 2.50%. The Company estimates expected volatility using peer
companies within its industry.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PACIFIC ETHANOL, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Summaries of the status of Company&rsquo;s
stock option plans as of December 31, 2012 and 2011 and of changes in options outstanding under the Company&rsquo;s plans during
those years are as follows (shares in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number<BR> of Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted Average Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number<BR> of Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted Average <BR>Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 32%; color: black; text-align: left">Outstanding at beginning of year</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; color: black; text-align: right">15</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">56.70</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; color: black; text-align: right">1</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; color: black">&nbsp;</TD>
    <TD STYLE="width: 1%; color: black; text-align: left">$</TD><TD STYLE="width: 13%; color: black; text-align: right">867.30</TD><TD STYLE="width: 1%; color: black; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt; text-indent: -6.6pt; padding-left: 20pt">Issued (Cancelled)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12.30</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="color: black; text-align: left; padding-bottom: 1pt">Outstanding at end of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">63.00</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56.70</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: black; text-align: left; padding-bottom: 2.5pt">Options exercisable at end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">147.45</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">867.30</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Stock options outstanding as of December&nbsp;31,
2012, were as follows (number of shares in thousands):&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid">Options Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Options Exercisable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Range of<BR> Exercise Prices</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number <BR>Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted Average Remaining Contractual Life (yrs)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted Average <BR>Exercise <BR>Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number Exercisable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted <BR>Average <BR>Exercise <BR>Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD COLSPAN="2" STYLE="text-align: right">$ 12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.59</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;$866.25-$871.50</FONT></TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">1</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">2.57</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">$</TD><TD STYLE="text-align: right; width: 13%">867.30</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">1</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">$</TD><TD STYLE="text-align: right; width: 13%">867.30</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The options outstanding at December 31,
2012 and 2011 had intrinsic values of $0 and $50,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Restricted Stock
</U></I>&ndash; The Company granted to certain employees and directors shares of restricted stock under its 2006 Stock Incentive
Plan pursuant to restricted stock agreements. A summary of unvested restricted stock activity is as follows (shares in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Weighted<BR> Average<BR> Grant Date <BR>Fair Value <BR>Per Share</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%">Unvested at December 31, 2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; text-align: right">31</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">144.90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Issued</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">158.40</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Canceled</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">145.50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD>Unvested at December 31, 2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">64.05</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Vested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">81.90</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt">Canceled</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61.20</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Unvested at December&nbsp;31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50.40</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the common stock at vesting
aggregated $112,000 and $239,000 for the years ended December 31, 2012 and 2011, respectively. Stock-based compensation expense
related to employee and non-employee restricted stock and option grants recognized in income were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2012</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-indent: -11.1pt; padding-left: 11.1pt">Employees</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">782</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">1,522</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -11.1pt; padding-left: 11.1pt">Non-employees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">756</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -11.1pt; padding-left: 11.1pt">Total stock-based compensation expense</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">806</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,278</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">At December 31, 2012, the total compensation
cost related to unvested awards which had not been recognized was $812,000 and the associated weighted-average period over which
the compensation cost attributable to those unvested awards would be recognized was 2.04 years. In January 2013, the Company granted
53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&rsquo;s 2013 annual meeting of stockholders,
or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the Company granted an additional
104,167 shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair
value of $5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted common stock that vests
in equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD>COMMITMENTS AND CONTINGENCIES.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Commitments</U></I> &ndash; The following
is a description of significant commitments at December 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Operating Leases &ndash; </I>Future
minimum lease payments required by non-cancelable operating leases in effect at December 31, 2012 are as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Years Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center; padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in; width: 23%">2013</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">1,127</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,120</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,141</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,103</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; text-indent: -1in; padding-left: 1in">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: center; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Thereafter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,590</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,032</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total rent expense during the years ended
December 31, 2012 and 2011 was $2,252,000 and $2,300,000, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Sales Commitments</I> &ndash; At December
31, 2012, the Company had entered into sales contracts with its major customers to sell certain quantities of ethanol, WDG and
syrup. The Company had open ethanol indexed-price contracts for 97,038,000 gallons of ethanol as of December 31, 2012. The Company
had open WDG and syrup fixed-price sales contracts valued at $1,194,000 and open indexed-price sales contracts for 31,000 tons
of WDG and syrup as of December 31, 2012. These sales contracts will be completed throughout 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Purchase Commitments</I> &ndash; At
December 31, 2012, the Company had fixed-price purchase contracts to purchase $9,361,000 of ethanol from its suppliers. These purchase
commitments will be satisfied throughout 2013.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Contingencies</U></I> &ndash; The
following is a description of significant contingencies at December 31, 2012:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Litigation &ndash; General &ndash;</I>
The Company is subject to various claims and contingencies in the ordinary course of its business, including those related to litigation,
business transactions and employee-related matters. When the Company is aware of a claim or potential claim, it assesses the likelihood
of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, the
Company will record a liability for the loss. If the loss is not probable or the amount of the loss cannot be reasonably estimated,
the Company discloses the claim if the likelihood of a potential loss is reasonably possible and the amount involved could be material.
While there can be no assurances, the Company does not expect that any of its pending legal proceedings will have a material financial
impact on the Company&rsquo;s operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;
</FONT>FAIR VALUE MEASUREMENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value hierarchy prioritizes the
inputs used in valuation techniques into three levels, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 1 &ndash; Observable inputs &ndash; unadjusted quoted prices in active markets for identical
assets and liabilities;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 2 &ndash; Observable inputs other than quoted prices included in Level 1 that are observable
for the asset or liability through corroboration with market data; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Level 3 &ndash; Unobservable inputs &ndash; includes amounts derived from valuation models where
one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description
of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the
prior reporting period.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company recorded its warrants issued
from 2010 through 2012 and its Convertible Notes at fair value and designated them as Level 3 on their issuance date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Warrants</U></I> &ndash; Except for
the warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based valuation methodology,
adjusted for marketability restrictions. The warrants issued September 26, 2012, due to no anti-dilution protection features, were
valued using the Black-Scholes Valuation Model.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant assumptions used and related
fair values for the warrants as of December 31, 2012 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Original Issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Risk Free Interest Rate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Term (years)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Market Discount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 9%; text-indent: -1in; padding-left: 1in">09/26/2012</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">8.85</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">70.2%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.36%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2.74</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">53.9%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,833,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,112,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">7.50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.72%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,867,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,756,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">07/3/2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.16%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55.5%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">930,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">509,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">12/13/2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.4%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.54%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.95</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">480,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">10/6/2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">76.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">0.72%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4.80</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">46.4%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">17,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,892,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant assumptions used and related
fair values for the warrants as of December 31, 2011 were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">Original Issuance</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Exercise Price</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Volatility</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Risk Free Interest Rate</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Term (years)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Market Discount</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Warrants Outstanding</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 9%; text-indent: -1in; padding-left: 1in">12/13/2011</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">22.50</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">68.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.83%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4.96</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">52.0%</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">330,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,695,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">10/6/2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">6.75</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">68.0%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">1.09%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">5.90</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">47.4%</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">34,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">226,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,921,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Convertible Notes</U></I> &ndash;
The Convertible Notes were valued using a combination of a Monte Carlo Binomial Lattice-Based valuation methodology for the embedded
conversion feature, adjusted for marketability restrictions, combined with a discounted cash flow model for the payment stream
of the debt instrument. The Company continued estimating the fair value of the Convertible Notes quarterly until their retirement
on November 14, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Other Derivative Instruments</U></I>
&ndash; The Company&rsquo;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
are based on quoted prices on the commodity exchanges and are designated as Level 1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table summarizes fair value measurements by level
at December 31, 2012 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-left: 0pt">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">189</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">189</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">189</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,892</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">167</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">167</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,892</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,059</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(1)&#9;Included in other current assets in the consolidated
balance sheets.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(2)&#9;Included in other current liabilities
in the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"></P>

<!-- Field: Page; Sequence: 168; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table summarizes fair value
measurements by level at December 31, 2011 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; padding-left: 0pt">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 13%; border-bottom: Black 1pt solid; text-align: right">244</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">244</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><FONT STYLE="font-size: 10pt">Commodity contracts<SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in">Total Liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,421</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(1)&#9;Included in other assets in the
consolidated balance sheets.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt">(2)&#9;Included in other liabilities in
the consolidated balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For fair value measurements using significant
unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs is required along with
a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&rsquo;s fair value of its Level
3 inputs were as follows (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Warrants</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Convertible Notes</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 46%; text-indent: -1in; padding-left: 1in">Balance, December 31, 2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">5,718</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">38,108</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -1in; padding-left: 1in">Retirement of Convertible Notes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Issuance of 2011 Warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,809</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Exercises of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,155</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,451</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,108</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in">Balance, December 31, 2011</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,921</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Issuance of July offering warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Issuance of September offering warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,658</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-indent: -1in; padding-left: 1in">Exercises of warrants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(113</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in">Adjustments to fair value for the period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,954</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in">Balance, December 31, 2012</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,892</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD>RELATED PARTY TRANSACTIONS.</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Preferred Dividends</U></I> &ndash;
The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,852,000 and $7,315,000 as of December
31, 2012 and 2011, respectively. As further discussed in Note 8 and Note 14, the Company issued common stock in payment of certain
accrued and unpaid dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of December 31, 2012 and 2011. On March
7, 2012, the Company entered into an amendment to the note, extending the maturity date to March 31, 2013. On February 7, 2013,
the maturity date was further extended to March 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">14. SUBSEQUENT EVENTS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>January 2013 Financing Transaction
</U></I>&ndash; On January 11, 2013, under the terms of a Securities Purchase Agreement (the &ldquo;Purchase Agreement&rdquo;)
dated December 19, 2012 among the Company and five accredited investors, the Company issued and sold to the investors in a private
offering $22,192,491 in aggregate principal amount of its senior unsecured notes (the &ldquo;January 2013 Notes&rdquo;) and warrants
(the &ldquo;January 2013 Warrants&rdquo;) to purchase an aggregate of 1,708,687 shares of the Company&rsquo;s common stock (the
&ldquo;January 2013 Financing Transaction&rdquo;) for aggregate gross proceeds of $22,192,491. The January 2013 Warrants have
an exercise price of $7.80 per share and expire in January 2018.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>January 2013
Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The January 2013 Notes
mature on March 30, 2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal
balance of the January 2013 Notes is not less than $10,769,298 by January 15, 2014, the interest rate will increase commencing
on January 15, 2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal
balance of the January 2013 Notes is less than $10,769,298.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">If at any time the Company receives net
cash proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of
incurring certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net
cash proceeds, provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January
2013 Notes or purchase certain outstanding debt issued by the Plant Owners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Interest on the
January 2013 Notes is payable in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013
(each, an &ldquo;Interest Payment Date&rdquo;). Subject to the satisfaction of certain equity conditions, at the option of
the Company, the Company may elect to pay interest due and payable in shares of common stock, provided that the interest rate
applicable to any outstanding amounts the Company pays in shares shall increase by 2% per annum from the then applicable
interest rate for the period for which such interest is paid. The number of shares to be issued on any particular Interest
Payment Date shall equal to the quotient of (x) the amount of interest payable (assuming payment in shares) on such Interest
Payment Date, divided by (y) the product of (i) the weighted average price of the Company&rsquo;s common stock for the
thirty trading days immediately preceding (but excluding) the Interest Payment Date, and (ii) 0.95.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Restrictive Covenants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The January 2013 Notes prohibit the Company
from engaging in various activities, including (i) payments due under the January 2013 Notes rank senior to all other indebtedness
of the Company and its subsidiaries, other than certain permitted senior indebtedness; (ii) the Company and its subsidiaries will
not incur other indebtedness, except for certain permitted indebtedness; (iii) the Company and its subsidiaries will not incur
any liens, except for certain permitted liens; (iv) the Company and its subsidiaries will not, directly or indirectly, redeem or
repay all or any portion of any indebtedness (except for certain permitted indebtedness) if at the time such payment is due or
is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being cured
would constitute, an event of default has occurred and is continuing; (v)the Company and its subsidiaries will not redeem, repurchase
or pay any dividend or distribution on its respective capital stock without the prior consent of the holders of the January 2013
Notes, other than certain permitted distributions; and (vi) the Company and its subsidiaries will not sell, lease, assign, transfer
or otherwise dispose of any assets of the Company or any subsidiary, except for certain permitted dispositions (including the sales
of inventory or receivables in the ordinary course of business).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Acquisition of Plant
Debt</U></I> &ndash; On January 11, 2013, the Company used $21,538,596 of the gross proceeds of the January 2013 Financing Transaction
to purchase from certain of the Investors an aggregate principal amount of $21,538,596 of the Plant Owners&rsquo; tranche A-2 term
loans (the &ldquo;Purchased Debt&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Extension of Maturity
of Plant Debt</U></I> &ndash; On January 11, 2013, immediately prior to the closing of the January 2013 Financing Transaction,
the maturity date of the Purchased Debt was extended from June 30, 2013 to June 30, 2016. On January 11, 2013, immediately prior
to the closing of the January 2013 Financing Transaction, the maturity date of the Company&rsquo;s new $10,000,000 revolving line
of credit secured on October 29, 2012 was extended from June 25, 2013 to June 25, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Acquisition of New PE Holdco
Membership Interests</U></I> &ndash; On January 11, 2013, the Company purchased 13% of New PE Holdco for an aggregate purchase
price of $1,308,030 using $653,895 of the gross proceeds of the January 2013 Financing Transaction and $654,135 of the Company&rsquo;s
cash on hand. The Company also acquired an additional 3% of New PE Holdco in March 2013 as discussed below. As of the filing of
this report, <FONT STYLE="color: black">the Company owns approximately 83% of the outstanding membership interests of New PE Holdco.
For the years ended December 31, 2012 and 2011, had the Company held an 83% ownership interest in New PE Holdco, the Company&rsquo;s
reported results would have had the following pro forma impact: net loss available to common stockholders would have been $36,526,000
and $3,774,000, respectively, and loss per share would have been $5.10 and $1.65, respectively.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>March 2013 Financing
Transaction</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">On March 28, 2013, the Company issued
$6,000,000 in subordinated convertible notes and 1,839,600 two year warrants with an exercise price of $7.80 per share. The net
proceeds of the offering were used to (i) purchase $2,600,000 of Plant Owners&rsquo; debt maturing in June 2013, the maturity
of which was also extended at the time from June 2013 to June 2016; (ii) acquire a 3% ownership interest in New PE Holdco; and
(iii) purchase and immediately retire $3,500,000 of the Plant Owners&rsquo; term debt.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Increase in Availability
under Plant Owners&rsquo; New Revolving Credit Facility</U></I> &ndash; On March 28, 2013, the lenders under the Plant Owners&rsquo;
new revolving credit facility approved $5,000,000 in additional availability for a maximum total credit limit of $15,000,000 under
the facility. As of March 28, 2013, the Plant Owners had $5,000,000 in unused availability under the new credit facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Grants of stock</U> </I>&ndash;In
January 2013, the Company granted 53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&rsquo;s
2013 annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013,
the Company granted an additional 104,167 shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014
and 2015 and had a grant date fair value of $5.40 per share. In March 2013, the Company granted an additional 130,000 shares of
restricted common stock that vest in equal installments on each of April 1, 2013, 2014 and 2015 and had a grant date fair value
of $5.70 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Warrant exercises</U></I> &ndash;
During February 2013, certain holders exercised warrants and received 267,733 shares of the Company&rsquo;s common stock upon payment
of an aggregate of $2,060,000 in cash. The Company paid approximately $755,800 in cash to the warrant holders as an inducement
for such exercises.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><I><U>Payment of Preferred Stock Dividends</U></I>
&ndash; On March 27, 2013, the Company entered into an agreement with the holders of its Series B Preferred Stock under which the
Company issued approximately 139,333 shares of its common stock in payment of $732,000 of the total $5,851,000 of accrued and unpaid
dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B Preferred Stock agreed to further
forebear from exercising any rights they may have with respect to accrued and unpaid dividends until September 30, 2014.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I><U>Note Payable to Related Party</U></I>
&ndash; On February 7, 2013, the Company entered into an amendment to the note payable to its Chief Executive Officer totaling
$750,000, extending the maturity date to March 31, 2014.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I><U>Employment Agreement</U></I>
&ndash; On January 6, 2013, the Company entered into an Executive Employment Agreement with Michael D. Kandris that provides for
at-will employment as the Company&rsquo;s Chief Operating Officer. Mr. Kandris shall initially receive a base salary of $246,000
per year, subject to annual review and increase in the sole discretion of the Company&rsquo;s board of directors. Mr. Kandris is
also eligible to receive an annual discretionary cash bonus of up to 50% of his base salary, to be paid based upon performance
criteria set by the Company&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>We have not authorized any dealer, salesman
or other person to give any information or to make any representation other than those contained in this prospectus and any accompanying
supplement to this prospectus. You must not rely upon any information or representation not contained in this prospectus or any
accompanying prospectus supplement. This prospectus and any accompanying supplement to this prospectus do not constitute an offer
to sell or the solicitation of an offer to buy any securities other than the registered securities to which they relate, nor do
this prospectus and any accompanying supplement to this prospectus constitute an offer to sell or the solicitation of an offer
to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction.
The information contained in this prospectus and any accompanying supplement to this prospectus is accurate as of the dates on
their covers. When we deliver this prospectus or a supplement or make a sale pursuant to this prospectus or a supplement, we are
not implying that the information is current as of the date of the delivery or sale.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PART II<BR>
<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">ITEM 13.&#9;OTHER EXPENSES OF
ISSUANCE AND DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth all expenses
to be paid by us in connection with this offering. All amounts shown are estimates except for the SEC registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="width: 63%; text-align: left; padding-left: 0pt">SEC Registration</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 13%; text-align: right">1,064</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">FINRA Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Accounting Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Legal Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Blue Sky Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0pt">Placement Agent Fees and Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="text-align: left; padding-left: 0pt">Printing Costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0pt">Miscellaneous Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 44pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">492,985</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>ITEM 14.&#9;INDEMNIFICATION OF
DIRECTORS AND OFFICERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 145 of the Delaware General Corporation
Law (&ldquo;DGCL&rdquo;) permits a corporation to indemnify its directors and officers against expenses, judgments, fines and amounts
paid in settlement actually and reasonably incurred in connection with a pending or completed action, suit or proceeding if the
officer or director acted in good faith and in a manner the officer or director reasonably believed to be in the best interests
of the corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our certificate of incorporation provides
that, except in some specified instances, our directors shall not be personally liable to us or our stockholders for monetary damages
for breach of their fiduciary duty as directors, except liability for the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any breach of their duty of loyalty to Pacific Ethanol or our stockholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any transaction from which the director derived an improper personal benefit.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, our certificate of incorporation
and bylaws obligate us to indemnify our directors and officers against expenses and other amounts reasonably incurred in connection
with any proceeding arising from the fact that such person is or was an agent of ours. Our bylaws also authorize us to purchase
and maintain insurance on behalf of any of our directors or officers against any liability asserted against that person in that
capacity, whether or not we would have the power to indemnify that person under the provisions of the DGCL. We have entered and
expect to continue to enter into agreements to indemnify our directors and officers as determined by our Board. These agreements
provide for indemnification of related expenses including attorneys&rsquo; fees and settlement amounts incurred by any of these
individuals in any action or proceeding. We believe that these bylaw provisions and indemnification agreements are necessary to
attract and retain qualified persons as directors and officers. We also maintain directors&rsquo; and officers&rsquo; liability
insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The limitation of liability and indemnification
provisions in our certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against our directors
for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against our directors and officers,
even though an action, if successful, might benefit us and other stockholders. Furthermore, a stockholder&rsquo;s investment may
be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as required
by these indemnification provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as the provisions of our certificate
of incorporation or bylaws provide for indemnification of directors or officers for liabilities arising under the Securities Act,
we have been informed that in the opinion of the Securities and Exchange Commission this indemnification is against public policy
as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Reference is made to the following documents
filed as exhibits to this registration statement regarding relevant indemnification provisions described above and elsewhere in
this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 83%; padding-right: 5.4pt; padding-left: 5.4pt; text-indent: 0.9pt"><B><U>Document</U></B></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Number</U></B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Certificate of Incorporation</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.1</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Bylaws</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">3.2</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Registration Rights Agreement, dated January 11, 2013, among the registrant and the investors signatory thereto</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">4.4</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Form of Indemnity Agreement between Pacific Ethanol, Inc. and each of its executive officers and directors</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.12</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt">Registration Rights Agreement, dated March 27, 2008, between Pacific Ethanol, Inc. and Lyles United, LLC</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">10.17</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>ITEM 15.&#9;RECENT SALES OF UNREGISTERED
SECURITIES. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Issuances to Socius CG II, Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Between March 5, 2010 and July 21, 2010,
pursuant to certain Orders Approving Stipulation for Settlement of Claim (the &ldquo;Orders&rdquo;) entered by the Superior Court
of the State of California for the County of Los Angeles (the &ldquo;Court&rdquo;), we issued an aggregate of <FONT STYLE="color: black">229,400</FONT>
shares of our common stock to Socius GC II, Ltd.&rsquo;s (&ldquo;Socius&rdquo;) in consideration of the full and final settlement
of an aggregate of $19,000,000 in claims against us held by Socius (the &ldquo;Claims&rdquo;) and legal fees and expenses incurred
by Socius. Socius purchased the Claims from Lyles United, LLC, a prior creditor of ours.&nbsp;&nbsp;The Claims consisted of the
right to receive an aggregate of $19,000,000 of principal amount under a loan made by Lyles United LLC to us pursuant to the terms
of an Amended and Restated Promissory Note dated November 7, 2008 in the original principal amount of $30,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offer and sale of the securities described
above were effected in reliance on Section 3(a)(10) of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2010 Debt Financing Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On October 6, 2010, we issued $35,000,000
in aggregate principal amount of senior convertible notes (&ldquo;Initial Notes&rdquo;) and warrants to purchase an aggregate of
196,078 shares of our common stock at an initial exercise price of $89.25 per share (&ldquo;Initial Warrants&rdquo;) to seven accredited
investors in a private placement pursuant to a Securities Purchase Agreement, dated as of September&nbsp;27, 2010 (the &ldquo;2010
Debt Financing&rdquo;). In connection with the 2010 Debt Financing, we paid placement agent fees of $2.5 million to Lazard Capital
Markets LLC, our placement agent.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offer and sale of the securities described
above were effected in reliance on Section 4(2) of the Securities Act and Rule&nbsp;506 promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Exchange Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 7, 2011, we entered into a separate
Amendment and Exchange Agreements with each of the investors who purchased the Initial Notes and the Initial Warrants in the 2010
Debt Financing (the &ldquo;Exchange Agreements&rdquo;). On January 7, 2011, under to the terms of the Exchange Agreements, we issued
$35.0 million in principal amount of senior convertible notes (&ldquo;Exchange Notes&rdquo;) in exchange for the Initial Notes
and warrants to purchase an aggregate of 196,078 shares of the Company&rsquo;s common stock (&ldquo;Exchange Warrants&rdquo;) in
exchange for the Initial Warrants (the &ldquo;Exchange&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offer and sale of Exchange Notes and
Exchange Warrants were effected in reliance on Section 3(a)(9) of the Securities Act. No commission or other remuneration was paid
or given directly or indirectly for soliciting the Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2011 Financing Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On December 13, 2011, we raised an aggregate
of $8.0 million in gross proceeds through the issuance of 508,334 shares of our common stock and warrants to purchase an aggregate
of up to 330,417 shares of our common stock at an initial exercise price of $22.50 per share to 11 accredited investors in a private
placement under the terms of a Securities Purchase Agreement, dated as of December 8, 2011. In connection with this financing,
we paid placement agent fees of $0.5 million to Lazard Capital Markets LLC, our placement agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offer and sale of the securities described
above were effected in reliance on Section 4(2) of the Securities Act and Rule&nbsp;506 promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>2012 Financing Transaction</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On January 11, 2013, we raised an aggregate
of $22,192,491 in gross proceeds through the issuance of $22,192,491 in aggregate principal amount of Notes and Warrants to purchase
an aggregate of 1,708,687 shares of our common stock at an initial exercise price of $7.80 per share to five accredited investors
in a private placement under the terms of a Securities Purchase Agreement, dated as of December 19, 2012. In connection with this
financing, we paid placement agent fees of $100,000 to Lazard Capital Markets LLC, our placement agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The offer and sale of the securities described
above were effected in reliance on Section 4(2) of the Securities Act and Rule&nbsp;506 promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: White"><B>ITEM 16.&#9;EXHIBITS
AND FINANCIAL STATEMENT SCHEDULES. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White"><B>(a)&#9;Exhibits.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: White"><B>INDEX
TO EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Debtors&rsquo; Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code as filed with the United States Bankruptcy Court for the District of Delaware on April 16, 2010 </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/11/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.2</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Findings of Fact, Conclusions of Law, and Order Confirming Debtors&rsquo; Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code as entered by the United States Bankruptcy Court for the District of Delaware on June 8, 2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/11/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.3</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Call Option Agreement dated June 29, 2010 between the Registrant, New PE Holdco LLC and certain Members </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/06/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.4</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated September&nbsp;28, 2010&nbsp;between the Registrant and CS Candlewood Special Situations Fund, L.P. </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">09/28/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.5</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Membership Interest Purchase Agreement dated September 27, 2010, between Pacific Ethanol California, Inc. and Daniel A. Sanders </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.6</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">09/28/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.6</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Exhibit A to Membership Interest Purchase Agreement dated September 27, 2010, between Pacific Ethanol California, Inc. and Daniel A. Sanders </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-171612</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/07/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.7</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated November 29, 2011 between the Registrant and Pacific Ethanol Equity Holdings LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/02/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.8</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated December 8, 2011 between the Registrant and Candlewood Special Situations Fund, L.P.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-178685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.8</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/22/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.9</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated December 9, 2011 between the Registrant and Wexford Spectrum Investors LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-178685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.9</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/22/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.10</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated December 9, 2011 between the Registrant and Wexford Catalyst Investors LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-178685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.10</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/22/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.11</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated December 9, 2011 between the Registrant and Debello Investors LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-178685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.11</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/22/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.12</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Agreements for Purchase and Sale of Units in New PE Holdco LLC dated June 21, 2012 between the Registrant and each of Credit Suisse Securities (USA) LLC, Continental Casualty Company, Wexford Catalyst Investors LLC, Wexford Spectrum Investors LLC, Debello Investors LLC and Candlewood Special Situations Fund L.P.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/27/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.13</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Agreement for Purchase and Sale of Units in New PE Holdco LLC dated December 19, 2012 between the Registrant and each of Candlewood Special Situations Fund, LP, CCVF PacEth LLC and Candlewood Credit Value Fund II, LP.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/19/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.14</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Units in New PE Holdco LLC dated January 11, 2013 between the Registrant and Credit Suisse Loan Funding LLC.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">12/19/2012</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.15</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><P STYLE="margin: 0">Agreement for Purchase and Sale of Loans and Units, dated March 27, 2013, by and among Cooperateive Centrale Raiffeisen-Boerenleebank B.A., &ldquo;Rabobank Nederland&rdquo;, New York Branch and Series G of Special Assets Equity Holdings Series, LLC and the Registrant.</P>


</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">2.16</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Agreement for Purchase and Sale of Loans and Units dated June 21, 2013 by and among Nordkap&nbsp;&nbsp;AG, NKPacific, LLC and the Registrant.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/26/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Incorporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/29/2005</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.2</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Amendment to Certificate of Incorporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-Q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">08/16/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.3</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Amendment to Certificate of Incorporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/07/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.4</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Amendment to Certificate of Incorporation</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/16/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.5</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Designations, Powers, Preferences and Rights of the Series A Cumulative Redeemable Convertible Preferred Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-KSB</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">04/14/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.6</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Certificate of Designations, Powers, Preferences and Rights of the Series B Cumulative Convertible Preferred Stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/27/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.7</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Bylaws of the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">3.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/29/2005</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">3.8</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Specimen Stock Certificate</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-180731</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">4.7</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">04/13/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">4.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Securities Purchase Agreement, dated December 19, 2012, among the Registrant and the investors signatory thereto</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/19/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">4.2</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Notes issued on January 11, 2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/15/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">4.3</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrants issued on January 11, 2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/19/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">4.4</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Registration Rights Agreement, dated January 11, 2013, among the Registrant and the investors signatory thereto</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/15/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">4.5</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amendment Agreement, dated March 28, 2013, among the Registrant and the investors signatory thereto</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.6</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">5.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Opinion of Troutman Sanders LLP</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">2004 Stock Option Plan#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-8</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-123538</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">4.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/24/2005</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">First Amendment to 2004 Stock Option Plan#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">02/01/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended 1995 Incentive Stock Plan#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-KSB</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.7</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/31/2003</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.4</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">2006 Stock Incentive Plan, as amended#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-8</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-185884</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">4.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/20/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Employee Restricted Stock Agreement#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify">10/10/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.6</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Non-Employee Director Restricted Stock Agreement#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: justify">10/10/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.7</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Executive Employment Agreement dated December 11, 2007 between the Registrant and Neil M. Koehler#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/17/2007</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.8</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Executive Employment Agreement dated December 11, 2007 between the Registrant and Christopher W. Wright#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/17/2007</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.9</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Executive Employment Agreement dated November 25, 2009 between the Registrant and Bryon T. McGregor#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">11/27/2009</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.10</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Independent Contractor Services Agreement dated January 1, 2012 between the Registrant and Michael D. Kandris#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/05/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.11</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Executive Employment Agreement dated January 6, 2013 between the Registrant and Michael D. Kandris#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/10/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.12</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Indemnity Agreement between the Registrant and each of its Executive Officers and Directors#</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.46</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/31/2010</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.13</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Promissory Note dated March 30, 2009 by the Registrant in favor of Neil M. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.6</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">04/02/2009</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.14</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">First Amendment to Promissory Note dated March 29, 2010 by and between the Registrant and Neil M. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.15</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Second Amendment to Promissory Note dated November 5, 2010 by and between the Registrant and Neil M. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.16</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Third Amendment to Promissory Note dated March 7, 2012 by and between the Registrant and Neil M. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.17</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Fourth Amendment to Promissory Note dated February 7, 2013 by and between the Registrant and Neil M. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.18</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Ethanol Purchase and Sale Agreement dated August 9, 2006 between Kinergy Marketing, LLC and Front Range Energy, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">08/15/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.19</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amendment to Amended and Restated Ethanol Purchase and Sale Agreement dated October 17, 2006 between Kinergy Marketing, LLC and Front Range Energy, LLC </TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.7</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">10/23/2006</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.20</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Warrant dated March 27, 2008 issued by the Registrant to Lyles United, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/27/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.21</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Registration Rights Agreement dated March 27, 2008 between the Registrant and Lyles United, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/27/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.22</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Letter Agreement dated March 27, 2008 between the Registrant and Lyles United, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/27/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.23</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrant dated May 22, 2008 issued by the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/23/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.24</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Letter Agreement dated May 22, 2008 among the Registrant, Neil M. Koehler, Bill Jones, Paul P. Koehler and Thomas D. Koehler</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/23/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.25</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrant dated May 23, 2008 issued by the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/23/2008</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.26</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Loan and Security Agreement dated May 4, 2012 by and among Kinergy Marketing LLC, Pacific Ag. Products, LLC, the parties thereto from time to time as Lenders, Wells Fargo Bank, National Association, and Wells Fargo Capital Finance, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/08/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.27</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amended and Restated Guarantee dated May 4, 2012 by Pacific Ethanol, Inc. in favor of Wells Fargo Capital Finance, LLC for and on behalf of Lenders</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/08/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.28</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Second Amended and Restated Asset Management Agreement dated June 30, 2011 among the Registrant, Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/06/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.29</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Amended and Restated Ethanol Marketing Agreement</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/06/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.30</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Amended and Restated Corn Procurement and Handling Agreement</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/06/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.31</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Amended and Restated Distillers Grains Marketing Agreement</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/06/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.32</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Limited Liability Company Agreement of New PE Holdco LLC</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.34</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/31/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.33</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrants dated January 7, 2011 issued by the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">01/07/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.34</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Securities Purchase Agreement dated December 8, 2011 between the Registrant and the investors identified therein</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">S-1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">333-178685</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">2.11</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/22/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.35</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Registration Rights Agreement dated December 13, 2011 between the Registrant and the investors identified therein</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/09/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.36</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Amendment No. 1 to Registration Rights Agreement dated February 22, 2012 between the Registrant and the investors identified therein</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.43</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/08/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.37</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrants dated December 13, 2011 issued by the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K/A</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">12/12/2011</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.38</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Underwriting Agreement by and between the Registrant and Lazard Capital Markets LLC dated as of June 28, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">1.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/28/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.39</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Series I Warrants and Series II Warrants issued by the Registrant on July 3, 2012 (The forms of Series I Warrants and Series II Warrants are identical in all respects other than the exercise price and term applicable to each such series of Warrants).</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">06/28/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.40</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Senior Unsecured Notes of the Registrant dated July 3, 2012, representing an aggregate principal amount of $10.0 million, issued to Credit Suisse Securities (USA) LLC, Continental Casualty Company, Wexford Catalyst Investors LLC, Wexford Spectrum Investors LLC, Debello Investors LLC and Candlewood Special Situations Fund L.P.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">07/19/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.41</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Letter Agreement, dated August 21, 2012, by and among the Registrant and the holders of the Registrant&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">08/24/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.42</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Underwriting Agreement by and between the Registrant and Lazard Capital Markets LLC dated as of September 21, 2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">09/21/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.43</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Form of Warrants to Purchase Common Stock issued by the Registrant on September 26, 2012, exercisable into an aggregate of 27,500,000&nbsp;shares of the Registrant&rsquo;s common stock</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">09/21/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.44</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Second Amended and Restated Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and Amarillo National Bank</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-Q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">11/14/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.45</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">First Amendment to Second Amended and Restated Credit Agreement, dated January 4, 2013, among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and such other parties thereto as identified therein</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.46</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Credit Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A., Credit Suisse Loan Funding LLC and Amarillo National Bank</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-Q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">11/14/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.47</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">First Amendment to Credit Agreement, dated January 4, 2013, among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and such other parties thereto as identified therein</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.48</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Intercreditor Agreement dated October 29, 2012 among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC and Wells Fargo Bank, N.A.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-Q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">11/14/2012</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.49</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Letter Agreement, dated December 26, 2012, by and among the Registrant and the holders of the Registrant&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.50</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Securities Purchase Agreement, dated March 28, 2013, between Pacific Ethanol, Inc. and the Investors&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.51</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Form of Series A Notes issued on March 28, 2013 and Series B Notes issued on June 20, 2013</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.2</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.52</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Form of Series A Warrants and Series B Warrants issued on March 28, 2013</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.3</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.53</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Form of Base Indenture between Pacific Ethanol, Inc. and U.S. Bank National Association</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.4</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.54</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Form of First Supplemental Indenture and Second Supplemental Indenture</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.5</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.55</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Placement Agent Agreement, dated March 28, 2013, between Pacific Ethanol, Inc. and Lazard Capital Markets LLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">8-K</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.7</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">03/28/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">10.56</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left"><FONT STYLE="color: black">Letter Agreement, dated March 27, 2013, by and among the Company and the holders of the Company&rsquo;s&nbsp;Series B Cumulative Convertible Preferred Stock</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10-Q</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">000-21467</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">10.13</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">05/15/2013</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">21.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Subsidiaries of the Registrant</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">23.1</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Consent of Troutman Sanders LLC (contained in Exhibit 5.1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">23.2</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Consent of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">24.1</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">Power of Attorney (included on the signature page to this Registration Statement)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
</TABLE>
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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Where
        Located</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit</B><BR>
        <B>Number</B></P></TD>
    <TD STYLE="width: 45%; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Description*</B></P></TD>
    <TD STYLE="width: 7%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Form</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>File
        Number</B></P></TD>
    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Exhibit
        Number</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filing
        Date</B></P></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Filed</B><BR>
        <B>Herewith</B></P></TD></TR>
<TR STYLE="background-color: #EEEEEE">
    <TD STYLE="padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: center">101</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; padding-bottom: 3pt; padding-left: 5.75pt; text-align: left">The materials listed in footnote (1) to this table from the Registrant&rsquo;s Registration Statement on Form S-1 formatted in XBRL (eXtensible Business Reporting Language) (**)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: center">X</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">The following materials from the Registrant&rsquo;s Registration Statement on Form S-1 formatted
in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of March 31, 2013 (unaudited) and December
31, 2012, (ii) Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012 (unaudited), (iii) Consolidated
Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012 (unaudited), (iv) Notes to Consolidated Financial Statements
(unaudited) for the Three Months Ended March 31, 2013, (v) Consolidated Balance Sheets as of December 31, 2012 and 2011, (vi) Consolidated
Statements of Operations for the Years Ended December 31, 2012 and 2011, (vii) Consolidated Statement of Stockholders&rsquo; Equity
for the Years Ended December 31, 2012 and 2011, (viii) Consolidated Statements of Cash Flows for the Years Ended December 31, 2012
and 2011 and (ix) Notes to Consolidated Financial Statements for the Years Ended December 31, 2012 and 2011.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(#)</TD><TD>A contract, compensatory plan or arrangement to which a director or executive officer is a party or in which one or more directors
or executive officers are eligible to participate.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(*)</TD><TD STYLE="text-align: justify">Certain of the agreements filed as exhibits contain representations and warranties made by the
parties thereto. The assertions embodied in such representations and warranties are not necessarily assertions of fact, but a mechanism
for the parties to allocate risk. Accordingly, investors should not rely on the representations and warranties as characterizations
of the actual state of facts or for any other purpose at the time they were made or otherwise.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(**)</TD><TD STYLE="text-align: justify">Pursuant to applicable securities laws and regulations, we are deemed to have complied with the
reporting obligation relating to the submission of interactive data files in such exhibits and are not subject to liability under
any anti-fraud provisions of the federal securities laws as long as we have made a good faith attempt to comply with the submission
requirements and promptly amend the interactive data files after becoming aware that the interactive data files fail to comply
with the submission requirements. Users of this data are advised that, pursuant to Rule 406T, these interactive data files are
deemed not filed and otherwise are not subject to liability.</TD></TR></TABLE>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White"><B>(b)&#9;Financial
Statement Schedules.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">All
schedules have been omitted because they are either inapplicable or the required information has been given in the financial statements
or notes thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>ITEM 17.&#9;UNDERTAKINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii)&nbsp;&nbsp;&nbsp;&nbsp;To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule&nbsp;424(b)
if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering
price set forth in the &ldquo;Calculation of Registration fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(iii)&nbsp;&nbsp;&nbsp;To include
any material information with respect to the plan of distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;That,
for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned Registrant hereby undertakes
that for the purpose of determining liability under the Securities Act to any purchaser, if the Registrant is subject to Rule 430C,
each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included
in the registration statement as of the date it is first used after effectiveness. <I>Provided, however, </I>that no statement
made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or
deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will,
as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the
registration statement or prospectus that was part of the registration statement or made in any such document immediately prior
to such date of first use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to
the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Sacramento, State of California, on this 28<SUP>th</SUP> <SUP> </SUP>day of June, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">Pacific Ethanol, Inc.,</FONT><BR>
<FONT STYLE="font-size: 10pt">a Delaware corporation</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 3pt solid"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/&nbsp;NEIL M. KOEHLER</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 12.7pt"><FONT STYLE="font-size: 10pt">Neil M. Koehler</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 12.7pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that
each person whose signature appears below constitutes and appoints Neil M. Koehler his attorney-in-fact and agent, with the power
of substitution and resubstitution, for him and in his name, place or stead, in any and all capacities, to sign any amendment to
this registration statement on Form S-1, and to file such amendments, together with exhibits and other documents in connection
therewith, with the Securities and Exchange Commission, granting to such attorney-in-fact and agent, full power and authority to
do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully as he might
or could do in person, and ratifying and confirming all that the attorney-in-fact and agent, or his substitute or substitutes,
may do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="width: 23%; padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-bottom: 3pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ WILLIAM
        L. JONES</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">William L. Jones</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in"><FONT STYLE="font-size: 10pt">Chairman of the Board and Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ NEIL
        M. KOEHLER</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Neil M. Koehler</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer (principal executive officer) and Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ BRYON
        T. MCGREGOR</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Bryon T. McGregor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in"><FONT STYLE="font-size: 10pt">Chief Financial Officer (principal financial and accounting officer)</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ MICHAEL
        D. KANDRIS</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Michael D. Kandris</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: justify"><FONT STYLE="font-size: 10pt">Chief Operating Officer and Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ TERRY
        L. STONE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Terry L. Stone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ JOHN
        L. PRINCE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">John L. Prince</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/DOUGLAS
        L. KEITA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Douglas L. Kieta</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ LARRY
        D. LAYNE</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.2in 0pt 0">Larry D. Layne</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: justify"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-top: 6pt; padding-right: 0.2in; text-align: center"><FONT STYLE="font-size: 10pt">June 28, 2013</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 12%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Exhibit</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>Number</U></B></P></TD>
    <TD STYLE="width: 88%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><B><U>Description</U></B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">2.15</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt"><P STYLE="margin: 0">Agreement for Purchase and Sale of Loans and Units, dated March 27, 2013, by and among Cooperateive
                                                                                Centrale                                                                                 Raiffeisen-Boerenleebank B.A.,
                                                                                &ldquo;Rabobank Nederland&rdquo;, New York Branch and Series G of Special Assets Equity
                                                                                Holdings Series, LLC and the Registrant.</P>


</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">5.1</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Opinion of Troutman Sanders LLP</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.44</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">First Amendment to Second Amended and Restated Credit Agreement, dated January 4, 2013, among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and such other parties thereto as identified therein</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.46</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">First Amendment to Credit Agreement, dated January 4, 2013, among Pacific Ethanol Holding Co. LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol Stockton LLC, Pacific Ethanol Magic Valley, LLC, the Lenders referred to therein, Wells Fargo Bank, N.A. and such other parties thereto as identified therein</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.48</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Letter Agreement, dated December 26, 2012, by and among the Registrant and the holders of the Registrant&rsquo;s<FONT STYLE="color: black"> Series B Cumulative Convertible Preferred Stock</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.49</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">First Amendment to Promissory Note, dated March 29, 2010, by and between the Registrant and Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.50</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Second Amendment to Promissory Note, dated November 5, 2010, by and between the Registrant and Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.51</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Third Amendment to Promissory Note, dated March 7, 2012, by and between the Registrant and Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">10.52</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Fourth Amendment to Promissory Note, dated February 7, 2013, by and between the Registrant and Neil M. Koehler</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">21.1</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Subsidiaries of the Registrant</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">23.1</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Consent of Troutman Sanders LLP (contained in Exhibit 5.1)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">23.2</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Consent of Independent Registered Public Accounting Firm</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">24.1</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">Power of Attorney (included on the signature page to this Registration Statement)</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">101</TD>
    <TD STYLE="padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt">The following materials from the Registrant&rsquo;s Registration Statement on Form S-1 formatted in XBRL (eXtensible Business Reporting Language):&nbsp;&nbsp;(i) Consolidated Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012, (ii) Consolidated Statements of Operations for the Three Months Ended March 31, 2013 and 2012 (unaudited), (iii) Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and 2012 (unaudited), (iv) Notes to Consolidated Financial Statements (unaudited) for the Three Months Ended March 31, 2013, (v) Consolidated Balance Sheets as of December 31, 2012 and 2011, (vi) Consolidated Statements of Operations for the Years Ended December 31, 2012 and 2011, (vii) Consolidated Statement of Stockholders&rsquo; Equity for the Years Ended December 31, 2012 and 2011, (viii) Consolidated Statements of Cash Flows for the Years Ended December 31, 2012 and 2011 and (ix) Notes to Consolidated Financial Statements for the Years Ended December 31, 2012 and 2011.&nbsp;&nbsp;</TD></TR>
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<DESCRIPTION>AGREEMENT FOR PURCHASE AND SALE OF LOANS AND UNITS
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 2.15</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><BR>
AGREEMENT FOR PURCHASE AND SALE OF
LOANS AND UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>THIS AGREEMENT FOR
PURCHASE AND SALE OF LOANS AND UNITS</B> (&ldquo;<B>Agreement</B>&rdquo;) dated as of March 27, 2013, is made by and among <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Cooperatieve
Centrale Raiffeisen-Boerenleenbank B.A., &ldquo;Rabobank Nederland&rdquo;, New York Branch </B></FONT>(<B>&ldquo;Rabobank&rdquo;</B>)
and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Series G of Special Assets Equity Holdings
Series, LLC </B></FONT>(<B>&ldquo;Series G&rdquo;</B>) (Rabobank and Series G, collectively, &ldquo;<B>Seller</B>&rdquo;) and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-variant: small-caps"><B>Pacific
Ethanol, Inc</B></FONT>., a Delaware corporation (&ldquo;<B>Buyer</B>&rdquo;). Unless otherwise defined in this Agreement, capitalized
terms used in this Agreement are defined in <U>Exhibit A</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">W I T N E S S E T H</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS,</B> New PE
Holdco LLC, a Delaware limited liability company (the <B>&ldquo;Company&rdquo;</B>), issued certain limited liability company interests
denominated as &ldquo;<B>Units</B>&rdquo; pursuant to the LLC Agreement (as defined below) to Series G in connection with the consummation
of that certain Amended Joint Plan of Reorganization Under Chapter 11 of the Bankruptcy Code, dated April 16, 2010, filed with
the United States Bankruptcy Court for the District of Delaware by the predecessors in interest to the Company&rsquo;s direct and
indirect wholly-owned subsidiaries;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>in connection
with the issuance of the Units, the Company and Series G, among others, have executed that certain Limited Liability Company Agreement
of New PE Holdco LLC dated June 29, 2010 (the &ldquo;<B>LLC Agreement</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Rabobank
is a lender under the Second Amended and Restated Credit Agreement (the &ldquo;<B>Credit Amendment</B>&rdquo;), dated as of October
29, 2012, among Pacific Ethanol Holding Co. LLC (&ldquo;<B>Pacific Holding</B>&rdquo;), Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton LLC, and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company (collectively,
the &ldquo;<B>Borrowers</B>&rdquo;), Pacific Holding, as Borrowers&rsquo; Agent, the Company, as Pledgor, each of the Lenders whose
signatures appear on the signature pages thereto, Wells Fargo Bank, N.A., as administrative agent for the Lenders, Wells Fargo
Bank, N.A., as collateral agent for the Senior Secured Parties and Amarillo National Bank, as accounts bank;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Rabobank
is the holder of a Tranche A-2 Term Loan (as defined in the Credit Agreement) under the Credit Agreement in the original principal
amount of $2,635,620.80 (the &ldquo;<B>Loan</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>Series
E is an affiliate of Rabobank; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS, </B>Seller
desires to sell to Buyer, and Buyer desires to purchase from Seller, (i) 33.141 Units (the &ldquo;<B>Seller Units</B>&rdquo;) representing
one hundred percent (100%) of the Units held by Series G, and (ii) the Loan and all of Rabobank&rsquo;s other rights, commitments
and obligations under the Credit Agreement (the &ldquo;<B>Assigned Interest</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE,</B>
in consideration of the agreements and mutual covenants and based upon the representations and warranties set forth herein, the
parties agree as follows:</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Purchase and Sale of Seller Units and Assigned Interest</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT>Subject to the terms and conditions of this Agreement, Buyer agrees to purchase, and Seller agrees to sell, convey,
assign, transfer and deliver to Buyer on the Closing Date all of the following: (i) the Seller Units (WITHOUT REPRESENTATION, COVENANT
OR WARRANTY, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 3 OF THIS AGREEMENT) and (ii) the Assigned Interest (WITHOUT RECOURSE TO SELLER,
AND WITHOUT REPRESENTATION, COVENANT OR WARRANTY, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 4 OF THIS AGREEMENT AND THE LOAN ASSIGNMENT).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT>As consideration for the sale of the Seller Units and the Assigned Interest to Buyer at the Closing, Buyer shall
pay to Seller, in cash, a total of $2,150,000 (the <B>&ldquo;Cash Consideration&rdquo;</B>) by wire transfer as hereinafter provided.
With respect to the Assigned Interest, as more particularly described in the Loan Assignment, Rabobank and Buyer will make all
appropriate adjustments in payments by the Administrative Agent for periods prior to the Trade Date set forth in the Loan Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT>The closing of the sale of the Seller Units and the Assigned Interest to Buyer (the &ldquo;<B>Closing</B>&rdquo;)
shall take place at the offices of Buyer in Sacramento, California at 10:00 a.m. PST on such date as Buyer may designate in a written
notice (the &ldquo;<B>Closing Notice</B>&rdquo;) delivered to Seller at least one (1) business day prior to the Closing, but in
no event later than March 31, 2013 (the <B>&ldquo;Closing Date&rdquo;</B>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Condition
Precedent to Buyer&rsquo;s Obligation to Close</U>. <FONT STYLE="font-weight: normal">Buyer&rsquo;s obligation to purchase the
Seller Units and the Assigned Interest is subject to the Buyer giving the Closing Notice. If Buyer has not delivered the Closing
Notice to Seller by 5 p.m. EST on March 29, 2013, then this Agreement shall terminate and shall be of no further force or effect
and neither party shall have any further liability or obligation pursuant hereto.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Series G Representations</U>.<FONT STYLE="font-weight: normal"> Series G represents and warrants to Buyer as follows:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Organization</B>. Series G is a limited liability company duly organized, validly existing and in good standing
under the laws of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Due Authorization; Enforceability</B>. The execution, delivery and performance of this Agreement have been
duly and validly authorized by Series G. Assuming the due authorization, execution and delivery of the same by Buyer, this Agreement
and all other agreements and instruments entered into pursuant hereto (collectively, the &ldquo;<B>Transaction Documents</B>&rdquo;)
to which Series G is a party constitute the legal, valid and binding obligation of Series G, enforceable against Series G in accordance
with their respective terms (except as may be limited by bankruptcy, insolvency, reorganization and other similar laws and equitable
principles relating to or limiting creditors&rsquo; rights generally).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Non-Contravention; Consents</B>. Series G is not required to give any notice to, make any filing with, or
obtain any authorization, consent, or approval of, any government or governmental agency in order to consummate the purchase and
sale of the Seller Units (the &ldquo;<B>Unit Sale Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>No Prior Assignment; Authority</B>. (i) Series G has not previously assigned or sold any of the Seller Units
or any rights, title or interest under the LLC Agreement, and (ii) Series G has full power and authority to transfer and assign
the Seller Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Ownership</B>. Series G is the legal and beneficial owner of the Seller Units free and clear of any Encumbrances.
Series G is not a party to any option, warrant, purchase right, or other contract or commitment (other than this Agreement) that
could require Series G to sell, transfer, or otherwise dispose of any Seller Units, or any voting or economic right therein, other
than to the Company. Series G is not a party to any voting trust, proxy, or other agreement or understanding with respect to the
voting of any Seller Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Brokers</B>. Series G has not agreed or become obligated to pay, or has taken any action that might result
in any person, entity or governmental body claiming to be entitled to receive, any brokerage commission, finder&rsquo;s fee or
similar commission or fee in connection with the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Rabobank Representations</U>.<FONT STYLE="font-weight: normal"> Rabobank represents and warrants to Buyer as follows:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Organization</B>. Rabobank is a New York State licensed branch of a Netherlands banking cooperative, duly
organized, validly existing and in good standing under the laws of the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Due Authorization; Enforceability</B>. The execution, delivery and performance of this Agreement have been
duly and validly authorized by Rabobank. Assuming the due authorization, execution and delivery of the same by Buyer, the Transaction
Documents to which Rabobank is a party constitute the legal, valid and binding obligation of Rabobank, enforceable against Rabobank
in accordance with their respective terms (except as may be limited by bankruptcy, insolvency, reorganization and other similar
laws and equitable principles relating to or limiting creditors&rsquo; rights generally).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Non-Contravention; Consents</B>. Rabobank is not required to give any notice to, make any filing with, or
obtain any authorization, consent, or approval of, any government or governmental agency in order to consummate the purchase and
sale of the Assigned Interest (the &ldquo;<B>Loan Sale Transaction</B>&rdquo; and together with the Unit Sale Transaction, collectively
the &ldquo;<B>Transaction</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Loan Balance; Prior Assignment; Authority</B>. (i) As of the date of this Agreement, the outstanding principal
balance of the Loan is $2,635,620.80, (ii) Rabobank has not previously assigned or sold any of the Assigned Interest or any rights,
title or interest under the Credit Agreement, and (ii) Rabobank has full power and authority to transfer and assign the Assigned
Interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Ownership</B>. Rabobank is the legal and beneficial owner of the Assigned Interest free and clear of any Encumbrances.
Rabobank is not a party to any option, warrant, purchase right, or other contract or commitment (other than this Agreement) that
could require Rabobank to sell, transfer, or otherwise dispose of any Seller Units, or any voting or economic right therein, other
than to the Company. Rabobank is not a party to any voting trust, proxy, or other agreement or understanding with respect to the
voting of any Seller Units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Brokers</B>. Rabobank has not agreed or become obligated to pay, or has taken any action that might result
in any person, entity or governmental body claiming to be entitled to receive, any brokerage commission, finder&rsquo;s fee or
similar commission or fee in connection with the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Buyer Representations</U>.<FONT STYLE="font-weight: normal"> Buyer represents and warrants to Seller as follows:
</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Organization. </B>Buyer is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. Buyer is in good standing and qualified to do business as a foreign corporation in any state in which
it is doing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Due Authorization; Enforceability. </B>The execution, delivery and performance of this Agreement have been
duly and validly authorized by Buyer. Assuming the due authorization, execution and delivery of the same by Seller, this Agreement
and the other Transaction Documents to which Buyer is a party hereto constitute the legal, valid and binding obligation of Buyer,
enforceable against Buyer in accordance with their respective terms (except as may be limited by bankruptcy, insolvency, reorganization
and other similar laws and equitable principles relating to or limiting creditors&rsquo; rights generally).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Non-Contravention; Consents. </B>Buyer is not required to give any notice to, make any filing with, or obtain
any authorization, consent, or approval of any government or governmental agency in order to consummate the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Investment Intent. </B>Buyer<B> </B>is acquiring the Seller Units for its own account for investment purposes
only and not with a view to the distribution or resale thereof, in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Permitted Transfer.</B> Buyer is (i) a Permitted Transferee as such term is defined in the LLC Agreement and
(ii) an Affiliated Lender as defined in the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Brokers. </B>Buyer has not agreed or become obligated to pay, or has taken any action that might result in
any person, entity or governmental body claiming to be entitled to receive, any brokerage commission, finder&rsquo;s fee or similar
commission or fee in connection with the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>As-Is Sale</B>. The Buyer hereby acknowledges and agrees that the Seller Units and the Assigned Interest are
being sold &ldquo;as-is.&rdquo; The Buyer hereby acknowledges and agrees that the Seller makes no representations, covenants or
warranties other than as expressly set forth in Section 3, Section 4 and the Loan Assignment and specifically acknowledges that
Rabobank has made no representations, covenants or warranties with regard to any collateral for the Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Closing Deliverables by Seller</U><FONT STYLE="font-weight: normal">. At the Closing and subject to the Seller&rsquo;s
receipt of the Cash Consideration, Seller shall deliver the following to Buyer:</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>Rabobank shall deliver a duly executed copy of the Second Amendment to the Credit Agreement in the form attached hereto
as <U>Exhibit B</U> (the &ldquo;<B>Second Amendment</B>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>Rabobank shall deliver a duly executed and completed copy of the Loan Assignment; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>Series G shall deliver a duly executed copy of the New PE Holdco LLC Unit Assignment in the form attached hereto as
<U>Exhibit C</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Closing Deliverables by Buyer</U><FONT STYLE="font-weight: normal">. At the Closing, Buyer shall deliver the Cash
Consideration to the Seller by wire transfer in accordance with the following instructions: </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wire funds to:</FONT></TD>
    <TD STYLE="width: 45%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">JPMorgan Chase N.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ABA Number:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">021000021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the Account of:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rabobank Nederland New York Branch</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Account Number:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">400-212307</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For Further Credit To:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pacific Ethanol</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Reference:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DDA 82133</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Attention:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chandra Rambarran/Ben Matz</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Survival of Representations and Covenants</U><FONT STYLE="font-weight: normal">. The covenants and agreements
of each Party shall survive the Closing for the periods specified in such covenants and agreements, or if no period is specified,
until the first anniversary of the Closing. The representations and warranties of each Party shall survive until the first anniversary
of the Closing.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Additional Agreements</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Further Assurances</B>. Each Party agrees to execute and deliver such further documents and instruments and
to take such further actions after the Closing as may be necessary or desirable and reasonably requested by the other Party to
give effect to the Transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Expenses;
Attorneys&rsquo; Fees. </B>Each Party shall bear and pay all fees, costs and expenses that have been incurred or that are in the
future incurred by, on behalf of, such Party in connection with the negotiation, preparation and review of this Agreement, the
other Transaction Documents and all certificates and other instruments and documents delivered or to be delivered in connection
with the Transaction, and the consummation and performance of the Transaction. If a Party shall bring any action, suit, counterclaim,
appeal, arbitration, or mediation for any relief against the other Party, declaratory or otherwise, to enforce the terms hereof
or to declare rights hereunder (referred to herein as an &ldquo;<B>Action</B>&rdquo;), the non-prevailing party in such Action
shall pay to the prevailing party in such Action a reasonable sum for the prevailing party&rsquo;s attorneys&rsquo; fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Rabobank&rsquo;s Rights under the Credit Agreement. </B>Until the consummation of the Transaction, Rabobank
reserves all of its rights to exercise and enforce its rights and remedies as a Lender under the Credit Agreement and the other
Loan Documents (as defined in the Credit Agreement), in each case, without any obligation to notify, or seek the consent of, the
Buyer of such exercise or enforcement and the Buyer shall have no right to direct Rabobank in the exercise or enforcement of such
rights or remedies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Effectiveness of Second Amendment</B>. Notwithstanding that the delivery of Seller&rsquo;s closing deliverables
pursuant to Section 6 may occur concurrently with payment of the Cash Consideration pursuant to Section 7, the Second Amendment
shall be deemed to be effective immediately prior to the effectiveness of the Loan Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10.<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(a)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Notices</B>. All notices, demands and other communications to be given or delivered under or by reason of
the provisions of this Agreement shall be in writing and shall be deemed to have been given when personally delivered, when mailed
by certified mail, return receipt requested, when sent by facsimile with confirmation of receipt received, or when delivered by
overnight courier with executed receipt. Notices, demands and communications to Seller or Buyer shall, unless another address is
specified in writing in accordance herewith, be sent to the address indicated below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: -1.5in">Notices to Seller:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooperatieve
Centrale Raiffeisen-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Boerenleenbank B.A., &ldquo;Rabobank Nederland&rdquo;,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">New York Branch</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">245 Park Avenue, 36th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">New York, NY 10167</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Attn:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Tel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Fax:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Notices to Buyer:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">400 Capitol Mall</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Attn: General Counsel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Tel: (916) 403-2123</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">Fax: (916) 403-2785</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(b)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Amendment</B>. No change in or modification of this Agreement shall be valid unless the same shall be in writing
and signed by Seller and Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Waiver</B>.
No failure or delay on the part of the parties or any of them in exercising any right, power or privilege hereunder, nor any course
of dealing between the parties or any of them shall operate as a waiver of any such right, power or privilege nor shall any single
or partial exercise of any such right, power or privilege preclude the simultaneous or later exercise of any other right, power
or privilege. The rights and remedies herein expressly provided are cumulative and are not exclusive of any rights or remedies
which the parties or any of them would otherwise have.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(d)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Counterparts</B>. This Agreement may be executed in any number of counterparts with the same effect as if
all of the parties hereto had signed the same document. All counterparts shall be construed together and shall constitute one agreement.
This Agreement and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or electronic transmission
(including a PDF file), shall be treated in all manner and respects as an original Agreement and shall be considered to have the
same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto shall raise the
use of a facsimile machine or electronic transmission to deliver a signature or the fact that any signature was transmitted or
communicated through the use of a facsimile machine or electronic transmission as a defense to the formation of a contract and
each such party forever waives any such defense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(e)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>GOVERNING LAW</B>. THE LAWS OF THE STATE OF DELAWARE SHALL GOVERN THE VALIDITY OF THIS AGREEMENT, THE CONSTRUCTION
OF ITS TERMS, AND THE INTERPRETATION OF THE RIGHTS AND DUTIES ARISING HEREUNDER, WITHOUT REGARD TO ITS CONFLICTS OF LAWS PROVISIONS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(f)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Submission to Jurisdiction; Waiver of Jury Trial and Venue</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(1)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>SUBMISSION TO JURISDICTION</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY,
TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW
YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES
THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON
THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(2)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>WAIVER OF JURY TRIAL AND VENUE</U>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, (i) ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A JURY TRIAL WITH RESPECT TO ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR AND (ii) ANY OBJECTION THAT SUCH PARTY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE
OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY COURT REFERRED TO ABOVE. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(3)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U>Service of Process</U>. Each party hereto agrees that service of process may be effectuated by mailing a copy of the
summons and complaint, or other pleading, by certified mail, return receipt requested, in accordance with <U>Section 10(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(g)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Benefit and Binding Effect</B>. Except as otherwise provided in this Agreement, no right under this Agreement
shall be assignable and any attempted assignment in violation of this provision shall be void. Every covenant, term, and provision
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective executors, administrators,
heirs, successors, transferees, and assigns. It is understood and agreed among the parties that this Agreement and the covenants
made herein are made expressly and solely for the benefit of the parties hereto, and that no other Person, other <FONT STYLE="color: black">than
as expressly set forth in this, </FONT>shall be entitled or be deemed to be entitled to any benefits or rights hereunder, nor be
authorized or entitled to enforce any rights, claims or remedies hereunder or by reason hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(h)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Severability</B>. Any provision of this Agreement which is prohibited, unenforceable or not authorized in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition, unenforceability or nonauthorization
without invalidating the remaining provisions hereof or affecting the validity, enforceability or legality of such provision in
any other jurisdiction. The parties hereto agree to negotiate in good faith to replace any illegal, invalid or unenforceable provision
of this Agreement with a legal, valid and enforceable provision that, to the extent possible, will preserve the economic bargain
of this Agreement. If any time period set forth herein is held by a court of competent jurisdiction to be unenforceable, a different
time period that is determined by the court to be more reasonable shall replace the unenforceable time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B>Headings;
Construction</B>. Section and other headings contained in this Agreement are for reference purposes only and are not intended
to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof. Every covenant,
term, and provision of this Agreement shall be construed simply according to its fair meaning and not strictly for or against
any party. Every schedule and other addendum attached to this Agreement and referred to herein is incorporated in this Agreement
by reference unless this Agreement expressly otherwise provides. All terms and any variations thereof shall be deemed to refer
to masculine, feminine, or neuter, singular or plural, as the identity of the Person or Persons may require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(j)<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT><B>Entire Agreement</B>. This Agreement contains the entire understanding and agreement among the parties hereto
with respect to the subject matter hereof, and supersedes all prior agreements and all contemporaneous oral agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have executed this Agreement for Purchase and Sale of Loans and Units as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Buyer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Pacific Ethanol,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">By: <U>/s/ Bryon T. McGregor&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Name: Bryon T. McGregor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Title: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Seller</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Cooperatieve
Centrale Raiffeisen-</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Boerenleenbank B.A., &ldquo;Rabobank</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Nederland&rdquo;, New York Branch</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">By:<U>/s/
Benjamin
Matz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Name: Benjamin Matz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Title: Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">By: <U>/s/ John Yusi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Name: John Yusi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Title: Vice President</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Series G of
Special Assets Equity Holdings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"><FONT STYLE="font-variant: small-caps"><B>Series, LLC </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">By: <U>/s/
Benjamin
Matz&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Name: Benjamin Matz</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Title: Vice President</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">By: <U>/s/ John Yusi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Name: John Yusi</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">Title: Vice President</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B>Definitions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<B>Action</B>&rdquo; is defined in <U>Section 9(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Affiliate</B>&rdquo; means an
individual or entity that directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under
common control with, a specified individual or entity. For purposes of this definition, &ldquo;control&rdquo; shall include, without
limitation, the exertion of significant influence over an individual or entity and shall be conclusively presumed as to any fifty
percent (50%) or greater equity interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Agreement</B>&rdquo; is defined
in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Assigned Interest</B>&rdquo;
is defined in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Borrowers</B>&rdquo; is defined
in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Buyer</B>&rdquo; is defined in
the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Cash Consideration</B>&rdquo;
is defined in <U>Section 1(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Closing</B>&rdquo; is defined
in <U>Section 1(c).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Closing Date</B>&rdquo; is defined
in <U>Section 1(c).</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Closing Notice</B>&rdquo; is
defined in <U>Section 1(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Company</B>&rdquo; is defined
in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Credit Agreement</B>&rdquo; is
defined in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Encumbrance</B>&rdquo; means
any lien, pledge, hypothecation, charge, mortgage, security interest, encumbrance, equity, trust, equitable interest, claim, preference,
right of possession, lease, tenancy, license, encroachment, covenant, infringement, interference, order, proxy, option, right of
first refusal, preemptive right, community property interest, legend, defect, impediment, exception, reservation, limitation, impairment,
imperfection of title, condition or restriction of any nature (including any restriction on the transfer of an asset, any restriction
on the receipt of any income derived from an asset, any restriction on the use of any asset and any restriction on the possession,
exercise or transfer of any other attribute of ownership of an asset).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>LLC Agreement</B><I>&rdquo;</I>
is defined in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Loan</B>&rdquo; is defined in
the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Loan Assignment</B>&rdquo; means
an assignment of the Loan in the form attached as Exhibit 11.03 to the Credit Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Loan Sale Transaction</B>&rdquo;
is defined in <U>Section 4(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Loss</B>&rdquo; shall include
any loss, damage, injury, decline in value, liability, claim, demand, settlement, judgment, award, fine, penalty, tax, fee (including
any legal fee, expert fee, accounting fee or advisory fee), charge, cost (including court costs and any cost of investigation)
or expense of any nature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Member</B>&rdquo; has the meaning
ascribed to such term in the LLC Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Pacific Holding</B>&rdquo; is
defined in the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Party</B>&rdquo; or &ldquo;<B>Parties</B>&rdquo;
means any of Seller and Buyer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Person</B>&rdquo; means any individual,
person, limited liability company, partnership, trust, unincorporated organization, corporation, association, joint stock company,
business, group, government, government agency or authority or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Rabobank</B>&rdquo; is defined
in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Second Amendment</B>&rdquo; is
defined in <U>Section 6(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Seller</B>&rdquo; is defined
in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Seller Units</B>&rdquo; is defined
in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Series G</B>&rdquo; is defined
in the preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transaction</B>&rdquo; is defined
in <U>4(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Transaction Documents</B>&rdquo;
is defined in <U>Section 3(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Unit</B>&rdquo; is defined in
the recitals hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;<B>Unit Sale Transaction</B>&rdquo;
is defined in <U>Section 3(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>paceth_s1-ex0501.htm
<DESCRIPTION>OPINION
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>[TROUTMAN SANDERS LLP LETTERHEAD]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">June 28, 2013</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Pacific Ethanol, Inc.<BR>
400 Capital Mall, Suite 2060<BR>
Sacramento, CA 95814</TD>
    <TD STYLE="width: 50%; padding-top: 12pt; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-bottom: 12pt; font-size: 10pt; text-align: justify">Re:</TD>
    <TD STYLE="width: 92%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 48.25pt 0 0; text-align: justify">Registration Statement on Form
        S-1</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 48.25pt 12pt 0; text-align: justify"><U>Registering 2,200,002 Shares
        of Common Stock</U></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in 0 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">We have acted as
counsel to Pacific Ethanol, Inc., a Delaware corporation (the&nbsp;&rdquo;Company&rdquo;), in connection with the registration
statement on Form S-1 to which this opinion is an exhibit (the &ldquo;Registration Statement&rdquo;) with respect to the offer
and sale by the persons and entities named in the Registration Statement (the &ldquo;Selling Security Holders&rdquo;) of up to
an aggregate of 2,200,002 shares of the Company&rsquo;s common stock, $0.001 par value per share (&ldquo;Common Stock&rdquo;),
comprising the following (collectively, the &ldquo;Shares&rdquo;):</P>

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<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD STYLE="text-align: justify">1,708,687 shares of our Common Stock (the &ldquo;Warrant Shares&rdquo;) issuable upon exercise
of warrants to purchase common stock (the &ldquo;Warrants&rdquo;) issued on January 11, 2013; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">(ii)</TD><TD STYLE="text-align: justify">491,315 shares of Common Stock (the &ldquo;Interest Shares&rdquo;), consisting of a portion of
the number of shares of Common Stock, issuable, at the Company&rsquo;s election, in payment of interest under the terms of senior
unsecured notes issued on January 11, 2013 (the &ldquo;Notes&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">This opinion is
being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;), and no opinion is expressed herein as to any matter pertaining to the contents of the Registration
Statement or prospectus forming a part of the Registration Statement, other than as to the validity of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">We are familiar
with the corporate actions taken and proposed to be taken by the Company in connection with the authorization, issuance and sale
of the Shares and have made such other legal and factual inquiries as we deem necessary for purposes of rendering this opinion.
We have relied upon certificates and other assurances of officers of the Company and others as to factual matters; we have not
independently verified such matters. We have assumed the genuineness of all signatures, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as copies and the authenticity of the
originals of such copied documents. We have also assumed that the Shares are and will be evidenced by appropriate certificates
that have been properly executed and delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">Based on the foregoing
and in reliance thereon, and subject to the qualifications and limitations set forth below, we are of the opinion that (i) the
Shares have been duly authorized by all necessary corporate action of the Company, (ii) the Warrant Shares, when issued upon exercise
of each of the Warrants in accordance with their respective terms, will be validly issued, fully paid and non-assessable and (iii)
the Interest Shares, when issued in accordance with the terms of the Notes, will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">You have informed
us that the Selling Security Holders may sell the Shares from time to time on a delayed or continuous basis. This opinion is limited
to the Delaware General Corporation Law (&ldquo;DGCL&rdquo;), including the statutory provisions of the DGCL, all applicable provisions
of the Constitution of the State of Delaware and all reported judicial decisions interpreting these laws, and federal law, exclusive
of state securities and blue sky laws, rules and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in">We hereby consent
to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the prospectus forming a part of the Registration Statement
and to the filing of this opinion as Exhibit 5.1 to the Registration Statement. In giving this consent, we do not admit that we
are within the category of persons whose consent is required under Section 7 of the Securities Act, or the General Rules and Regulations
of the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 3in">Respectfully submitted,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 3in">/s/ Troutman Sanders LLP</P>



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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.44
<SEQUENCE>4
<FILENAME>paceth_s1-ex1044.htm
<DESCRIPTION>FIRST AMENDMENT TO SECOND AMENDMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><B>Exhibit 10.44</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FIRST AMENDMENT TO
SECOND AMENDED AND RESTATED </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>CREDIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;), dated as of January 4, 2013,
is entered into by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability company (&ldquo;<U>Pacific
Holding</U>&rdquo;), PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), PACIFIC
ETHANOL COLUMBIA, LLC, a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), PACIFIC ETHANOL STOCKTON LLC, a
Delaware limited liability company (&ldquo;<U>Stockton</U>&rdquo;), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited
liability company (&ldquo;<U>Burley</U>&rdquo; and, together with Pacific Holding, Madera, Boardman and Stockton, the
&ldquo;<U>Borrowers</U>&rdquo;), Pacific Holding, as Borrowers&rsquo; Agent, NEW PE HOLDCO LLC, a Delaware limited liability
company, as Pledgor (the &ldquo;<U>Pledgor</U>&rdquo;), each of the Lenders whose signatures appear on the signature pages to
this Amendment (individually, each a &ldquo;<U>Consenting Lender</U>&rdquo; and collectively, the &ldquo;<U>Consenting
Lenders</U>&rdquo;), WELLS FARGO BANK, N.A., as administrative agent for the Lenders
(&ldquo;<U>Administrative Agent</U>&rdquo;), WELLS FARGO BANK, N.A., as collateral agent for the Senior Secured Parties
(&ldquo;<U>Collateral Agent</U>&rdquo;) and AMARILLO NATIONAL BANK, as accounts bank (&ldquo;<U>Accounts Bank</U>&rdquo;).
Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Credit Agreement
(as hereinafter defined).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Borrowers,
Borrowers&rsquo; Agent, the Pledgor, the Lenders party thereto, Administrative Agent, Collateral Agent and Accounts Bank entered
into that certain Second Amended and Restated Credit Agreement dated as of October 29, 2012 (the &ldquo;<U>Credit Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Borrowers
and Borrowers&rsquo; Agent have requested, and the Required Lenders have
agreed to, certain amendments to the Credit Agreement upon the terms and subject to the conditions set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE</B>,
the parties hereto agree that upon the occurrence of the Amendment Effective Date (as hereinafter defined), the Credit Agreement
is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: left; font-size: 10pt">SECTION 1.</TD>
    <TD STYLE="width: 85%; text-align: justify; font-size: 10pt"><U>Amendments to Credit Agreement</U>. The Credit Agreement is
    hereby amended as of the Amendment Effective Date as follows:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 22pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">1.1.</TD><TD STYLE="text-align: justify; width: 79%">Section 11.03(j)(iv) of the Credit Agreement is hereby deleted in its entirety and replaced with
the following:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">(iv)
notwithstanding any provision of this Agreement to the contrary, following (A) the purchase of any Loan or Commitment by an Affiliated
Lender and (B) the payment and performance in full of all obligations under all PEI Senior Unsecured Notes, such Affiliated Lender
may (but, except as otherwise provided in the foregoing clause (iii), shall not be obligated to) cancel such Loan and/or terminate
such Commitment via contribution to the capital of one or more Borrowers or otherwise and such Loans and/or Commitments shall be
deemed to be no longer outstanding or available under any provision of the Financing Documents.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">1.2.</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in; width: 79%">The following new defined terms are hereby added to Exhibit A of the Credit Agreement in the appropriate
alphabetical order as follows:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Designated
Tranche A-2 Term Loans</U>&rdquo; means each Tranche A-2 Term Loan held by a Designated Tranche A-2 Lender.&rdquo;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Designated
Tranche A-2 Lender</U>&rdquo; means (a) Candlewood Special Situations Master Fund, Ltd., CWD OC 522 Master Fund Ltd. and Credit
Suisse Loan Funding LLC, (b) any Affiliated Lender or (c) any assignee of any Lender described in the foregoing clauses (a) and
(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&ldquo;<U>PEI
Senior Unsecured Notes</U>&rdquo; means those certain senior unsecured notes to be issued by Pacific Ethanol pursuant to the
Securities Purchase Agreement dated as of December 19, 2012 by and among Pacific Ethanol and the investors party thereto.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">1.3.</TD><TD STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in; width: 79%">The definition of &ldquo;Maturity Date&rdquo; in the Credit Agreement is hereby deleted in its
entirety and replaced with the following:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Maturity
Date</U>&rdquo; means (a) with respect to the Extended Loans and the Designated Tranche A-2 Term Loans, June 30, 2016, and (b)
with respect to all other Loans, the Original Maturity Date.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; width: 15%">SECTION 2.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 85%"><U>Consent to Amendment of Senior Credit Agreement</U>. The Consenting Lenders hereby consent to the execution and delivery by each party thereto of the First Amendment to Credit Agreement of even date herewith and substantially in the form attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Senior Credit Agreement Amendment</U>&rdquo;).</TD></TR>
</TABLE>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>




<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: left; font-size: 10pt">SECTION 3.</TD>
    <TD STYLE="width: 85%; text-align: justify; font-size: 10pt"><U>Payment of Costs and Fees</U>. Each Borrower (i) reaffirms
    its obligations under <U>Section 11.07</U> of the Credit Agreement and (ii) without limiting the provisions set forth in <U>Section
    11.07</U> of the Credit Agreement, acknowledges, consents and agrees that it shall promptly pay, upon receipt of invoices
    therefor, to the Administrative Agent and each Consenting Lender all reasonable out-of-pocket costs, fees, expenses and charges
    of every kind in connection with the preparation, negotiation, execution and delivery of this Amendment incurred by or on
    behalf of such Persons, including, without limitation, the reasonable fees and disbursements of Sidley Austin LLP, counsel
    to certain Consenting Lenders.</TD></TR>
</TABLE>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; text-align: left; font-size: 10pt">SECTION 4.</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; text-decoration: underline; width: 85%">Acknowledgements.</TD></TR>
</TABLE>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.1.</TD><TD STYLE="text-align: justify; width: 79%"><U>Reaffirmation of Obligations</U>. Each Loan Party hereby (a)  reaffirms,
                                                           acknowledges, confirms and agrees to its respective guarantees, pledges and grants of security interests and other
                                                           commitments and Obligations under the Financing Documents and (b) confirms and agrees that the Financing Documents and all
                                                           guarantees, pledges and grants of security interests and other commitments and Obligations thereunder shall continue to be in
                                                           full force and effect following the effectiveness of this Amendment. All Obligations under the Credit Agreement and the other
                                                           Financing Documents owing by the Loan Parties to the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender, as the case may be, are unconditionally owing by the Loan Parties to the Administrative Agent, the Collateral Agent
                                                           and each Lender, as the case may be, without offset, defense or counterclaim of any kind, nature or description
                                                           whatsoever.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.2.</TD><TD STYLE="text-align: justify; width: 79%"><U>Acknowledgement of Security Interests</U>. Each Loan Party hereby acknowledges, confirms and
agrees that the Collateral Agent, for itself and the benefit of Senior Secured Parties, has and shall continue to have valid, enforceable
and perfected first-priority liens (subject only to Permitted Liens) upon and security interests in the Collateral granted to the
Collateral Agent, for itself and the benefit of Senior Secured Parties, pursuant to the Financing Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.3.</TD><TD STYLE="text-align: justify; width: 79%"><U>Binding Effect of Documents</U>. Each Loan Party hereby acknowledges, confirms
                                                           and agrees that: (i) each of the Financing Documents to which it is a party has been duly executed and delivered to the
                                                           Administrative Agent, the Collateral Agent, the Accounts Bank and the Lenders thereto by it, and each is in full force and
                                                           effect as of the Amendment Effective Date, (ii) the agreements and obligations of such Loan Party contained in the Credit
                                                           Agreement as amended by this Amendment (the &ldquo;<U>Amended Credit Agreement</U>&rdquo;), in each of the other Financing
                                                           Documents and in this Amendment constitute the legal, valid and binding obligations of such Loan Party, enforceable against
                                                           such Loan Party in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of the
                                                           obligations under the Amended Credit Agreement or the other Financing Documents, except as enforceability may be limited by
                                                           bankruptcy, insolvency, moratorium, reorganization or other similar laws limiting creditors rights generally and except as
                                                           enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a
                                                           proceeding in equity or at law) and (iii) the Administrative Agent, the Collateral Agent, the Accounts Bank and each Lender
                                                           are and shall be entitled to the rights, remedies and benefits provided for in the Financing Documents and under applicable
                                                           law or at equity.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 5.</TD><TD STYLE="text-align: justify; width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT><U>Representations
and Warranties of Loan Parties</U>. Each of the Loan Parties hereby represents and warrants in favor of the Administrative Agent,
the Collateral Agent, the Accounts Bank and each Lender as follows:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.1.</TD><TD STYLE="text-align: justify; width: 79%">The execution, delivery and performance by such Loan Party of this Amendment and the performance
of the Amended Credit Agreement are within such Loan Party&rsquo;s powers and have been duly authorized by all necessary action
on the part of such Loan Party.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.2.</TD><TD STYLE="text-align: justify; width: 79%">This Amendment has been duly executed and delivered by such Loan Party and each of this Amendment,
the Amended Credit Agreement and the other Financing Documents constitutes a legal, valid and binding obligation of such Loan Party
enforceable in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization
or other similar laws limiting creditors rights generally and except as enforceability may be limited by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.3.</TD><TD STYLE="text-align: justify; width: 79%">The execution, delivery or performance of this Amendment by such Loan Party (i) does not require
any consent or approval of, registration of filing with, or any other action by, any Person (including, without limitation, any
Governmental Authority) except (A) such as have been obtained or made and are in full force and effect and (B) filings necessary
to perfect Liens created by the Financing Documents, (ii) will not violate the organizational or governing documents of any Loan
Party and (iii) will not violate any applicable Law or any Contractual Obligation applicable to or binding upon such Loan Party
or any of their respective properties or assets.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.4.</TD><TD STYLE="text-align: justify; width: 79%">No event has occurred or is continuing, that would constitute a Default or an Event of Default
under the Credit Agreement, the Amended Credit Agreement or any other Financing Document.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.5.</TD><TD STYLE="text-align: justify; width: 79%">As of the Amendment Effective Date, no litigation by, investigation known to such
                                                           Loan Party by, or proceeding of, any Governmental Authority is pending or, to the knowledge of such Loan Party, has been
                                                           threatened against such Loan Party which (i) challenges such Loan Party&rsquo;s right, power, or competence to enter into
                                                           this Amendment or perform any of its obligations under this Amendment, the Amended Credit Agreement or any other the
                                                           Financing Documents or the validity or enforceability of this Amendment, the Amended Credit Agreement or any other Financing
                                                           Document or any action taken under this Amendment, the Amended Credit Agreement or any other Financing Document or (ii) is
                                                           reasonably likely, if adversely decided, to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.6.</TD><TD STYLE="text-align: justify; width: 79%">After giving effect to this Amendment, the representations and warranties of such
                                                           Loan Party contained in the Amended Credit Agreement and the other Financing Documents are true and correct in all material
                                                           respects (provided, that if any representation or warranty is by its terms qualified by concepts of materiality, such
                                                           representation shall be true and correct in all respects) on and as of the Amendment Effective Date with the same effect as
                                                           if such representations and warranties had been made on and as of such date, except that any such representation or warranty
                                                           which is expressly made only as of a specified date need be true only as of such date.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 6.</TD><TD STYLE="text-align: justify; width: 85%"><U>Conditions to
Effectiveness of this Amendment</U>. This Amendment shall become effective as of the first date on or prior to January 15, 2013
on which each of the following conditions has been satisfied (or waived in writing by the Required Lenders) (the &ldquo;<U>Amendment
Effective Date</U>&rdquo;):</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.1.</TD><TD STYLE="text-align: justify; width: 79%"><U>Amendment</U>. The Administrative Agent shall have received duly executed counterparts of this
Amendment from each Loan Party, the Required Lenders, the Collateral Agent, the Administrative Agent and the Accounts Bank.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.2.</TD><TD STYLE="text-align: justify; width: 79%"><U>Senior Credit Agreement Amendment</U>. The substantially concurrent occurrence of the &ldquo;Amendment
Effective Date&rdquo; as defined in the Senior Credit Agreement Amendment.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.3.</TD><TD STYLE="text-align: justify; width: 79%"><U>Closing under Securities Purchase Agreement</U>. All conditions precedent to the &ldquo;Closing&rdquo;
as defined in the Securities Purchase Agreement, dated as of December 19, 2012 by and among Pacific Ethanol and the investors party
thereto, have been satisfied (other than the occurrence of the &ldquo;Amendment Effective Date&rdquo; as defined in each of this
Amendment and in the Senior Credit Agreement Amendment).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.4.</TD><TD STYLE="text-align: justify; width: 79%"><U>Costs and Expenses</U>. The Borrowers shall have paid all fees, costs and expenses incurred
in connection with this Amendment and any other Financing Documents that have been invoiced and are required to be paid hereunder
or under the Credit Agreement (including, without limitation, reasonable legal fees and expenses of the Administrative Agent and
each Consenting Lender).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.5.</TD><TD STYLE="text-align: justify; width: 79%"><U>Representations and Warranties</U>. The representations and warranties made or deemed made by
the Loan Parties under this Amendment shall be true and correct (subject to the materiality qualifiers set forth in such representations
and warranties) as of the Amendment Effective Date.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.6.</TD><TD STYLE="text-align: justify; width: 79%"><U>Customary Closing Documents</U>. The Consenting Lenders shall have
received such officer&rsquo;s certificates, secretary&rsquo;s certificates, resolutions, lien searches and other customary deliverables
as they shall request.</TD></TR></TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 67.5pt; text-indent: 0in">Upon satisfaction of the
foregoing closing conditions, <FONT STYLE="text-underline-style: none; color: windowtext">the</FONT> Consenting Lenders shall promptly
provide written confirmation to Borrowers&rsquo; Agent <FONT STYLE="text-underline-style: none; color: windowtext">and the Administrative
Agent </FONT>of such satisfaction and identify the Amendment Effective Date.</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 7.</TD><TD STYLE="text-align: justify; width: 85%"><U>Effect on the
Financing Documents</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.1.</TD><TD STYLE="text-align: justify; width: 79%">Except as set forth in this Amendment, the Credit Agreement and
                                                           each of the other Financing Documents shall be and remain unchanged and in full force and effect in accordance with their
                                                           respective terms, are hereby ratified and confirmed in all respects and the Administrative Agent, the Collateral Agent, the
                                                           Accounts Bank and each Lender expressly reserves the right to require strict compliance with the terms of the Credit
                                                           Agreement (and, following the Amendment Effective Date, the Amended Credit Agreement) and the other Financing Documents. The
                                                           execution, delivery, and performance of this Amendment shall not operate as a modification or waiver of any right, power, or
                                                           remedy of any Agent or any Lender under the Credit Agreement (and, following the Amendment Effective Date, the Amended
                                                           Credit                                                            Agreement) or any other Financing Document and no such
                                                           action shall be construed as (i) a waiver or forbearance of any of the
                                                           Administrative Agent&rsquo;s, the Collateral Agent&rsquo;s, the Accounts Bank&rsquo;s or the Lenders&rsquo; rights,
                                                           remedies,                                                            and powers against the Borrowers, any other Loan Party
                                                           or the Collateral (including, without limitation, the right to
                                                           terminate without notice the making of Revolving Loans) or (ii) a waiver of any Default or Event of Default. Notwithstanding
                                                           any provision of this Amendment, nothing herein shall adversely affect the rights, remedies, duties, liabilities,
                                                           obligations                                                            and/or responsibilities of any Lender that has not
                                                           consented to the terms hereof to the extent such consent may be required
                                                           pursuant to the Credit Agreement, including Section 11.01 thereof.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.2.</TD><TD STYLE="text-align: justify; width: 79%">Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to &ldquo;this
Agreement,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; or words of like import referring to the
Credit Agreement, and each reference in the other Financing Documents to &ldquo;the Credit Agreement,&rdquo; &ldquo;thereunder,&rdquo;
&ldquo;therein,&rdquo; &ldquo;thereof&rdquo; or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified by this Amendment.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.3.</TD><TD STYLE="text-align: justify; width: 79%">To the extent that any terms and conditions in any of the Financing Documents shall contradict
or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions
are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified hereby
(except to the extent that such contradiction or conflict is expressly permitted by this Amendment).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 8.</TD><TD STYLE="text-align: justify; width: 85%"><U>Governing Law</U>.
This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without
regard to conflicts of law principles that would require the application of laws of another jurisdiction.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 9.</TD><TD STYLE="text-align: justify; width: 85%"><U>Financing Document</U>.
                                                                 This Amendment shall be deemed to be a Financing Document for
                                                                 all purposes.</TD></TR>
</TABLE>
<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 10.</TD><TD STYLE="text-align: justify; width: 85%"><U>RELEASE BY LOAN
PARTIES</U>. As of the Effective Date, each Loan Party hereby waives, releases, remises and forever discharges the Administrative Agent, the
Collateral Agent, the Accounts Bank, each Lender, each of the other Senior Secured Parties, each of their respective Affiliates
and each of the officers, directors, employees, and professionals of each Lender, the Administrative Agent, the Collateral Agent,
the Accounts Bank and each of the other Senior Secured Parties and their respective Affiliates (collectively, the &ldquo;Releasees&rdquo;),
from any and all claims, demands, obligations, liabilities, causes of action, damages, losses, costs and expenses of any kind
or character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party ever
had from the beginning of the world or now has or that any of the Loan Parties&rsquo; respective successors and assigns hereafter
can or may have against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other Financing Document,
or to any acts or omissions of any such Releasee relating to the Credit Agreement or any other Financing Document in each case,
pertaining to facts, events or circumstances existing on or prior to the date hereof<FONT STYLE="text-underline-style: none; color: windowtext">,
including, without limitation, the execution and delivery by any and all Releasees of this Amendment,</FONT> except for the duties
and obligations expressly set forth in this Amendment, the Credit Agreement and the other Financing Documents (as modified by
the provisions hereof). As to each and every claim released hereunder, each Loan Party hereby represents that it has received
the advice of legal counsel with regard to the releases contained herein, and waives the benefits of each provision of applicable
federal or state law (including, without limitation, the laws of the state of New York), if any, pertaining to general releases
after having been advised by its legal counsel with respect thereto. Each Loan Party understands that the facts which they believe
to be true at the time of making the release provided for herein may later turn out to be different than they now believe, and
that information which is not now known or suspected may later be discovered. Each Loan Party accepts this possibility, and each
Loan Party assumes the risk of the facts being different and new information being discovered; and each Loan Party further agrees
that the release provided for herein shall in all respects continue to be effective and not subject to termination or rescission
because of any difference in such facts or any new information</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 11.</TD><TD STYLE="text-align: justify; width: 85%"><U>Severability</U>.
Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Amendment.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 12.</TD><TD STYLE="text-align: justify; width: 85%"><U>Counterparts</U>. This Amendment
may be executed by one or more of the parties hereto on any number of separate counterparts, each of which shall be deemed an
original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a manually executed
counterpart hereof.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 13.</TD><TD STYLE="text-align: justify; width: 85%"><P STYLE="margin: 0"><U>Lender
                                                                                                              Direction</U>. Each
                                                                                                              of the undersigned
                                                                                                              Lenders hereby directs
                                                                                                              each of the Administrative
                                                                                                              Agent, the Collateral
                                                                                                              Agent and the Accounts
                                                                                                              Bank to execute
                                                                                                              and deliver this
                                                                                                              Amendment and to
                                                                                                              perform its respective
                                                                                                              obligations hereunder.</P>


<U></U></TD></TR></TABLE>

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<DOCUMENT>
<TYPE>EX-10.46
<SEQUENCE>5
<FILENAME>paceth_s1-ex1046.htm
<DESCRIPTION>FIRST AMENDMENT TO CREDIT AGREEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><B>Exhibit 10.46</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>FIRST AMENDMENT TO
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>CREDIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 1in">This FIRST AMENDMENT TO CREDIT AGREEMENT
(this &ldquo;<U>Amendment</U>&rdquo;), dated as of <FONT STYLE="text-underline-style: none; color: windowtext">January 4, 2013,
</FONT>is entered into by and among PACIFIC ETHANOL HOLDING CO. LLC, a Delaware limited liability company (&ldquo;<U>Pacific Holding</U>&rdquo;),
PACIFIC ETHANOL MADERA LLC, a Delaware limited liability company (&ldquo;<U>Madera</U>&rdquo;), PACIFIC ETHANOL COLUMBIA, LLC,
a Delaware limited liability company (&ldquo;<U>Boardman</U>&rdquo;), PACIFIC ETHANOL STOCKTON LLC, a Delaware limited liability
company (&ldquo;<U>Stockton</U>&rdquo;), and PACIFIC ETHANOL MAGIC VALLEY, LLC, a Delaware limited liability company (&ldquo;<U>Burley</U>&rdquo;
and, together with Pacific Holding, Madera, Boardman and Stockton, the &ldquo;<U>Borrowers</U>&rdquo;), Pacific Holding, as Borrowers&rsquo;
Agent, <FONT STYLE="text-underline-style: none; color: windowtext">NEW</FONT> PE <FONT STYLE="text-underline-style: none; color: windowtext">HOLDCO
</FONT>LLC, a Delaware limited liability company, as Pledgor (the &ldquo;<U>Pledgor</U>&rdquo;), each of the Lenders, WELLS FARGO
BANK, N.A., as administrative agent for the Lenders (&ldquo;<U>Administrative Agent</U>&rdquo;), WELLS FARGO BANK, N.A., as collateral
agent for the Senior Secured Parties (&ldquo;<U>Collateral Agent</U>&rdquo;) and AMARILLO NATIONAL BANK, as accounts bank (&ldquo;<U>Accounts
Bank</U>&rdquo;). Capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the
Credit Agreement (as hereinafter defined).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Borrowers,
Borrowers&rsquo; Agent, Pledgor, the Lenders party thereto, Administrative Agent, Collateral Agent, Accounts Bank and Credit Suisse
Loan Funding LLC, as syndication agent, entered into that certain Credit Agreement dated as of October 29, 2012 (the &ldquo;<U>Credit
Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS</B>, Borrowers
and Borrowers&rsquo; Agent have requested, and the Lenders have agreed
to, certain amendments to the Credit Agreement upon the terms and subject to the conditions set forth herein;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE</B>,
the parties hereto agree that upon the occurrence of the Amendment Effective Date (as hereinafter defined), the Credit Agreement
is hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 1.</TD><TD STYLE="text-align: justify; width: 85%"><U>Amendments to
Credit Agreement</U>. The Credit Agreement is hereby amended to delete the definition of &ldquo;Maturity Date&rdquo; in the Credit
Agreement in its entirety and replaced such definition with the following:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&ldquo;<U>Maturity
Date</U>&rdquo; means June 25, 2015 or such later date on or prior to June 25, 2016, as may be agreed to in any Maturity Date
Extension.<SUP></SUP></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 2.</TD><TD STYLE="text-align: justify; width: 85%"><U>Consent to Amendment of Senior
Credit Agreement</U>. Each Lender hereby consents to the execution and delivery by each party thereto of the First Amendment to
Second Amended and Restated Credit Agreement of even date herewith and substantially in the form attached hereto as <U>Exhibit
A</U> (the &ldquo;<U>Junior Credit Agreement Amendment</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 3.</TD><TD STYLE="text-align: justify; width: 85%"><U>Payment of Costs
and Fees</U>. Each Borrower (i) reaffirms its obligations under <U>Section 11.07</U> of the Credit Agreement and (ii) without
limiting the provisions set forth in <U>Section 11.07</U> of the Credit Agreement, acknowledges, consents and agrees that it shall
promptly pay, upon receipt of invoices therefor, to the Administrative Agent and each Lender all reasonable out-of-pocket costs,
fees, expenses and charges of every kind in connection with the preparation, negotiation, execution and delivery of this Amendment
incurred by or on behalf of such Persons, including, without limitation, the reasonable fees and disbursements of Sidley Austin
LLP, counsel to certain Lenders.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 4.</TD><TD STYLE="width: 85%"><U>Acknowledgements</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.1.</TD><TD STYLE="text-align: justify; width: 79%"><U>Reaffirmation of Obligations</U>. Each Loan Party hereby (a) reaffirms,
                                                           acknowledges, confirms and agrees to its respective guarantees, pledges and grants of security interests and other
                                                           commitments and Obligations under the Financing Documents and (b) confirms and agrees that the Financing Documents and all
                                                           guarantees, pledges and grants of security interests and other commitments and Obligations thereunder shall continue to be in
                                                           full force and effect following the effectiveness of this Amendment. All Obligations under the Credit Agreement and the other
                                                           Financing Documents owing by the Loan Parties to the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender, as the case may be, are unconditionally owing by the Loan Parties to the Administrative Agent, the Collateral Agent
                                                           and each Lender, as the case may be, without offset, defense or counterclaim of any kind, nature or description
                                                           whatsoever.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.2.</TD><TD STYLE="text-align: justify; width: 79%"><U>Acknowledgement of Security Interests</U>. Each Loan Party hereby acknowledges, confirms and
agrees that the Collateral Agent, for itself and the benefit of Senior Secured Parties, has and shall continue to have valid, enforceable
and perfected first-priority liens (subject only to Permitted Liens) upon and security interests in the Collateral granted to the
Collateral Agent, for itself and the benefit of Senior Secured Parties, pursuant to the Financing Documents.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">4.3.</TD><TD STYLE="text-align: justify; width: 79%"><U>Binding Effect of Documents</U>. Each Loan Party hereby acknowledges, confirms
                                                           and agrees that: (i) each of the Financing Documents to which it is a party has been duly executed and delivered to the
                                                           Administrative Agent, the Collateral Agent, the Accounts Bank and the Lenders thereto by it, and each is in full force and
                                                           effect as of the Amendment Effective Date, (ii) the agreements and obligations of such Loan Party contained in the Credit
                                                           Agreement as amended by this Amendment (the &ldquo;<U>Amended Credit Agreement</U>&rdquo;), in each of the other Financing
                                                           Documents and in this Amendment constitute the legal, valid and binding obligations of such Loan Party, enforceable against
                                                           such Loan Party in accordance with their respective terms, and such Loan Party has no valid defense to the enforcement of the
                                                           obligations under the Amended Credit Agreement or the other Financing Documents, except as enforceability may be limited by
                                                           bankruptcy, insolvency, moratorium, reorganization or other similar laws limiting creditors rights generally and except as
                                                           enforceability may be limited by general principles of equity (regardless of whether such enforceability is considered in a
                                                           proceeding in equity or at law) and (iii) the Administrative Agent, the Collateral Agent, the Accounts Bank and each Lender
                                                           are and shall be entitled to the rights, remedies and benefits provided for in the Financing Documents and under applicable
                                                           law or at equity.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 5.</TD><TD STYLE="text-align: justify; width: 85%"><U>Representations and Warranties
of Loan Parties</U>. Each of the Loan Parties hereby represents and warrants in favor of the Administrative Agent, the Collateral
Agent, the Accounts Bank and each Lender as follows:</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.1.</TD><TD STYLE="text-align: justify; width: 79%">The execution, delivery and performance by such Loan Party of this Amendment and the performance
of the Amended Credit Agreement are within such Loan Party&rsquo;s powers and have been duly authorized by all necessary action
on the part of such Loan Party.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.2.</TD><TD STYLE="text-align: justify; width: 79%">This Amendment has been duly executed and delivered by such Loan Party and each of this Amendment,
the Amended Credit Agreement and the other Financing Documents constitutes a legal, valid and binding obligation of such Loan Party
enforceable in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, moratorium, reorganization
or other similar laws limiting creditors rights generally and except as enforceability may be limited by general principles of
equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.3.</TD><TD STYLE="text-align: justify; width: 79%">The execution, delivery or performance of this Amendment by such Loan Party (i) does not require
any consent or approval of, registration of filing with, or any other action by, any Person (including, without limitation, any
Governmental Authority) except (A) such as have been obtained or made and are in full force and effect and (B) filings necessary
to perfect Liens created by the Financing Documents, (ii) will not violate the organizational or governing documents of any Loan
Party and (iii) will not violate any applicable Law or any Contractual Obligation applicable to or binding upon such Loan Party
or any of their respective properties or assets.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.4.</TD><TD STYLE="text-align: justify; width: 79%">No event has occurred or is continuing, that would constitute a Default or an Event of Default
under the Credit Agreement, the Amended Credit Agreement or any other Financing Document.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.5.</TD><TD STYLE="text-align: justify; width: 79%">As of the Amendment Effective Date no litigation by, investigation known to such
                                                           Loan Party by, or proceeding of, any Governmental Authority is pending or, to the knowledge of such Loan Party, has been
                                                           threatened against such Loan Party which (i) challenges such Loan Party&rsquo;s right, power, or competence to enter into
                                                           this Amendment or perform any of its obligations under this Amendment, the Amended Credit Agreement or any other the
                                                           Financing Documents or the validity or enforceability of this Amendment, the Amended Credit Agreement or any other Financing
                                                           Document or any action taken under this Amendment, the Amended Credit Agreement or any other Financing Document or (ii) is
                                                           reasonably likely, if adversely decided, to have a Material Adverse Effect.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">5.6.</TD><TD STYLE="text-align: justify; width: 79%">After giving effect to this Amendment, the representations and warranties of such
                                                           Loan Party contained in the Amended Credit Agreement and the other Financing Documents are true and correct in all material
                                                           respects (provided, that if any representation or warranty is by its terms qualified by concepts of materiality, such
                                                           representation shall be true and correct in all respects) on and as of the Amendment Effective Date with the same effect as
                                                           if such representations and warranties had been made on and as of such date, except that any such representation or warranty
                                                           which is expressly made only as of a specified date need be true only as of such date.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 6.</TD><TD STYLE="text-align: justify; width: 85%"><U>Conditions to
Effectiveness of this Amendment</U>. This Amendment shall become effective as of the first date on or prior to January 15, 2013
on which each of the following conditions has been satisfied (or waived in writing by the Lenders) (the &ldquo;<U>Amendment Effective
Date</U>&rdquo;):</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.1.</TD><TD STYLE="text-align: justify; width: 79%"><U>Amendment</U>. The Administrative Agent shall have received duly executed counterparts of this
Amendment from each Loan Party, each of the Lenders, the Collateral Agent, the Administrative Agent and the Accounts Bank.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.2.</TD><TD STYLE="text-align: justify; width: 79%"><U>Junior Credit Agreement Amendment</U>. The substantially concurrent occurrence of the &ldquo;Amendment
Effective Date&rdquo; as defined in the Junior Credit Agreement Amendment.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.3.</TD><TD STYLE="text-align: justify; width: 79%"><U>Closing under Securities Purchase Agreement</U>. All conditions precedent to the &ldquo;Closing&rdquo;
as defined in the Securities Purchase Agreement, dated as of December 19, 2012 by and among Pacific Ethanol and the investors
party thereto, have been satisfied (other than the occurrence of the &ldquo;Amendment Effective Date&rdquo; as defined in each
of this Amendment and in the Junior Credit Agreement Amendment).</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.4.</TD><TD STYLE="text-align: justify; width: 79%"><U>Costs and Expenses</U>. The Borrowers shall have paid all fees, costs and expenses incurred
in connection with this Amendment and any other Financing Documents that have been invoiced and are required to be paid hereunder
or under the Credit Agreement (including, without limitation, reasonable legal fees and expenses of the Administrative Agent and
each Lender).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.5.</TD><TD STYLE="text-align: justify; width: 79%"><U>Representations and Warranties</U>. The representations and warranties made or deemed made by
the Loan Parties under this Amendment shall be true and correct (subject to the materiality qualifiers set forth in such representations
and warranties) as of the Amendment Effective Date.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">6.6.</TD><TD STYLE="text-align: justify; width: 79%"><U>Customary Closing Documents</U>. The Lenders shall have received
such officer&rsquo;s certificates, secretary&rsquo;s certificates, resolutions, lien searches and other customary deliverables
as they shall request.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify; width: 85%">Upon satisfaction of the foregoing closing conditions, at the request of
                                                       Borrowers&rsquo; Agent, the Lenders shall promptly provide written confirmation to Borrowers&rsquo; Agent and the
                                                       Administrative Agent of such                                                        satisfaction and
                                                       identify                                                        the Amendment Effective Date.</TD></TR>
</TABLE>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 67.5pt; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 7.</TD><TD STYLE="text-align: justify; width: 85%"><U>Effect on the Financing Documents</U>.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.1.</TD><TD STYLE="text-align: justify; width: 79%">Except as  set forth in this Amendment, the Credit Agreement and each of the
                                                           other                                                            Financing Documents shall be and remain unchanged and in
                                                           full force and effect in accordance with their respective terms, are
                                                           hereby ratified and confirmed in all respects and the Administrative Agent, the Collateral Agent, the Accounts Bank and each
                                                           Lender expressly reserves the right to require strict compliance with the terms of the Credit Agreement (and, following the
                                                           Amendment Effective Date, the Amended Credit Agreement) and the other Financing Documents. The execution, delivery, and
                                                           performance of this Amendment shall not operate as a modification or waiver of any right, power, or remedy of any Agent or
                                                           any Lender under the Credit Agreement (and, following the Amendment Effective Date, the Amended Credit Agreement) or any
                                                           other Financing Document and no such action shall be construed as (i) a waiver or forbearance of any of the Administrative
                                                           Agent&rsquo;s, the Collateral Agent&rsquo;s, the Accounts Bank&rsquo;s or the Lenders&rsquo; rights, remedies, and powers
                                                           against the Borrowers, any other Loan Party or the Collateral (including, without limitation, the right to terminate without
                                                           notice the making of Revolving Loans) or (ii) a waiver of any Default or Event of Default. Notwithstanding any provision of
                                                           this Amendment, nothing herein shall adversely affect the rights, remedies, duties, liabilities, obligations and/or
                                                           responsibilities of any Lender that has not consented to the terms hereof to the extent such consent may be required
                                                           pursuant                                                            to the Credit Agreement, including Section 11.01
                                                           thereof.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.2.</TD><TD STYLE="text-align: justify; width: 79%">Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to &ldquo;this
Agreement,&rdquo; &ldquo;hereunder,&rdquo; &ldquo;herein,&rdquo; &ldquo;hereof&rdquo; or words of like import referring to the
Credit Agreement, and each reference in the other Financing Documents to &ldquo;the Credit Agreement,&rdquo; &ldquo;thereunder,&rdquo;
&ldquo;therein,&rdquo; &ldquo;thereof&rdquo; or words of like import referring to the Credit Agreement, shall mean and be a reference
to the Credit Agreement as modified by this Amendment.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 15%"></TD><TD STYLE="width: 6%">7.3.</TD><TD STYLE="text-align: justify; width: 79%">To the extent that any terms and conditions in any of the Financing Documents shall contradict
or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Amendment, such terms and conditions
are hereby deemed modified or amended accordingly to reflect the terms and conditions of the Credit Agreement as modified hereby
(except to the extent that such contradiction or conflict is expressly permitted by this Amendment).</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 8.</TD><TD STYLE="text-align: justify; width: 85%"><U>Governing Law</U>.
This Amendment shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York, without
regard to conflicts of law principles that would require the application of laws of another jurisdiction.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 9.</TD><TD STYLE="text-align: justify; width: 85%"><U>Financing Document</U>.
This Amendment shall be deemed to be a Financing Document for all purposes.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 10.</TD><TD STYLE="text-align: justify; width: 85%"><U>RELEASE BY LOAN PARTIES</U>. As of the Effective Date, each Loan Party hereby
                                                                  waives, releases, remises and forever discharges the Administrative Agent, the Collateral Agent, the Accounts Bank, each
                                                                  Lender, each of the other Senior Secured Parties, each of their respective Affiliates and each of the officers, directors,
                                                                  employees, and professionals of each Lender, the Administrative Agent, the Collateral Agent, the Accounts Bank and each of
                                                                  the other Senior Secured Parties and their respective Affiliates (collectively, the &ldquo;<U>Releasees</U>&rdquo;), from
                                                                  any                                                                   and all claims, demands, obligations, liabilities,
                                                                  causes of action, damages, losses, costs and expenses of any kind or
                                                                  character, known or unknown, past or present, liquidated or unliquidated, suspected or unsuspected, which such Loan Party
                                                                  ever had from the beginning of the world or now has or that any of the Loan Parties&rsquo; respective successors and assigns
                                                                  hereafter can or may have against any such Releasee which relates, directly or indirectly to the Credit Agreement, any other
                                                                  Financing Document, or to any acts or omissions of any such Releasee relating to the Credit Agreement or any other Financing
                                                                  Document in each case, pertaining to facts, events or circumstances existing on or prior to the date hereof, including,
                                                                  without limitation, the execution and delivery by any and all Releasees of this Amendment, except for the duties and
                                                                  obligations                                                                   expressly
                                                                  set                                                                                                            forth in
                                                                  this                                                                   Amendment,
                                                                  the                                                                                                      Credit
                                                                  Agreement                                                                   and
                                                                  the                                                                                                               other
                                                                  Financing                                                                   Documents (as
                                                                  modified by the                                                                   provisions hereof).
                                                                  As to                                                                                               each and every claim
                                                                  released                                                                         hereunder, each Loan
                                                                  Party                                                                   hereby
                                                                  represents that it has received the                                                                   advice of legal
                                                                  counsel                                                                   with regard to the releases contained herein, and
                                                                  waives the
                                                                  benefits of each provision of applicable federal or state law (including, without limitation, the laws of the state of New
                                                                  York), if any, pertaining to general releases after having been advised by its legal counsel with respect thereto. Each Loan
                                                                  Party understands that the facts which they believe to be true at the time of making the release provided for herein may
                                                                  later turn out to be different than they now believe, and that information which is not now known or suspected may later be
                                                                  discovered. Each Loan Party accepts this possibility, and each Loan Party assumes the risk of the facts being different and
                                                                  new information being discovered; and each Loan Party further agrees that the release provided for herein shall in all
                                                                  respects continue to be effective and not subject to termination or rescission because of any difference in such facts or
                                                                  any                                                                   new information.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 103.5pt; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 11.</TD><TD STYLE="text-align: justify; width: 85%"><U>Severability</U>.
Wherever possible, each provision of this Amendment shall be interpreted in such a manner as to be effective and valid under applicable
law, but if any provision of this Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions
of this Amendment.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 12.</TD><TD STYLE="text-align: justify; width: 85%"><U>Counterparts</U>.
This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, each of which shall
be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of
an executed counterpart of this Amendment by facsimile or other electronic transmission shall be as effective as delivery of a
manually executed counterpart hereof.</TD></TR></TABLE>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: normal 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 15%">SECTION 13.</TD><TD STYLE="text-align: justify; width: 85%"><U>.Lender Direction</U>.
                                                                  Each of the undersigned Lenders hereby directs each of the Administrative
                                                                  Agent, the Collateral Agent and the Accounts Bank to execute
                                                                  and deliver this Amendment and to perform its respective obligations
                                                                  hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>



<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Signature pages follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed by their respective officers as of the day and year first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; text-align: justify"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL HOLDING CO. LLC, as a Borrower and as Borrowers&rsquo; Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL MADERA LLC, as a Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL COLUMBIA, LLC, as a Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL STOCKTON LLC, as a Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL MAGIC VALLEY, LLC, as a Borrower</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>Signature Page to First Amendment
to Priming Credit Agreement</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">NEW PE HOLDCO, LLC, as Pledgor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 44%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Bryon T. McGregor</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Chief Operating Officer</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">AMARILLO NATIONAL BANK, as Accounts Bank</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Craig L. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Craig L. Sanders</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Executive Vice President</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">WELLS FARGO BANK, N.A., as Administrative Agent and Collateral Agent</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; padding-right: 5.4pt; text-align: left">/s/ Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left">Name: Michael Pinzon</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; text-align: left">Title: Vice President</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>Signature Page to First Amendment
to Priming Credit Agreement</I></P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">CREDIT SUISSE LOAN FUNDING LLC, as  Lender</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 51%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 5%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Michael Wotanowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Michael Wotanowski</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Title: Authorized Signatory</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">By:</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">/s/ Leigh Dworkin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">Name: Leigh Dworkin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: left">Title: Authorized Signatory</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>Signature Page to First Amendment
to Priming Credit Agreement</I></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Junior Credit Agreement Amendment</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<DOCUMENT>
<TYPE>EX-10.48
<SEQUENCE>6
<FILENAME>paceth_s1-ex1048.htm
<DESCRIPTION>AGREEMENT LETTER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.48</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pacific Ethanol, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>400 Capitol Mall, Suite 2060</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Sacramento, CA 95814</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">December 26, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Holders of the Company&rsquo;s<BR>
Series B Preferred Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Identified on <U>Schedule 1</U> hereto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"></TD><TD STYLE="width: 5%">Re:</TD><TD STYLE="text-align: justify; width: 90%"><U>Accrued Dividends</U></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">This letter agreement
(the <B>&ldquo;Letter Agreement&rdquo;</B>) is provided with respect to certain rights <FONT STYLE="color: black">of the undersigned
holders (collectively, the <B>&ldquo;Holders&rdquo;</B>) of </FONT>shares of <FONT STYLE="color: black">Series B Cumulative Convertible
Preferred Stock, $.001 par value per share (the <B>&ldquo;Series B Preferred Stock&rdquo;</B>), of Pacific Ethanol, Inc. (the &ldquo;<B>Company&rdquo;</B>)
under the Company&rsquo;s Certificate of Designations, Powers, Preferences, and Rights of the Series B Cumulative Convertible Preferred
Stock (the <B>&ldquo;Series B Certificate of Designations&rdquo;</B>).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Series B Certificate of Designations provides
for the payment of quarterly cumulative dividends (&ldquo;<B>Cumulative Dividends</B>&rdquo;) with respect to the Series B Preferred
Stock. From January 1, 2009, through December 31, 2011, the Company did not pay Cumulative Dividends to the Holders. The Company
paid $731,492 of the Cumulative Dividends on August 21, 2012. <B><U>Exhibit A</U></B> attached sets forth the sum of accrued and
unpaid dividends with respect to each Holder as of December 12, 2012 (collectively, the &ldquo;<B>Unpaid Dividends</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">Notwithstanding any
previous agreement between the undersigned and the Company and subject to the terms and conditions set forth herein, each of the
undersigned Holders desires to forbear from exercising rights, if any, held by such Holder with respect to the Unpaid Dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">In consideration of
each Holder&rsquo;s agreement to forbear from exercising its rights, the Company agrees to pay $731,492 of the Unpaid Dividends
as provided below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">In consideration of
the mutual covenants herein contained, and for other valuable consideration the receipt and sufficiency of which is hereby acknowledged,
the parties hereby agree as follows:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Forbearance</U></B>. Subject to the delivery of the Shares in accordance with Paragraph&nbsp;3, each Holder agrees
that until the earlier to occur of (i) June 30, 2014, or (ii) the occurrence of any Forbearance Default (as hereinafter defined)
(the &ldquo;<B>Forbearance Period</B>&rdquo;), each Holder will forbear from exercising any and all of its respective rights and
remedies against the Company with respect to any remaining Unpaid Dividends, including, but not limited to, demanding payment of
any Unpaid Dividends and bringing any action or claim with respect to any Unpaid Dividends.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Holders
of the Company&rsquo;s Series B Preferred Stock</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Page 2</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left; text-indent: 0.5in">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Tolling</U></B>. The parties hereto stipulate, covenant, and agree that the running of any and all affirmative defenses
of the Company based on (a) any statutes of limitation, (b) the doctrine of laches, or (c) any failure of the Holders to institute
or commence litigation or other legal proceedings within some specified period, before a specified date, or before the happening
of a specified event, applicable to all claims or causes of action that any Holder may be entitled to take or bring in order to
enforce or otherwise arising out of or relating to their respective rights and remedies against the Company with respect to the
Unpaid Dividends is, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Payment
of Dividend; Delivery of Shares</U></B>. The Company shall pay to each Holder the sum set opposite the Holder&rsquo;s name on
the signature page hereto (the &ldquo;Payment&rdquo;) by issuing and delivering to each such Holder the number of shares (collectively,
the &ldquo;<B>Shares</B>&rdquo;) of the Company&rsquo;s common stock (the &ldquo;<B>Common Stock</B>&rdquo;) equal to the quotient
obtained by dividing (a) the Payment, by (b) $0.34. The offering and issuance of the Shares (the &ldquo;<B>Offering</B>&rdquo;)
are being made pursuant to (a) an effective Registration Statement on Form S-3 (File No. 333-180731) (including the prospectus
contained therein), filed by the Company with the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;), and
(b) a prospectus supplement containing certain supplemental information regarding the terms of the Offering of the Shares, that
will be filed with the Commission on the date hereof and delivered to each Holder (or may available to each Holder by the filing
by the Company of an electronic version thereof with the Commission). On the day that is the third Trading Day after the date
hereof, the Company shall deliver to each Holder that number of Shares set forth opposite such Holder&rsquo;s name on the signature
page hereto through the facilities of the Depository Trust Company&rsquo;s DWAC system. For purposes hereof, the term &ldquo;<B>Trading
Day</B>&rdquo; shall mean any day on which the Common Stock is traded on the principal securities exchange or securities market
on which the Common Stock is then traded.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Acknowledgment of Non-Payment; Non-Waiver</U></B>. By executing this Letter Agreement, the Company acknowledges and
agrees that, except as expressly provided herein, (a) the Holders&rsquo; rights under the Series B Certificate of Designations
have not been waived by the Holders, and (b) no Holder has made and is not making any commitment, and there is no understanding,
explicit or implicit, relating to, or affecting, any forbearance or any other matter beyond that set forth in this Letter Agreement.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Full Force and Effect</U></B>. Except as otherwise provided herein, the Series B Certificate of Designations shall
remain unchanged and in full force and effect. Except as expressly set forth above, nothing in this Letter Agreement shall be construed
as a waiver of any rights of any of the parties to this Letter Agreement under the Series B Certificate of Designations.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in"></P>

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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Holders
of the Company&rsquo;s Series B Preferred Stock</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Page 3</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left; text-indent: 0.5in">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><U>Forbearance Default</U></B>. As used herein, &ldquo;<B>Forbearance Default</B>&rdquo; means any of the following:</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: left; text-indent: 0.5in">a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company fails to timely perform or observe any requirement of this Letter Agreement or the documents, instruments and agreements
executed in connection herewith;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: left; text-indent: 0.5in">b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company fails to pay future Cumulative Dividends on a timely basis in accordance with the Series B Certificate of Designation;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: left; text-indent: 0.5in">c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company dissolves, liquidates, winds up, or otherwise ceases its on-going business operations; or</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0 0.5in; text-align: left; text-indent: 0.5in">d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company (or any subsidiary): (i) makes a transfer in fraud of creditors, or makes an assignment for the benefit of creditors;
(ii) has a receiver, trustee or custodian appointed for, or take possession of, all or substantially all of the assets of the
Company, either in a proceeding brought by such party or in a proceeding brought against such party and such appointment is not
discharged or such possession is not terminated within sixty (60) calendar days after the effective date thereof or such party
consents to or acquiesces in such appointment or possession; (iii) files a petition for relief under any Insolvency Law or an
involuntary petition for relief is filed against such party under any Insolvency Law and such involuntary petition is not dismissed
within sixty (60) calendar days after the filing thereof, or an order for relief naming such party is entered under any Insolvency
Law, or any composition, rearrangement, extension, reorganization or other relief of debtors now or hereafter existing is requested
or consented to by such party; (iv) fails to have discharged within a period of thirty (30) calendar days any attachment, sequestration
or similar writ levied upon any property of such party in an amount exceeding $1,000,000; or (v) fails to pay within thirty (30)
calendar days any final money judgment against such party in an amount exceeding $1,000,000. (For purposes hereof, &ldquo;<B>Insolvency
Law</B>&rdquo; means Title 11 of the United States Code (or any successor law) or any similar applicable law providing for bankruptcy,
insolvency, conservatorship, receivership or other similar debtor&rsquo;s relief.)</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Entire
Agreement</U></B>. This Letter Agreement constitutes the entire agreement between the parties with respect to the subject matter
hereof and supersedes any prior understandings, agreements or representations by or between the parties, written or oral, to the
extent they relate in any way to the subject matter hereof.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Amendments
and Waivers; Severability</U></B>. This Letter Agreement may not be amended or modified, and no provisions hereof may be waived,
without the written consent of the Company and each of the Holders. No action taken pursuant to this Letter Agreement shall be
deemed to constitute a waiver by the party taking such action of compliance with any representation, warranty, covenant or agreement
contained herein. The waiver by any party hereto of a breach of any provision of this Letter Agreement shall not operate or be
construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. No failure on the
part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof,
nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof
or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other
remedies provided by law.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Holders
of the Company&rsquo;s Series B Preferred Stock</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Page 4</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>


<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left; text-indent: 0.5in">9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Governing
Law</U></B>. This Letter Agreement shall be governed by, and construed, interpreted and enforced in accordance with, the laws
of the State of Delaware, without giving effect to the principles of conflicts of laws thereunder which would specify the application
of the law of another jurisdiction.</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: left; text-indent: 0.5in">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Counterparts</U></B>.
This Letter Agreement may be executed, including by facsimile signature, in one or more counterparts, each of which shall be deemed
an original but all of which together will constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><I>[Signatures Follow.]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0in"><I></I></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Holders
of the Company&rsquo;s Series B Preferred Stock</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Page 5</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify; text-indent: 0.5in">In witness whereof,
the parties have executed this Letter Agreement as of the first date set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0; margin-top: 0pt; margin-bottom: 6pt">&nbsp;</P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2"><B>PACIFIC ETHANOL, INC.</B></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">By:&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 46%">/s/ Neil M. Koehler</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-top: #000000 1px solid">Neil M. Koehler, Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><B>HOLDERS:&#9;</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>PAYMENT AMOUNT:</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Lyles United, LLC</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">By: <U>/s/ William Lyles</U><BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Will Lyles<BR>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: V.P.</P></TD>
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$367,068</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Frank P. Greinke</U><BR>
        Frank P. Greinke, as Trustee under<BR>
        the Greinke Personal Living Trust</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$189,656</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Robert W. Bollar</U><BR>
        Robert W. Bollar, as Trustee of the<BR>
        Bollar Living Trust</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$27,009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Mimi S. Taylor</U><BR>
        Mimi S. Taylor</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$27,009</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Neil M. Koehler</U><BR>
        Neil M. Koehler</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$105,000</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="color: black">[SIGNATURES CONTINUED ON FOLLOWING PAGE]</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Holders
of the Company&rsquo;s Series B Preferred Stock</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: left">Page 6</P>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 54%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Bill Jones</U><BR>
        Bill Jones</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 46%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$5,250</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Paul P. Koehler</U><BR>
        Paul P. Koehler</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$5,250</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><U>/s/ Thomas D. Koehler</U><BR>
        Thomas D. Koehler</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">$5,250</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Schedule
1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Holders of Series B Preferred Stock</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">William M. Lyles IV</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Lyles United, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1210 West Olive Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fresno, CA 93728</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Frank P. Greinke, Trustee, Greinke Personal Living Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Orange, CA 92863</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Robert W. Bollar, Trustee, Bollar Living Trust</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Orange, CA 92863</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Mimi S. Taylor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">P.O. Box 4159</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1800 W. Katella, Ste. 400</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Orange, CA 92863</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Neil M. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">William L. Jones</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Paul P. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Thomas D. Koehler</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">c/o Pacific Ethanol, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">400 Capitol Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sacramento, CA 95814</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Unpaid Dividends at December 12, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lyles United</FONT></TD>
    <TD STYLE="width: 25%; padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,303,615</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Greinke Trust</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,706,907</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Neil Koehler</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">944,999</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bill Jones</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,248</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Paul Koehler</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,248</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tom Koehler</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47,248</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Bollar Trust</FONT></TD>
    <TD STYLE="padding-bottom: 12pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243,082</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U STYLE="text-decoration: none">Mimi S. Taylor</U></FONT></TD>
    <TD STYLE="text-decoration: underline; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U STYLE="text-decoration: none">243,082</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: none">&nbsp;</TD>
    <TD STYLE="text-decoration: none; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TOTAL</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$6,583,429</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>

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<DOCUMENT>
<TYPE>EX-10.49
<SEQUENCE>7
<FILENAME>paceth_s1-ex1049.htm
<DESCRIPTION>FIRST AMENDMENT TO PROMISSORY NOTE
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.49</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.05pt 0pt 107.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.05pt 0pt 107.2pt; text-align: center"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B> </B></FONT><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FIRST AMENDMENT TO PROMISSORY NOTE</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt"><FONT STYLE="font: normal 10pt Times New Roman, Times, Serif">THIS
FIRST AMENDMENT TO PROMISSORY NOTE, is entered into as of March 29, 2010, by PACIFIC ETHANOL, INC., a Delaware corporation (&quot;<U>Borrower&quot;</U>)
and NEIL M. KOEHLER or his assigns (&quot;<U>Lender</U>&quot;).</FONT></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 205.55pt 0pt 207.55pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 205.55pt 0pt 207.55pt; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 205.55pt 0pt 207.55pt; text-align: center">RECITALS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 42.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.45pt; text-align: justify">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and Lender entered into that certain Promissory Note dated as of March 30, 2009 in the principal sum of $1,000,000 (the &quot;Note&quot;).</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.95pt 0pt 42.45pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.45pt; text-align: justify">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
principal and accrued interest owing under the Note is be due and payable on March 30, 2010 (the &quot;<U>Maturity Date&quot;</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.45pt; text-align: justify">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrower
and Lender desire to extend the Maturity Date to January 5, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt">NOW
THEREFORE, inconsideration of the foregoing premises, the mutual promises herein and other good and valid consideration, the receipt
and sufficiency of which is hereby acknowledged, Borrower and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt">1<FONT STYLE="font-size: 10pt">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Extension
of Maturity</U>. </B>The second sentence of Paragraph 2 of the Note is hereby amended to read in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.45pt; text-align: justify">&quot;All principal and
accrued and unpaid interest then owing under this Note shall be due and payable on January 5, 2011 (the &quot;<U>Maturity Date&quot;</U>)
unless the obligations hereunder are earlier accelerated or satisfied in accordance with the provisions of this Note.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 44pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><U>Effect
of Amendment</U>. </B>Except as expressly set forth in this First Amendment to Promissory Note, all of the terms and provisions
of the Note shall remain in full force and effect. The Note, together with the amendment set forth herein, shall be read and construed
as a single agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 42.45pt; text-align: justify">Borrower and Lender have
executed and delivered this First Amendment to Promissory Note as of the day and year first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PACIFIC ETHANOL, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">a Delaware corporation</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;Christopher W. Wright</FONT></TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Christopher W. Wright, Vice President</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Neil M. Koehler</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NEIL M. KOEHLER</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 219.1pt"></P>

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<DOCUMENT>
<TYPE>EX-10.50
<SEQUENCE>8
<FILENAME>paceth_s1-ex1050.htm
<DESCRIPTION>SECOND AMENDMENT TO PROMISSORY NOTE
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 0; text-align: right"><B></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Exhibit 10.50</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2.5pt 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 103.05pt 0pt 107.2pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECOND AMENDMENT TO PROMISSORY NOTE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS SECOND AMENDMENT TO PROMISSORY NOTE,
is entered into as of November 5, 2010, by PACIFIC ETHANOL, INC., a Delaware corporation (&ldquo;<U>Borrower</U>&rdquo;) and NEIL
M. KOEHLER or his assigns (&ldquo;<U>Lender</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Promissory Note dated as of March 30, 2009 in the principal sum of $1,000,000
(the &ldquo;Note&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain First Amendment to Promissory Note dated as of March 29, 2010 (the &ldquo;First
Amendment&rdquo;), which extended the Maturity Date to January 5, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower desires to pay all accrued interest on the Note, and Borrower and Lender desire to extend the Maturity Date to
March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, inconsideration
of the foregoing premises, the mutual promises herein and other good and valid consideration, the receipt and sufficiency of which
is hereby acknowledged, Borrower and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Principal and Interest Payments</U></B>. <U>Paragraph 2</U> of the Note is hereby amended to read in its entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="color: black">&ldquo;Simple
interest on the unpaid principal amount hereof shall accrue at a rate per annum equal to eight percent (8.0%), calculated on a
365-day basis. All principal and accrued and unpaid interest then owing under this Note shall be due and payable on </FONT>March
31, 2012 (the &ldquo;<U>Maturity Date</U>&rdquo;) unless the obligations hereunder are earlier accelerated or satisfied in accordance
with the provisions of this Note. All payments by Borrower hereunder shall first apply to accrued and unpaid interest and then
to the remaining principal balance under this Note.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><U>Effect of Amendment</U></B><FONT STYLE="color: black">. Except as expressly set forth in this Second Amendment
to Promissory Note, all of the terms and provisions of the Note shall remain in full force and effect. The Note, together with
the First Amendment and the amendment set forth herein, shall be read and construed as a single agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrower and Lender
have executed and delivered this <FONT STYLE="color: black">Second Amendment to Promissory Note</FONT> as of the day and year first
set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PACIFIC ETHANOL, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">a Delaware corporation</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;Bryon T. McGregor</font></TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">Bryon T. McGregor, Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Neil M. Koehler</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NEIL M. KOEHLER</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in"><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in"></P>

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<DOCUMENT>
<TYPE>EX-10.51
<SEQUENCE>9
<FILENAME>paceth_s1-ex1051.htm
<DESCRIPTION>THIRD AMENDMENT TO PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.51</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">THIRD AMENDMENT TO PROMISSORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS THIRD AMENDMENT TO PROMISSORY NOTE,
is entered into as of March 7, 2012, by PACIFIC ETHANOL, INC., a Delaware corporation (&ldquo;<U>Borrower</U>&rdquo;) and NEIL
M. KOEHLER or his assigns (&ldquo;<U>Lender</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Promissory Note dated as of March 30, 2009 in the principal sum of $1,000,000
(the &ldquo;Note&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain First Amendment to Promissory Note dated as of March 29, 2010 (the &ldquo;First
Amendment&rdquo;), which extended the Maturity Date to January 5, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Second Amendment to Promissory Note dated as of November 11, 2011 (the &ldquo;Second
Amendment&rdquo;), which extended the Maturity Date to March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower has paid $250,000 of the principal balance and all accrued interest on the Note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender desire to extend the Maturity Date to March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, inconsideration
of the foregoing premises, the mutual promises herein and other good and valid consideration, the receipt and sufficiency of which
is hereby acknowledged, Borrower and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Principal and Interest Payments</U></B>. <U>Paragraph 2</U> of the Note is hereby amended to read in its entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="color: black">&ldquo;Simple
interest on the unpaid principal amount hereof shall accrue at a rate per annum equal to eight percent (8.0%), calculated on a
365-day basis and shall be paid monthly in arrears. All principal and accrued and unpaid interest then owing under this Note shall
be due and payable on </FONT>March 31, 2013 (the &ldquo;<U>Maturity Date</U>&rdquo;) unless the obligations hereunder are earlier
accelerated or satisfied in accordance with the provisions of this Note. All payments by Borrower hereunder shall first apply to
accrued and unpaid interest and then to the remaining principal balance under this Note.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><U>Effect of Amendment</U></B><FONT STYLE="color: black">. Except as expressly set forth in this Third Amendment
to Promissory Note, all of the terms and provisions of the Note shall remain in full force and effect. The Note, together with
the First Amendment, the Second Amendment and the amendment set forth herein, shall be read and construed as a single agreement.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrower and Lender
have executed and delivered this <FONT STYLE="color: black">Third Amendment to Promissory Note</FONT> as of the day and year first
set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">PACIFIC ETHANOL, INC.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">a Delaware corporation</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 3pt solid">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/&nbsp;Bryon T. McGregor</font></TD>
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom">Bryon T. McGregor, Chief Financial Officer</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Neil M. Koehler</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: -2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NEIL M. KOEHLER</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in"><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: left; text-indent: -3in"></P>

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<DOCUMENT>
<TYPE>EX-10.52
<SEQUENCE>10
<FILENAME>paceth_s1-ex1052.htm
<DESCRIPTION>FOURTH AMENDMENT AMENDMENT TO PROMISSORY NOTE
<TEXT>
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<P STYLE="margin: 0; text-align: right"></P>

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<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.52</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOURTH AMENDMENT TO PROMISSORY NOTE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THIS FOURTH AMENDMENT TO PROMISSORY NOTE,
is entered into as of February 7, 2013, by PACIFIC ETHANOL, INC., a Delaware corporation (&ldquo;<U>Borrower</U>&rdquo;) and NEIL
M. KOEHLER or his assigns (&ldquo;<U>Lender</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>RECITALS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Promissory Note dated as of March 30, 2009 in the principal sum of $1,000,000
(the &ldquo;Note&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">B.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain First Amendment to Promissory Note dated as of March 29, 2010 (the &ldquo;First
Amendment&rdquo;), which extended the Maturity Date to January 5, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">C.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Second Amendment to Promissory Note dated as of November 5, 2010 (the &ldquo;Second
Amendment&rdquo;), which extended the Maturity Date to March 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">D.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender entered into that certain Third Amendment to Promissory Note dated as of March 7, 2012 (the &ldquo;Third
Amendment&rdquo;), which extended the Maturity Date to March 31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">E.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The current principal balance of the Note is $750,000, and interest is being paid on a current basis each month.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">F.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Borrower and Lender desire to extend the Maturity Date to March 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, inconsideration
of the foregoing premises, the mutual promises herein and other good and valid consideration, the receipt and sufficiency of which
is hereby acknowledged, Borrower and Lender hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><U>Principal and Interest Payments</U></B>. <U>Paragraph 2</U> of the Note is hereby amended to read in its entirety
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><FONT STYLE="color: black">&ldquo;Simple
interest on the unpaid principal amount hereof shall accrue at a rate per annum equal to eight percent (8.0%), calculated on a
365-day basis and shall be paid monthly in arrears. All principal and accrued and unpaid interest then owing under this Note shall
be due and payable on </FONT>March 31, 2014 (the &ldquo;<U>Maturity Date</U>&rdquo;) unless the obligations hereunder are earlier
accelerated or satisfied in accordance with the provisions of this Note. All payments by Borrower hereunder shall first apply to
accrued and unpaid interest and then to the remaining principal balance under this Note.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: black">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><B><U>Effect of Amendment</U></B><FONT STYLE="color: black">. Except as expressly set forth in this Fourth Amendment
to Promissory Note, all of the terms and provisions of the Note shall remain in full force and effect. The Note, together with
the First Amendment, the Second Amendment, the Third Amendment and the amendment set forth herein, shall be read and construed
as a single agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Borrower and
Lender have executed and delivered this <FONT STYLE="color: black"> Fourth Amendment to Promissory Note</FONT> as of the day
and year first set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">PACIFIC ETHANOL, INC.<BR>
a Delaware corporation<BR>
<BR>
</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 51%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 39%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: white 3pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: white 3pt solid; text-align: justify">By:</TD>
    <TD NOWRAP STYLE="border-bottom: black 1pt solid; text-align: justify">/s/&nbsp;Bryon T. McGregor</TD>
    <TD STYLE="border-bottom: white 3pt solid; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: justify">Name: Bryon T. McGregor</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">Title: Chief Financial Officer</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify">/s/ NEIL M. KOEHLER</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Name: Neil M. Koehler</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Title: President, Chief Executive Officer (principal executive officer) and Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>11
<FILENAME>paceth_s1-ex2301.htm
<DESCRIPTION>SUBSIDIARIES OF THE REGISTRANT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subsidiaries of the Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt"><U>Subsidiary Name</U><SUP>(*)</SUP></FONT></TD>
    <TD STYLE="width: 28%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Names Under Which</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Subsidiary Does Business</U><SUP>(**)</SUP></P></TD>
    <TD STYLE="width: 32%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">State or Jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Incorporation or Organization</U></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Kinergy Marketing, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Kinergy Marketing</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Oregon</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ag Products, LLC</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Pacific Ag Products/PAP</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">California</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Management Services Corp.</FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Development, LLC</FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">New PE Holdco LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Holding Co LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Columbia, LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Madera LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(238,238,238)">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Magic Valley, LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Pacific Ethanol Stockton LLC<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="text-align: center">&mdash;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>(*)</TD><TD>All subsidiaries are wholly-owned by the Registrant unless
otherwise specified by footnote.</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(**)</TD><TD>If different from the name of the subsidiary.</TD></TR>                                                                                                                       <TR STYLE="vertical-align: top">
<TD>(1)</TD><TD>The Registrant holds an 85% ownership interest in New PE Holdco LLC. Pacific Ethanol Holding Co LLC is wholly-owned by New PE Holdco LLC. Pacific Ethanol Columbia, LLC, Pacific Ethanol Madera LLC, Pacific Ethanol Magic Valley, LLC and Pacific Ethanol Stockton LLC are wholly-owned by Pacific Ethanol Holding Co LLC.</TD></TR>
</TABLE>





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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>12
<FILENAME>paceth_s1-ex2302.htm
<DESCRIPTION>CONSENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the use in this Registration
Statement on Form S-1 of Pacific Ethanol, Inc. of our report dated April 1, 2013 (June 28, 2013 as to the effect of the May 2013
reverse stock split described in Note 1), relating to our audits of the consolidated financial statements, appearing in the Prospectus,
which is part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the reference to our
firm under the caption &ldquo;Experts&rdquo; in such Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ HEIN &amp; ASSOCIATES LLP</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 30%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Irvine, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June 28, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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<TYPE>EX-101.INS
<SEQUENCE>13
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   &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 58%"&gt;&lt;font style="font-size: 8pt"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11,053&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,212&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:InventoryDisclosureTextBlock>
    <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The business&#13;and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices and&#13;interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program.&#13;This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market&#13;volatility could have on operating results.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk&lt;/u&gt;&lt;/i&gt;&lt;u&gt; &amp;#150; &lt;i&gt;Cash Flow Hedges&lt;/i&gt;&lt;/u&gt; &amp;#150; The Company uses derivative instruments to protect cash flows from&#13;fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins&#13;from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are&#13;set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges&#13;anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives&#13;may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated&#13;transactions and regressing commodity futures prices against the Company&amp;#146;s purchase and sales prices. Ineffectiveness, which&#13;is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of&#13;goods sold. For the three months ended March 31, 2013 and 2012, the Company did not designate any of its derivatives as cash flow&#13;hedges.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk &amp;#150; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company uses derivative instruments to lock in prices for certain amounts&#13;of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special&#13;hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately&#13;in cost of goods sold. The Company recognized losses of $5,000 and gains of $134,000 as the change in the fair value of these&#13;contracts for the three months ended March 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Non Designated&#13;Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The classification and amounts of the Company&amp;#146;s recognized gains (losses) for its&#13;derivatives not designated as hedging instruments are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 38%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(73&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(102&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13; 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    <us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The business&#13;and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices.&#13;The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes&#13;the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have&#13;on operating results.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk&lt;/u&gt;&lt;/i&gt;&lt;u&gt; &amp;#150; &lt;i&gt;Cash Flow Hedges&lt;/i&gt;&lt;/u&gt; &amp;#150; The Company uses derivative instruments to protect cash flows from&#13;fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins&#13;from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are&#13;set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges&#13;anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives&#13;may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated&#13;transactions and regressing commodity futures prices against the Company&amp;#146;s purchase and sales prices. Ineffectiveness, which&#13;is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of&#13;goods sold. For the years ended December 31, 2012 and 2011, the Company did not designate any of its derivatives as cash flow&#13;hedges.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity&#13;Risk &amp;#150; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company uses derivative instruments to lock in prices for certain amounts&#13;of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special&#13;hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately&#13;in cost of goods sold. The Company recognized gains of $999,000 and $96,000 as the change in the fair value of these contracts&#13;for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Non&#13;Designated Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The classification and amounts of the Company&amp;#146;s derivatives not designated&#13;as hedging instruments are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; 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background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 19%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 19%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other current&#13;    assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Accrued&#13;    liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The classification&#13;and amounts of the Company&amp;#146;s recognized gains (losses) for its derivatives not designated as hedging instruments are as&#13;follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;For the Years Ended&#13;    December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;                                                                   &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;Type&#13;                                                                   of Instrument&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 30%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost&#13;    of goods sold&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;For the Years Ended&#13;    December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;                                                                   &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;Type&#13;                                                                   of Instrument&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 30%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost&#13;    of goods sold&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(242&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(242&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Sales Commitments&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; At March 31, 2013, the Company had entered into sales contracts with its major customers to sell certain quantities&#13;of ethanol, WDG and syrup. The Company had open ethanol indexed-price contracts for 95,109,000 gallons of ethanol as of March&#13;31, 2103. The Company had open WDG and syrup fixed-price sales contracts valued at $552,000 and open indexed-price sales contracts&#13;for 27,000 tons of WDG and syrup as of March 31, 2013. These sales contracts will be completed throughout 2013.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Purchase&#13;Commitments&lt;/u&gt;&lt;/i&gt; &amp;#150; At March 31, 2013, the Company had fixed-price purchase contracts with its suppliers to purchase $12,143,000&#13;of ethanol and indexed-price contracts to purchase 113,000 gallons of ethanol. These contracts will be satisfied throughout the&#13;remainder of 2013.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Litigation&#13;&amp;#150; General&lt;/u&gt; &amp;#150;&lt;/i&gt; The Company is subject to various claims and contingencies in the ordinary course of its business,&#13;including those related to litigation, business transactions, employee-related matters, and others. When the Company is aware&#13;of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and&#13;the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable&#13;or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss&#13;is reasonably possible and the amount involved could be material. While there can be no assurances, the Company does not expect&#13;that any of its pending legal proceedings will have a material financial impact on the Company&amp;#146;s operating results.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commitments&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; The following is a description of significant commitments at December 31, 2012:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Operating&#13;Leases &amp;#150; &lt;/i&gt;Future minimum lease payments required by non-cancelable operating leases in effect at December 31, 2012 are&#13;as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 40%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended&lt;br /&gt; December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: center; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in; width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,127&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,120&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,141&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,103&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;951&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,590&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,032&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total rent&#13;expense during the years ended December 31, 2012 and 2011 was $2,252,000 and $2,300,000, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Sales&#13;Commitments&lt;/i&gt; &amp;#150; At December 31, 2012, the Company had entered into sales contracts with its major customers to sell certain&#13;quantities of ethanol, WDG and syrup. The Company had open ethanol indexed-price contracts for 97,038,000 gallons of ethanol as&#13;of December 31, 2012. The Company had open WDG and syrup fixed-price sales contracts valued at $1,194,000 and open indexed-price&#13;sales contracts for 31,000 tons of WDG and syrup as of December 31, 2012. These sales contracts will be completed throughout 2013.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Purchase&#13;Commitments&lt;/i&gt; &amp;#150; At December 31, 2012, the Company had fixed-price purchase contracts to purchase $9,361,000 of ethanol&#13;from its suppliers. These purchase commitments will be satisfied throughout 2013.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Contingencies&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; The following is a description of significant contingencies at December 31, 2012:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Litigation&#13;&amp;#150; General &amp;#150;&lt;/i&gt; The Company is subject to various claims and contingencies in the ordinary course of its business,&#13;including those related to litigation, business transactions and employee-related matters. When the Company is aware of a claim&#13;or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount&#13;of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the&#13;amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably&#13;possible and the amount involved could be material. While there can be no assurances, the Company does not expect that any of&#13;its pending legal proceedings will have a material financial impact on the Company&amp;#146;s operating results.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;The&#13;following tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March&amp;#160;31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific&#13;    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,454&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock&#13;    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(312&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,766&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,060&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.57&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific&#13;    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,953&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock&#13;    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,268&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,748&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.92&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;There&#13;were an aggregate of 427,000 and 214,000 potentially dilutive weighted-average shares from convertible securities outstanding&#13;as of March 31, 2013 and 2012, respectively. These convertible securities were not considered in calculating diluted net loss&#13;per share for the three months ended March 31, 2013 and 2012, as their effect would have been anti-dilutive.&lt;/font&gt;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:NotesPayableRelatedPartiesClassifiedCurrent contextRef="AsOf2012-12-31" unitRef="USD" decimals="0">750</us-gaap:NotesPayableRelatedPartiesClassifiedCurrent>
    <us-gaap:NotesPayableRelatedPartiesClassifiedCurrent contextRef="AsOf2013-03-31" unitRef="USD" decimals="0">750</us-gaap:NotesPayableRelatedPartiesClassifiedCurrent>
    <us-gaap:NotesPayableRelatedPartiesClassifiedCurrent contextRef="AsOf2011-12-31" unitRef="USD" decimals="0">750</us-gaap:NotesPayableRelatedPartiesClassifiedCurrent>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2012-12-31" unitRef="USDPShares" decimals="INF">.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2013-03-31" unitRef="USDPShares" decimals="INF">.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2013-03-31_SeriesAPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2012-12-31_SeriesAPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2013-03-31_SeriesBPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2012-12-31_SeriesBPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2011-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2011-12-31_SeriesAPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2011-12-31_SeriesBPreferredStockMember" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-12-31" unitRef="Shares" decimals="INF">10000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2013-03-31" unitRef="Shares" decimals="INF">10000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2013-03-31_SeriesAPreferredStockMember" unitRef="Shares" decimals="INF">1684375</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-12-31_SeriesAPreferredStockMember" unitRef="Shares" decimals="INF">1684375</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2013-03-31_SeriesBPreferredStockMember" unitRef="Shares" decimals="INF">1580790</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-12-31_SeriesBPreferredStockMember" unitRef="Shares" decimals="INF">1580790</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-12-31" unitRef="Shares" decimals="INF">10000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-12-31_SeriesAPreferredStockMember" unitRef="Shares" decimals="INF">1684375</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-12-31_SeriesBPreferredStockMember" unitRef="Shares" decimals="INF">1580790</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-12-31_SeriesAPreferredStockMember15741250" unitRef="Shares" decimals="INF">1684375</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-12-31_SeriesAPreferredStockMember15741250" unitRef="Shares" decimals="INF">1684375</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2012-12-31_SeriesBPreferredStockMember15741250" unitRef="Shares" decimals="INF">1580790</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2011-12-31_SeriesBPreferredStockMember15741265" unitRef="Shares" decimals="INF">1580790</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2012-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
    <us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2013-03-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
    <us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2011-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
    <us-gaap:CommonStockSharesAuthorized contextRef="AsOf2012-12-31" unitRef="Shares" decimals="INF">300000000</us-gaap:CommonStockSharesAuthorized>
    <us-gaap:CommonStockSharesAuthorized contextRef="AsOf2013-03-31" unitRef="Shares" decimals="INF">300000000</us-gaap:CommonStockSharesAuthorized>
    <us-gaap:CommonStockSharesAuthorized contextRef="AsOf2011-12-31" unitRef="Shares" decimals="INF">300000000</us-gaap:CommonStockSharesAuthorized>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2012-12-31" unitRef="Shares" decimals="INF">9789408</us-gaap:CommonStockSharesIssued>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2013-03-31" unitRef="Shares" decimals="INF">10495824</us-gaap:CommonStockSharesIssued>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2011-12-31" unitRef="Shares" decimals="INF">5775445</us-gaap:CommonStockSharesIssued>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2012-12-31" unitRef="Shares" decimals="INF">9789408</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2013-03-31" unitRef="Shares" decimals="INF">10495824</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2011-12-31" unitRef="Shares" decimals="INF">5775445</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;carrying values and classification of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were&#13;as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 74%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,308&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;153,954&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 74%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,598&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;103,597&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;220&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;110,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
    <us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The carrying values and classification of assets that are collateral for the obligations of New PE Holdco at December 31,&#13;2012 were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 84%"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,699&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,774&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,719&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156,192&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 84%"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,287&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,315&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Inventories&#13;consisted primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on&#13;a first-in, first-out basis. Inventory balances consisted of the following (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;March&#13;    31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December&#13;    31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 58%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,053&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,481&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,212&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;17,536&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inventories consisted primarily of bulk&#13;ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.&#13;Inventory balances consisted of the following (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 62%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
    <us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;classification and amounts of the Company&amp;#146;s recognized gains (losses) for its derivatives not designated as hedging instruments&#13;are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Realized&#13;    Losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Three&#13;    Months Ended March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Type of&#13;    Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Statements&#13;    of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 24%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 38%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(73&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(102&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Unrealized&#13;    Gains&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Three&#13;    Months Ended March 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Type of&#13;    Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Statements&#13;    of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;68&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;236&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
    <us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt; The classification and amounts of the Company&amp;#146;s derivatives not designated as hedging instruments are as follows&#13;(in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="12" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accrued liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="12" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accrued liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Long-term&#13;borrowings are summarized as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;March&#13;    31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December&#13;    31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 64%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Kinergy operating&#13;    line of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;20,558&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;20,313&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Subordinated convertible&#13;    notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;6,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; term&#13;    debt and accrued interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;57,097&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; operating&#13;    lines of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;46,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;46,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Note payable to related&#13;    party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;151,218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Parent purchased Plant&#13;    Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;(24,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Unamortized discount&#13;    on senior unsecured notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;(2,432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Unamortized discount&#13;    on convertible notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;122,329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less short-term portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,496&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;113,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;117,253&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 46%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy&amp;#146;s operating line of credit&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,711&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,432&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,821&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,279&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="color: black; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; operating&#13;    lines of credit&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;46,000&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,978&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,282&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,439&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="color: black; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less current portion&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,029&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(750&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="color: black; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;117,253&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;93,689&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfAssumptionsUsedTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant&#13;assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest&#13;    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.14%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.0&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24.5%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;1,400,800&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock>
    <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes&#13;fair value measurements by level at March 31, 2013 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt; width: 32%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Conversion feature&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,480&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,595&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other current&#13;assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in warrant&#13;liabilities and conversion feature at fair value in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(3)&amp;#9;Included in&#13;accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes&#13;fair value measurements by level at December 31, 2012 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity&#13;    contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included&#13;in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included&#13;in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
    <us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"&gt;&lt;div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other&#13;current assets in the consolidated balance sheets.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in other&#13;current liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The following&#13;table summarizes fair value measurements by level at December 31, 2011 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,421&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"&gt;&lt;div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other&#13;assets in the consolidated balance sheets.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in other&#13;liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
    <peix:ChangesInFairValueOfLevel3InputsTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion&#13;    Feature&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 66%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of warrants in January&#13;    offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,657&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of notes and warrants&#13;    in March offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;883&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(260&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments&#13;    to fair value for the period&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(93&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, March 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</peix:ChangesInFairValueOfLevel3InputsTableTextBlock>
    <peix:ChangesInFairValueOfLevel3InputsTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The changes in the Company&amp;#146;s fair&#13;value of its Level 3 inputs were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Warrants&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Convertible Notes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 76%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,718&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,108&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Retirement of Convertible Notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Issuance of 2011 Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Exercises of Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,451&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,108&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Issuance of July Offering Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Issuance of September Offering Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,658&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Exercises of Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,954&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;</peix:ChangesInFairValueOfLevel3InputsTableTextBlock>
    <us-gaap:ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;The&#13;following tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March&amp;#160;31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific&#13;    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,454&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock&#13;    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(312&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13;    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,766&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,060&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.57&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended&#13;    March&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific&#13;    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,953&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock&#13;    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic&#13; 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background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss&#13;    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,268&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; 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    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">7.50</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="USDPShares" decimals="INF">6.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2013-03-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">11.25</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">8.85</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">7.50</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="USDPShares" decimals="INF">6.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">12.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantIssuedOnSixOctoberTwoThousandTenMember" unitRef="USDPShares" decimals="INF">1.80</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen" unitRef="USDPShares" decimals="INF">15.00</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">8.85</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" unitRef="USDPShares" decimals="INF">7.50</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" unitRef="USDPShares" decimals="INF">6.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="USDPShares" decimals="INF">12.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="USDPShares" decimals="INF">1.80</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2011-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="USDPShares" decimals="INF">1.5</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExercisePrice contextRef="AsOf2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="USDPShares" decimals="INF">0.45</us-gaap:FairValueAssumptionsExercisePrice>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" unitRef="Percent" decimals="INF">0.711</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" unitRef="Percent" decimals="INF">0.725</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.842</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.711</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.637</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.681</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.702</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.761</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.693</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.744</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.76</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2013-01-01to2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen" unitRef="Percent" decimals="INF">0.622</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.702</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.761</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.693</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.744</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.760</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.68</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
    <us-gaap:FairValueAssumptionsExpectedVolatilityRate contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.68</us-gaap:FairValueAssumptionsExpectedVolatilityRate>
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    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" unitRef="Percent" decimals="INF">0.0077</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0031</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0057</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.0014</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0057</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0036</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0072</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.0016</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0054</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.0072</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2013-01-01to2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen" unitRef="Percent" decimals="INF">0.0014</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0036</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.0072</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.0016</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.0054</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.0072</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.0083</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsRiskFreeInterestRate contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.011</us-gaap:FairValueAssumptionsRiskFreeInterestRate>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember">P2Y</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember">P4Y9M14D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember">P2Y5M26D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember">P4Y3M4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember">P9M4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember">P3Y8M16D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember">P2Y8M26D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember">P4Y6M4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember">P1Y4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember">P3Y11M12D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnSixOctoberTwoThousandTenMember">P4Y9M18D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2013-01-01to2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen">P1Y</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember">P2Y8M26D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember">P4Y6M4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember">P1Y4D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember">P3Y11M12D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember">P4Y9M18D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember">P4Y11M16D</us-gaap:FairValueAssumptionsExpectedTerm>
    <us-gaap:FairValueAssumptionsExpectedTerm contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember">P5Y10M24D</us-gaap:FairValueAssumptionsExpectedTerm>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" unitRef="Percent" decimals="INF">0.382</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" unitRef="Percent" decimals="INF">0.544</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.759</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.518</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.576</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.471</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.539</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.555</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.555</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.523</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.464</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2013-01-01to2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen" unitRef="Percent" decimals="INF">0.245</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.539</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" unitRef="Percent" decimals="INF">0.555</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" unitRef="Percent" decimals="INF">0.555</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.523</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2012-01-01to2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.464</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" unitRef="Percent" decimals="INF">0.52</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:FairValueAssumptionsMarketabilityDiscount contextRef="From2011-01-01to2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" unitRef="Percent" decimals="INF">0.47</peix:FairValueAssumptionsMarketabilityDiscount>
    <peix:WarrantLiabilities contextRef="AsOf2013-03-31_ConvertibleNotesPayableMember_IssuedOnTwentyEightMarchTwoThousandThirteen" unitRef="USD" decimals="-3">1400800000</peix:WarrantLiabilities>
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    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2013-03-31" unitRef="USD" decimals="-3">205000</us-gaap:AssetsFairValueDisclosure>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2012-12-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">189000</us-gaap:AssetsFairValueDisclosure>
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    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2012-12-31_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true" />
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2013-03-31_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">205000</us-gaap:AssetsFairValueDisclosure>
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    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2011-12-31" unitRef="USD" decimals="-3">244000</us-gaap:AssetsFairValueDisclosure>
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    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2013-03-31_CommodityContractMember" unitRef="USD" decimals="-3">205000</us-gaap:AssetsFairValueDisclosure>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2012-12-31_FairValueInputsLevel1Member_CommodityContractMember" unitRef="USD" decimals="-3">189000</us-gaap:AssetsFairValueDisclosure>
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    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2012-12-31_CommodityContractMember" unitRef="USD" decimals="-3">189000</us-gaap:AssetsFairValueDisclosure>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2011-12-31_FairValueInputsLevel1Member_CommodityContractsMember" unitRef="USD" decimals="-3">244000</us-gaap:AssetsFairValueDisclosure>
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Products,&#13;LLC, a California limited liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,&#13;and including its majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each&#13;as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells&#13;ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed and syrup. Serving integrated&#13;oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery&#13;of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,&#13;Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four&#13;ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective&#13;fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol&#13;produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies&#13;and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol&#13;Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)&#13;and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,&#13;the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual&#13;ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one&#13;of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more&#13;operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Reverse&#13;Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share&#13;information has been restated to retroactively show the effect of this stock split.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity &lt;/u&gt;&lt;/i&gt;&amp;#150;&#13;During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under&#13;its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through&#13;the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise&#13;of warrants.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;As of&#13;March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June&#13;25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due&#13;on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay&#13;the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital&#13;to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure&#13;the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default&#13;on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due&#13;June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146;&#13;inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material&#13;adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s&#13;current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility.&#13;In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects&#13;that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,&#13;if any, under Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under&#13;the asset management agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any,&#13;in respect of the Company&amp;#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity&#13;financings.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Subject&#13;to closing under the Company&amp;#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires&#13;stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated&#13;from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated&#13;working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital&#13;requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires&#13;a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&amp;#146;s failure to&#13;raise capital, if needed, could restrict its growth, or hinder its ability to compete.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Accounts&#13;Receivable and Allowance for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the&#13;allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy&#13;operators and animal feed distributors generally without requiring collateral.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process&#13;is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified&#13;number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance&#13;in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has&#13;been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and&#13;the Company&amp;#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s&#13;customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Of the&#13;accounts receivable balance, approximately $25,385,000 and $20,627,000 at March 31, 2013 and December 31, 2012, respectively,&#13;were used as collateral under Kinergy&amp;#146;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000&#13;as of March 31, 2013 and December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the&#13;three months ended March 31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related&#13;to its customers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Basis&#13;of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&lt;font style="font-family: Times New Roman, Times, Serif; color: black"&gt;&#13;&lt;/font&gt;&amp;#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance&#13;with accounting principles generally accepted in the United States for interim financial information and the instructions to Form&#13;10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results for interim periods should not be considered indicative of results for&#13;a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements&#13;and related notes contained in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December&amp;#160;31, 2012. The accounting&#13;policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated&#13;financial statements in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of&#13;management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results&#13;for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The preparation&#13;of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires&#13;management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent&#13;assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting&#13;period. Significant estimates are required as part of determining the consolidation of variable interest entities, fair value&#13;of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles,&#13;long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences&#13;of events recognized in the Company&amp;#146;s financial statements or tax returns. Actual results and outcomes may materially differ&#13;from management&amp;#146;s estimates and assumptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reclassifications&#13;of prior year&amp;#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income&#13;(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Organization and Business&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware&#13;corporation (&amp;#147;Pacific Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries,&#13;Kinergy Marketing, LLC, an Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products, LLC, a California limited&#13;liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its&#13;majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each as defined below)&#13;(collectively, the &amp;#147;Company&amp;#148;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is the leading marketer&#13;and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products, including&#13;wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed. Serving integrated oil companies and gasoline marketers who&#13;blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through third-party service providers&#13;in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. The Company&#13;had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production facilities, as of December 31, 2012&#13;and 2011, respectively. The facilities are near their respective fuel and feed customers, offering significant timing, transportation&#13;cost and logistical advantages. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated&#13;third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company manages the production and&#13;operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol&#13;Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;) and their holding&#13;company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants, the &amp;#147;Plant Owners&amp;#148;).&#13;PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual ethanol production capacity&#13;of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and one of the facilities was idled.&#13;As market conditions change, the Company may increase, decrease or idle production at one or more operational facilities or resume&#13;operations at any idled facility.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Basis of Presentation&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally&#13;accepted in United States (&amp;#147;GAAP&amp;#148;) and include the accounts of the Company. All significant intercompany accounts and&#13;transactions have been eliminated in consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Consolidation of Variable Interest&#13;Entities&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company applies the guidance in the Financial Accounting Standards Board&amp;#146;s (&amp;#147;FASB&amp;#148;)&#13;Accounting Standards Codification 810, &lt;i&gt;Consolidation&lt;/i&gt;, surrounding a company&amp;#146;s analysis to determine whether any of&#13;its variable interests constitute controlling financial interests in a variable interest entity (&amp;#147;VIE&amp;#148;). This analysis&#13;identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to&#13;direct the activities of a VIE that most significantly impact the entity&amp;#146;s economic performance, and (ii) the obligation&#13;to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity&#13;that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has an implicit&#13;financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct the activities&#13;of the VIE that most significantly impact the entity&amp;#146;s economic performance. The guidance also requires ongoing reassessments&#13;of whether an enterprise is the primary beneficiary of a VIE.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 6, 2010, the Company purchased&#13;an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&amp;#146;s owners. At that time, the Company&#13;determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated the results of New PE Holdco. As&#13;long as the Company is deemed New PE Holdco&amp;#146;s primary beneficiary, the Company must treat New PE Holdco as a consolidated&#13;subsidiary for financial reporting purposes. See Note 2 &amp;#150; Variable Interest Entity. Through various transactions, the Company&#13;has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January 2013, the Company increased its ownership&#13;interest in New PE Holdco to 80% and in March 2013, the Company further increased its ownership interest in New PE Holdco to 83%&#13;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;i&gt;&lt;u&gt;Reverse&#13;Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split and on June 8, 2011, the&#13;Company effected a one-for-seven reverse stock split. All share and per share information has been restated to retroactively show&#13;the effects of these stock splits.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Liquidity&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;During 2012, the Company funded its operations primarily from cash provided by operations, borrowings under its credit facilities&#13;and various capital raising transactions in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate&#13;of 3,700,000 shares of its common stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of March 28, 2013, the Plant Owners&#13;had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving&#13;debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol&#13;owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to&#13;its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under&#13;the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital&#13;to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term&#13;debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated&#13;and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146; inability to restructure or repay the $4,000,000&#13;of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and&#13;indirect subsidiaries, including Kinergy and the Plant Owners.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s current available&#13;capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility. In addition,&#13;the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future&#13;available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under&#13;Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under the asset management&#13;agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership&#13;interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subject to closing under the Company&amp;#146;s&#13;existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,&#13;the Company believes that current and future available capital resources, revenues generated from operations, and other existing&#13;sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure&#13;requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially&#13;from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund&#13;future acquisitions, it may require additional financing. The Company&amp;#146;s failure to raise capital, if needed, could restrict&#13;its growth, or hinder its ability to compete.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Cash and Cash Equivalents&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Accounts Receivable and Allowance&#13;for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the allowance for doubtful&#13;accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal&#13;feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the Company had significant&#13;concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains an allowance for&#13;doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the&#13;invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company&#13;has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts&#13;receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered&#13;in reaching this determination are the apparent financial condition of the customer and the Company&amp;#146;s success in contacting&#13;and negotiating with the customer. If the financial condition of the Company&amp;#146;s customers were to deteriorate, resulting in&#13;an impairment of ability to make payments, additional allowances may be required.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Of the accounts receivable balance,&#13;approximately $20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral under Kinergy&amp;#146;s&#13;operating line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31, 2012 and 2011, respectively.&#13;The Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31, 2012 and 2011, respectively. The&#13;Company does not have any off-balance sheet credit exposure related to its customers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Concentrations of Credit Risk&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely&#13;to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial instruments&#13;exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability&#13;to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial&#13;instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance&#13;limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts&#13;and believes that it is not exposed to any significant risk of loss of cash.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sells fuel-grade ethanol&#13;to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company&amp;#146;s&#13;total net sales, as follows.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accounts receivable&#13;due from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts receivable as of December&#13;31, 2012 and 2011, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company purchases fuel-grade ethanol&#13;and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased ethanol and corn from suppliers&#13;representing 10% or more of the Company&amp;#146;s total purchases for the purchase and production of ethanol, as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;39%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;*&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&#13;        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"&gt;____________&lt;/p&gt;&#13;        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"&gt;*Less than 10%&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Inventories&lt;/u&gt; &lt;/i&gt;&amp;#150; Inventories&#13;consisted primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a&#13;first-in, first-out basis. Inventory balances consisted of the following (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="text-indent: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Property and Equipment&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated&#13;useful lives:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 67%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Buildings &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 33%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10 &amp;#150; 25 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5 &amp;#150; 10 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of normal maintenance and repairs&#13;is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated&#13;over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related&#13;accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current&#13;operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Intangible Assets&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;The Company amortizes intangible assets with definite lives using the straight-line method over their established lives, generally&#13;2-10 years. Additionally, the Company tests these assets with established lives for impairment if conditions exist that indicate&#13;that carrying values may not be recoverable. Possible conditions leading to the unrecoverability of these assets include changes&#13;in market conditions, changes in future economic conditions or changes in technological feasibility that impact the Company&amp;#146;s&#13;assessments of future operations. If the Company determines that an impairment charge is needed, the charge will be recorded in&#13;selling, general and administrative expenses in the consolidated statements of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Deferred Financing Costs&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Deferred financing costs, which are included in other assets, are costs incurred to obtain debt financing, including all&#13;related fees, and are amortized as interest expense over the term of the related financing using the straight-line method which&#13;approximates the interest rate method. Amortization of deferred financing costs was $736,000 and $651,000 for the years ended December&#13;31, 2012 and 2011, respectively. Unamortized deferred financing costs were approximately $1,447,000 at December 31, 2012 and are&#13;recorded in other assets in the consolidated balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Derivative Instruments and Hedging&#13;Activities&lt;/u&gt;&lt;/i&gt; &amp;#150; Derivative transactions, which can include forward contracts and futures positions on the New York Mercantile&#13;Exchange and the Chicago Board of Trade are recorded on the balance sheet as assets and liabilities based on the derivative&amp;#146;s&#13;fair value. Changes in the fair value of derivative contracts are recognized currently in income unless specific hedge accounting&#13;criteria are met. If derivatives meet those criteria, effective gains and losses are deferred in accumulated other comprehensive&#13;income (loss) and later recorded together with the hedged item in consolidated income (loss). For derivatives designated as a cash&#13;flow hedge, the Company formally documents the hedge and assesses the effectiveness with associated transactions. The Company has&#13;designated and documented contracts for the physical delivery of commodity products to and from counterparties as normal purchases&#13;and normal sales.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Revenue Recognition&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable&#13;and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable,&#13;and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol and related co-products. The&#13;Company recognizes revenue when title transfers to its customers, which is generally upon the delivery of these products to a customer&amp;#146;s&#13;designated location. These deliveries are made in accordance with sales commitments and related sales orders entered into either&#13;verbally or in writing with customers. The sales commitments and related sales orders provide quantities, pricing and conditions&#13;of sales. In this regard, the Company engages in three basic types of revenue generating transactions:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As a producer&lt;/i&gt;. Sales as a producer consist of sales of the Company&amp;#146;s inventory produced at the Pacific Ethanol Plants.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As a merchant&lt;/i&gt;. Sales as a merchant consist of sales to customers through purchases from third-party suppliers in which the Company may or may not obtain physical control of the ethanol or co-products, in which shipments are directed from the Company&amp;#146;s suppliers to its terminals or direct to its customers but for which the Company accepts the risk of loss in the transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As an agent&lt;/i&gt;. Sales as an agent consist of sales to customers through purchases from third-party suppliers in which the risks and rewards of inventory ownership remain with third-party suppliers and the Company receives a predetermined service fee under these transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from sales of third-party ethanol&#13;and co-products is recorded net of costs when the Company is acting as an agent between a customer and a supplier and gross when&#13;the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in net sales when acting as an agent&#13;for the years ended December 31, 2012 and 2011, respectively. Several factors are considered to determine whether the Company is&#13;acting as an agent or principal, most notably whether the Company is the primary obligor to the customer and whether the Company&#13;has inventory risk and related risk of loss or whether the Company adds meaningful value to the supplier&amp;#146;s product or service.&#13;Consideration is also given to whether the Company has latitude in establishing the sales price or has credit risk, or both. When&#13;the Company acts as an agent, it recognizes revenue on a net basis or recognizes its predetermined fees and any associated freight,&#13;based upon the amount of net revenues retained in excess of amounts paid to suppliers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company records revenues based upon&#13;the gross amounts billed to its customers in transactions where the Company acts as a producer or a merchant and obtains title&#13;to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory risk for the ethanol, regardless&#13;of whether the Company actually obtains physical control of the product.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Shipping and Handling Costs&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Shipping and handling costs are classified as a component of cost of goods sold in the accompanying consolidated statements&#13;of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;California Ethanol Producer Incentive&#13;Program&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company is eligible to participate in the California Ethanol Producer Incentive Program (&amp;#147;CEPIP&amp;#148;)&#13;through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide funds to an eligible California&#13;facility&amp;#151;up to $0.25 per gallon of production&amp;#151;when current production corn crush spreads, measured as the difference&#13;between specified ethanol and corn index prices, are less than prescribed levels determined by the California Energy Commission&#13;(&amp;#147;CEC&amp;#148;). For any month in which a payment is made by the CEPIP, the Company may be required to reimburse the funds&#13;within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon. Since these funds are&#13;provided to subsidize current production costs and encourage eligible facilities to either continue production or start up production&#13;in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold. The Company will assess&#13;the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If it becomes likely that amounts&#13;may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize the costs as an increase&#13;in cost of goods sold.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The program may provide up to $3,000,000&#13;per plant per year of operation through 2014. However, in 2012, this program was not funded and the Company can provide no assurance&#13;that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds, participant eligibility or other&#13;policy choices that may impact the ability of the Pacific Ethanol Plants located in California to be eligible for the CEPIP in&#13;2013 or future years.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded $0 and $1,481,000&#13;as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively, in respect of CEPIP payments&#13;received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000 received under the program,&#13;and based on historical corn crush spreads, the Company does not believe it will be required to make any reimbursements in the&#13;foreseeable future.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Stock-Based Compensation&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company accounts for the cost of employee services received in exchange for the award of equity instruments based on&#13;the fair value of the award, determined on the date of grant. The expense is to be recognized over the period during which an employee&#13;is required to provide services in exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions,&#13;if necessary, in the second quarter of each year if actual forfeitures differ from those estimates. Based on historical experience,&#13;the Company estimated future unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes&#13;stock-based compensation expense as a component of selling, general and administrative expenses in the consolidated statements&#13;of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Impairment of Long-Lived Assets&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150;&lt;font style="color: black"&gt; The Company assesses the impairment of long-lived assets, including property and equipment and&#13;purchased intangibles subject to amortization, when events or changes in circumstances indicate that the fair value of assets could&#13;be less than their net book value. In such event, the Company assesses long-lived assets for impairment by first determining the&#13;forecasted, undiscounted cash flows the asset is expected to generate plus the net proceeds expected from the sale of the asset.&#13;If this amount is less than the carrying value of the asset, the Company will then determine the fair value of the asset. An impairment&#13;loss would be recognized when the fair value is less than the related asset&amp;#146;s net book value, and an impairment expense would&#13;be recorded in the amount of the difference. Forecasts of future cash flows are judgments based on the Company&amp;#146;s experience&#13;and knowledge of its operations and the industries in which it operates. These forecasts could be significantly affected by future&#13;changes in market conditions, the economic environment, including inflation, and purchasing decisions of the Company&amp;#146;s customers.&#13;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income Taxes&lt;/u&gt;&lt;/i&gt; &amp;#150; Income&#13;taxes are accounted for under the asset and liability approach, where deferred tax assets and liabilities are determined based&#13;on differences between financial reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and&#13;laws that are expected to be in effect when the differences reverse. Valuation allowances are established when necessary to reduce&#13;deferred tax assets to the amounts expected to be realized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accounts for uncertainty&#13;in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the&#13;tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including&#13;resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount&#13;which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled&#13;on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest&#13;and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other&#13;income (expense), net, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income (Loss) Per Share&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding&#13;during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered&#13;in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;The following&#13;tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,057&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,268&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,224&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2.81&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,074&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,265&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,249&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Diluted income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,266&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accrued and unpaid dividends&#13;of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible&#13;Preferred Stock (&amp;#147;Series B Preferred Stock&amp;#148;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;There were an aggregate of 246,000&#13;and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.&#13;These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December&#13;31, 2012 and 2011 as their effect would be anti-dilutive.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Since December 31, 2012, through&#13;the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock&#13;under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock&#13;upon cash exercises of certain outstanding warrants.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Financial Instruments&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable&#13;estimates of their fair values because of the short maturity of these items. The Company recorded at fair value its warrants and&#13;convertible notes. The Company believes the carrying value of its long-term debt approximates fair value because the interest rates&#13;on these instruments are variable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Estimates and Assumptions&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates&#13;and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities&#13;at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant&#13;estimates are required as part of determining the consolidation of VIEs, fair value of warrants, allowance for doubtful accounts,&#13;estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income&#13;taxes and the potential outcome of future tax consequences of events recognized in the Company&amp;#146;s financial statements or&#13;tax returns. Actual results and outcomes may materially differ from management&amp;#146;s estimates and assumptions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Subsequent Events&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;Management evaluates, as of each reporting period, events or transactions that occur after the balance sheet date through the date&#13;that the financial statements are issued for either disclosure or adjustment to the consolidated financial results. The Company&#13;has evaluated subsequent events up through the date of the filing of this report with the Securities and Exchange Commission. See&#13;Note 14.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Reclassifications&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassification had no effect on&#13;the consolidated net income (loss) reported in the consolidated statements of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Recent Accounting Pronouncements&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On May 12, 2011, FASB issued Accounting Standards Update (&amp;#147;ASU&amp;#148;) No. 2011-04, &lt;i&gt;Fair Value Measurement (Topic&#13;820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS&lt;/i&gt;. ASU No. 2011-04&#13;was issued concurrently with International Financial Reporting Standards (&amp;#147;IFRS&amp;#148;) 13 &lt;i&gt;Fair Value Measurements&lt;/i&gt;,&#13;to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend&#13;the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted&#13;under IFRS or U.S. GAAP. The Company&amp;#146;s adoption of this standard did not have a material effect on its consolidated financial&#13;position, results of operations or cash flows.&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:NatureOfOperations contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The consolidated&#13;financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware corporation (&amp;#147;Pacific&#13;Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries, Kinergy Marketing, LLC, an&#13;Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products, LLC, a California limited liability company (&amp;#147;PAP&amp;#148;)&#13;and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its majority-owned subsidiary, New PE Holdco&#13;LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells&#13;ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed and syrup. Serving integrated&#13;oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery&#13;of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,&#13;Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four&#13;ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective&#13;fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol&#13;produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies&#13;and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol&#13;Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)&#13;and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,&#13;the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual&#13;ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one&#13;of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more&#13;operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
    <us-gaap:NatureOfOperations contextRef="From2012-01-01to2012-12-31">&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Organization&#13;and Business&lt;/u&gt;&lt;/i&gt; &amp;#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific&#13;Ethanol, Inc., a Delaware corporation (&amp;#147;Pacific Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its&#13;wholly-owned subsidiaries, Kinergy Marketing, LLC, an Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products,&#13;LLC, a California limited liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,&#13;and including its majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each&#13;as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells&#13;ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed. Serving integrated oil companies&#13;and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through&#13;third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,&#13;Idaho and Washington. The Company had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production&#13;facilities, as of December 31, 2012 and 2011, respectively. The facilities are near their respective fuel and feed customers,&#13;offering significant timing, transportation cost and logistical advantages. The Company sells ethanol produced by the Pacific&#13;Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies and sells its WDG&#13;to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol&#13;Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)&#13;and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,&#13;the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual&#13;ethanol production capacity of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and&#13;one of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or&#13;more operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
    <peix:ReverseStockSplitPolicy contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Reverse&#13;Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share&#13;information has been restated to retroactively show the effect of this stock split.&lt;/font&gt;&lt;/p&gt;</peix:ReverseStockSplitPolicy>
    <peix:ReverseStockSplitPolicy contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On May 14, 2013, the Company effected&#13;a one-for-fifteen reverse stock split and on June 8, 2011, the Company effected a one-for-seven reverse stock split. All share&#13;and per share information has been restated to retroactively show the effects of these stock splits.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</peix:ReverseStockSplitPolicy>
    <us-gaap:LiquidityDisclosureTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity &lt;/u&gt;&lt;/i&gt;&amp;#150;&#13;During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under&#13;its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through&#13;the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise&#13;of warrants.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;As of&#13;March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June&#13;25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due&#13;on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay&#13;the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital&#13;to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure&#13;the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default&#13;on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due&#13;June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146;&#13;inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material&#13;adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s&#13;current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility.&#13;In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects&#13;that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,&#13;if any, under Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under&#13;the asset management agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any,&#13;in respect of the Company&amp;#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity&#13;financings.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Subject&#13;to closing under the Company&amp;#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires&#13;stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated&#13;from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated&#13;working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital&#13;requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires&#13;a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&amp;#146;s failure to&#13;raise capital, if needed, could restrict its growth, or hinder its ability to compete.&lt;/font&gt;&lt;/p&gt;</us-gaap:LiquidityDisclosureTextBlock>
    <us-gaap:LiquidityDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;During 2012, the Company funded&#13;its operations primarily from cash provided by operations, borrowings under its credit facilities and various capital raising transactions&#13;in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate of 3,700,000 shares of its common&#13;stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of March 28, 2013, the Plant Owners&#13;had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving&#13;debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol&#13;owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to&#13;its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under&#13;the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital&#13;to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term&#13;debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated&#13;and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146; inability to restructure or repay the $4,000,000&#13;of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and&#13;indirect subsidiaries, including Kinergy and the Plant Owners.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s current available&#13;capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility. In addition,&#13;the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future&#13;available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under&#13;Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under the asset management&#13;agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership&#13;interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subject to closing under the Company&amp;#146;s&#13;existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,&#13;the Company believes that current and future available capital resources, revenues generated from operations, and other existing&#13;sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure&#13;requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially&#13;from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund&#13;future acquisitions, it may require additional financing. The Company&amp;#146;s failure to raise capital, if needed, could restrict&#13;its growth, or hinder its ability to compete.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:LiquidityDisclosureTextBlock>
    <peix:VariableInterestEntityTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;concluded that at all times since New PE Holdco&amp;#146;s inception, New PE Holdco has been a variable interest entity because the&#13;other owners of New PE Holdco, due to the Company&amp;#146;s involvement through its contractual arrangements, have at all times&#13;lacked the power to direct the activities that most significantly impacted its economic performance. Some of these activities&#13;include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, the procurement of feedstock, sale&#13;of co-products and implementation of risk management strategies. At the time of New PE Holdco&amp;#146;s inception, however, the&#13;Company did not have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco&#13;and, as a result, it was determined that the Company was not New PE Holdco&amp;#146;s primary beneficiary. Upon the Company&amp;#146;s&#13;purchase of its 20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest,&#13;had an obligation to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the&#13;Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In January and&#13;March 2013, the Company purchased an additional 13% and 3% of the ownership interests in New PE Holdco for $1,308,000 and $331,000&#13;in cash, respectively, bringing its total ownership interest to 83% as of March 31, 2013.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because the Company&#13;has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead reduced&#13;the amount of noncontrolling interest in variable interest entity on the consolidated balance sheets by an aggregate $9,800,000&#13;and recorded the difference of $8,161,000 for the three months ended March 31, 2013, which represents the fair value of these&#13;purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because&#13;New PE Holdco&amp;#146;s results are consolidated with the Company&amp;#146;s financial results for financial reporting purposes, the&#13;acquisition of additional interests in New PE Holdco did not impact the Company&amp;#146;s reported consolidated net income or loss.&#13;However, the portion of New PE Holdco&amp;#146;s net income or loss that is allocated to the Company increased from 34% to 67% during&#13;2012 and from 67% to 83% in 2013, thus changing the net income or loss attributable to Pacific Ethanol after reducing the net&#13;income or loss attributable to the noncontrolling interests and the Company&amp;#146;s earnings per share.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;recognized approximately $122,225,000 and $105,854,000 in net sales and $4,973,000 and $13,641,000 in net loss attributed to New&#13;PE Holdco for the three months ended March 31, 2013 and 2012, respectively. Had the Company held an 83% ownership interest in&#13;New PE Holdco, for the three months ended March 31, 2013 and 2012, the Company&amp;#146;s reported net loss available to common stockholders&#13;would have been $6,069,000 and $11,987,000, respectively, and loss per share would have been $0.60 and $2.09, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The carrying&#13;values and classification of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were as follows&#13;(in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 43%; text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,485&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;143,308&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,150&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,954&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 43%; text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,598&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;103,597&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;220&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;110,415&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s&#13;acquisition of its ownership interest in New PE Holdco does not impact the Company&amp;#146;s rights or obligations under any of&#13;its contractual agreements. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the&#13;Company has not provided any additional support to New PE Holdco beyond the terms of its contractual agreements.&lt;/font&gt;&lt;/p&gt;</peix:VariableInterestEntityTextBlock>
    <peix:VariableInterestEntityTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Consolidation&#13;of New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company concluded that at all times since its inception, New PE Holdco has been a VIE because&#13;the owners of New PE Holdco, due to the Company&amp;#146;s involvement through the contractual arrangements discussed below, have&#13;at all times lacked the power to direct the activities that most significantly impacted its economic performance. Some of these&#13;activities include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, procurement of feedstock,&#13;sale of co-products and implementation of risk management strategies. At the time of its inception, however, the Company did not&#13;have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco and, as a result,&#13;it was determined that the Company was not New PE Holdco&amp;#146;s primary beneficiary. Upon the Company&amp;#146;s purchase of its&#13;20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest, had an obligation&#13;to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the Company then became&#13;the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco. The Company purchased&#13;its 20% ownership interest in New PE Holdco from a number of New PE Holdco&amp;#146;s owners.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In November&#13;and December 2011, the Company purchased an additional 14% ownership interest in New PE Holdco for $9,117,000 in cash. In July&#13;2012, the Company purchased an additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash&#13;and issuing $10,000,000 in promissory notes. See Note 6.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because the&#13;Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead&#13;reduced the amount of noncontrolling interest in VIE on the consolidated balance sheets by an aggregate $27,647,000 and $15,585,000&#13;and recorded the difference of $7,646,000 and $6,468,000 for the years ended December 31, 2012 and 2011, respectively, which represents&#13;the fair value of these purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance&#13;sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;recognized approximately $448,414,000 and $512,497,000 in net sales and $18,717,000 and $836,000 in net loss attributed to New&#13;PE Holdco for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s&#13;acquisition of its ownership interest in New PE Holdco does not impact the Company&amp;#146;s rights or obligations under any of&#13;the agreements described below. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition,&#13;the Company has not provided any additional support to New PE Holdco beyond the terms of the agreements described below.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company,&#13;directly or through one of its subsidiaries, has entered into the management and marketing agreements described below.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Asset&#13;Management Agreement&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into an Asset Management Agreement (&amp;#147;AMA&amp;#148;) with the Plant&#13;Owners under which the Company agreed to operate and maintain the Pacific Ethanol Plants on behalf of the Plant Owners. These&#13;services generally include, but are not limited to, administering the Plant Owners&amp;#146; compliance with their credit agreements&#13;and performing billing, collection, record keeping and other administrative and ministerial tasks. The Company agreed to supply&#13;all labor and personnel required to perform its services under the AMA, including the labor and personnel required to operate&#13;and maintain the production facilities.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;costs and expenses associated with the Company&amp;#146;s provision of services under the AMA are prefunded by the Plant Owners under&#13;a preapproved budget. The Company&amp;#146;s obligation to provide services is limited to the extent there are sufficient funds advanced&#13;by the Plant Owners to cover the associated costs and expenses.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;As&#13;compensation for providing the services under the AMA, the Company is paid $75,000 per month for each production facility that&#13;is operational and $40,000 per month for each production facility that is idled. In addition to the monthly fee, if during any&#13;six-month period (measured on September 30 and March 31 of each year commencing March 31, 2011) a production facility has annualized&#13;earnings before interest, income taxes, depreciation and amortization (&amp;#147;EBITDA&amp;#148;) per gallon of operating capacity&#13;of $0.20 or more, the Company will be paid a performance bonus equal to 3% of the increment by which EBITDA exceeds such amount.&#13;The aggregate performance bonus for all plants is capped at $2,200,001 for each six-month period. The performance bonus is to&#13;be reduced by 25% if all production facilities then operating do not operate at a minimum average yield of 2.70 gallons of denatured&#13;ethanol per bushel of corn. In addition, no performance bonus is to be paid if there is a default or event of default under the&#13;Plant Owners&amp;#146; credit agreement resulting from their failure to pay any amounts then due and owing. The AMA also provides&#13;the Company with an incentive fee upon any sale of a production facility to the extent the sales price is above $0.60 per gallon&#13;of annual capacity. To date, no such bonuses have been earned by the Company.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The AMA had&#13;an initial term of six months and successive six-month renewal periods at the option of the Plant Owners. In addition to typical&#13;conditions for a party to terminate the agreement prior to its expiration, the Company may terminate the AMA, and the Plant Owners&#13;may terminate the AMA with respect to any facility, at any time by providing at least 60 days prior notice of such termination.&#13;On June 30, 2012, the AMA was amended and extended for one year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company recorded revenues and New PE Holdco recorded costs of approximately $3,180,000 and $3,468,000 related to the AMA for the&#13;years ended December 31, 2012 and 2011, respectively, during which New PE Holdco&amp;#146;s financial results were consolidated with&#13;the Company&amp;#146;s financial results. As such, these amounts have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Ethanol&#13;Marketing Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate ethanol marketing agreements with each of the three Plant&#13;Owners whose facilities are operating, which granted it the exclusive right to purchase, market and sell the ethanol produced&#13;at those facilities. Under the terms of the ethanol marketing agreements, &lt;font style="font-family: Times New Roman, Times, Serif"&gt;within&#13;ten days after delivering ethanol to the Company, an amount is paid to the Company equal to (i) the estimated purchase price payable&#13;by the third-party purchaser of the ethanol, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii)&#13;the estimated incentive fee payable to the Company, which equals 1% of the aggregate third-party purchase price. &lt;/font&gt;Each of&#13;the ethanol marketing agreements had an initial term of one year and successive one year renewal periods at the option of the&#13;individual Plant Owner. On June 30, 2012, all ethanol marketing agreements were amended and extended for one year. In addition,&#13;the price to be paid was amended to include a marketing fee collar of not less than $0.015 per gallon and not more than $0.0225&#13;per gallon.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company recorded revenues and New PE Holdco recorded costs of approximately $3,157,000 and $3,708,000 related to the ethanol marketing&#13;agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco was consolidated&#13;with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Corn&#13;Procurement and Handling Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate corn procurement and handling agreements&#13;with each of the three Plant Owners whose facilities are operating. Under the terms of the corn procurement and handling agreements,&#13;each facility appointed the Company as its exclusive agent to solicit, negotiate, enter into and administer, on its behalf, corn&#13;supply arrangements to procure the corn necessary to operate its facility. The Company also provides grain handling services including,&#13;but not limited to, receiving, unloading and conveying corn into the facility&amp;#146;s storage and, in the case of whole corn delivered,&#13;processing and hammering the whole corn.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company was to receive a fee of $0.50 per ton of corn delivered to each facility as consideration for its procurement services&#13;and a fee of $1.50 per ton of corn delivered as consideration for its grain handling services, each payable monthly. The Company&#13;agreed to enter into an agreement guaranteeing the performance of its obligations under the corn procurement and handling agreement&#13;upon the request of a Plant Owner. Each corn procurement and handling agreement had an initial term of one year and successive&#13;one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all corn procurement and handling agreements&#13;were amended and extended for one year. In addition, the corn procurement and handling fee was changed to $0.045 per bushel of&#13;corn.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company recorded revenues and New PE Holdco recorded costs of approximately $2,271,000 and $2,758,000 related to the corn procurement&#13;and handling agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco&#13;was consolidated with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Distillers&#13;Grains Marketing Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate distillers grains marketing agreements with each&#13;of the three Plant Owners whose facilities are operating, which grant the Company the exclusive right to market, purchase and&#13;sell the WDG produced at each facility. Under the terms of the distillers grains marketing agreements, &lt;font style="font-family: Times New Roman, Times, Serif"&gt;within&#13;ten days after a Plant Owner delivers WDG&lt;/font&gt; &lt;font style="font-family: Times New Roman, Times, Serif"&gt;to the Company, the&#13;Plant Owner is paid an amount equal to (i) the estimated purchase price payable by the third-party purchaser of the WDG, minus&#13;(ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated amount of fees and taxes payable to&#13;governmental authorities in connection with the tonnage of WDG produced or marketed, minus (iv) the estimated incentive fee payable&#13;to the Company, which equals the greater of (a) 5% of the aggregate third-party purchase price, and (b) $2.00 for each ton of&#13;WDG sold in the transaction. &lt;/font&gt;Each distillers grains marketing agreement had an initial term of one year and successive&#13;one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all distillers grains marketing agreements&#13;were amended and extended for one year. In addition, the fee to be paid to the Company was amended to include a collar of not&#13;less than $2.00 per ton and not more than $3.50 per ton.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company recorded revenues and New PE Holdco recorded costs of approximately $4,353,000 and $4,797,000 related to the distillers&#13;grain marketing agreements for the years ended December 31, 2012 and 2011, respectively, for the period which New PE Holdco was&#13;consolidated with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Assets&#13;and Liabilities of New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; The carrying values and classification of assets that are collateral for the&#13;obligations of New PE Holdco at December 31, 2012 were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 43%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,699&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,774&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,719&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156,192&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 43%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,287&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,821&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</peix:VariableInterestEntityTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; padding-bottom: 12pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;5.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 12pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;DEBT.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term borrowings are summarized as follows&#13;(in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;March 31, 2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 68%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Kinergy operating line of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;20,558&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;20,313&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Subordinated convertible notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;6,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Plant Owners&amp;#146; term debt and accrued interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;57,097&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Plant Owners&amp;#146; operating lines of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;46,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;46,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;151,218&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Parent purchased Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;(24,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Unamortized discount on senior unsecured notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;(2,432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Unamortized discount on convertible notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,283&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;122,329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less short-term portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,496&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;113,833&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;117,253&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Operating Line of Credit&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; For the three months ended March 31, 2013, Kinergy borrowed a net $847,000 on its working capital line of credit. As of&#13;March 31, 2013, Kinergy had an available borrowing base under the credit facility of $7,872,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Senior Unsecured Notes&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On January 11, 2013, under the terms of a Securities Purchase Agreement dated December 19, 2012 among the Company and five&#13;accredited investors, the Company issued and sold to the investors in a private offering $22,192,000 in aggregate principal amount&#13;of its senior unsecured notes ( &amp;#147;January 2013 Notes&amp;#148;) and warrants to purchase an aggregate of 1,708,687 shares of&#13;the Company&amp;#146;s common stock ( &amp;#147;January 2013 Financing Transaction&amp;#148;) for aggregate gross proceeds of $22,192,000.&#13;The warrants have an exercise price of $7.80 per share and expire in January 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The January 2013 Notes mature on March&#13;30, 2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of&#13;the January 2013 Notes is not less than $10,769,000 by January 15, 2014, the interest rate will increase commencing on January&#13;15, 2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance&#13;of the January 2013 Notes is less than $10,769,000. Payments due under the January 2013 Notes rank senior to all other indebtedness&#13;of the Company and its subsidiaries, other than certain permitted senior indebtedness.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Upon closing of the January 2013 Notes,&#13;the Company recorded a debt discount of $2,657,000, attributed to the value of the warrants issued in connection with the financing.&#13;The debt discount will be amortized over the life of the January 2013 Notes to approximate a yield adjustment. For the three months&#13;ended March 31, 2013, the Company recorded $225,000 of discount amortization included in interest expense, net on the consolidated&#13;statements of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;If at any time the Company receives net&#13;cash proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of&#13;incurring certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net&#13;cash proceeds, provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January&#13;2013 Notes or purchase certain outstanding debt issued by the Plant Owners. During the three months ended March 31, 2013, the Company&#13;made principal payments in the aggregate amount of $1,880,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Interest on the January 2013 Notes is&#13;payable in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &amp;#147;Interest Payment&#13;Date&amp;#148;). Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to&#13;pay interest due and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the&#13;Company pays in shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest&#13;is paid. The number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount&#13;of interest payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted&#13;average price of the Company&amp;#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest&#13;Payment Date, and (ii) 0.95. As of March 31, 2013, the Company has not made any interest payments in shares of its common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;i&gt;Restrictive Covenants&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The January 2013 Notes prohibit the Company&#13;from engaging in various activities, including (i) the Company and its subsidiaries will not incur other indebtedness, except for&#13;certain permitted indebtedness; (ii) the Company and its subsidiaries will not incur any liens, except for certain permitted liens;&#13;(iii) the Company and its subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness&#13;(except for certain permitted indebtedness) if at the time such payment is due or is made or, after giving effect to such payment,&#13;an event constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred&#13;and is continuing; (iv) the Company and its subsidiaries will not redeem, repurchase or pay any dividend or distribution on its&#13;respective capital stock without the prior consent of the holders of the January 2013 Notes, other than certain permitted distributions;&#13;and (v) the Company and its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of the Company&#13;or any subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary course&#13;of business).&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;i&gt;Registration Rights Agreement&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes include registration&#13;rights which required that the Company file a registration statement with the Securities and Exchange Commission within 30 days&#13;of the closing date for the resale by the January 2013 Note holders of up to 1,708,687 shares of common stock underlying the warrants&#13;and 491,315 shares of common stock that may be issued as interest shares under the January 2013 Notes. The Company filed the initial&#13;registration statement by the 30 day deadline. As part of the Company&amp;#146;s issuance of subordinated convertible notes in March&#13;2013, the initial registration statement was withdrawn with the permission of the January 2013 Note holders. The Company is obligated&#13;to file another registration statement with the Securities and Exchange Commission covering the warrant shares and interest shares&#13;by no later than June 30, 2013.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Subordinated Convertible Notes&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On March 28, 2013, the Company issued $6,000,000 in aggregate principal amount of its Series A Subordinated Convertible&#13;Notes (&amp;#147;Series A Notes&amp;#148;), and warrants to purchase an aggregate of 1,839,600 shares of common stock for aggregate gross&#13;proceeds of $6,000,000. The warrants have an exercise price of $7.80 per share. Of the warrants issued in the transaction, warrants&#13;to purchase 788,400 shares of common stock expire in March 2015 and warrants to purchase 1,051,200 shares of common stock expire&#13;two years after the closing of the issuance of an $8,000,000 tranche of Series B Subordinated Convertible Notes, which is anticipated&#13;to close, subject to stockholder approval, in June 2013. The net proceeds of the offering were used to (i) purchase $2,636,000&#13;of Plant Owners&amp;#146; debt maturing in June 2013, the maturity of which was also extended at the time from June 2013 to June 2016;&#13;(ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase and immediately retire $3,500,000 of the Plant Owners&amp;#146;&#13;term debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Unless converted or redeemed earlier,&#13;the Series A Notes will mature on March 28, 2014. The Series A Notes bear interest at 5%&amp;#160;per annum, compounded monthly. All&#13;amounts due under the Series A Notes are convertible at any time, in whole or in part, at the option of the holders into shares&#13;of the Company&amp;#146;s common stock at a conversion price ( &amp;#147;Fixed Conversion Price&amp;#148;), which is subject to adjustment&#13;as described below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Series A Notes are initially convertible&#13;into shares of the Company&amp;#146;s common stock at the initial Fixed Conversion Price of $15.00 per share. If the Company sells&#13;or issues any securities with &amp;#147;floating&amp;#148; conversion prices based on the market price of its common stock, the holder&#13;of a Series A Note will have the right thereafter to substitute the &amp;#147;floating&amp;#148; conversion price for the Fixed Conversion&#13;Price upon conversion of all or part of the Series A Note.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Amortization payments, together with&#13;accrued and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar&#13;day before each installment date, the Company is required to deliver a notice electing to effect a redemption in cash or a conversion&#13;of the installment amount due on the installment date into shares of its common stock. The Company&amp;#146;s ability to pay an installment&#13;amount in shares of its common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will&#13;require that the Company pay an installment amount solely in cash. On the applicable installment date, the Company is required&#13;to deliver to the holders of Series A Notes an amount of shares of common stock equal to that portion of the installment amount&#13;being converted divided by the lesser of the then existing Fixed Conversion Price and 85% of the Market Price on the installment&#13;date ( &amp;#147;Company Conversion Price&amp;#148;). The &amp;#147;Market Price&amp;#148; on any given date is equal to the lesser of (i)&#13;the volume weighted average price on the trading day immediately preceding the date of determination, and (ii) the average of the&#13;three lowest volume weighted average prices during the ten trading day period ending on the trading day immediately prior to the&#13;date of determination.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The holder of a Series A Note may, at&#13;the holder&amp;#146;s election by giving notice to the Company, defer the payment of the installment amount due on any installment&#13;date to another installment date, in which case the amount deferred will become part of the subsequent installment date and will&#13;continue to accrue interest.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On any day during the period commencing&#13;on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at&#13;its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect&#13;on the current installment date, provided that if the Company had elected to convert the installment amount due on the current&#13;installment date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of&#13;default, there will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion&#13;Price applicable to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion&#13;Price on the current installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect. At March&#13;31, 2013, based on the Company&amp;#146;s most recent conversion price of $3.60, the Series A Notes were convertible into 1,688,300&#13;shares of the Company&amp;#146;s common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Company has determined that the conversion&#13;feature in the Series A Notes and the related warrants require bifurcation and liability classification and measurement, at fair&#13;value, and require evaluation at each reporting period. The initial fair values of the conversion feature of $1,400,800 and the&#13;warrants of $882,500 are accounted for as a debt discount and will be amortized into interest expense as a yield adjustment over&#13;the term of the Series A Notes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;From April 1, 2013 through May 14, 2013,&#13;the Company made two installment payments and received various holder conversion notices. In the aggregate, the Company issued&#13;386,000 shares of its common stock in payment of principal and interest in an aggregate amount of $1,447,000 in respect of the&#13;Series A Notes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Plant Owners&amp;#146; Term Debt and&#13;Operating Lines of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; The Plant Owners&amp;#146; debt, prior to any of the amendments discussed below, consisted&#13;of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except&#13;as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR&#13;or the Prime Rate of interest, at the Plant Owners&amp;#146; election, plus 10.0%. At March 31, 2013, the interest rate was approximately&#13;13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts&#13;are due.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From July 13, 2012 through March 31, 2013, the&#13;Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect of&#13;$48,372,000 of the combined term loans and $38,878,000 of the $40,000,000 in revolving debt from June 25, 2013 to June 30, 2016,&#13;of which Pacific Ethanol owns $24,174,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Further, monthly interest payments due&#13;to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,&#13;be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of March&#13;31, 2013, the extended principal balances include $5,818,000 of accrued interest that was deferred by the Plant Owners. The amendments&#13;also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty&#13;while keeping the extended loans in place.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisitions of Plant Debt&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On January 11, 2013, the Company used $21,500,000 of the gross proceeds of the January 2013 Financing Transaction to purchase&#13;from certain lenders an aggregate amount of $21,500,000 of the Plant Owners&amp;#146; tranche A-2 term loans. The Company reviewed&#13;the acquisition of the plant debt as a modification of terms as the lenders who held the acquired plant debt were the same parties&#13;as those lenders under the January 2013 Notes. Based on the Company&amp;#146;s review of the present value of cash flows of the January&#13;2013 Notes compared to the older plant debt, which resulted in a less than 10% change, the modification was not significant and&#13;the Company did not record a gain or loss associated with the modification. The Company did however, record as expenses as incurred&#13;certain legal costs associated with the debt modification of approximately $408,000, rather than amortizing those expenses over&#13;the life of the debt. Because the plant debt acquired is now held by Pacific Ethanol, this specific debt is eliminated in consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On March 28, 2013, the Company used proceeds&#13;from the issuance of its Series A Notes and warrants to purchase $3,500,000 of revolving credit facility debt, at par, from a lender.&#13;In accordance with the terms of the amended credit facility, the Company was obligated to immediately forgive the purchased amount&#13;of revolving credit facility debt and has permanently reduced the maximum commitment on this facility to $36,500,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On March 28, 2013, the Company also used&#13;proceeds from the issuance of its Series A Notes and warrants to purchase $2,636,000 of tranche A-2 term loans and an additional&#13;3% ownership interest in New PE Holdco for a combined purchase price of $2,150,000. The Company first allocated $331,000 of this&#13;payment to the New PE Holdco ownership interest and the remainder was allocated to the tranche A-2 term debt. The $817,000 difference&#13;between the amount the Company allocated to the term loans and the face amount of $2,636,000 was recorded as a gain on debt extinguishment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;New Operating Line of Credit&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On October 29, 2012, the Plant Owners&#13;entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases&#13;in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.&#13;The Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement,&#13;to prepay in whole or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full&#13;of the revolving loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity&#13;date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have&#13;accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the&#13;Treasury Rate as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in&#13;connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments are not&#13;subject to the prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility&#13;and extended the maturity date of the facility from June 25, 2013 to June 25, 2015. On March 28, 2013, the lenders approved $5,000,000&#13;in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 31, 2013, the Plant&#13;Owners had unused availability under the new revolving credit facility of $5,000,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;All of the term loans and revolving credit&#13;facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets,&#13;including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The Plant&#13;Owners&amp;#146; creditors do not have recourse to Pacific Ethanol, Inc.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;Debt due June 2013&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Company is in discussions with the&#13;holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013. The Company believes that it will be&#13;able to successfully extend, restructure or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot&#13;provide any assurance that it will be able to do so, or what the terms of any such arrangement might be.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;If the Plant Owners are unable to timely&#13;restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in&#13;cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and&#13;immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including&#13;Kinergy and the Plant Owners, will likely experience material adverse effects.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2013 and December 31, 2012.&#13;On February 7, 2013, the maturity date was extended to March 31, 2014.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term debt is summarized in the&#13;following table (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 60%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Kinergy&amp;#146;s operating line of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;20,432&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;51,279&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; operating lines of credit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21,978&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;94,439&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Less current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,253&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;93,689&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Line of Credit&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Kinergy has an operating line of credit, which was extended in May 2012, for an aggregate amount of up to $30,000,000,&#13;with an optional accordion feature for up to an additional $10,000,000. The prior credit facility included an accordion feature&#13;of $5,000,000. The line of credit matures on December 31, 2015. The credit facility is based on Kinergy&amp;#146;s eligible accounts&#13;receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain other sublimits,&#13;including inventory loan limits. Interest accrues under the line of credit at a rate equal to (i)&amp;#160;the three-month London Interbank&#13;Offered Rate (&amp;#147;LIBOR&amp;#148;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The applicable margin&#13;was 2.50% at December 31, 2012. The credit facility&amp;#146;s monthly unused line fee is 0.50% of the amount by which the maximum&#13;credit under the facility exceeds the average daily principal balance. Payments that may be made by Kinergy to the Company as reimbursement&#13;for management and other services provided by the Company to Kinergy are limited under the terms of the credit facility to $900,000&#13;per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter in 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The credit facility also includes the&#13;accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for management&#13;and other services provided by Pacific Ethanol to PAP are limited under the terms of the credit facility to the extent that quarterly&#13;payments would result in PAP recording less than $100,000 of net income in the quarter.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the fiscal quarter ending June 30,&#13;2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate EBITDA of $450,000 for&#13;the quarter and aggregate EBITDA of $1,100,000 for each two consecutive quarters. These amounts are required through December 31,&#13;2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further,&#13;for all monthly periods, Kinergy and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month&#13;rolling EBITDA divided by the sum of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from&#13;capital leases and taxes paid during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional&#13;indebtedness (other than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the&#13;lender&amp;#146;s prior consent. The Company believes it is in compliance with these covenants.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Kinergy and PAP&amp;#146;s obligations&#13;under the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender. The&#13;Company has guaranteed all of Kinergy&amp;#146;s obligations under the line of credit. As of December 31, 2012, Kinergy had an available&#13;borrowing base under the credit facility of $27,017,000 and an outstanding balance of $19,711,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On March 31, 2009, the Company&amp;#146;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for&#13;general working capital purposes in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal&#13;amount accrues at a rate of 8.00% per annum. On November 30, 2011, the Company paid $250,000 in principal under the note. The Company&#13;recorded interest under the note of approximately $60,000 and $78,000 for the years ended December 31, 2012 and 2011, respectively.&#13;As of December 31, 2012, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2013.&#13;On February 7, 2013, the maturity date was further extended to March 31, 2014.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Plant Owners&amp;#146; Term Debt&#13;and Operating Lines of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; The Plant Owners&amp;#146; debt, prior to any of the amendments discussed below, consisted&#13;of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except&#13;as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR&#13;or the Prime Rate of interest, at the Plant Owners&amp;#146; election, plus 10.0%. At December 31, 2012, the interest rate was approximately&#13;13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts&#13;are due.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From July 13, 2012 through March 28,&#13;2013, the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect&#13;of $51,914,000 of the combined term loans and $30,378,000 of the original $35,000,000 in revolving debt from June 25, 2013 to June&#13;30, 2016, of which Pacific Ethanol owns $24,200,000. In addition, the aggregate commitment amount under the revolving credit facility&#13;was increased by $5,000,000 to $40,000,000, with a maturity date of June 30, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Further, monthly interest payments due&#13;to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,&#13;be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of December&#13;31, 2012, the extended principal balances include $3,542,000 of accrued interest that was deferred by the Plant Owners. The amendments&#13;also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty&#13;while keeping the extended loans in place.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;New Operating Line of Credit&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 29, 2012, the Plant Owners&#13;entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases&#13;in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.&#13;The lenders have no obligation to agree to such a request. Loans made under the credit facility originally matured on June 25,&#13;2013, or such later date on or prior to June 25, 2016 as may be agreed to by certain of the lenders. The Plant Owners have the&#13;right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to prepay in whole&#13;or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full of the revolving&#13;loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity date of June&#13;30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have accrued from&#13;the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the Treasury Rate&#13;as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in connection with&#13;certain customary events, including any sale of material assets; however, certain mandatory prepayments are not subject to the&#13;prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility and extended&#13;the maturity date of the facility from June 25, 2013 to June 25, 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2012, the Plant Owners&#13;had unused availability under the new revolving credit facility of $4,000,000. On March 28, 2013, the lenders approved $5,000,000&#13;in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 28, 2013, the Plant&#13;Owners had $5,000,000 of unused availability under the new credit facility.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All of the term loans and revolving&#13;credit facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the&#13;assets, including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The&#13;Plant Owners&amp;#146; creditors do not have recourse to Pacific Ethanol, Inc.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Debt due June 2013&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has had and continues to&#13;have extensive communications with the holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013&#13;to further extend the maturity date of that debt. The Company believes that it will be able to successfully extend, restructure&#13;and/or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurance that it will&#13;be able to do so, or what the terms of any such arrangement might be.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the Plant Owners are unable to timely&#13;restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in&#13;cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and&#13;immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including&#13;Kinergy and the Plant Owners, will likely experience material adverse effects.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Notes&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;On October 6, 2010, the Company raised $35,000,000 through the issuance and sale of $35,000,000 in principal amount of secured&#13;convertible notes (&amp;#147;Initial Notes&amp;#148;) and warrants (&amp;#147;Initial 2010 Warrants&amp;#148;) to purchase an aggregate of&#13;196,079 shares of the Company&amp;#146;s common stock. On January 7, 2011, the Company issued $35,000,000 in principal amount of secured&#13;convertible notes (&amp;#147;January Convertible Notes&amp;#148;) in exchange for the Initial Notes and warrants (&amp;#147;2010 Warrants&amp;#148;)&#13;to purchase an aggregate of 196,079 shares of the Company&amp;#146;s common stock in exchange for the Initial 2010 Warrants. The transactions&#13;contemplated by the exchange agreements were entered into to, among other things, clarify previously ambiguous language in the&#13;Initial Notes and Initial 2010 Warrants, provide the Company with additional time to meet its registration obligations and to add&#13;additional flexibility to the Company&amp;#146;s ability to incur indebtedness subordinated to the January Convertible Notes. As discussed&#13;below, the January Convertible Notes were valued at fair value, and as such, these modifications were reflected in the fair value&#13;adjustments for the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 30, 2011, the Company issued&#13;$23,750,000 in principal amount of secured convertible notes, reflecting the amount then outstanding under the January Convertible&#13;Notes (&amp;#147;June Convertible Notes&amp;#148;) in exchange for the January Convertible Notes. The transactions contemplated by the&#13;exchange agreements were entered into to, among other things, defer an upcoming installment payment, add one additional month to&#13;the maturity date and add a new additional conversion price option as described further below. As discussed further below, the&#13;June Convertible Notes are valued at fair value, and as such, these modifications are reflected in the fair value adjustments for&#13;the year ended December 31, 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On August 3, 2011, under the terms of&#13;exchange agreements with the holders of the June Convertible Notes, the Company issued approximately $17,170,000 in principal amount,&#13;reflecting the amount then outstanding under the June Convertible Notes, of secured convertible notes (&amp;#147;Convertible Notes&amp;#148;)&#13;in exchange for the June Convertible Notes. The transactions contemplated by the exchange agreements were entered into to, among&#13;other things, add three additional months to the maturity date, add a new additional conversion price option as described further&#13;below and reduce the price failure threshold from $1.40 to $0.60. As discussed below, the Convertible Notes were valued at fair&#13;value, and as such, these modifications are reflected in the fair value adjustments for the years ended December 31, 2012 and 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company was obligated to make amortization&#13;payments with respect to the principal amount of each of the convertible notes, beginning on March 7, 2011 and then on the first&#13;trading day of each calendar month thereafter, except for the month of August, through the extended maturity date of May 2012 (collectively,&#13;the &amp;#147;Installment Dates&amp;#148;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On each Installment Date, the Company&#13;was to pay an amount of principal, as then determined under the convertible notes and any accrued and unpaid interest (the &amp;#147;Installment&#13;Amount&amp;#148;). The Company could elect to pay the Installment Amount in cash or shares of its common stock, subject to the satisfaction&#13;of certain conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the Company elected to make all or&#13;part of an amortization payment in shares of its common stock, it was required to deliver to the holders of the convertible notes&#13;the amount of shares of the Company&amp;#146;s common stock equal to the portion of the amount being paid in shares of the Company&amp;#146;s&#13;common stock divided by the lesser of the then existing conversion price and 85% of the average of the volume weighted average&#13;prices of the 5 lowest trading days during the 20 consecutive trading day period ending on the trading day immediately prior to&#13;the applicable Installment Date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All amounts due under the convertible&#13;notes were also convertible at any time, in whole or in part, at the option of the holders into shares of the Company&amp;#146;s common&#13;stock at a specified conversion price.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company elected to account for the&#13;convertible notes using the fair value alternative in order to simplify its accounting for and reporting of the convertible notes.&#13;Accordingly, the Company adjusted as of each quarter the carrying value of the convertible notes to their fair value since their&#13;initial issuance in October 2010, with such adjustments reflected in fair value adjustments on convertible debt and warrants in&#13;the statements of operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded income of $0 and&#13;$3,108,000 for fair value adjustments for the years ended December 31, 2012 and 2011, respectively, for changes in fair value,&#13;which adjustments are attributed to a reduction in the principal balances and fluctuations in the market value of the Company&amp;#146;s&#13;common stock during each quarterly period. There were no changes in fair value of the convertible notes due to a change in the&#13;estimated credit risk of the instruments. See Note 12 for the Company&amp;#146;s fair value assumptions. The principal of $35,000,000&#13;and interest of $3,289,000 were retired through the issuance of 4,257,000 shares of the Company&amp;#146;s common stock and payment&#13;of $1,425,000 in cash in respect of holder conversions and installment payments during 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Senior Unsecured Notes&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; In July 2012, as part of the Company&amp;#146;s acquisition of an additional 33% ownership interest in New PE Holdco, the&#13;Company issued senior unsecured promissory notes due April 13, 2013 in the aggregate principal amount of $10,000,000. Interest&#13;on the unpaid principal amount accrued at a rate of 5.00% per annum. On October 1, 2012, the Company fully repaid in cash the senior&#13;unsecured notes using proceeds of its public offering, which closed on September 26, 2012.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Interest Expense on Borrowings&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Interest expense on all borrowings discussed above was $12,314,000 and $14,813,000 for the years ended December 31, 2012&#13;and 2011, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term debt due in each of the next&#13;four years is as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Years Ended&lt;/p&gt;&#13;        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;December 31,&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 42%; padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 6%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 40%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,029&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;90,792&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;121,282&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Grants&#13;of stock &lt;/u&gt;&lt;/i&gt;&amp;#150; In January 2013, the Company granted 63,333 shares of restricted stock to members of the Company&amp;#146;s&#13;Board of Directors, with the exception of its Chief Executive Officer, that vest on the earlier of (i) the date of the Company&amp;#146;s&#13;2013 annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.25 per share. In January 2013,&#13;the Company granted an additional 94,167 shares of restricted stock to the Company&amp;#146;s non-executive employees that vest in&#13;equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.25 per share. In March 2013, the Company&#13;granted an additional 113,333 shares of restricted common stock to its executive employees that vest in equal installments on&#13;each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrant&#13;issuances&lt;/u&gt; &lt;/i&gt;&amp;#150; In connection with the January 2013 Financing Transaction, the Company issued warrants to purchase an&#13;aggregate of 1,708,687 shares of the Company&amp;#146;s common stock. The warrants have an exercise price of $7.80 per share and&#13;expire in January 2018.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;In&#13;connection with the Company&amp;#146;s issuance of its Series A Notes, the Company issued warrants to purchase up to 788,400 shares&#13;of common stock at an exercise price of $7.80 per share that expire in March 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in stockholders&amp;#146;&#13;equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them at each reporting&#13;period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrant&#13;exercises&lt;/u&gt;&lt;/i&gt; &amp;#150; During February 2013, certain holders exercised warrants and received 267,733 shares of the Company&amp;#146;s&#13;common stock upon payment of an aggregate of $2,064,000 in cash. The Company paid $785,800 in cash to the warrant holders as an&#13;inducement for such exercises and recorded an expense of approximately $785,800. In March 2013, a holder exercised warrants on&#13;a cashless basis and received 11,356 shares of the Company&amp;#146;s common stock.&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
    <us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;September 2012 Public Offering&lt;/u&gt;&#13;&lt;/i&gt;&amp;#150; On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting fees and issuance costs, through&#13;a public offering of units consisting of an aggregate of 1,833,333 shares of common stock and warrants immediately exercisable&#13;to purchase an aggregate of 1,833,333 shares of common stock at an exercise price of $8.85 per share and which expire in 2015.&#13;The Company accounted for the net proceeds of the offering by first allocating the $1,658,000 fair value of the warrants to liabilities&#13;and then allocating the remaining amount to equity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;July 2012 Public Offering&lt;/u&gt;&#13;&lt;/i&gt;&amp;#150; On July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting fees and issuance costs, through&#13;a public offering of units consisting of an aggregate of 1,866,667 shares of common stock, warrants immediately exercisable to&#13;purchase an aggregate of 1,866,667 shares of common stock at an exercise price of $9.45 per share and which expire in 2017 (&amp;#147;Series&#13;I Warrants&amp;#148;) and warrants immediately exercisable to purchase an aggregate of 933,333 shares of common stock at an exercise&#13;price of $7.95 per share and which expire in 2014 (&amp;#147;Series II Warrants&amp;#148;) . The Series I Warrants and the Series II&#13;Warrants are subject to &amp;#147;weighted-average&amp;#148; anti-dilution adjustments if the Company issues or is deemed to have issued&#13;securities at a price lower than their then applicable exercise prices. Due to subsequent transactions, the exercise price of the&#13;Series I Warrants was reduced to $7.50 and the exercise price of the Series II Warrants was reduced to $6.45. The Company accounted&#13;for the net proceeds of the offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then allocating&#13;the remaining amount to equity. In 2012, certain holders exercised their warrants with respect to 3,333 shares of common stock&#13;for $22,000 in cash.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;December 2011 Private Placement&lt;/u&gt;&#13;&lt;/i&gt;&amp;#150; On December 13, 2011, the Company raised $7,364,000, net of $642,000 of placement agent fees and issuance costs, through&#13;the issuance of an aggregate of 508,333 shares of common stock and warrants immediately exercisable to purchase an aggregate of&#13;330,417 shares of common stock at an exercise price of $22.50 per share and which expire in 2016 (&amp;#147;2011 Warrants&amp;#148;).&#13;The 2011 Warrants are subject to &amp;#147;weighted-average&amp;#148; anti-dilution adjustments if the Company issues or is deemed to&#13;have issued securities at a price lower than the then applicable exercise price. Due to subsequent transactions, the exercise price&#13;of the 2011 Warrants was reduced to $12.60.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Note Warrants&lt;/u&gt;&#13;&lt;/i&gt;&amp;#150; On October 6, 2010, as part of the issuance of the Initial Notes, the Company issued warrants that were immediately&#13;exercisable and entitled the holders to purchase up to an aggregate of 196,079 shares of the Company&amp;#146;s common stock at an&#13;exercise price of $89.25 per share and which expire in 2017 (&amp;#147;2010 Warrants&amp;#148;). The 2010 Warrants are subject to &amp;#147;full-ratchet&amp;#148;&#13;anti-dilution adjustments such that if the Company issues or is deemed to have issued securities at a price lower than the then&#13;applicable exercise price, the exercise price of the 2010 Warrants will immediately decline to equal the price at which the Company&#13;issued or is deemed to have issued its common stock. Due to subsequent transactions, the exercise price of the 2010 Warrants was&#13;reduced to $0.12. During 2012 and 2011, certain holders exercised their 2010 Warrants with respect to 16,800 and 162,467 shares&#13;of common stock on a cashless exercise basis, resulting in 11,467 and 101,467 net shares of common stock issued by the Company,&#13;respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant Terms&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;The exercise prices of the warrants described above are subject to adjustment for stock splits, combinations or similar events,&#13;and, in such event, the number of shares issuable upon the exercise of the warrants will also be adjusted so that the aggregate&#13;exercise price shall be the same immediately before and immediately after the adjustment. The warrants generally require payments&#13;to be made by the Company for failure to deliver the shares of common stock issuable upon exercise. The warrants may not be exercised&#13;if, after giving effect to the exercise, the investor together with its affiliates would beneficially own in excess of 4.99% of&#13;the Company&amp;#146;s outstanding shares of common stock. The blocker applicable to the exercise of the warrants may be raised or&#13;lowered to any other percentage not in excess of 9.99%, except that any increase will only be effective upon 61-days&amp;#146; prior&#13;notice to the Company. If the Company issues options, convertible securities, warrants, stock, or similar securities to holders&#13;of its common stock generally, each holder of certain warrants has the right to acquire the same securities as if the holder had&#13;exercised its warrants. The warrants prohibit the Company from entering into specified transactions involving a change of control,&#13;unless the successor entity assumes all of the Company&amp;#146;s obligations under the warrants under a written agreement before&#13;the transaction is completed. When there is a transaction involving a permitted change of control, a holder of a warrant a will&#13;have the right to force the Company to repurchase the holder&amp;#146;s warrant for a purchase price in cash equal to the Black Scholes&#13;value (as calculated under the individual warrant agreements) of the then unexercised portion of the warrant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Accounting for Warrants&lt;/u&gt; &lt;/i&gt;&amp;#150;&#13;The Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in&#13;stockholders&amp;#146; equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them&#13;at each reporting period. Further, as noted above, certain of the exercise prices declined as a result of anti-dilution adjustments&#13;due to subsequent transactions. Accordingly, the Company recorded fair value adjustments quarterly, with total fair value adjustments&#13;of $1,954,000 and $4,451,000 for the years ended December 31, 2012 and 2011, respectively, which is largely attributed to adjustment,&#13;if any, to their initial exercise prices, warrant term shortening and reductions in the market value of the Company&amp;#146;s common&#13;stock. See Note 12 for the Company&amp;#146;s fair value assumptions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Registration Rights Agreement&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; In connection with the December 2011 private placement, the Company entered into a registration rights agreement&#13;with all of the investors to file a registration statement on Form S-1 with the Securities and Exchange Commission by December&#13;23, 2011 for the resale by the purchasers of the 508,333 shares of common stock and the 330,417 shares of common stock issuable&#13;upon exercise of the 2011 Warrants. Subject to customary grace periods, the Company is required to keep the registration statement&#13;(and the accompanying prospectus) available for use for resale by the investors on a delayed or continuous basis at then-prevailing&#13;market prices at all times until the earlier of (i) the date as of which all of the investors may sell all of the shares of common&#13;stock required to be covered by the registration statement without restriction under Rule 144 under the Securities Act of 1933,&#13;as amended (including volume restrictions) and without the need for current public information required by Rule 144(c)(1), if applicable)&#13;or (ii) the date on which the investors have sold all of the shares of common stock covered by the registration statement. The&#13;Company must pay registration delay payments of up to 2% of each investor&amp;#146;s initial investment per month if the registration&#13;statement ceases to be effective prior to the expiration of deadlines provided for in the registration rights agreement. The initial&#13;registration statement became effective by the stated deadline and the Company did not record any liability associated with any&#13;registration delay payments under the registration rights agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Other Warrant Issuances&lt;/u&gt; &lt;/i&gt;&amp;#150;&#13;In March 2008, the Company issued warrants to purchase an aggregate of 29,304 shares of common stock at an exercise price of $735.00&#13;per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate of 4,213 shares of common stock&#13;at an exercise price of $735.00 per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate&#13;of 28,572 shares of common stock at an exercise price of $745.50 per share, which expire in 2013. All of these warrants are currently&#13;exercisable by the holders.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant Summary&lt;/u&gt; &lt;/i&gt;&amp;#150;&#13;The following table summarizes warrant activity for the years ended December 31, 2012 and 2011 (number of shares in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Number of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Price per&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Weighted&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 52%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;258&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$1.80 &amp;#150; $745.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;183.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$22.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(162&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$6.75&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.75&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Balance at December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;426&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$1.80 &amp;#150; $745.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117.60&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,633&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$6.45 &amp;#150;&amp;#160;&amp;#160;$8.85&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2.85&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants exercised&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$1.80 &amp;#150;&amp;#160;&amp;#160;$7.95&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7.80&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Balance at December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,039&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$1.80 &amp;#150; $745.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;17.10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The fair&#13;value hierarchy prioritizes the inputs used in valuation techniques into three levels as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;                                                                                                              1 &amp;#150; Observable&#13;                                                                                                              inputs &amp;#150; unadjusted&#13;                                                                                                              quoted prices in&#13;                                                                                                              active markets for&#13;                                                                                                              identical assets&#13;                                                                                                              and liabilities;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;                                                                                                              2 &amp;#150; Observable&#13;                                                                                                              inputs other than&#13;                                                                                                              quoted prices included&#13;                                                                                                              in Level 1 that&#13;                                                                                                              are observable for&#13;                                                                                                              the asset or liability&#13;                                                                                                              through corroboration&#13;                                                                                                              with market data;&#13;                                                                                                              and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;                                                                                                              3 &amp;#150; Unobservable&#13;                                                                                                              inputs &amp;#150; includes&#13;                                                                                                              amounts derived&#13;                                                                                                              from valuation models&#13;                                                                                                              where one or more&#13;                                                                                                              significant inputs&#13;                                                                                                              are unobservable.&#13;                                                                                                              For fair value measurements&#13;                                                                                                              using significant&#13;                                                                                                              unobservable inputs,&#13;                                                                                                              a description of&#13;                                                                                                              the inputs and the&#13;                                                                                                              information used&#13;                                                                                                              to develop the inputs&#13;                                                                                                              is required along&#13;                                                                                                              with a reconciliation&#13;                                                                                                              of Level 3 values&#13;                                                                                                              from the prior reporting&#13;                                                                                                              period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company recorded&#13;its warrants issued from 2010 through 2013 at fair value and designated them as Level 3 on their issuance dates.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrants&#13;&lt;/u&gt;&lt;/i&gt;&amp;#150; Except for the warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based&#13;valuation methodology, adjusted for marketability restrictions. The warrants issued September 26, 2012, did not contain any anti-dilution&#13;protection features. As a result, the warrants were valued using the Black-Scholes Valuation Model. Of the various inputs used,&#13;the volatility and the current price of the Company&amp;#146;s common stock most significantly impact the fair value adjustments&#13;of the warrants. As the Company&amp;#146;s common stock increases or decreases, the valuation of the warrants will increase or decrease,&#13;respectively. As the estimated volatility of the Company&amp;#146;s common stock increases or decreases, the valuation of the warrants&#13;will increase or decrease, respectively. These changes may result in significantly higher or lower fair value measurements from&#13;period to period.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant&#13;assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892,000&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Convertible&#13;Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; The conversion feature imbedded in the convertible notes was valued using a combination of a Monte Carlo&#13;Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used and related&#13;fair value for the conversion feature as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest&#13;    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 22%; text-indent: -1in; padding-left: 1in; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;3/28/13&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15.00&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62.2%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.14%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.0&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24.5%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;1,400,800&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Other&#13;Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company&amp;#146;s other derivative instruments consist of commodity positions. The fair&#13;value of the commodity positions are based on quoted prices on the commodity exchanges and are designated as Level 1.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes&#13;fair value measurements by level at March 31, 2013 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt; width: 32%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Conversion feature&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,480&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,595&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other current&#13;assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in warrant&#13;liabilities and conversion feature at fair value in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(3)&amp;#9;Included in&#13;accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes&#13;fair value measurements by level at December 31, 2012 (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level&#13;    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity&#13;    contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&#13;    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included&#13;in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included&#13;in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;For fair&#13;value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop&#13;the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&amp;#146;s&#13;fair value of its Level 3 inputs were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion&#13;    Feature&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 66%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of warrants in January&#13;    offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,657&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of notes and warrants&#13;    in March offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;883&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(260&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments&#13;    to fair value for the period&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(93&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, March 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:FairValueDisclosuresTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value hierarchy prioritizes the inputs&#13;used in valuation techniques into three levels, as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 1 &amp;#150; Observable inputs &amp;#150; unadjusted quoted prices in active markets for identical assets and liabilities;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 2 &amp;#150; Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 3 &amp;#150; Unobservable inputs &amp;#150; includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded its warrants issued from&#13;2010 through 2012 and its Convertible Notes at fair value and designated them as Level 3 on their issuance date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrants&lt;/u&gt;&lt;/i&gt; &amp;#150; Except for the&#13;warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based valuation methodology,&#13;adjusted for marketability restrictions. The warrants issued September 26, 2012, due to no anti-dilution protection features, were&#13;valued using the Black-Scholes Valuation Model.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;F-36&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Significant assumptions used and related fair&#13;values for the warrants as of December 31, 2012 were as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;09/26/2012&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;12/13/2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;22.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.83%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.96&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;52.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;330,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,695,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;10/6/2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6.75&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.09%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;47.4%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;34,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;226,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; The&#13;Convertible Notes were valued using a combination of a Monte Carlo Binomial Lattice-Based valuation methodology for the embedded&#13;conversion feature, adjusted for marketability restrictions, combined with a discounted cash flow model for the payment stream&#13;of the debt instrument. The Company continued estimating the fair value of the Convertible Notes quarterly until their retirement&#13;on November 14, 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Other Derivative Instruments&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company&amp;#146;s other derivative instruments consist of commodity positions. The fair value of the commodity positions&#13;are based on quoted prices on the commodity exchanges and are designated as Level 1.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The following table summarizes fair value measurements by level&#13;at December 31, 2012 (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Assets:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 36%; padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Liabilities:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 1pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(1)&amp;#9;Included in other current assets in the consolidated balance&#13;sheets.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(2)&amp;#9;Included in other current liabilities in the consolidated&#13;balance sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 100%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;F-37&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 100%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table summarizes fair value measurements&#13;by level at December 31, 2011 (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Assets:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 36%; padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Liabilities:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,421&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 1pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(1)&amp;#9;Included in other assets in the consolidated balance sheets.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(2)&amp;#9;Included in other liabilities in the consolidated balance&#13;sheets.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For fair value measurements using significant&#13;unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs is required along with&#13;a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&amp;#146;s fair value of its Level&#13;3 inputs were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Warrants&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Convertible Notes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 60%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Balance, December 31, 2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,718&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;38,108&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Retirement of Convertible Notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(35,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of 2011 Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1,155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,451&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(3,108&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Balance, December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of July offering warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,380&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of September offering warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,658&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(113&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1,954&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:FairValueDisclosuresTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Preferred&#13;Dividends&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,120,000&#13;and $5,852,000 as of March 31, 2013 and December 31, 2012, respectively. On March 27, 2013, the Company entered into an agreement&#13;with the holders of its Series B Preferred Stock under which the Company issued approximately 139,000 shares of its common stock&#13;in payment of $732,000 of the total $5,852,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In&#13;addition, the holders of the Series B Preferred Stock agreed to forebear from exercising any rights they may have with respect&#13;to accrued unpaid dividends until September 30, 2014.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Note&#13;Payable to Related Party&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of&#13;March 31, 2013 and December 31, 2012. On February 7, 2013, the maturity date was extended to March 31, 2014.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Preferred&#13;Dividends&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,852,000&#13;and $7,315,000 as of December 31, 2012 and 2011, respectively. As further discussed in Note 8 and Note 14, the Company issued&#13;common stock in payment of certain accrued and unpaid dividends.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Note&#13;Payable to Related Party&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of&#13;December 31, 2012 and 2011. On March 7, 2012, the Company entered into an amendment to the note, extending the maturity date to&#13;March 31, 2013. On February 7, 2013, the maturity date was further extended to March 31, 2014.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2013-01-01to2013-03-31">&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24px; padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 7pt"&gt;11.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 7pt"&gt;SUBSEQUENT EVENTS.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Reverse Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On&#13;May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share information has been restated&#13;to retroactively show the effect of this stock split.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Payments on Series A Notes&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;From April 1, 2013 through June 26, 2013, the Company made three installment payments and received various holder conversion notices.&#13;In the aggregate, the Company issued 1,032,000 shares of its common stock in payment of principal and interest in an aggregate&#13;amount of $3,748,000 in respect of the Series A Notes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series B Subordinated Convertible Notes&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On June 20, 2013, the Company issued $8.0 million in Series B Subordinated Convertible Notes (&amp;#147;Series B Notes&amp;#148;).&#13;Unless converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together with the Series A Notes. The terms&#13;of the Series B Notes are substantially similar to those of the Series A Notes.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of Plant Debt and Additional&#13;Interests in New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; On June 21, 2013, the Company used the proceeds from the sale of the Series B Notes,&#13;to acquire $4.1 million of the Plant Owners&amp;#146; combined term and revolving debt for a purchase price of $3.0 million and 19.7&#13;units of limited liability company interests of New PE Holdco for a purchase price of $197,000, increasing the Company&amp;#146;s&#13;ownership in New PE Holdco to 85%. As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&amp;#146;&#13;revolving debt was retired and the maturity date applicable to approximately $2.9 million of the Plant Owners&amp;#146; term debt&#13;was extended from June 25, 2013 to June 30, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2006 Stock Incentive Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;On April 1, 2013, the Company granted 16,667 shares of restricted common stock that vest in equal installments on each of April&#13;1, 2014 and 2015 and had a grant date fair value of $4.65 per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On April 12, 2013, the Company&amp;#146;s Board&#13;approved an increase in the number of shares of common stock authorized for issuance under its 2006 Stock Incentive Plan from 414,286&#13;to 914,286. The Company&amp;#146;s stockholders approved the amendment to the 2006 Stock Incentive Plan on June 18, 2013.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 18, 2013, the Company granted to its&#13;management 256,665 shares of restricted common stock that vest in equal installments on each of April 1, 2014, 2015 and 2016, and&#13;had a grant date fair value of $3.74 per share. On June 18, 2013, the Company granted to its non-management board members 71,110&#13;shares of restricted common stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2014 Annual Meeting of Stockholders&#13;and (ii) July 1, 2014, and had a grant date fair value of $3.74 per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 18, 2013, the Company granted to its&#13;management 229,025 shares of stock options, with an exercise price of $3.74 per share, which vest in equal installments on each&#13;of April 1, 2014, 2015 and 2016, and had a grant date fair value of $1.68 per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Capital Lease&lt;/u&gt;&lt;/i&gt; &amp;#150; In May 2013,&#13;upon completion of the Company&amp;#146;s corn oil separation project at its Magic Valley Plant, the Company initially recorded a&#13;capital lease in the amount of approximately $5,675,000.&lt;/p&gt;&#13;&#13;&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 7pt"&gt;&lt;i&gt;&lt;u&gt;Litigation&lt;/u&gt;&lt;/i&gt;&#13;&lt;/font&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150; On May 24, 2013, GS CleanTech Corporation (&amp;#147;GS CleanTech&amp;#148;), filed suit&#13;in the United States District Court for the Eastern District of California, Sacramento Division, naming Pacific Ethanol, Inc. as&#13;a defendant. The suit alleges patent infringement by virtue of certain corn oil separation technology in use at one or more of&#13;the Company&amp;#146;s ethanol production facilities, including the plant located in Stockton, California. The complaint seeks preliminary&#13;and permanent injunctions prohibiting future infringement on the patent owned by GS CleanTech and damages in an unspecified amount&#13;adequate to compensate GS CleanTech for the alleged patent infringement, but in any event no less than a reasonable royalty for&#13;the use made of the inventions of the patent, plus attorneys fees. The Company strongly disagrees that its use of corn oil separation&#13;technology infringes the patent owned by GS CleanTech and intends to vigorously defend against GS CeanTech&amp;#146;s claims. As of&#13;the date of this report, discovery has not commenced and a trial date has not been set. In addition, GS CleanTech has advised the&#13;Company that it is in the process of amending its complaint.&lt;/font&gt;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;January 2013 Financing Transaction &lt;/u&gt;&lt;/i&gt;&amp;#150;&#13;On January 11, 2013, under the terms of a Securities Purchase Agreement (the &amp;#147;Purchase Agreement&amp;#148;) dated December 19,&#13;2012 among the Company and five accredited investors, the Company issued and sold to the investors in a private offering $22,192,491&#13;in aggregate principal amount of its senior unsecured notes (the &amp;#147;January 2013 Notes&amp;#148;) and warrants (the &amp;#147;January&#13;2013 Warrants&amp;#148;) to purchase an aggregate of 1,708,687 shares of the Company&amp;#146;s common stock (the &amp;#147;January 2013&#13;Financing Transaction&amp;#148;) for aggregate gross proceeds of $22,192,491. The January 2013 Warrants have an exercise price of&#13;$7.80 per share and expire in January 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;January 2013 Notes&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes mature on March 30,&#13;2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of the&#13;January 2013 Notes is not less than $10,769,298 by January 15, 2014, the interest rate will increase commencing on January 15,&#13;2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance&#13;of the January 2013 Notes is less than $10,769,298.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If at any time the Company receives net cash&#13;proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of incurring&#13;certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net cash proceeds,&#13;provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January 2013 Notes&#13;or purchase certain outstanding debt issued by the Plant Owners.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Interest on the January 2013 Notes is payable&#13;in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &amp;#147;Interest Payment Date&amp;#148;).&#13;Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to pay interest due&#13;and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the Company pays in&#13;shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest is paid. The&#13;number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount of interest&#13;payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted average price&#13;of the Company&amp;#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest Payment Date,&#13;and (ii) 0.95.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Restrictive Covenants&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes prohibit the Company&#13;from engaging in various activities, including (i) payments due under the January 2013 Notes rank senior to all other indebtedness&#13;of the Company and its subsidiaries, other than certain permitted senior indebtedness; (ii) the Company and its subsidiaries will&#13;not incur other indebtedness, except for certain permitted indebtedness; (iii) the Company and its subsidiaries will not incur&#13;any liens, except for certain permitted liens; (iv) the Company and its subsidiaries will not, directly or indirectly, redeem or&#13;repay all or any portion of any indebtedness (except for certain permitted indebtedness) if at the time such payment is due or&#13;is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being cured&#13;would constitute, an event of default has occurred and is continuing; (v)the Company and its subsidiaries will not redeem, repurchase&#13;or pay any dividend or distribution on its respective capital stock without the prior consent of the holders of the January 2013&#13;Notes, other than certain permitted distributions; and (vi) the Company and its subsidiaries will not sell, lease, assign, transfer&#13;or otherwise dispose of any assets of the Company or any subsidiary, except for certain permitted dispositions (including the sales&#13;of inventory or receivables in the ordinary course of business).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of Plant Debt&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;On January 11, 2013, the Company used $21,538,596 of the gross proceeds of the January 2013 Financing Transaction to purchase from&#13;certain of the Investors an aggregate principal amount of $21,538,596 of the Plant Owners&amp;#146; tranche A-2 term loans (the &amp;#147;Purchased&#13;Debt&amp;#148;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Extension of Maturity of Plant Debt&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; On January 11, 2013, immediately prior to the closing of the January 2013 Financing Transaction, the maturity date of the&#13;Purchased Debt was extended from June 30, 2013 to June 30, 2016. On January 11, 2013, immediately prior to the closing of the January&#13;2013 Financing Transaction, the maturity date of the Company&amp;#146;s new $10,000,000 revolving line of credit secured on October&#13;29, 2012 was extended from June 25, 2013 to June 25, 2015.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of New PE Holdco Membership&#13;Interests&lt;/u&gt;&lt;/i&gt; &amp;#150; On January 11, 2013, the Company purchased 13% of New PE Holdco for an aggregate purchase price of $1,308,030&#13;using $653,895 of the gross proceeds of the January 2013 Financing Transaction and $654,135 of the Company&amp;#146;s cash on hand.&#13;The Company also acquired an additional 3% of New PE Holdco in March 2013 as discussed below. As of the filing of this report,&#13;&lt;font style="color: black"&gt;the Company owns approximately 83% of the outstanding membership interests of New PE Holdco. For the&#13;years ended December 31, 2012 and 2011, had the Company held an 83% ownership interest in New PE Holdco, the Company&amp;#146;s reported&#13;results would have had the following pro forma impact: net loss available to common stockholders would have been $36,526,000 and&#13;$3,774,000, respectively, and loss per share would have been $5.10 and $1.65, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;March 2013 Financing Transaction&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On March 28, 2013, the Company issued $6,000,000&#13;in subordinated convertible notes and 1,839,600 two year warrants with an exercise price of $7.80 per share. The net proceeds of&#13;the offering were used to (i) purchase $2,600,000 of Plant Owners&amp;#146; debt maturing in June 2013, the maturity of which was&#13;also extended at the time from June 2013 to June 2016; (ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase&#13;and immediately retire $3,500,000 of the Plant Owners&amp;#146; term debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Increase in Availability under Plant&#13;Owners&amp;#146; New Revolving Credit Facility&lt;/u&gt;&lt;/i&gt; &amp;#150; On March 28, 2013, the lenders under the Plant Owners&amp;#146; new revolving&#13;credit facility approved $5,000,000 in additional availability for a maximum total credit limit of $15,000,000 under the facility.&#13;As of March 28, 2013, the Plant Owners had $5,000,000 in unused availability under the new credit facility.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Grants of stock&lt;/u&gt; &lt;/i&gt;&amp;#150;In January&#13;2013, the Company granted 53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2013&#13;annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the&#13;Company granted an additional 104,167 shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and&#13;2015 and had a grant date fair value of $5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted&#13;common stock that vest in equal installments on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per&#13;share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant exercises&lt;/u&gt;&lt;/i&gt; &amp;#150; During&#13;February 2013, certain holders exercised warrants and received 267,733 shares of the Company&amp;#146;s common stock upon payment&#13;of an aggregate of $2,060,000 in cash. 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border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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The carrying values of this facility totaled $27,773,000&#13;and $29,924,000 at December 31, 2012 and 2011, respectively. The Company continues to depreciate these assets, resulting in depreciation&#13;expense in the aggregate of $2,136,000 and $2,155,000 for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company and the ethanol industry have experienced significant adverse conditions over the last 12 months, including prolonged&#13;negative operating margins. In accordance with the Company&amp;#146;s policy for evaluating impairment of long-lived assets under&#13;Accounting Codification Standards 360, management has evaluated the facilities for possible impairment based on projected future&#13;cash flows from operations of these facilities with the work of a qualified valuation specialist. Management has determined that&#13;the undiscounted cash flows from operations of these facilities over their estimated useful lives exceed their carrying values,&#13;and therefore, no impairment has been recognized at December 31, 2012. In determining future undiscounted cash flows, the Company&#13;has made significant assumptions concerning the future viability of the ethanol industry, the future price of corn in relation&#13;to the future price of ethanol, production volumes and the overall demand in relation to production and supply. &lt;font style="color: black"&gt;If&#13;the Company were required to compute the fair value in the future, it may use the work of its qualified valuation specialist who&#13;would assist it in examining replacement costs, recent transactions between third parties and cash flow that can be generated&#13;from operations. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Given&#13;the recent fresh start accounting when the Company began consolidating the results of New PE Holdco, fair value would likely approximate&#13;the carrying value of the facilities. If, however the Company were required to adjust the carrying value of the facilities to&#13;fair value at some future point in time, the adjustment could be significant and could significantly impact the Company&amp;#146;s&#13;financial position and results of operation. No adjustment has been made in these financial statements for this uncertainty.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
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   &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 24.85pt; text-indent: -13.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total intangible assets, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,734&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,761&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,458&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Tradename&lt;/u&gt;&lt;/i&gt; &amp;#150; The&#13;Company recorded a tradename valued at $2,678,000 in 2006 as part of its acquisition of Kinergy. The Company determined that the&#13;Kinergy tradename has an indefinite life and therefore, rather than being amortized, will be tested annually for impairment. The&#13;Company did not record any impairment of the Kinergy tradename for the years ended December 31, 2012 and 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Customer Relationships&lt;/u&gt; &amp;#150;&lt;/i&gt;&#13;The Company recorded customer relationships valued at $4,741,000 as part of its acquisition of Kinergy. The Company has established&#13;a useful life of ten years for these customer relationships.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Pacific Ethanol Tradename&lt;/u&gt; &amp;#150;&lt;/i&gt;&#13;The Company recorded a tradename valued at $800,000 as part of its acquisition of its ownership interest in New PE Holdco, which&#13;relates to its marketing and management agreements with Pacific Ethanol, Inc. The Company has established a useful life of two&#13;years for this intangible asset.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Amortization expense associated with intangible&#13;assets totaled $724,000 and $924,000 for the years ended December&amp;#160;31, 2012 and 2011, respectively. The weighted-average unamortized&#13;life of the intangible assets is 2.2 years. The remaining expected amortization expense relating to amortizable intangible assets&#13;is $474,000, $474,000 and $108,000 for each of the years ending December 31, 2013, 2014 and 2015, respectively.&lt;/p&gt;</us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock>
    <us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The asset&#13;and liability method is used to account for income taxes. Under this method, deferred tax assets and liabilities are recognized&#13;for tax credits and for the future tax consequences attributable to differences between the financial statement carrying amounts&#13;of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates&#13;expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.&#13;A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that&#13;those assets will be realized.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;files a consolidated federal income tax return. This return includes all entities 80% or more owned by the Company as well as&#13;the Company&amp;#146;s pro-rata share of taxable income from pass-through entities in which the Company holds an ownership interest.&#13;State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company&#13;and its subsidiaries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;recorded no provision for income taxes for the years ended December 31, 2012 and 2011.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A reconciliation&#13;of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated&#13;statements of operations is as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December&#13;    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 46%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Statutory rate&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;125.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(3,849.0)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Section 382 reduction to loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(169.4)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3,827.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;State income taxes, net of federal benefit&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;5.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Stock compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.9)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(16.8)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Non-deductible items&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.6&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;1.7&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;Effective rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred&#13;income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement&#13;carrying amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred&#13;income taxes included in the consolidated balance sheets were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; width: 46%; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,818&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,681&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Capital loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;840&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,013&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;278&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;417&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other accrued liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,466&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,759&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Investment in New PE Holdco&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,480&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,792&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Intangibles&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,513&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,706&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,002&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,498&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,555&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,352&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Net deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Classified in balance sheet as:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax benefit (current assets)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income taxes (long-term liability)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A portion&#13;of the Company&amp;#146;s net operating loss carryforwards will be subject to provisions of the tax law that limit the use of losses&#13;incurred by a company prior to the date certain ownership changes occur. The amount of the Company&amp;#146;s net operating loss&#13;carryforwards that would be subject to these limitations was approximately $399,000,000 at December 31, 2012.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Due to the&#13;limitation, a significant portion of these net operating loss carryforwards will expire regardless of whether the Company generates&#13;future taxable income. After reducing these net operating loss carryforwards for the amount which will expire, the Company had&#13;federal net operating loss carryforwards of approximately $45,424,000 and $16,272,000, and state net operating loss carryforwards&#13;of approximately $48,291,000 and $21,492,000, at December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;These net&#13;operating loss carryforwards expire at various dates beginning in 2013. The deferred tax asset for the Company&amp;#146;s net operating&#13;loss carryforwards at December&amp;#160;31, 2012 does not include $662,000 which relates to the tax benefits associated with warrants&#13;and non-statutory options exercised by employees, members of the board and others under the various incentive plans. These tax&#13;benefits will be recognized in stockholders&amp;#146; equity rather than in the statements of operations but not until the period&#13;in which these amounts decrease taxes payable.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In assessing&#13;whether the deferred tax assets are realizable, a more likely than not standard is applied. If it is determined that it is more&#13;likely than not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred&#13;tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the&#13;periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred&#13;tax liabilities, projected future taxable income and tax planning strategies in making this assessment.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A valuation&#13;allowance has been established in the amount of $11,555,000 and $35,352,000 at December&amp;#160;31, 2012 and 2011, respectively,&#13;based on the Company&amp;#146;s assessment of the future realizability of certain deferred tax assets. For the years ended December&#13;31, 2012 and 2011, the Company recorded a decrease in the valuation allowance of $23,797,000 and $123,361,000, respectively, attributable&#13;almost exclusively to the expected expiration of net operating loss carryforwards due to limitations caused by ownership changes&#13;as previously discussed. The valuation allowance on deferred tax assets is related to future deductible temporary differences&#13;and net operating loss carryforwards (exclusive of net operating losses associated with items recorded directly to equity) for&#13;which the Company has concluded it is more likely than not that these items will not be realized in the ordinary course of operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;At&#13;December 31, 2012, the Company had no increase or decrease in unrecognized income tax benefits for the year as a result of uncertain&#13;tax positions taken in a prior or current period. There was no accrued interest or penalties relating to tax uncertainties at&#13;December 31, 2012. Unrecognized tax benefits are not expected to increase or decrease within the next twelve months.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The&#13;Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified&#13;its federal tax return and tax returns in state jurisdictions below as &amp;#147;major&amp;#148; tax filings. These jurisdictions, along&#13;with the years still open to audit under the applicable statutes of limitation, are as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" align="center" style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 25%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Jurisdiction&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 12%; text-align: justify"&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Tax Years&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Arizona&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;California&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Colorado&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Idaho&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Oregon&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Wisconsin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;However,&#13;because the Company had net operating losses and credits carried forward in several of the jurisdictions, including the United&#13;States federal and California jurisdictions, certain items attributable to closed tax years are still subject to adjustment by&#13;applicable taxing authorities through an adjustment to tax attributes carried forward to open years.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
    <us-gaap:PreferredStockTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has 6,734,835 undesignated&#13;shares of authorized and unissued preferred stock, which may be designated and issued in the future on the authority of the Company&amp;#146;s&#13;Board of Directors. As of December 31, 2012, the Company had the following designated preferred stock:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series A Preferred Stock&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company has authorized 1,684,375 shares of Series A Cumulative Redeemable Convertible Preferred Stock (&amp;#147;Series&#13;A Preferred Stock&amp;#148;), with none outstanding at December 31, 2012 and 2011. Shares of Series A Preferred Stock that are converted&#13;into shares of the Company&amp;#146;s common stock revert to undesignated shares of authorized and unissued preferred stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Upon any issuance, the Series A Preferred&#13;Stock would rank senior in liquidation and dividend preferences to the Company&amp;#146;s common stock. Holders of Series A Preferred&#13;Stock would be entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 5% per annum of the&#13;purchase price per share of the Series A Preferred Stock. The holders of the Series A Preferred Stock would have conversion rights&#13;initially equivalent to two shares of common stock for each share of Series A Preferred Stock, subject to customary antidilution&#13;adjustments. Certain specified issuances will not result in antidilution adjustments. The shares of Series A Preferred Stock would&#13;also be subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the&#13;holders of the Series A Preferred Stock of 25% or more. Accrued but unpaid dividends on the Series A Preferred Stock are to be&#13;paid in cash upon any conversion of the Series A Preferred Stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of Series A Preferred Stock&#13;would have a liquidation preference over the holders of the Company&amp;#146;s common stock equivalent to the purchase price per share&#13;of the Series A Preferred Stock plus any accrued and unpaid dividends on the Series A Preferred Stock. A liquidation would be deemed&#13;to occur upon the happening of customary events, including transfer of all or substantially all of the Company&amp;#146;s capital&#13;stock or assets or a merger, consolidation, share exchange, reorganization or other transaction or series of related transactions,&#13;unless holders of 66 2/3% of the Series A Preferred Stock vote affirmatively in favor of or otherwise consent to such transaction.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series B Preferred Stock&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; The Company has authorized 1,580,790 shares of Series B Preferred Stock, with 926,942 outstanding at December 31, 2012&#13;and 2011. Shares of Series B Preferred Stock that are converted into shares of the Company&amp;#146;s common stock revert to undesignated&#13;shares of authorized and unissued preferred stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series B Preferred Stock ranks senior&#13;in liquidation and dividend preferences to the Company&amp;#146;s common stock. Holders of Series B Preferred Stock are entitled to&#13;quarterly cumulative dividends payable in arrears in cash in an amount equal to 7.00% per annum of the purchase price per share&#13;of the Series B Preferred Stock; however, subject to the provisions of the Letter Agreement described below, such dividends may,&#13;at the option of the Company, be paid in additional shares of Series B Preferred Stock based initially on the liquidation value&#13;of the Series B Preferred Stock. The holders of Series B Preferred Stock have a liquidation preference over the holders of the&#13;Company&amp;#146;s common stock initially equivalent to $19.50 per share of the Series B Preferred Stock plus any accrued and unpaid&#13;dividends on the Series B Preferred Stock. A liquidation will be deemed to occur upon the happening of customary events, including&#13;the transfer of all or substantially all of the capital stock or assets of the Company or a merger, consolidation, share exchange,&#13;reorganization or other transaction or series of related transaction, unless holders of 66 2/3% of the Series B Preferred Stock&#13;vote affirmatively in favor of or otherwise consent that such transaction shall not be treated as a liquidation. The Company believes&#13;that such liquidation events are within its control and therefore has classified the Series B Preferred Stock in stockholders&amp;#146;&#13;equity&lt;i&gt;.&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of the Series B Preferred&#13;Stock have conversion rights initially equivalent to approximately 0.03 shares of common stock for each share of Series B Preferred&#13;Stock. The conversion ratio is subject to customary antidilution adjustments. In addition, antidilution adjustments are to occur&#13;in the event that the Company issues equity securities, including derivative securities convertible into equity securities (on&#13;an as-converted or as-exercised basis), at a price less than the conversion price then in effect. The shares of Series B Preferred&#13;Stock are also subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return&#13;to the holders of the Series B Preferred Stock of 25% or more. The forced conversion is to be based upon the conversion ratio as&#13;last adjusted. Accrued but unpaid dividends on the Series B Preferred Stock are to be paid in cash upon any conversion of the Series&#13;B Preferred Stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of Series B Preferred Stock&#13;vote together as a single class with the holders of the Company&amp;#146;s common stock on all actions to be taken by the Company&amp;#146;s&#13;stockholders. Each share of Series B Preferred Stock entitles the holder to approximately 0.03 votes per share on all matters to&#13;be voted on by the stockholders of the Company. Notwithstanding the foregoing, the holders of Series B Preferred Stock are afforded&#13;numerous customary protective provisions with respect to certain actions that may only be approved by holders of a majority of&#13;the shares of Series B Preferred Stock.&lt;i&gt; &lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2008, the Company entered into Letter&#13;Agreements with Lyles United LLC (&amp;#147;Lyles United&amp;#148;) and other purchasers under which the Company expressly waived its&#13;rights under the Certificate of Designations relating to the Series B Preferred Stock to make dividend payments in additional shares&#13;of Series B Preferred Stock in lieu of cash dividend payments without the prior written consent of Lyles United and the other purchasers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Registration Rights Agreement&lt;/u&gt;&#13;&lt;/i&gt;&amp;#150; In connection with the sale of its Series B Preferred Stock, the Company entered into a registration rights agreement&#13;with Lyles United. The registration rights agreement is to be effective until the holders of the Series B Preferred Stock, and&#13;their affiliates, as a group, own less than 10% for each of the series issued, including common stock into which such Series B&#13;Preferred Stock has been converted. The registration rights agreement provides that holders of a majority of the Series B Preferred&#13;Stock, including common stock into which such Series B Preferred Stock has been converted, may demand and cause the Company to&#13;register on their behalf the shares of common stock issued, issuable or that may be issuable upon conversion of the Preferred Stock&#13;and as payment of dividends thereon, and upon exercise of the related warrants (collectively, the &amp;#147;Registrable Securities&amp;#148;).&#13;The Company is required to keep such registration statement effective until such time as all of the Registrable Securities are&#13;sold or until such holders may avail themselves of Rule 144 for sales of Registrable Securities without registration under the&#13;Securities Act of 1933, as amended. The holders are entitled to two demand registrations on Form S-1 and unlimited demand registrations&#13;on Form S-3; provided, however, that the Company is not obligated to effect more than one demand registration on Form S-3 in any&#13;calendar year. In addition to the demand registration rights afforded the holders under the registration rights agreement, the&#13;holders are entitled to unlimited &amp;#147;piggyback&amp;#148; registration rights. These rights entitle the holders who so elect to&#13;be included in registration statements to be filed by the Company with respect to other registrations of equity securities. The&#13;Company is responsible for all costs of registration, plus reasonable fees of one legal counsel for the holders, which fees are&#13;not to exceed $25,000 per registration. The registration rights agreement includes customary representations and warranties on&#13;the part of both the Company and the holders and other customary terms and conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded preferred stock&#13;dividends of $1,268,000 and $1,265,000 for the years ended December 31, 2012 and 2011, respectively. For the years ended December&#13;31, 2009, 2010 and 2011, the Company accrued but did not pay any preferred stock dividends. For the year ended December 31, 2012,&#13;however, the Company did pay its accrued dividends of $1,268,000 in cash.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On August 12, 2012, the Company entered&#13;into an agreement with the Series B Preferred Stock holders under which the Company issued approximately 157,000 shares of its&#13;common stock in payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred&#13;Stock. On December 26, 2012, the Company entered into an agreement with the Series B Preferred Stock holders under which the Company&#13;issued approximately 145,000 shares of its common stock in payment of $732,000 of the total $6,583,000 of accrued and unpaid dividends&#13;in respect of the Series B Preferred Stock. On March 27, 2013, the Company entered into an agreement with the Series B Preferred&#13;Stock holders under which the Company issued approximately 139,000 shares of its common stock in payment of $732,000 of the total&#13;$5,851,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B&#13;Preferred Stock agreed to forebear from exercising any rights they may have with respect to accrued unpaid dividends until September&#13;30, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,851,000 as of December&#13;31, 2012.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:PreferredStockTextBlock>
    <us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has two equity incentive compensation&#13;plans: a 2004 Stock Option Plan and a 2006 Stock Incentive Plan.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2004 Stock Option Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;The 2004 Stock Option Plan authorized the issuance of incentive stock options (&amp;#147;ISOs&amp;#148;) and non-qualified stock options&#13;(&amp;#147;NQOs&amp;#148;) to the Company&amp;#146;s officers, directors or key employees or to consultants that do business with the Company&#13;for up to an aggregate of 23,810 shares of common stock. On September 7, 2006, the Company terminated the 2004 Stock Option Plan,&#13;except to the extent of issued and outstanding options then existing under the plan. The Company had 762 stock options outstanding&#13;under its 2004 Stock Option Plan at December&amp;#160;31, 2012 and 2011.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2006 Stock Incentive Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;&#13;The 2006 Stock Incentive Plan authorizes the issuance of ISOs, NQOs, restricted stock, restricted stock units, stock appreciation&#13;rights, direct stock issuances and other stock-based awards to the Company&amp;#146;s officers, directors or key employees or to consultants&#13;that do business with the Company for up to an aggregate of 414,286 shares of common stock.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Stock Options&lt;/u&gt;&lt;/i&gt; &amp;#150; On August&#13;1, 2011 and August 25, 2011, the Company granted options to purchase an aggregate of 12,867 and 1,067 shares of the Company&amp;#146;s&#13;common stock at exercise prices of $12.90 and $5.25 per share, which were the respective closing prices per share of the Company&amp;#146;s&#13;common stock on the dates of grant, with estimated fair values of $6.60 and $2.70, respectively. The options vested as to 33% on&#13;April 2, 2012 and vest as to 33% on each of April 1, 2013 and April 1, 2014. The options expire in 10 years from the date of grant.&#13;Fair value was determined using the Black-Scholes Option Pricing Model. For the August 1, 2011 grants, the inputs to estimating&#13;fair value were: exercise price of $12.90; estimated life of 5.0 years; expected volatility of 56.7%; and risk free interest rate&#13;of 2.50%. For the August 25, 2011 grants, the inputs to estimating fair value were: exercise price of $5.25; estimated life of&#13;5.0 years; expected volatility of 56.7% and risk free interest rate of 2.50%. The Company estimates expected volatility using peer&#13;companies within its industry.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Summaries of the status of Company&amp;#146;s&#13;stock option plans as of December 31, 2012 and 2011 and of changes in options outstanding under the Company&amp;#146;s plans during&#13;those years are as follows (shares in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="14" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 36%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at beginning of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;56.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -6.6pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Issued (Cancelled)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at end of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;63.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;56.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Options exercisable at end of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;147.45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Stock options outstanding as of December&amp;#160;31,&#13;2012, were as follows (number of shares in thousands):&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Exercisable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Range of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise Prices&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Remaining Contractual Life (yrs)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number Exercisable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 11%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 34%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="background-color: #EEEEEE"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;$ 12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.59&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;$866.25-$871.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2.57&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3px"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The options outstanding at December 31, 2012&#13;and 2011 had intrinsic values of $0 and $50,000, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Restricted Stock &lt;/u&gt;&lt;/i&gt;&amp;#150; The&#13;Company granted to certain employees and directors shares of restricted stock under its 2006 Stock Incentive Plan pursuant to restricted&#13;stock agreements. A summary of unvested restricted stock activity is as follows (shares in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Average&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Grant Date &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Fair Value &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Per Share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 60%"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;144.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(17&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;158.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;145.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;64.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;81.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;61.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of the common stock at vesting&#13;aggregated $112,000 and $239,000 for the years ended December 31, 2012 and 2011, respectively. Stock-based compensation expense&#13;related to employee and non-employee restricted stock and option grants recognized in income were as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 60%; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;782&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,522&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Non-employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;756&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Total stock-based compensation expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;806&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;At December 31, 2012, the total compensation&#13;cost related to unvested awards which had not been recognized was $812,000 and the associated weighted-average period over which&#13;the compensation cost attributable to those unvested awards would be recognized was 2.04 years. In January 2013, the Company granted&#13;53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2013 annual meeting of stockholders,&#13;or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the Company granted an additional 104,167&#13;shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of&#13;$5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted common stock that vests in equal&#13;amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ShareholdersEquityAndShareBasedPaymentsTextBlock>
    <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2013-01-01to2013-03-31">&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&lt;u&gt;Basis&#13;of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&amp;#160;&amp;#150; The accompanying unaudited consolidated&#13;financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United&#13;States for interim financial information and the instructions to Form 10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results&#13;for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements&#13;should be read in conjunction with the consolidated financial statements and related notes contained in the Company&amp;#146;s Annual&#13;Report on Form 10-K for the year ended December&amp;#160;31, 2012. The accounting policies used in preparing these consolidated financial&#13;statements are the same as those described in Note 1 to the consolidated financial statements in the Company&amp;#146;s Annual Report&#13;on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring&#13;adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant&#13;intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The&#13;preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United&#13;States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure&#13;of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses&#13;during the reporting period. Significant estimates are required as part of determining the consolidation of variable interest&#13;entities, fair value of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment&#13;and intangibles, long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future&#13;tax consequences of events recognized in the Company&amp;#146;s financial statements or tax returns. Actual results and outcomes&#13;may materially differ from management&amp;#146;s estimates and assumptions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reclassifications&#13;of prior year&amp;#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income&#13;(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The consolidated financial statements and related&#13;notes have been prepared in accordance with accounting principles generally accepted in United States (&amp;#147;GAAP&amp;#148;) and&#13;include the accounts of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/p&gt;</us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock>
    <us-gaap:ConsolidationVariableInterestEntityPolicy contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Consolidation&#13;of Variable Interest Entities&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company applies the guidance in the Financial Accounting Standards Board&amp;#146;s&#13;(&amp;#147;FASB&amp;#148;) Accounting Standards Codification 810, &lt;i&gt;Consolidation&lt;/i&gt;, surrounding a company&amp;#146;s analysis to determine&#13;whether any of its variable interests constitute controlling financial interests in a variable interest entity (&amp;#147;VIE&amp;#148;).&#13;This analysis identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i)&#13;the power to direct the activities of a VIE that most significantly impact the entity&amp;#146;s economic performance, and (ii) the&#13;obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from&#13;the entity that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has&#13;an implicit financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct&#13;the activities of the VIE that most significantly impact the entity&amp;#146;s economic performance. The guidance also requires ongoing&#13;reassessments of whether an enterprise is the primary beneficiary of a VIE.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;On October&#13;6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&amp;#146;s&#13;owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated&#13;the results of New PE Holdco. As long as the Company is deemed New PE Holdco&amp;#146;s primary beneficiary, the Company must treat&#13;New PE Holdco as a consolidated subsidiary for financial reporting purposes. See Note 2 &amp;#150; Variable Interest Entity. Through&#13;various transactions, the Company has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January&#13;2013, the Company increased its ownership interest in New PE Holdco to 80% and in March 2013, the Company further increased its&#13;ownership interest in New PE Holdco to 83% .&lt;/font&gt;&lt;/p&gt;</us-gaap:ConsolidationVariableInterestEntityPolicy>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company considers all highly-liquid investments&#13;with an original maturity of three months or less to be cash equivalents.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:ConcentrationRiskCreditRisk contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Concentrations&#13;of Credit Risk&lt;/u&gt;&lt;/i&gt; &amp;#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties&#13;failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial&#13;instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their&#13;ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial&#13;instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance&#13;limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts&#13;and believes that it is not exposed to any significant risk of loss of cash.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;sells fuel-grade ethanol to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10%&#13;or more of the Company&amp;#146;s total net sales, as follows.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December&#13;    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 26%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer A&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer B&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer C&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;had accounts receivable due from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts&#13;receivable as of December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;purchases fuel-grade ethanol and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased&#13;ethanol and corn from suppliers representing 10% or more of the Company&amp;#146;s total purchases for the purchase and production&#13;of ethanol, as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December&#13;    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 26%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier A&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier B&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier C&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;____________&lt;/font&gt;&lt;/p&gt;&#13;                                 &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;*Less than 10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskCreditRisk>
    <us-gaap:InventoryPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inventories consisted primarily of bulk&#13;ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.&#13;Inventory balances consisted of the following (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 62%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,429&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,084&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property and equipment are stated at&#13;cost. Depreciation is computed using the straight-line method over the following estimated useful lives:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 68%; padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 32%; padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;40 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10 &amp;#150; 25 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5 &amp;#150; 10 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of normal maintenance and repairs&#13;is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated&#13;over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related&#13;accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current&#13;operations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The Company amortizes intangible&#13;assets with definite lives using the straight-line method over their established lives, generally 2-10 years. Additionally, the&#13;Company tests these assets with established lives for impairment if conditions exist that indicate that carrying values may not&#13;be recoverable. Possible conditions leading to the unrecoverability of these assets include changes in market conditions, changes&#13;in future economic conditions or changes in technological feasibility that impact the Company&amp;#146;s assessments of future operations.&#13;If the Company determines that an impairment charge is needed, the charge will be recorded in selling, general and administrative&#13;expenses in the consolidated statements of operations.&lt;/p&gt;</us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock>
    <us-gaap:CapitalizationOfDeferredPolicyAcquisitionCostsPolicy contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Deferred financing costs, which&#13;are included in other assets, are costs incurred to obtain debt financing, including all related fees, and are amortized as interest&#13;expense over the term of the related financing using the straight-line method which approximates the interest rate method. Amortization&#13;of deferred financing costs was $736,000 and $651,000 for the years ended December 31, 2012 and 2011, respectively. Unamortized&#13;deferred financing costs were approximately $1,447,000 at December 31, 2012 and are recorded in other assets in the consolidated&#13;balance sheets.&lt;/p&gt;</us-gaap:CapitalizationOfDeferredPolicyAcquisitionCostsPolicy>
    <us-gaap:DerivativesReportingOfDerivativeActivity contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Derivative transactions, which can include&#13;forward contracts and futures positions on the New York Mercantile Exchange and the Chicago Board of Trade are recorded on the&#13;balance sheet as assets and liabilities based on the derivative&amp;#146;s fair value. Changes in the fair value of derivative contracts&#13;are recognized currently in income unless specific hedge accounting criteria are met. If derivatives meet those criteria, effective&#13;gains and losses are deferred in accumulated other comprehensive income (loss) and later recorded together with the hedged item&#13;in consolidated income (loss). For derivatives designated as a cash flow hedge, the Company formally documents the hedge and assesses&#13;the effectiveness with associated transactions. The Company has designated and documented contracts for the physical delivery of&#13;commodity products to and from counterparties as normal purchases and normal sales.&lt;/p&gt;</us-gaap:DerivativesReportingOfDerivativeActivity>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Revenue&#13;Recognition&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company recognizes revenue when it is realized or realizable and earned. The Company considers&#13;revenue realized or realizable and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales&#13;price is fixed or determinable, and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol&#13;and related co-products. The Company recognizes revenue when title transfers to its customers, which is generally upon the delivery&#13;of these products to a customer&amp;#146;s designated location. These deliveries are made in accordance with sales commitments and&#13;related sales orders entered into either verbally or in writing with customers. The sales commitments and related sales orders&#13;provide quantities, pricing and conditions of sales. In this regard, the Company engages in three basic types of revenue generating&#13;transactions:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As&#13;                                                                                                           a producer&lt;/i&gt;. Sales&#13;                                                                                                           as a producer consist&#13;                                                                                                           of sales of the Company&amp;#146;s&#13;                                                                                                           inventory produced&#13;                                                                                                           at the Pacific Ethanol&#13;                                                                                                           Plants.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As&#13;                                                                                                           a merchant&lt;/i&gt;. Sales&#13;                                                                                                           as a merchant consist&#13;                                                                                                           of sales to customers&#13;                                                                                                           through purchases from&#13;                                                                                                           third-party suppliers&#13;                                                                                                           in which the Company&#13;                                                                                                           may or may not obtain&#13;                                                                                                           physical control of&#13;                                                                                                           the ethanol or co-products,&#13;                                                                                                           in which shipments&#13;                                                                                                           are directed from the&#13;                                                                                                           Company&amp;#146;s suppliers&#13;                                                                                                           to its terminals or&#13;                                                                                                           direct to its customers&#13;                                                                                                           but for which the Company&#13;                                                                                                           accepts the risk of&#13;                                                                                                           loss in the transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As&#13;                                                                                                           an agent&lt;/i&gt;. Sales&#13;                                                                                                           as an agent consist&#13;                                                                                                           of sales to customers&#13;                                                                                                           through purchases from&#13;                                                                                                           third-party suppliers&#13;                                                                                                           in which the risks&#13;                                                                                                           and rewards of inventory&#13;                                                                                                           ownership remain with&#13;                                                                                                           third-party suppliers&#13;                                                                                                           and the Company receives&#13;                                                                                                           a predetermined service&#13;                                                                                                           fee under these transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Revenue from&#13;sales of third-party ethanol and co-products is recorded net of costs when the Company is acting as an agent between a customer&#13;and a supplier and gross when the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in&#13;net sales when acting as an agent for the years ended December 31, 2012 and 2011, respectively. Several factors are considered&#13;to determine whether the Company is acting as an agent or principal, most notably whether the Company is the primary obligor to&#13;the customer and whether the Company has inventory risk and related risk of loss or whether the Company adds meaningful value&#13;to the supplier&amp;#146;s product or service. Consideration is also given to whether the Company has latitude in establishing the&#13;sales price or has credit risk, or both. When the Company acts as an agent, it recognizes revenue on a net basis or recognizes&#13;its predetermined fees and any associated freight, based upon the amount of net revenues retained in excess of amounts paid to&#13;suppliers.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;records revenues based upon the gross amounts billed to its customers in transactions where the Company acts as a producer or&#13;a merchant and obtains title to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory&#13;risk for the ethanol, regardless of whether the Company actually obtains physical control of the product.&lt;/font&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <us-gaap:ShippingAndHandlingCostPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Shipping and handling costs are classified as a component&#13;of cost of goods sold in the accompanying consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:ShippingAndHandlingCostPolicyTextBlock>
    <us-gaap:RevenueRecognitionLongTermContractsIncentiveAndAwardFees contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;California&#13;Ethanol Producer Incentive Program&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company is eligible to participate in the California Ethanol Producer Incentive&#13;Program (&amp;#147;CEPIP&amp;#148;) through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide&#13;funds to an eligible California facility&amp;#151;up to $0.25 per gallon of production&amp;#151;when current production corn crush spreads,&#13;measured as the difference between specified ethanol and corn index prices, are less than prescribed levels determined by the&#13;California Energy Commission (&amp;#147;CEC&amp;#148;). For any month in which a payment is made by the CEPIP, the Company may be required&#13;to reimburse the funds within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon.&#13;Since these funds are provided to subsidize current production costs and encourage eligible facilities to either continue production&#13;or start up production in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold.&#13;The Company will assess the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If&#13;it becomes likely that amounts may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize&#13;the costs as an increase in cost of goods sold.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The program&#13;may provide up to $3,000,000 per plant per year of operation through 2014. However, in 2012, this program was not funded and the&#13;Company can provide no assurance that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds,&#13;participant eligibility or other policy choices that may impact the ability of the Pacific Ethanol Plants located in California&#13;to be eligible for the CEPIP in 2013 or future years.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&#13;recorded $0 and $1,481,000 as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively,&#13;in respect of CEPIP payments received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000&#13;received under the program, and based on historical corn crush spreads, the Company does not believe it will be required to make&#13;any reimbursements in the foreseeable future.&lt;/font&gt;&lt;/p&gt;</us-gaap:RevenueRecognitionLongTermContractsIncentiveAndAwardFees>
    <us-gaap:CompensationRelatedCostsPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accounts for the cost of&#13;employee services received in exchange for the award of equity instruments based on the fair value of the award, determined on&#13;the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in&#13;exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions, if necessary, in the second&#13;quarter of each year if actual forfeitures differ from those estimates. Based on historical experience, the Company estimated future&#13;unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes stock-based compensation expense&#13;as a component of selling, general and administrative expenses in the consolidated statements of operations.&lt;/p&gt;</us-gaap:CompensationRelatedCostsPolicyTextBlock>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company assesses the impairment of&#13;long-lived assets, including property and equipment and purchased intangibles subject to amortization, when events or changes in&#13;circumstances indicate that the fair value of assets could be less than their net book value. In such event, the Company assesses&#13;long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset is expected to generate&#13;plus the net proceeds expected from the sale of the asset. If this amount is less than the carrying value of the asset, the Company&#13;will then determine the fair value of the asset. An impairment loss would be recognized when the fair value is less than the related&#13;asset&amp;#146;s net book value, and an impairment expense would be recorded in the amount of the difference. Forecasts of future&#13;cash flows are judgments based on the Company&amp;#146;s experience and knowledge of its operations and the industries in which it&#13;operates. These forecasts could be significantly affected by future changes in market conditions, the economic environment, including&#13;inflation, and purchasing decisions of the Company&amp;#146;s customers.&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock>
    <us-gaap:RegulatoryIncomeTaxesPolicy contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes are accounted for under&#13;the asset and liability approach, where deferred tax assets and liabilities are determined based on differences between financial&#13;reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and laws that are expected to be in&#13;effect when the differences reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts&#13;expected to be realized.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accounts for uncertainty&#13;in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the&#13;tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including&#13;resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount&#13;which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled&#13;on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest&#13;and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other&#13;income (expense), net, respectively.&lt;/p&gt;</us-gaap:RegulatoryIncomeTaxesPolicy>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income (Loss) Per Share&lt;/u&gt;&lt;/i&gt;&#13;&amp;#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding&#13;during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered&#13;in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;The following&#13;tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,057&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,268&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,224&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2.81&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income Numerator&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,074&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,265&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13; 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line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13; 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margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accrued and unpaid dividends&#13;of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible&#13;Preferred Stock (&amp;#147;Series B Preferred Stock&amp;#148;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;There were an aggregate of 246,000&#13;and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.&#13;These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December&#13;31, 2012 and 2011 as their effect would be anti-dilutive.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Since December 31, 2012, through&#13;the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock&#13;under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock&#13;upon cash exercises of certain outstanding warrants.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
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    <us-gaap:UseOfEstimates contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The preparation of the consolidated financial&#13;statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets&#13;and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts&#13;of revenues and expenses during the reporting period. Significant estimates are required as part of determining the consolidation&#13;of VIEs, fair value of warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived&#13;asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events&#13;recognized in the Company&amp;#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&amp;#146;s&#13;estimates and assumptions.&lt;/p&gt;</us-gaap:UseOfEstimates>
    <us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Subsequent&#13;Events&lt;/u&gt;&lt;/i&gt; &amp;#150; Management evaluates, as of each reporting period, events or transactions that occur after the balance&#13;sheet date through the date that the financial statements are issued for either disclosure or adjustment to the consolidated financial&#13;results. The Company has evaluated subsequent events up through the date of the filing of this report with the Securities and&#13;Exchange Commission. See Note 14.&lt;/font&gt;&lt;/p&gt;</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
    <us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Certain prior year amounts have been reclassified to&#13;conform to the current presentation. Such reclassification had no effect on the consolidated net income (loss) reported in the&#13;consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Recent&#13;Accounting Pronouncements&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 12, 2011, FASB issued Accounting Standards Update (&amp;#147;ASU&amp;#148;) No. 2011-04,&#13;&lt;i&gt;Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.&#13;GAAP and IFRS&lt;/i&gt;. ASU No. 2011-04 was issued concurrently with International Financial Reporting Standards (&amp;#147;IFRS&amp;#148;)&#13;13 &lt;i&gt;Fair Value Measurements&lt;/i&gt;, to provide largely identical guidance about fair value measurement and disclosure requirements.&#13;The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where&#13;it already is required or permitted under IFRS or U.S. GAAP. The Company&amp;#146;s adoption of this standard did not have a material&#13;effect on its consolidated financial position, results of operations or cash flows.&lt;/font&gt;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sells fuel-grade ethanol&#13;to gasoline refining and distribution companies. The Company had sales of ethanol with customers representing 10% or more of total&#13;net sales as follows.&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Customer A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 22%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;21%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 22%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;22%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Customer B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Customer C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;12%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>
    <peix:PurchasesFromExternalCustomersTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December&#13;    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 26%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier A&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;40%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier B&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier C&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;____________&lt;/font&gt;&lt;/p&gt;&#13;                                 &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;*Less than 10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</peix:PurchasesFromExternalCustomersTableTextBlock>
    <peix:PropertyAndEquipmentDepreciationUsefulLives contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property and equipment are stated at&#13;cost. Depreciation is computed using the straight-line method over the following estimated useful lives:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 68%; padding-right: 3.6pt; line-height: 115%"&gt;Buildings&lt;/td&gt;&#13;    &lt;td style="width: 32%; padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;40 years&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-right: 3.6pt; line-height: 115%"&gt;Facilities and plant equipment&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;10 &amp;#150; 25 years&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-right: 3.6pt; line-height: 115%"&gt;Other equipment, vehicles and furniture&lt;/td&gt;&#13;    &lt;td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;5 &amp;#150; 10 years&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</peix:PropertyAndEquipmentDepreciationUsefulLives>
    <us-gaap:ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following tables compute basic and&#13;diluted earnings per share (in thousands, except per share data):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 8.05pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;Year Ended December 31, 2012&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 8.05pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Loss&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Numerator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Per-Share&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Amount&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(19,057&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(1,268&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; font-weight: bold"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(20,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;108,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(0.19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 4.5pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="8" style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;Year Ended December 31, 2011&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 4.5pt; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Income&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Numerator&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Per-Share&lt;/p&gt;&#13;        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Amount&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Net income attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;3,074&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(1,265&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; font-weight: bold"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&lt;b&gt;Basic income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;33,733&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;194&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Options&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;57&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; font-weight: bold"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&lt;b&gt;&amp;#160;Diluted income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&amp;#160;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;1,809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;33,984&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;0.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;Property and equipment consisted of the following (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 70%"&gt;&lt;font style="font-size: 8pt"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;168,036&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,570&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,280&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,918&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;181,093&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,852&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(30,684&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,409&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,617&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangible assets consisted of the following&#13;(in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Useful&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Life&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Years)&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Net Book&lt;/p&gt;&#13;        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization &lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Net Book&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;Value&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Non-Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy tradename&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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background-color: White"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 9pt; text-indent: -1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Customer relationships&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,741&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,685&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,056&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,741&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,211&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,530&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 9pt; text-indent: -1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Pacific Ethanol tradename&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(550&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 24.85pt; text-indent: -13.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total intangible assets, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,734&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,219&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,761&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,458&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock>
    <us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The classification and amounts of the Company&amp;#146;s&#13;recognized gains (losses) for its derivatives not designated as hedging instruments are as follow (in thousands):&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gain&lt;/font&gt;s&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;For the Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 4.3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 4.3pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;For the Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(242&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;279&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(242&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock>
    <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 32%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;Years&#13;                                                                               Ended&lt;/font&gt;&lt;/p&gt;&#13;                                                                               &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;December&#13;                                                                               31,&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right; padding-right: 20pt"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,029&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; padding-right: 20pt"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; padding-right: 20pt"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;25,711&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; padding-right: 20pt"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;90,792&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,282&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
    <us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December&#13;    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="width: 46%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Statutory rate&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;125.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(3,849.0)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Section 382 reduction to loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(169.4)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3,827.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;State income taxes, net of federal benefit&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;5.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Stock compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.9)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(16.8)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Non-deductible items&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.6&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;1.7&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;Effective rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
    <us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; width: 46%; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,818&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,681&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Capital loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;840&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,013&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;278&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;417&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other accrued liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,466&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,759&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Investment in New PE Holdco&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,480&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,792&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Intangibles&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,513&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,706&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,002&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,498&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,555&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,352&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Net deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Classified in balance sheet as:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax benefit (current assets)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income taxes (long-term liability)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
    <us-gaap:FederalIncomeTaxNoteTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;These jurisdictions, along with the years&#13;still open to audit under the applicable statutes of limitation, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 49%; padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;u&gt;Jurisdiction&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 51%; padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;u&gt;Tax Years&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Federal&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Arizona&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;California&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Colorado&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Idaho&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Oregon&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Wisconsin&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:FederalIncomeTaxNoteTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="14" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 36%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at beginning of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;56.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -6.6pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Issued (Cancelled)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.25&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at end of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;63.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;56.70&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Options exercisable at end of year&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;147.45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock>
    <us-gaap:ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="7" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="4" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Exercisable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Range of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise Prices&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Outstanding&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Remaining Contractual Life (yrs)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number Exercisable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Average &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 9%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 34%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 7%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$ 12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;8.59&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;$866.25-$871.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;2.57&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock>
    <us-gaap:ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Average&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Grant Date &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Fair Value &lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 10pt"&gt;Per Share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 60%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;144.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Issued&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;(17&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;158.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;145.50&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;64.05&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;(13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;81.90&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;61.20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50.40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock>
    <us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="width: 60%; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;782&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1,522&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 1pt; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Non-employees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;756&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Total stock-based compensation expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;806&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,278&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock>
    <us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="From2012-01-01to2012-12-31">&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future minimum&#13;lease payments required by non-cancelable operating leases in effect at December 31, 2012 are as follows (in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Amount&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 5.4pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 69%; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 22%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,127&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,120&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,141&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13; 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text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Number of&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Shares&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Price per&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Share&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Weighted&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;br /&gt;&#13;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&#13; 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	  <link:definition>0039 - Disclosure - 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 3)</link:definition>
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	  <link:definition>0040 - Disclosure - 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 4)</link:definition>
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	  <link:definition>0041 - Disclosure - 1. ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)</link:definition>
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	  <link:definition>0042 - Disclosure - 1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative 1)</link:definition>
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	<link:roleType roleURI="http://paceth.com/role/VariableInterestEntityDetails" id="VariableInterestEntityDetails">
	  <link:definition>0043 - Disclosure - 2. VARIABLE INTEREST ENTITY (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/VariableInterestEntityDetailsNarrative" id="VariableInterestEntityDetailsNarrative">
	  <link:definition>0044 - Disclosure - 2. VARIABLE INTEREST ENTITY (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/InventoriesDetails" id="InventoriesDetails">
	  <link:definition>0045 - Disclosure - 3. INVENTORIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DerivativesDetails" id="DerivativesDetails">
	  <link:definition>0046 - Disclosure - 4. DERIVATIVES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DerivativesDetails1" id="DerivativesDetails1">
	  <link:definition>0047 - Disclosure - 4. DERIVATIVES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DerivativesDetailsNarrative" id="DerivativesDetailsNarrative">
	  <link:definition>0048 - Disclosure - 4. DERIVATIVES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DebtDetails" id="DebtDetails">
	  <link:definition>0049 - Disclosure - 5. DEBT (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DebtDetails1" id="DebtDetails1">
	  <link:definition>0050 - Disclosure - 5. DEBT (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DebtDetailsNarrative" id="DebtDetailsNarrative">
	  <link:definition>0051 - Disclosure - 5. DEBT (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/DebtDetailsNarrative1" id="DebtDetailsNarrative1">
	  <link:definition>0052 - Disclosure - 5. DEBT (Details Narrative 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/CommonStockAndWarrantsDetails" id="CommonStockAndWarrantsDetails">
	  <link:definition>0053 - Disclosure - 6. COMMON STOCK AND WARRANTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/CommonStockAndWarrantsDetailsNarrative" id="CommonStockAndWarrantsDetailsNarrative">
	  <link:definition>0054 - Disclosure - 6. COMMON STOCK AND WARRANTS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/CommitmentsAndContingenciesDetails" id="CommitmentsAndContingenciesDetails">
	  <link:definition>0055 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/CommitmentsAndContingenciesDetailsNarrative" id="CommitmentsAndContingenciesDetailsNarrative">
	  <link:definition>0056 - Disclosure - 7. COMMITMENTS AND CONTINGENCIES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails" id="FairValueMeasurementsDetails">
	  <link:definition>0057 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails1" id="FairValueMeasurementsDetails1">
	  <link:definition>0058 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails2" id="FairValueMeasurementsDetails2">
	  <link:definition>0059 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails3" id="FairValueMeasurementsDetails3">
	  <link:definition>0060 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails4" id="FairValueMeasurementsDetails4">
	  <link:definition>0061 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 4)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/FairValueMeasurementsDetails5" id="FairValueMeasurementsDetails5">
	  <link:definition>0062 - Disclosure - 8. FAIR VALUE MEASUREMENTS (Details 5)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/EarningsPerShareDetails" id="EarningsPerShareDetails">
	  <link:definition>0063 - Disclosure - 9. EARNINGS PER SHARE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/EarningsPerShareDetailsNarrative" id="EarningsPerShareDetailsNarrative">
	  <link:definition>0064 - Disclosure - 9. EARNINGS PER SHARE (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/RelatedPartyTransactionsDetailsNarrative" id="RelatedPartyTransactionsDetailsNarrative">
	  <link:definition>0065 - Disclosure - 10. RELATED PARTY TRANSACTIONS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/PropertyAndEquipmentDetails" id="PropertyAndEquipmentDetails">
	  <link:definition>0066 - Disclosure - 11. PROPERTY AND EQUIPMENT (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/PropertyAndEquipmentDetailsNarrative" id="PropertyAndEquipmentDetailsNarrative">
	  <link:definition>0067 - Disclosure - 11. PROPERTY AND EQUIPMENT (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IntangibleAssetsDetails" id="IntangibleAssetsDetails">
	  <link:definition>0068 - Disclosure - 12. INTANGIBLE ASSETS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IntangibleAssetsDetailsNarrative" id="IntangibleAssetsDetailsNarrative">
	  <link:definition>0069 - Disclosure - 12. INTANGIBLE ASSETS (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IncomeTaxesDetails" id="IncomeTaxesDetails">
	  <link:definition>0070 - Disclosure - 13. INCOME TAXES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IncomeTaxesDetails1" id="IncomeTaxesDetails1">
	  <link:definition>0071 - Disclosure - 13. INCOME TAXES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IncomeTaxesDetails2" id="IncomeTaxesDetails2">
	  <link:definition>0072 - Disclosure - 13. INCOME TAXES (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/IncomeTaxesDetailsNarrative" id="IncomeTaxesDetailsNarrative">
	  <link:definition>0073 - Disclosure - 13. INCOME TAXES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/PreferredStockDetailsNarrative" id="PreferredStockDetailsNarrative">
	  <link:definition>0074 - Disclosure - 14. PREFERRED STOCK (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/Stock-BasedCompensationDetails" id="Stock-BasedCompensationDetails">
	  <link:definition>0075 - Disclosure - 15. STOCK-BASED COMPENSATION (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/Stock-BasedCompensationDetail1" id="Stock-BasedCompensationDetail1">
	  <link:definition>0076 - Disclosure - 15. STOCK-BASED COMPENSATION (Detail 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/Stock-BasedCompensationDetails2" id="Stock-BasedCompensationDetails2">
	  <link:definition>0077 - Disclosure - 15. STOCK-BASED COMPENSATION (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/Stock-BasedCompensationDetails3" id="Stock-BasedCompensationDetails3">
	  <link:definition>0078 - Disclosure - 15. STOCK-BASED COMPENSATION (Details 3)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://paceth.com/role/Stock-BasedCompensationDetailsNarrative" id="Stock-BasedCompensationDetailsNarrative">
	  <link:definition>0079 - Disclosure - 15. STOCK-BASED COMPENSATION (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20130331_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20130331_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20130331_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="peix-20130331_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
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    <element id="peix_CustomerCMember" name="CustomerCMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_SupplierCMember" name="SupplierCMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="peix_FacilitiesAndPlantEquipmentMember" name="FacilitiesAndPlantEquipmentMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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    <element id="peix_NewPEHoldcoMember" name="NewPEHoldcoMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
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</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>15
<FILENAME>peix-20130331_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>17
<FILENAME>peix-20130331_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChiefExecutiveOfficerMember" xlink:to="us-gaap_ChiefExecutiveOfficerMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ChiefExecutiveOfficerMember_lbl" xml:lang="en-US">Chief Executive Officer [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">RelatedPartyTransactionsByRelatedParty [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:label="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:to="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember_lbl" xml:lang="en-US">Original Issuance 03/28/2013</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" xlink:label="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" xlink:to="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember_lbl" xml:lang="en-US">Original issuance 1/11/2013</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:label="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember_lbl" xml:lang="en-US">Original issuance 9/26/2012</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember_lbl" xml:lang="en-US">Original issuance 7/3/2012</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" xlink:to="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember_lbl" xml:lang="en-US">Original issuance 7/3/2012 (2nd one)</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" xlink:label="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember_lbl" xml:lang="en-US">Original issuance 12/13/2011</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantIssuedOnSixOctoberTwoThousandTenMember" xlink:label="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember" xlink:to="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember_lbl" xml:lang="en-US">Original issuance 10/6/2010</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConvertibleNotesPayableMember" xlink:label="us-gaap_ConvertibleNotesPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleNotesPayableMember" xlink:to="us-gaap_ConvertibleNotesPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleNotesPayableMember_lbl" xml:lang="en-US">Convertible Notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:label="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:to="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember_lbl" xml:lang="en-US">Issued on March 28, 2013 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US">StatementScenario [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommodityContractMember" xlink:to="us-gaap_CommodityContractMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommodityContractMember_2_lbl" xml:lang="en-US">Commodity Contracts [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ConversionFeatureMember" xlink:label="peix_ConversionFeatureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionFeatureMember" xlink:to="peix_ConversionFeatureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConversionFeatureMember_lbl" xml:lang="en-US">Conversion Feature [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IssuanceInJanuaryMember" xlink:label="peix_IssuanceInJanuaryMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceInJanuaryMember" xlink:to="peix_IssuanceInJanuaryMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_IssuanceInJanuaryMember_lbl" xml:lang="en-US">Issuance In January [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IssuanceInMarchMember" xlink:label="peix_IssuanceInMarchMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceInMarchMember" xlink:to="peix_IssuanceInMarchMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_IssuanceInMarchMember_lbl" xml:lang="en-US">Issuance In March [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SeniorUnsecuredNotesMember" xlink:label="peix_SeniorUnsecuredNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SeniorUnsecuredNotesMember" xlink:to="peix_SeniorUnsecuredNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SeniorUnsecuredNotesMember_lbl" xml:lang="en-US">Senior Unsecured Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CustomerAMember" xlink:label="peix_CustomerAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerAMember" xlink:to="peix_CustomerAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CustomerAMember_lbl" xml:lang="en-US">Customer A</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="us-gaap_MajorCustomersAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorCustomersAxis_lbl" xml:lang="en-US">Major Customers [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CustomerBMember" xlink:label="peix_CustomerBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerBMember" xlink:to="peix_CustomerBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CustomerBMember_lbl" xml:lang="en-US">Customer B</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CustomerCMember" xlink:label="peix_CustomerCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerCMember" xlink:to="peix_CustomerCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CustomerCMember_lbl" xml:lang="en-US">Customer C</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SupplierAMember" xlink:label="peix_SupplierAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierAMember" xlink:to="peix_SupplierAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SupplierAMember_lbl" xml:lang="en-US">Supplier A</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByTypeAxis_lbl" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SupplierBMember" xlink:label="peix_SupplierBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierBMember" xlink:to="peix_SupplierBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SupplierBMember_lbl" xml:lang="en-US">Supplier B</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SupplierCMember" xlink:label="peix_SupplierCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierCMember" xlink:to="peix_SupplierCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SupplierCMember_lbl" xml:lang="en-US">Supplier C</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BuildingMember" xlink:label="us-gaap_BuildingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingMember" xlink:to="us-gaap_BuildingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingMember_lbl" xml:lang="en-US">Building [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FacilitiesAndPlantEquipmentMember" xlink:label="peix_FacilitiesAndPlantEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FacilitiesAndPlantEquipmentMember" xlink:to="peix_FacilitiesAndPlantEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FacilitiesAndPlantEquipmentMember_lbl" xml:lang="en-US">Facilities and plant equipment [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OtherEquipmentVehiclesAndFurnitureMember" xlink:label="peix_OtherEquipmentVehiclesAndFurnitureMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherEquipmentVehiclesAndFurnitureMember" xlink:to="peix_OtherEquipmentVehiclesAndFurnitureMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OtherEquipmentVehiclesAndFurnitureMember_lbl" xml:lang="en-US">Other equipment, vehicles and furniture [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantMember" xlink:to="us-gaap_WarrantMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WarrantMember_2_lbl" xml:lang="en-US">Warrant</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US">AwardType [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockOptionMember" xlink:label="us-gaap_StockOptionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockOptionMember" xlink:to="us-gaap_StockOptionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockOptionMember_lbl" xml:lang="en-US">Option</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConvertibleDebtSecuritiesMember" xlink:label="us-gaap_ConvertibleDebtSecuritiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleDebtSecuritiesMember" xlink:to="us-gaap_ConvertibleDebtSecuritiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleDebtSecuritiesMember_lbl" xml:lang="en-US">Convertible Debt Securities [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_lbl" xml:lang="en-US">Antidilutive Securities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_NewPEHoldcoMember" xlink:label="peix_NewPEHoldcoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NewPEHoldcoMember" xlink:to="peix_NewPEHoldcoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NewPEHoldcoMember_lbl" xml:lang="en-US">New PE Holdco</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_2_lbl" xml:lang="en-US">Variable Interest Entities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_AmaMember" xlink:label="peix_AmaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AmaMember" xlink:to="peix_AmaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AmaMember_lbl" xml:lang="en-US">AMA [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US">Finite-Lived Intangible Assets by Major Class [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EthanolMarketingAgreementsMember" xlink:label="peix_EthanolMarketingAgreementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EthanolMarketingAgreementsMember" xlink:to="peix_EthanolMarketingAgreementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EthanolMarketingAgreementsMember_lbl" xml:lang="en-US">Ethanol marketing agreements [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CornProcurementAndHandlingAgreementsMember" xlink:label="peix_CornProcurementAndHandlingAgreementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CornProcurementAndHandlingAgreementsMember" xlink:to="peix_CornProcurementAndHandlingAgreementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CornProcurementAndHandlingAgreementsMember_lbl" xml:lang="en-US">Corn procurement and handling agreements [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DistillersGrainMarketingAgreementsMember" xlink:label="peix_DistillersGrainMarketingAgreementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DistillersGrainMarketingAgreementsMember" xlink:to="peix_DistillersGrainMarketingAgreementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DistillersGrainMarketingAgreementsMember_lbl" xml:lang="en-US">Distillers grain marketing agreements [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DistillersGrainsMarketingAgreementMember" xlink:label="peix_DistillersGrainsMarketingAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DistillersGrainsMarketingAgreementMember" xlink:to="peix_DistillersGrainsMarketingAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DistillersGrainsMarketingAgreementMember_lbl" xml:lang="en-US">Distillers grains marketing agreement [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_KinergyTradenameMember" xlink:label="peix_KinergyTradenameMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_KinergyTradenameMember" xlink:to="peix_KinergyTradenameMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_KinergyTradenameMember_lbl" xml:lang="en-US">Kinergy Tradename [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CustomerRelationshipsMember" xlink:label="us-gaap_CustomerRelationshipsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerRelationshipsMember" xlink:to="us-gaap_CustomerRelationshipsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CustomerRelationshipsMember_lbl" xml:lang="en-US">Customer Relationships [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PacificEthanolTradenameMember" xlink:label="peix_PacificEthanolTradenameMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PacificEthanolTradenameMember" xlink:to="peix_PacificEthanolTradenameMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PacificEthanolTradenameMember_lbl" xml:lang="en-US">Pacific Ethanol Tradename [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_KinergyMember" xlink:to="peix_KinergyMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_KinergyMember_2_lbl" xml:lang="en-US">Kinergy</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PlantOwnersMember" xlink:to="peix_PlantOwnersMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_PlantOwnersMember_2_lbl" xml:lang="en-US">Plant Owners</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_RelatedPartyMember" xlink:label="peix_RelatedPartyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RelatedPartyMember" xlink:to="peix_RelatedPartyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_RelatedPartyMember_lbl" xml:lang="en-US">Related Party</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FederalMember" xlink:label="peix_FederalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FederalMember" xlink:to="peix_FederalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FederalMember_lbl" xml:lang="en-US">Federal [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis" xlink:label="us-gaap_IncomeTaxAuthorityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxAuthorityAxis" xlink:to="us-gaap_IncomeTaxAuthorityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxAuthorityAxis_lbl" xml:lang="en-US">Income Tax Authority [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ArizonaMember" xlink:label="peix_ArizonaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ArizonaMember" xlink:to="peix_ArizonaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ArizonaMember_lbl" xml:lang="en-US">Arizona [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CaliforniaMember" xlink:label="peix_CaliforniaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CaliforniaMember" xlink:to="peix_CaliforniaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CaliforniaMember_lbl" xml:lang="en-US">California [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ColoradoMember" xlink:label="peix_ColoradoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ColoradoMember" xlink:to="peix_ColoradoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ColoradoMember_lbl" xml:lang="en-US">Colorado [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IdahoMember" xlink:label="peix_IdahoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IdahoMember" xlink:to="peix_IdahoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_IdahoMember_lbl" xml:lang="en-US">Idaho [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OregonMember" xlink:label="peix_OregonMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OregonMember" xlink:to="peix_OregonMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OregonMember_lbl" xml:lang="en-US">Oregon [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WisconsinMember" xlink:label="peix_WisconsinMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WisconsinMember" xlink:to="peix_WisconsinMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WisconsinMember_lbl" xml:lang="en-US">Wisconsin [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesAPreferredStockMember" xlink:to="us-gaap_SeriesAPreferredStockMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SeriesAPreferredStockMember_2_lbl" xml:lang="en-US">Series A Preferred Stock [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesBPreferredStockMember" xlink:to="us-gaap_SeriesBPreferredStockMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SeriesBPreferredStockMember_2_lbl" xml:lang="en-US">Series B Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfWarrantOrRightAxis" xlink:label="us-gaap_ClassOfWarrantOrRightAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightAxis" xlink:to="us-gaap_ClassOfWarrantOrRightAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_lbl" xml:lang="en-US">ClassOfWarrantOrRight [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_September2012PublicOfferingMember" xlink:label="peix_September2012PublicOfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_September2012PublicOfferingMember" xlink:to="peix_September2012PublicOfferingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_September2012PublicOfferingMember_lbl" xml:lang="en-US">September 2012 Public Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_July2012PublicOfferingMember" xlink:label="peix_July2012PublicOfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_July2012PublicOfferingMember" xlink:to="peix_July2012PublicOfferingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_July2012PublicOfferingMember_lbl" xml:lang="en-US">July 2012 Public Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_December2011PrivatePlacementMember" xlink:label="peix_December2011PrivatePlacementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_December2011PrivatePlacementMember" xlink:to="peix_December2011PrivatePlacementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_December2011PrivatePlacementMember_lbl" xml:lang="en-US">December 2011 Private Placement</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_RegistrationRightsAgreementMember" xlink:label="peix_RegistrationRightsAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RegistrationRightsAgreementMember" xlink:to="peix_RegistrationRightsAgreementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_RegistrationRightsAgreementMember_lbl" xml:lang="en-US">Registration Rights Agreement</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockOptionAwardOneMember" xlink:label="peix_StockOptionAwardOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionAwardOneMember" xlink:to="peix_StockOptionAwardOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockOptionAwardOneMember_lbl" xml:lang="en-US">$12.90</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" xlink:label="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis" xlink:to="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis_lbl" xml:lang="en-US">ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRange [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockOptionAwardTwoMember" xlink:label="peix_StockOptionAwardTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionAwardTwoMember" xlink:to="peix_StockOptionAwardTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockOptionAwardTwoMember_lbl" xml:lang="en-US">$866.25-$871.50</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="us-gaap_RestrictedStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockMember" xlink:to="us-gaap_RestrictedStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedStockMember_lbl" xml:lang="en-US">Restricted Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EmployeesMember" xlink:label="peix_EmployeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EmployeesMember" xlink:to="peix_EmployeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EmployeesMember_lbl" xml:lang="en-US">Employees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis" xlink:to="us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCompensationArrangementWithIndividualShareBasedPaymentsByTypeOfDeferredCompensationAxis_lbl" xml:lang="en-US">Type of Deferred Compensation [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_NonEmployeesMember" xlink:label="peix_NonEmployeesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NonEmployeesMember" xlink:to="peix_NonEmployeesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NonEmployeesMember_lbl" xml:lang="en-US">Non-employees</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockOptionPlanMember" xlink:label="peix_StockOptionPlanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionPlanMember" xlink:to="peix_StockOptionPlanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockOptionPlanMember_lbl" xml:lang="en-US">2004 Stock Option Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US">PlanName [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:label="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:to="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember_lbl" xml:lang="en-US">Warrants Issued On 26 September 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" xlink:to="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember_lbl" xml:lang="en-US">Warrants Issued On 03 July 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" xlink:to="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember_lbl" xml:lang="en-US">Warrants Issued On 03 July 2012 One [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" xlink:label="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" xlink:to="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember_lbl" xml:lang="en-US">Warrants Issued On 13 December 2011 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember" xlink:label="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember" xlink:to="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember_lbl" xml:lang="en-US">Warrants Issued On 06 October 2010 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_JulyOfferingMember" xlink:label="peix_JulyOfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_JulyOfferingMember" xlink:to="peix_JulyOfferingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_JulyOfferingMember_lbl" xml:lang="en-US">July Offering [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightAxis" xlink:to="us-gaap_ClassOfWarrantOrRightAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_2_lbl" xml:lang="en-US">ClassOfWarrantOrRightAxis [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SeptemberOfferingMember" xlink:label="peix_SeptemberOfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SeptemberOfferingMember" xlink:to="peix_SeptemberOfferingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SeptemberOfferingMember_lbl" xml:lang="en-US">September Offering [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US">Preferred Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-In Capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Accumulated Deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Noncontrolling Interest in VIE</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DocumentAndEntityInformationAbstract" xlink:label="peix_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DocumentAndEntityInformationAbstract" xlink:to="peix_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StatementClassOfStockAxis_2_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts receivable, net (net of allowance for doubtful accounts of $226, $18 and $24 respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventory" xlink:label="us-gaap_OtherInventory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventory" xlink:to="us-gaap_OtherInventory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventory_lbl" xml:lang="en-US">Prepaid inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property and equipment, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsAbstract" xlink:label="us-gaap_OtherAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsAbstract" xlink:to="us-gaap_OtherAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsAbstract_lbl" xml:lang="en-US">Other Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_lbl" xml:lang="en-US">Intangible assets, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Total other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total Assets**</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Accounts payable - trade</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="us-gaap_DividendsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrent_lbl" xml:lang="en-US">Accrued preferred dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion - long-term debt ($750 due to a related party)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, net of current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherAccruedLiabilitiesNoncurrent_lbl" xml:lang="en-US">Accrued preferred dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeLiabilityFairValueNet1" xlink:label="us-gaap_DerivativeLiabilityFairValueNet1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilityFairValueNet1" xlink:to="us-gaap_DerivativeLiabilityFairValueNet1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeLiabilityFairValueNet1_lbl" xml:lang="en-US">Warrant liabilities and conversion feature at fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities**</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">Commitments and Contingencies (Notes 5 and 7)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Stockholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Pacific Ethanol, Inc. Stockholders' Equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2013 and December 31, 2012 and 2011; liquidation preference of $23,196 as of March 31, 2013 and $23,927 as of December 31, 2012</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock, $0.001 par value; 300,000,000 shares authorized; 10,495,824, 9,789,408 and 5,775,445 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011, respectively</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total Pacific Ethanol, Inc. Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestInJointVentures" xlink:label="us-gaap_MinorityInterestInJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestInJointVentures" xlink:to="us-gaap_MinorityInterestInJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestInJointVentures_lbl" xml:lang="en-US">Noncontrolling interest in variable interest entity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total Liabilities and Stockholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivable" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivable_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesClassifiedCurrent_lbl" xml:lang="en-US">Current portion of long term debt to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockLiquidationPreferenceValue" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreferenceValue" xlink:to="us-gaap_PreferredStockLiquidationPreferenceValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreferenceValue_lbl" xml:lang="en-US">Preferred stock liquidation preference</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="us-gaap_SalesRevenueNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesRevenueNet" xlink:to="us-gaap_SalesRevenueNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesRevenueNet_lbl" xml:lang="en-US">Net sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CostOfGoodsSold" xlink:label="us-gaap_CostOfGoodsSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostOfGoodsSold" xlink:to="us-gaap_CostOfGoodsSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostOfGoodsSold_lbl" xml:lang="en-US">Cost of goods sold</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross profit (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SellingGeneralAndAdministrativeExpense" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingGeneralAndAdministrativeExpense" xlink:to="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Selling, general and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Income (loss) from operations</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantInducementsAndFairValueAdjustments1" xlink:label="peix_WarrantInducementsAndFairValueAdjustments1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantInducementsAndFairValueAdjustments1" xlink:to="peix_WarrantInducementsAndFairValueAdjustments1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantInducementsAndFairValueAdjustments1_lbl" xml:lang="en-US">Warrant inducements and fair value adjustments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Gain on extinguishment of debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherGeneralExpense" xlink:label="us-gaap_OtherGeneralExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherGeneralExpense_lbl" xml:lang="en-US">Other expense, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Loss before provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Provision for income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Consolidated net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_lbl" xml:lang="en-US">Net loss attributed to noncontrolling interest in variable interest entity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss attributed to Pacific Ethanol, Inc..</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Preferred stock dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Net loss per share, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted-average shares outstanding, basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_lbl" xml:lang="en-US">Weighted-average shares outstanding, diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Beginning Balances, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US">Beginning Balances, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US">Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ConversionOfPreferredStockToCommonStock" xlink:label="peix_ConversionOfPreferredStockToCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionOfPreferredStockToCommonStock" xlink:to="peix_ConversionOfPreferredStockToCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConversionOfPreferredStockToCommonStock_lbl" xml:lang="en-US">Conversion of preferred stock to common stock, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ConversionOfPreferredStockToCommonStockShares" xlink:label="peix_ConversionOfPreferredStockToCommonStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionOfPreferredStockToCommonStockShares" xlink:to="peix_ConversionOfPreferredStockToCommonStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ConversionOfPreferredStockToCommonStockShares_lbl" xml:lang="en-US">Conversion of preferred stock to common stock, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Shares issued on Convertible Notes, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Shares issued on Convertible Notes, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedInPrivatePlacementAmount" xlink:label="peix_SharesIssuedInPrivatePlacementAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInPrivatePlacementAmount" xlink:to="peix_SharesIssuedInPrivatePlacementAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedInPrivatePlacementAmount_lbl" xml:lang="en-US">Shares issued in private placement, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedInPrivatePlacementShares" xlink:label="peix_SharesIssuedInPrivatePlacementShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInPrivatePlacementShares" xlink:to="peix_SharesIssuedInPrivatePlacementShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedInPrivatePlacementShares_lbl" xml:lang="en-US">Shares issued in private placement, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Shares issued on equity offerings, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Shares issued on equity offerings, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount" xlink:to="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount_lbl" xml:lang="en-US">Shares issued as payment of prior unpaid Series B preferred dividends, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares" xlink:to="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares_lbl" xml:lang="en-US">Shares issued as payment of prior unpaid Series B preferred dividends, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockIssuedWarrantExercises" xlink:label="peix_StockIssuedWarrantExercises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockIssuedWarrantExercises" xlink:to="peix_StockIssuedWarrantExercises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockIssuedWarrantExercises_lbl" xml:lang="en-US">Warrant exercises, Amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedWarrantExercisesShares" xlink:label="peix_SharesIssuedWarrantExercisesShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedWarrantExercisesShares" xlink:to="peix_SharesIssuedWarrantExercisesShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedWarrantExercisesShares_lbl" xml:lang="en-US">Warrant exercises, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueAcquisitions" xlink:to="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueAcquisitions_lbl" xml:lang="en-US">Purchase of interests in New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStockStock" xlink:label="us-gaap_DividendsPreferredStockStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockStock" xlink:to="us-gaap_DividendsPreferredStockStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStockStock_lbl" xml:lang="en-US">Preferred stock dividends</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_2_lbl" xml:lang="en-US">Net income (loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3_lbl" xml:lang="en-US">Ending Balances, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_2_lbl" xml:lang="en-US">Ending Balances, Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Operating Activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_3_lbl" xml:lang="en-US">Consolidated net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile consolidated net loss to net cash used in operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization of intangibles</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_InterestExpenseAddedToPlantOwnersDebt" xlink:label="peix_InterestExpenseAddedToPlantOwnersDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InterestExpenseAddedToPlantOwnersDebt" xlink:to="peix_InterestExpenseAddedToPlantOwnersDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InterestExpenseAddedToPlantOwnersDebt_lbl" xml:lang="en-US">Interest expense added to Plant Owners' debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryWriteDown" xlink:label="us-gaap_InventoryWriteDown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWriteDown" xlink:to="us-gaap_InventoryWriteDown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryWriteDown_lbl" xml:lang="en-US">Inventory valuation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_2_lbl" xml:lang="en-US">Gain on extinguishment of debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantFairValueAdjustments" xlink:label="peix_WarrantFairValueAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantFairValueAdjustments" xlink:to="peix_WarrantFairValueAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantFairValueAdjustments_lbl" xml:lang="en-US">Warrant fair value adjustments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentIncomeAmortizationOfDiscount" xlink:label="us-gaap_InvestmentIncomeAmortizationOfDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeAmortizationOfDiscount" xlink:to="us-gaap_InvestmentIncomeAmortizationOfDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeAmortizationOfDiscount_lbl" xml:lang="en-US">Amortization of debt discount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US">Amortization of deferred financing fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherNoncashExpense" xlink:label="us-gaap_OtherNoncashExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashExpense" xlink:to="us-gaap_OtherNoncashExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashExpense_lbl" xml:lang="en-US">Non-cash compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeGainLossOnDerivativeNet" xlink:to="us-gaap_DerivativeGainLossOnDerivativeNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet_lbl" xml:lang="en-US">Loss (gain) on derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Bad debt expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestOnConvertibleDebtNetOfTax" xlink:label="us-gaap_InterestOnConvertibleDebtNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestOnConvertibleDebtNetOfTax" xlink:to="us-gaap_InterestOnConvertibleDebtNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestOnConvertibleDebtNetOfTax_lbl" xml:lang="en-US">Interest on convertible debt paid with stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract" xlink:to="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US">Prepaid inventory</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and accrued expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Investing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Additions to property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_lbl" xml:lang="en-US">Purchases of New PE Holdco ownership interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Financing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOrSaleOfEquity" xlink:to="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOrSaleOfEquity_lbl" xml:lang="en-US">Net proceeds from sales of common stock and warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromSecuredNotesPayable" xlink:label="us-gaap_ProceedsFromSecuredNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSecuredNotesPayable" xlink:to="us-gaap_ProceedsFromSecuredNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSecuredNotesPayable_lbl" xml:lang="en-US">Proceeds from Senior Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ProceedsFromSeriesConvertibleNotes" xlink:label="peix_ProceedsFromSeriesConvertibleNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ProceedsFromSeriesConvertibleNotes" xlink:to="peix_ProceedsFromSeriesConvertibleNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ProceedsFromSeriesConvertibleNotes_lbl" xml:lang="en-US">Proceeds from Series A Convertible Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="us-gaap_ProceedsFromWarrantExercises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromWarrantExercises" xlink:to="us-gaap_ProceedsFromWarrantExercises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromWarrantExercises_lbl" xml:lang="en-US">Proceeds from exercise of warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromOtherDebt" xlink:label="us-gaap_ProceedsFromOtherDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOtherDebt" xlink:to="us-gaap_ProceedsFromOtherDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromOtherDebt_lbl" xml:lang="en-US">Proceeds from Plant Owners' borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PrincipalPaymentsOnPlantOwnersBorrowings" xlink:label="peix_PrincipalPaymentsOnPlantOwnersBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PrincipalPaymentsOnPlantOwnersBorrowings" xlink:to="peix_PrincipalPaymentsOnPlantOwnersBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PrincipalPaymentsOnPlantOwnersBorrowings_lbl" xml:lang="en-US">Principal Payments on Plant Owners' borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PrincipalPaymentsOnSeniorNotes" xlink:label="peix_PrincipalPaymentsOnSeniorNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PrincipalPaymentsOnSeniorNotes" xlink:to="peix_PrincipalPaymentsOnSeniorNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PrincipalPaymentsOnSeniorNotes_lbl" xml:lang="en-US">Principal Payments on Senior Notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_NetProceedsFromPaymentsOnKinergysLineOfCredit" xlink:label="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit" xlink:to="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit_lbl" xml:lang="en-US">Net proceeds from (payments on) Kinergy's line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ParentPurchasesOfPlantOwnersDebt" xlink:label="peix_ParentPurchasesOfPlantOwnersDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ParentPurchasesOfPlantOwnersDebt" xlink:to="peix_ParentPurchasesOfPlantOwnersDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ParentPurchasesOfPlantOwnersDebt_lbl" xml:lang="en-US">Parent purchases of Plant Owners' debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtIssuanceCosts" xlink:label="us-gaap_DebtIssuanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtIssuanceCosts" xlink:to="us-gaap_DebtIssuanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtIssuanceCosts_lbl" xml:lang="en-US">Debt issuance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock dividends paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xml:lang="en-US">Principal payments paid on related party borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xml:lang="en-US">Cash and cash equivalents at end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Information:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US">Interest paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Noncash financing and investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco" xlink:label="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco" xlink:to="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco_lbl" xml:lang="en-US">Reclass of noncontrolling interest in VIE to APIC upon acquisitions of ownership interests in New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DiscountOnSeniorAndConvertibleDebt" xlink:label="peix_DiscountOnSeniorAndConvertibleDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DiscountOnSeniorAndConvertibleDebt" xlink:to="peix_DiscountOnSeniorAndConvertibleDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DiscountOnSeniorAndConvertibleDebt_lbl" xml:lang="en-US">Discount on senior and convertible debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises" xlink:to="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises_lbl" xml:lang="en-US">Reclass of warrant liability to equity upon warrant exercises</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueOther" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueOther" xlink:to="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueOther_lbl" xml:lang="en-US">Preferred stock dividends paid in common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" xlink:label="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" xlink:to="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_lbl" xml:lang="en-US">Notes issued for purchase of 33% ownership in New PEHC</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PreferredStockDividendsAccrued" xlink:label="peix_PreferredStockDividendsAccrued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PreferredStockDividendsAccrued" xlink:to="peix_PreferredStockDividendsAccrued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PreferredStockDividendsAccrued_lbl" xml:lang="en-US">Preferred stock dividends accrued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations" xlink:to="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations_lbl" xml:lang="en-US">Debt extinguished with issuance of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OrganizationAndBasisOfPresentationAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationAndBasisOfPresentationAbstract_lbl" xml:lang="en-US">Organization And Basis Of Presentation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">1. ORGANIZATION AND BASIS OF PRESENTATION.</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_VariableInterestEntityAbstract" xlink:label="peix_VariableInterestEntityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityAbstract" xlink:to="peix_VariableInterestEntityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityAbstract_lbl" xml:lang="en-US">Variable Interest Entity</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_VariableInterestEntityTextBlock" xlink:label="peix_VariableInterestEntityTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_VariableInterestEntityTextBlock" xlink:to="peix_VariableInterestEntityTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_VariableInterestEntityTextBlock_lbl" xml:lang="en-US">2. VARIABLE INTEREST ENTITY</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_InventoriesAbstract" xlink:label="peix_InventoriesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesAbstract" xlink:to="peix_InventoriesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_InventoriesAbstract_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">3. INVENTORIES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DerivativesAbstract" xlink:label="peix_DerivativesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesAbstract" xlink:to="peix_DerivativesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesAbstract_lbl" xml:lang="en-US">Derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock_lbl" xml:lang="en-US">4. DERIVATIVES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DebtAbstract" xlink:label="peix_DebtAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtAbstract" xlink:to="peix_DebtAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtAbstract_lbl" xml:lang="en-US">Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">5. DEBT</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CommonStockAndWarrantsAbstract" xlink:label="peix_CommonStockAndWarrantsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommonStockAndWarrantsAbstract" xlink:to="peix_CommonStockAndWarrantsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommonStockAndWarrantsAbstract_lbl" xml:lang="en-US">Common Stock And Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock" xlink:to="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_lbl" xml:lang="en-US">6. COMMON STOCK AND WARRANTS</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CommitmentsAndContingenciesAbstract" xlink:label="peix_CommitmentsAndContingenciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommitmentsAndContingenciesAbstract" xlink:to="peix_CommitmentsAndContingenciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CommitmentsAndContingenciesAbstract_lbl" xml:lang="en-US">Commitments And Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">7. COMMITMENTS AND CONTINGENCIES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueMeasurementsAbstract" xlink:label="peix_FairValueMeasurementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementsAbstract" xlink:to="peix_FairValueMeasurementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementsAbstract_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="us-gaap_FairValueDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosuresTextBlock" xlink:to="us-gaap_FairValueDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosuresTextBlock_lbl" xml:lang="en-US">8. FAIR VALUE MEASUREMENTS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">9 .EARNINGS PER SHARE</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">10. RELATED PARTY TRANSACTIONS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract_lbl" xml:lang="en-US">Property Plant and Equipment Income Statement Disclosures [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">11. PROPERTY AND EQUIPMENT</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract" xlink:to="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract_lbl" xml:lang="en-US">Goodwill and Intangible Assets Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock_lbl" xml:lang="en-US">12. INTANGIBLE ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="us-gaap_IncomeTaxDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl" xml:lang="en-US">Income Tax Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">13. INCOME TAXES</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PreferredStockAbstract" xlink:label="peix_PreferredStockAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PreferredStockAbstract" xlink:to="peix_PreferredStockAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_PreferredStockAbstract_lbl" xml:lang="en-US">Preferred Stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockTextBlock" xlink:label="us-gaap_PreferredStockTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockTextBlock" xlink:to="us-gaap_PreferredStockTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockTextBlock_lbl" xml:lang="en-US">14. PREFERRED STOCK</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock" xlink:to="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">15. STOCK-BASED COMPENSATION</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SubsequentEventAbstract" xlink:label="peix_SubsequentEventAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SubsequentEventAbstract" xlink:to="peix_SubsequentEventAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SubsequentEventAbstract_lbl" xml:lang="en-US">Subsequent Event</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">16.SUBSEQUENT EVENT</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OrganizationAndBasisOfPresentationPoliciesAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationPoliciesAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationPoliciesAbstract_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationVariableInterestEntityPolicy_lbl" xml:lang="en-US">Consolidation of Variable Interest Entities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ReverseStockSplitPolicy_lbl" xml:lang="en-US">Reverse Stock Split</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiquidityDisclosureTextBlock_lbl" xml:lang="en-US">Liquidity</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_AccountsReceivableAndAllowanceForDoubtfulAccounts" xlink:label="peix_AccountsReceivableAndAllowanceForDoubtfulAccounts" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US">Concentrations of Credit Risk</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US">Property and Equipment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US">Intangible Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" xlink:label="us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativesReportingOfDerivativeActivity" xlink:label="us-gaap_DerivativesReportingOfDerivativeActivity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesReportingOfDerivativeActivity" xlink:to="us-gaap_DerivativesReportingOfDerivativeActivity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativesReportingOfDerivativeActivity_lbl" xml:lang="en-US">Derivative Instruments and Hedging Activities</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees" xlink:label="us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees" xlink:to="us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees_lbl" xml:lang="en-US">California Ethanol Producer Incentive Program</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationRelatedCostsPolicyTextBlock_lbl" xml:lang="en-US">Stock-Based Compensation</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RegulatoryIncomeTaxesPolicy" xlink:label="us-gaap_RegulatoryIncomeTaxesPolicy" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Income (Loss) Per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Recent Accounting Pronouncements</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PurchasesFromExternalCustomersTableTextBlock_lbl" xml:lang="en-US">Purchases from external customers</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesTablesAbstract" xlink:to="peix_InventoriesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoriesTablesAbstract_lbl" xml:lang="en-US">Inventories Tables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DerivativesTablesAbstract" xlink:label="peix_DerivativesTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesTablesAbstract" xlink:to="peix_DerivativesTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesTablesAbstract_lbl" xml:lang="en-US">Derivatives Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:label="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock" xlink:to="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock_lbl" xml:lang="en-US">Derivatives not designated as hedging instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock" xlink:to="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock_lbl" xml:lang="en-US">Recognized gains (losses) on Derivatives</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DebtTablesAbstract" xlink:label="peix_DebtTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtTablesAbstract" xlink:to="peix_DebtTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtTablesAbstract_lbl" xml:lang="en-US">Debt Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xml:lang="en-US">Long Term Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xml:lang="en-US">Long Term Debt Due</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommonStockAndWarrantsAbstract" xlink:to="peix_CommonStockAndWarrantsAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_CommonStockAndWarrantsAbstract_2_lbl" xml:lang="en-US">Common Stock And Warrants Tables</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US">Warrant activity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock_lbl" xml:lang="en-US">Future Minimum Payment of Operating Lease</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueMeasurementsTablesAbstract" xlink:label="peix_FairValueMeasurementsTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementsTablesAbstract" xlink:to="peix_FairValueMeasurementsTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementsTablesAbstract_lbl" xml:lang="en-US">Fair Value Measurements Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:label="us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfAssumptionsUsedTableTextBlock" xlink:to="us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAssumptionsUsedTableTextBlock_lbl" xml:lang="en-US">Assumptions used and related fair values for warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock_lbl" xml:lang="en-US">Assumptions used and related fair value for conversion feature</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock_lbl" xml:lang="en-US">Summary of fair value measurements by level</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ChangesInFairValueOfLevel3InputsTableTextBlock" xlink:label="peix_ChangesInFairValueOfLevel3InputsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInFairValueOfLevel3InputsTableTextBlock" xlink:to="peix_ChangesInFairValueOfLevel3InputsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ChangesInFairValueOfLevel3InputsTableTextBlock_lbl" xml:lang="en-US">Changes in fair value of Level 3 inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EarningsPerShareTablesAbstract" xlink:label="peix_EarningsPerShareTablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareTablesAbstract" xlink:to="peix_EarningsPerShareTablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareTablesAbstract_lbl" xml:lang="en-US">Earnings Per Share Tables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:label="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock" xlink:to="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock_lbl" xml:lang="en-US">Computation of basic and diluted earnings per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xml:lang="en-US">Property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:label="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock" xlink:to="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock_lbl" xml:lang="en-US">Intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Components of deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FederalIncomeTaxNoteTextBlock" xlink:label="us-gaap_FederalIncomeTaxNoteTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FederalIncomeTaxNoteTextBlock_lbl" xml:lang="en-US">Federal Income Tax Note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock_lbl" xml:lang="en-US">Stock option plans</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock_lbl" xml:lang="en-US">Stock options outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" xlink:label="us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock_lbl" xml:lang="en-US">Unvested restricted stock activity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock" xlink:label="us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock_lbl" xml:lang="en-US">Stock-based compensation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EntityWideRevenueMajorCustomerPercentage" xlink:label="us-gaap_EntityWideRevenueMajorCustomerPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EntityWideRevenueMajorCustomerPercentage" xlink:to="us-gaap_EntityWideRevenueMajorCustomerPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EntityWideRevenueMajorCustomerPercentage_lbl" xml:lang="en-US">Customers representing 10% or more of total net sales</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EntityWideRevenueMajorSuppliersPercentage" xlink:label="peix_EntityWideRevenueMajorSuppliersPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideRevenueMajorSuppliersPercentage" xlink:to="peix_EntityWideRevenueMajorSuppliersPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EntityWideRevenueMajorSuppliersPercentage_lbl" xml:lang="en-US">Major suppliers representing 10% or more total purchases</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:to="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_lbl" xml:lang="en-US">Estimated useful lives</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AwardTypeAxis_2_lbl" xml:lang="en-US">Award Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IncomeNumeratorAbstract" xlink:label="peix_IncomeNumeratorAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeNumeratorAbstract" xlink:to="peix_IncomeNumeratorAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_IncomeNumeratorAbstract_lbl" xml:lang="en-US">Loss Numerator</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income attributed to Pacific Ethanol, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_BasicIncomePerShare" xlink:label="peix_BasicIncomePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_BasicIncomePerShare" xlink:to="peix_BasicIncomePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_BasicIncomePerShare_lbl" xml:lang="en-US">Basic income per share:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xml:lang="en-US">Income available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DilutedIncomePerShare1Abstract" xlink:label="peix_DilutedIncomePerShare1Abstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DilutedIncomePerShare1Abstract" xlink:to="peix_DilutedIncomePerShare1Abstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DilutedIncomePerShare1Abstract_lbl" xml:lang="en-US">Diluted income per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US">Income available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesDenominatorAbstract" xlink:label="peix_SharesDenominatorAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesDenominatorAbstract" xlink:to="peix_SharesDenominatorAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesDenominatorAbstract_lbl" xml:lang="en-US">Shares Denominator</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_BasicIncomePerShareAbstract" xlink:label="peix_BasicIncomePerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_BasicIncomePerShareAbstract" xlink:to="peix_BasicIncomePerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_BasicIncomePerShareAbstract_lbl" xml:lang="en-US">Basic income per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IncomeAvailableToCommonStockholdersShares" xlink:label="peix_IncomeAvailableToCommonStockholdersShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeAvailableToCommonStockholdersShares" xlink:to="peix_IncomeAvailableToCommonStockholdersShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_IncomeAvailableToCommonStockholdersShares_lbl" xml:lang="en-US">Income available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesExcludedFromEarningsPerShareBasic" xlink:label="peix_SharesExcludedFromEarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesExcludedFromEarningsPerShareBasic" xlink:to="peix_SharesExcludedFromEarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesExcludedFromEarningsPerShareBasic_lbl" xml:lang="en-US">Shares excluded from earnings per share basic</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DilutedIncomePerShareAbstract" xlink:label="peix_DilutedIncomePerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DilutedIncomePerShareAbstract" xlink:to="peix_DilutedIncomePerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_DilutedIncomePerShareAbstract_lbl" xml:lang="en-US">Diluted income per share:</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IncomeAvailableToCommonStockholdersDilutedShares" xlink:label="peix_IncomeAvailableToCommonStockholdersDilutedShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeAvailableToCommonStockholdersDilutedShares" xlink:to="peix_IncomeAvailableToCommonStockholdersDilutedShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_IncomeAvailableToCommonStockholdersDilutedShares_lbl" xml:lang="en-US">Income available to common stockholders</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PershareAmountAbstract" xlink:label="peix_PershareAmountAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PershareAmountAbstract" xlink:to="peix_PershareAmountAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PershareAmountAbstract_lbl" xml:lang="en-US">Per-Share Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_2_lbl" xml:lang="en-US">Income available to common stockholders, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Income available to common stockholders, basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="us-gaap_EarningsPerShareDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDiluted" xlink:to="us-gaap_EarningsPerShareDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_lbl" xml:lang="en-US">Loss available to common stockholders, diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" xlink:label="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract" xlink:to="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OrganizationAndBasisOfPresentationDetailsNarrativeAbstract_lbl" xml:lang="en-US">Organization And Basis Of Presentation Details Narrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_2_lbl" xml:lang="en-US">Organization and basis of Presentation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromUnsecuredLinesOfCredit" xlink:label="us-gaap_ProceedsFromUnsecuredLinesOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromUnsecuredLinesOfCredit" xlink:to="us-gaap_ProceedsFromUnsecuredLinesOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromUnsecuredLinesOfCredit_lbl" xml:lang="en-US">Proceeds from issuances of senior unsecured notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherLongTermDebt" xlink:label="us-gaap_OtherLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLongTermDebt" xlink:to="us-gaap_OtherLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLongTermDebt_lbl" xml:lang="en-US">Combined term and revolving debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SecuritiesReceivedAsCollateral" xlink:label="us-gaap_SecuritiesReceivedAsCollateral" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecuritiesReceivedAsCollateral" xlink:to="us-gaap_SecuritiesReceivedAsCollateral_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecuritiesReceivedAsCollateral_lbl" xml:lang="en-US">Accounts receivable used as collateral</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xml:lang="en-US">Bad debt recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US">Ownership interest in New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:label="us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:to="us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings_lbl" xml:lang="en-US">Line of credit collateral used</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts_lbl" xml:lang="en-US">Bad debt recovery</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EntityWideAccountsReceivableMajorCustomerAmount" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideAccountsReceivableMajorCustomerAmount" xlink:to="peix_EntityWideAccountsReceivableMajorCustomerAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerAmount_lbl" xml:lang="en-US">Accounts receivable due, Value</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EntityWideAccountsReceivableMajorCustomerPercentage" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideAccountsReceivableMajorCustomerPercentage" xlink:to="peix_EntityWideAccountsReceivableMajorCustomerPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerPercentage_lbl" xml:lang="en-US">Accounts receivable due, Percent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_2_lbl" xml:lang="en-US">Amortization of deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xml:lang="en-US">Unamortized deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FeesAndCommissionsOther" xlink:label="us-gaap_FeesAndCommissionsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FeesAndCommissionsOther" xlink:to="us-gaap_FeesAndCommissionsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FeesAndCommissionsOther_lbl" xml:lang="en-US">Net sales when company acting as an agent</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation" xlink:label="us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation" xlink:to="us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation_lbl" xml:lang="en-US">Reduction to cost of goods sold</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockBasedCompensationFutureUnvestedForfeitureRate" xlink:label="peix_StockBasedCompensationFutureUnvestedForfeitureRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockBasedCompensationFutureUnvestedForfeitureRate" xlink:to="peix_StockBasedCompensationFutureUnvestedForfeitureRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockBasedCompensationFutureUnvestedForfeitureRate_lbl" xml:lang="en-US">Stock-based compensation future unvested forfeiture rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued and unpaid dividends</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Potentially dilutive shares from convertible securities outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="us-gaap_VariableInterestEntityLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US">Variable Interest Entity [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract" xlink:to="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract_lbl" xml:lang="en-US">Values and classification of assets that are collateral for the obligations of New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CashAndCashEquivalentsVIE" xlink:label="peix_CashAndCashEquivalentsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CashAndCashEquivalentsVIE" xlink:to="peix_CashAndCashEquivalentsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_CashAndCashEquivalentsVIE_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OtherCurrentAssetsVIE" xlink:label="peix_OtherCurrentAssetsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherCurrentAssetsVIE" xlink:to="peix_OtherCurrentAssetsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherCurrentAssetsVIE_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PropertyAndEquipmentVIE" xlink:label="peix_PropertyAndEquipmentVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PropertyAndEquipmentVIE" xlink:to="peix_PropertyAndEquipmentVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_PropertyAndEquipmentVIE_lbl" xml:lang="en-US">Property and equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OtherAssetsVIE" xlink:label="peix_OtherAssetsVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherAssetsVIE" xlink:to="peix_OtherAssetsVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherAssetsVIE_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CurrentLiabilitiesVIE" xlink:label="peix_CurrentLiabilitiesVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CurrentLiabilitiesVIE" xlink:to="peix_CurrentLiabilitiesVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CurrentLiabilitiesVIE_lbl" xml:lang="en-US">Current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_LongAndShortTermDebt" xlink:label="peix_LongAndShortTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_LongAndShortTermDebt" xlink:to="peix_LongAndShortTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_LongAndShortTermDebt_lbl" xml:lang="en-US">Long-term debt, including current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OtherLiabilitiesVIE" xlink:label="peix_OtherLiabilitiesVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherLiabilitiesVIE" xlink:to="peix_OtherLiabilitiesVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_OtherLiabilitiesVIE_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US">Total liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ReducedNoncontrollingInterestInVIE" xlink:label="peix_ReducedNoncontrollingInterestInVIE" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReducedNoncontrollingInterestInVIE" xlink:to="peix_ReducedNoncontrollingInterestInVIE_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ReducedNoncontrollingInterestInVIE_lbl" xml:lang="en-US">Reduced Noncontrolling interest in VIEs</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DifferenceInNoncontrollingInterestInVies" xlink:label="peix_DifferenceInNoncontrollingInterestInVies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DifferenceInNoncontrollingInterestInVies" xlink:to="peix_DifferenceInNoncontrollingInterestInVies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DifferenceInNoncontrollingInterestInVies_lbl" xml:lang="en-US">Additional paid in capital for fair value of VIE's</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" xlink:label="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues" xlink:to="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues_lbl" xml:lang="en-US">Net sales attributed to New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss" xlink:label="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss" xlink:to="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss_lbl" xml:lang="en-US">Net loss attributed to New PE Holdco</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated" xlink:label="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated" xlink:to="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated_lbl" xml:lang="en-US">Company revenue and VIE costs under the AMA agreement eliminated</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_InventoriesDetailsAbstract" xlink:label="peix_InventoriesDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InventoriesDetailsAbstract" xlink:to="peix_InventoriesDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_InventoriesDetailsAbstract_lbl" xml:lang="en-US">Inventories Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryNetAbstract" xlink:label="us-gaap_InventoryNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNetAbstract" xlink:to="us-gaap_InventoryNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNetAbstract_lbl" xml:lang="en-US">Inventory balances</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryFinishedGoods" xlink:label="us-gaap_InventoryFinishedGoods" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryFinishedGoods" xlink:to="us-gaap_InventoryFinishedGoods_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryFinishedGoods_lbl" xml:lang="en-US">Finished goods</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryWorkInProcess" xlink:label="us-gaap_InventoryWorkInProcess" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryWorkInProcess" xlink:to="us-gaap_InventoryWorkInProcess_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryWorkInProcess_lbl" xml:lang="en-US">Work in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InventoryRawMaterials" xlink:label="us-gaap_InventoryRawMaterials" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryRawMaterials" xlink:to="us-gaap_InventoryRawMaterials_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryRawMaterials_lbl" xml:lang="en-US">Raw materials</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherInventorySupplies" xlink:label="us-gaap_OtherInventorySupplies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInventorySupplies" xlink:to="us-gaap_OtherInventorySupplies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInventorySupplies_lbl" xml:lang="en-US">Other</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InventoryNet_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xml:lang="en-US">Derivative Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location, by Derivative Instrument Risk [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:label="us-gaap_DerivativeInstrumentsGainLossLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossLineItems" xlink:to="us-gaap_DerivativeInstrumentsGainLossLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossLineItems_lbl" xml:lang="en-US">Derivative Instruments, Gain (Loss) [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" xlink:label="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract" xlink:to="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherDerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNetTotalAbstract_lbl" xml:lang="en-US">Classification and amounts of the Company's derivatives not designated as hedging instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" xlink:label="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet" xlink:to="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossRecognizedInIncomeNet_lbl" xml:lang="en-US">Realized Gains (Losses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Unrealized Gains</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract" xlink:to="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract_lbl" xml:lang="en-US">Derivative Instruments and Hedging Activities Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeTypeOfInstrument" xlink:label="us-gaap_DerivativeTypeOfInstrument" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeTypeOfInstrument" xlink:to="us-gaap_DerivativeTypeOfInstrument_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeTypeOfInstrument_lbl" xml:lang="en-US">Type of derivative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeAssetsCurrent" xlink:label="us-gaap_DerivativeAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeAssetsCurrent" xlink:to="us-gaap_DerivativeAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DerivativeAssetsCurrent_lbl" xml:lang="en-US">Other current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DerivativeLiabilitiesCurrent" xlink:label="us-gaap_DerivativeLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeLiabilitiesCurrent" xlink:to="us-gaap_DerivativeLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DerivativeLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DerivativesDetailsNarrativeAbstract" xlink:label="peix_DerivativesDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DerivativesDetailsNarrativeAbstract" xlink:to="peix_DerivativesDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DerivativesDetailsNarrativeAbstract_lbl" xml:lang="en-US">Derivatives Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_AdditionalTextualsAbstract" xlink:label="peix_AdditionalTextualsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdditionalTextualsAbstract" xlink:to="peix_AdditionalTextualsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AdditionalTextualsAbstract_lbl" xml:lang="en-US">Additional details</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeGainLossOnDerivativeNet" xlink:to="us-gaap_DerivativeGainLossOnDerivativeNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet_2_lbl" xml:lang="en-US">Recognized gains and losses due to change in fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DebtDetailsAbstract" xlink:label="peix_DebtDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtDetailsAbstract" xlink:to="peix_DebtDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtDetailsAbstract_lbl" xml:lang="en-US">Debt Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtByComponentsAlternativeAbstract" xlink:label="us-gaap_LongTermDebtByComponentsAlternativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtByComponentsAlternativeAbstract" xlink:to="us-gaap_LongTermDebtByComponentsAlternativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtByComponentsAlternativeAbstract_lbl" xml:lang="en-US">Long-term borrowings are summarized as follows</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Kinergy operating line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SeniorNotes" xlink:label="us-gaap_SeniorNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeniorNotes" xlink:to="us-gaap_SeniorNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeniorNotes_lbl" xml:lang="en-US">Senior unsecured notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConvertibleSubordinatedDebt" xlink:label="us-gaap_ConvertibleSubordinatedDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleSubordinatedDebt" xlink:to="us-gaap_ConvertibleSubordinatedDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleSubordinatedDebt_lbl" xml:lang="en-US">Subordinated convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MediumTermNotes" xlink:label="us-gaap_MediumTermNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MediumTermNotes" xlink:to="us-gaap_MediumTermNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MediumTermNotes_lbl" xml:lang="en-US">Plant Owner's term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_NewPeHoldcoOperatingLineOfCredit" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NewPeHoldcoOperatingLineOfCredit" xlink:to="peix_NewPeHoldcoOperatingLineOfCredit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit_lbl" xml:lang="en-US">Plant Owner's operating line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Note payable to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_LongTermDebtPriorUnamortizedDiscount" xlink:label="peix_LongTermDebtPriorUnamortizedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_LongTermDebtPriorUnamortizedDiscount" xlink:to="peix_LongTermDebtPriorUnamortizedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_LongTermDebtPriorUnamortizedDiscount_lbl" xml:lang="en-US">Total debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ParentPurchasedPlantOwnersTermDebt" xlink:label="peix_ParentPurchasedPlantOwnersTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ParentPurchasedPlantOwnersTermDebt" xlink:to="peix_ParentPurchasedPlantOwnersTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ParentPurchasedPlantOwnersTermDebt_lbl" xml:lang="en-US">Less: Parent purchased Plant Owners' term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_UnamortizedDiscountOnSeniorUnsecuredNotes" xlink:label="peix_UnamortizedDiscountOnSeniorUnsecuredNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnamortizedDiscountOnSeniorUnsecuredNotes" xlink:to="peix_UnamortizedDiscountOnSeniorUnsecuredNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_UnamortizedDiscountOnSeniorUnsecuredNotes_lbl" xml:lang="en-US">Less: Unamortized discount on senior unsecured notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_UnamortizedDiscountOnConvertibleNotes" xlink:label="peix_UnamortizedDiscountOnConvertibleNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnamortizedDiscountOnConvertibleNotes" xlink:to="peix_UnamortizedDiscountOnConvertibleNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_UnamortizedDiscountOnConvertibleNotes_lbl" xml:lang="en-US">Less: Unamortized discount on convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Long-term Debt, current and non-current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_LongTermDebtCurrent_2_lbl" xml:lang="en-US">Less short-term portion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_2_lbl" xml:lang="en-US">Long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xml:lang="en-US">2013</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US">2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US">2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US">2016</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_2_lbl" xml:lang="en-US">Total</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityAverageOutstandingAmount" xlink:label="us-gaap_LineOfCreditFacilityAverageOutstandingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAverageOutstandingAmount" xlink:to="us-gaap_LineOfCreditFacilityAverageOutstandingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityAverageOutstandingAmount_lbl" xml:lang="en-US">Borrowings under line of credit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Availability under the revolving credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfDebtDiscountPremium" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDebtDiscountPremium" xlink:to="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDebtDiscountPremium_lbl" xml:lang="en-US">Discount amortization included in interest expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="us-gaap_RepaymentsOfNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfNotesPayable" xlink:to="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xml:lang="en-US">Principal payments made on notes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:label="us-gaap_DebtInstrumentConvertibleConversionPrice1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentConvertibleConversionPrice1" xlink:to="us-gaap_DebtInstrumentConvertibleConversionPrice1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentConvertibleConversionPrice1_lbl" xml:lang="en-US">Conversion price</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_DebtInstrumentConvertibleConversionToShares" xlink:label="peix_DebtInstrumentConvertibleConversionToShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtInstrumentConvertibleConversionToShares" xlink:to="peix_DebtInstrumentConvertibleConversionToShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_DebtInstrumentConvertibleConversionToShares_lbl" xml:lang="en-US">Series A Notes converted into common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueOfConversionFeature" xlink:label="peix_FairValueOfConversionFeature" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueOfConversionFeature" xlink:to="peix_FairValueOfConversionFeature_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueOfConversionFeature_lbl" xml:lang="en-US">Fair value of conversion feature</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueOfWarrants" xlink:label="peix_FairValueOfWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueOfWarrants" xlink:to="peix_FairValueOfWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueOfWarrants_lbl" xml:lang="en-US">Fair value of warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd" xlink:to="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd_lbl" xml:lang="en-US">Credit line interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityExpirationDate1" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityExpirationDate1" xlink:to="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityExpirationDate1_lbl" xml:lang="en-US">Credit line expiration date</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCredit_2_lbl" xml:lang="en-US">Credit line balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="us-gaap_DebtInstrumentMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US">Note payable maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xml:lang="en-US">Availability under the revolving credit facility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" xlink:label="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings" xlink:to="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings_lbl" xml:lang="en-US">Credit facility increase</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LineOfCreditFacilityAmountOutstanding" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAmountOutstanding" xlink:to="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xml:lang="en-US">Outstanding balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Interest under notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_2_lbl" xml:lang="en-US">Remaining amount of notes due and payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentMaturityDate_2_lbl" xml:lang="en-US">Debt maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DebtInstrumentIncreaseAccruedInterest" xlink:label="us-gaap_DebtInstrumentIncreaseAccruedInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentIncreaseAccruedInterest" xlink:to="us-gaap_DebtInstrumentIncreaseAccruedInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentIncreaseAccruedInterest_lbl" xml:lang="en-US">Accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" xlink:label="us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption" xlink:to="us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption_lbl" xml:lang="en-US">Income for fair value adjustments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InterestExpenseBorrowings" xlink:label="us-gaap_InterestExpenseBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseBorrowings" xlink:to="us-gaap_InterestExpenseBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseBorrowings_lbl" xml:lang="en-US">Interest expense on borrowings</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightAxis" xlink:to="us-gaap_ClassOfWarrantOrRightAxis_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightAxis_3_lbl" xml:lang="en-US">Class of Warrant or Right [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US">Number of Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Begining Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">Warrants issued</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised" xlink:label="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised" xlink:to="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised_lbl" xml:lang="en-US">Warrants exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_2_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ExercuisePricePerShareAbstract" xlink:label="peix_ExercuisePricePerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ExercuisePricePerShareAbstract" xlink:to="peix_ExercuisePricePerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ExercuisePricePerShareAbstract_lbl" xml:lang="en-US">Price per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice" xlink:label="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Begining Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Warrants issued</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PricePerShareWarrantsExercised" xlink:label="peix_PricePerShareWarrantsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PricePerShareWarrantsExercised" xlink:to="peix_PricePerShareWarrantsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_PricePerShareWarrantsExercised_lbl" xml:lang="en-US">Warrants exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_2_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward_lbl" xml:lang="en-US">Weighted Average Exercise Price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Begining Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Warrants issued</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Warrants exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_2_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfDebt_lbl" xml:lang="en-US">Proceeds from offering</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_UnderwritingAndIssuanceCosts" xlink:label="peix_UnderwritingAndIssuanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnderwritingAndIssuanceCosts" xlink:to="peix_UnderwritingAndIssuanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_UnderwritingAndIssuanceCosts_lbl" xml:lang="en-US">Underwriting and issuance costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesOther" xlink:label="us-gaap_StockIssuedDuringPeriodSharesOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesOther" xlink:to="us-gaap_StockIssuedDuringPeriodSharesOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesOther_lbl" xml:lang="en-US">Common stock and warrants issued</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantsExercisedShares" xlink:label="peix_WarrantsExercisedShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsExercisedShares" xlink:to="peix_WarrantsExercisedShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_WarrantsExercisedShares_lbl" xml:lang="en-US">Warrants exercised, shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromWarrantExercises" xlink:to="us-gaap_ProceedsFromWarrantExercises_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromWarrantExercises_2_lbl" xml:lang="en-US">Warrants exercised, value</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueAdjustmentsForWarrants" xlink:label="peix_FairValueAdjustmentsForWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsForWarrants" xlink:to="peix_FairValueAdjustmentsForWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueAdjustmentsForWarrants_lbl" xml:lang="en-US">Fair value adjustments for warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US">2013</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US">2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US">2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US">2016</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xml:lang="en-US">2017</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US">Thereafter</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PurchaseCommitmentsAbstract" xlink:label="peix_PurchaseCommitmentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchaseCommitmentsAbstract" xlink:to="peix_PurchaseCommitmentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PurchaseCommitmentsAbstract_lbl" xml:lang="en-US">Additional commitments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" xlink:label="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted" xlink:to="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantPurchaseCommitmentRemainingMinimumAmountCommitted_lbl" xml:lang="en-US">Fixed-price purchase contracts to purchase, ethanol</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PurchaseCommitmentMinimumVolumeRequired" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchaseCommitmentMinimumVolumeRequired" xlink:to="peix_PurchaseCommitmentMinimumVolumeRequired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired_lbl" xml:lang="en-US">Indexed-price contracts to purchase ethanol</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OpenEthanolIndexedpriceSalesCommitment" xlink:label="peix_OpenEthanolIndexedpriceSalesCommitment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenEthanolIndexedpriceSalesCommitment" xlink:to="peix_OpenEthanolIndexedpriceSalesCommitment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OpenEthanolIndexedpriceSalesCommitment_lbl" xml:lang="en-US">Open ethanol indexed-price sales commitment</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OpenWdgAndSyrupFixedpriceSalesContracts" xlink:label="peix_OpenWdgAndSyrupFixedpriceSalesContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenWdgAndSyrupFixedpriceSalesContracts" xlink:to="peix_OpenWdgAndSyrupFixedpriceSalesContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OpenWdgAndSyrupFixedpriceSalesContracts_lbl" xml:lang="en-US">Open WDG and syrup fixed-price sales contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OpenIndexedpriceSalesContracts" xlink:label="peix_OpenIndexedpriceSalesContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenIndexedpriceSalesContracts" xlink:to="peix_OpenIndexedpriceSalesContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OpenIndexedpriceSalesContracts_lbl" xml:lang="en-US">Open indexed-price sales contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLeasesRentExpenseNet" xlink:label="us-gaap_OperatingLeasesRentExpenseNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesRentExpenseNet" xlink:to="us-gaap_OperatingLeasesRentExpenseNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesRentExpenseNet_lbl" xml:lang="en-US">Rent expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" xlink:label="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US">Significant assumptions used in the valuations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExercisePrice" xlink:label="us-gaap_FairValueAssumptionsExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExercisePrice" xlink:to="us-gaap_FairValueAssumptionsExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExercisePrice_lbl" xml:lang="en-US">Exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_FairValueAssumptionsExpectedVolatilityRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_FairValueAssumptionsExpectedVolatilityRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US">Volatility</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsRiskFreeInterestRate" xlink:label="us-gaap_FairValueAssumptionsRiskFreeInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsRiskFreeInterestRate" xlink:to="us-gaap_FairValueAssumptionsRiskFreeInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US">Risk free interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssumptionsExpectedTerm" xlink:label="us-gaap_FairValueAssumptionsExpectedTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssumptionsExpectedTerm" xlink:to="us-gaap_FairValueAssumptionsExpectedTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssumptionsExpectedTerm_lbl" xml:lang="en-US">Term (years)</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueAssumptionsMarketabilityDiscount" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAssumptionsMarketabilityDiscount" xlink:to="peix_FairValueAssumptionsMarketabilityDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount_lbl" xml:lang="en-US">Discount for Marketability restrictions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xml:lang="en-US">Warrants Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WarrantsAndRightsOutstanding" xlink:label="us-gaap_WarrantsAndRightsOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantsAndRightsOutstanding" xlink:to="us-gaap_WarrantsAndRightsOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WarrantsAndRightsOutstanding_lbl" xml:lang="en-US">Fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdvancesFairValueDisclosure" xlink:label="us-gaap_AdvancesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdvancesFairValueDisclosure" xlink:to="us-gaap_AdvancesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AdvancesFairValueDisclosure_lbl" xml:lang="en-US">Fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAssumptionsMarketabilityDiscount" xlink:to="peix_FairValueAssumptionsMarketabilityDiscount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount_2_lbl" xml:lang="en-US">Marketability discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_2_lbl" xml:lang="en-US">Warrant outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StatementScenarioAxis_2_lbl" xml:lang="en-US">Scenario [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_WarrantLiabilities" xlink:label="peix_WarrantLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantLiabilities" xlink:to="peix_WarrantLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_WarrantLiabilities_lbl" xml:lang="en-US">Fair value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_lbl" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_lbl" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_2_lbl" xml:lang="en-US">Fair Value, Hierarchy [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract" xlink:to="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisAbstract_lbl" xml:lang="en-US">Summary of fair value measurements by level</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosureAbstract_lbl" xml:lang="en-US">Assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="us-gaap_AssetsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_AssetsFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="us-gaap_LiabilitiesFairValueDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="us-gaap_LiabilitiesFairValueDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosureAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosure" xlink:label="us-gaap_LiabilitiesFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesFairValueDisclosure" xlink:to="us-gaap_LiabilitiesFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesFairValueDisclosure_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems_lbl" xml:lang="en-US">Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward" xlink:to="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward_lbl" xml:lang="en-US">Changes in the fair value of the Company's Level 3 inputs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_lbl" xml:lang="en-US">Beginning Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Issuance of warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" xlink:label="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" xlink:to="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_lbl" xml:lang="en-US">Warrant exercises</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements_lbl" xml:lang="en-US">Adjustments to fair value for the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" xlink:to="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_2_lbl" xml:lang="en-US">Ending Balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarrantsAndRightsOutstanding" xlink:to="us-gaap_WarrantsAndRightsOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WarrantsAndRightsOutstanding_2_lbl" xml:lang="en-US">Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConvertibleDebtFairValueDisclosures" xlink:label="us-gaap_ConvertibleDebtFairValueDisclosures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleDebtFairValueDisclosures" xlink:to="us-gaap_ConvertibleDebtFairValueDisclosures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleDebtFairValueDisclosures_lbl" xml:lang="en-US">Convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_RetirementOfConvertibleNotes" xlink:label="peix_RetirementOfConvertibleNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RetirementOfConvertibleNotes" xlink:to="peix_RetirementOfConvertibleNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_RetirementOfConvertibleNotes_lbl" xml:lang="en-US">Retirement of convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_IssuanceOfWarrants" xlink:label="peix_IssuanceOfWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceOfWarrants" xlink:to="peix_IssuanceOfWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="peix_IssuanceOfWarrants_lbl" xml:lang="en-US">Issuance of warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromWarrantExercises" xlink:to="us-gaap_ProceedsFromWarrantExercises_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromWarrantExercises_3_lbl" xml:lang="en-US">Exercises of warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalWarrantIssued_lbl" xml:lang="en-US">Adjustments to fair value of warrant</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_AdjustmentsToFairValueConvertibleNotes" xlink:label="peix_AdjustmentsToFairValueConvertibleNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdjustmentsToFairValueConvertibleNotes" xlink:to="peix_AdjustmentsToFairValueConvertibleNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_AdjustmentsToFairValueConvertibleNotes_lbl" xml:lang="en-US">Adjustments to fair value of convertible notes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EarningsPerShareDetailsAbstract" xlink:label="peix_EarningsPerShareDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareDetailsAbstract" xlink:to="peix_EarningsPerShareDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareDetailsAbstract_lbl" xml:lang="en-US">Earnings Per Share Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US">Basic and diluted earnings per share</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_3_lbl" xml:lang="en-US">Net loss/Income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Less: Preferred stock dividends</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_3_lbl" xml:lang="en-US">Loss available to common stockholders</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_2_lbl" xml:lang="en-US">Basic and diluted, shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_3_lbl" xml:lang="en-US">Basic and diluted, per share</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_EarningsPerShareDetailsTextualsAbstract" xlink:label="peix_EarningsPerShareDetailsTextualsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EarningsPerShareDetailsTextualsAbstract" xlink:to="peix_EarningsPerShareDetailsTextualsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_EarningsPerShareDetailsTextualsAbstract_lbl" xml:lang="en-US">Earnings Per Share Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DilutiveSecuritiesAbstract" xlink:label="us-gaap_DilutiveSecuritiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DilutiveSecuritiesAbstract" xlink:to="us-gaap_DilutiveSecuritiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DilutiveSecuritiesAbstract_lbl" xml:lang="en-US">Dilutive securities</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_2_lbl" xml:lang="en-US">Potentially dilutive weighted-average shares from convertible securities not considered in calculation of diluted shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_2_lbl" xml:lang="en-US">Accrued and unpaid dividends, amount</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_SharesIssuedInLieuOfDividendPayment" xlink:label="peix_SharesIssuedInLieuOfDividendPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInLieuOfDividendPayment" xlink:to="peix_SharesIssuedInLieuOfDividendPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_SharesIssuedInLieuOfDividendPayment_lbl" xml:lang="en-US">Shares issued in lieu of dividend payment</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_ValueOfSharesIssuedInLieuOfDividendPayment" xlink:label="peix_ValueOfSharesIssuedInLieuOfDividendPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ValueOfSharesIssuedInLieuOfDividendPayment" xlink:to="peix_ValueOfSharesIssuedInLieuOfDividendPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_ValueOfSharesIssuedInLieuOfDividendPayment_lbl" xml:lang="en-US">Value of shares issued in lieu of dividend payment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent_3_lbl" xml:lang="en-US">Note payable to its Chief Executive Officer</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_MachineryAndEquipmentGross" xlink:label="us-gaap_MachineryAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MachineryAndEquipmentGross" xlink:to="us-gaap_MachineryAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MachineryAndEquipmentGross_lbl" xml:lang="en-US">Facilities and plant equipment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Land" xlink:label="us-gaap_Land" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Land" xlink:to="us-gaap_Land_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Land_lbl" xml:lang="en-US">Land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="us-gaap_FurnitureAndFixturesGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FurnitureAndFixturesGross" xlink:to="us-gaap_FurnitureAndFixturesGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FurnitureAndFixturesGross_lbl" xml:lang="en-US">Other equipment, vehicles and furniture</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="us-gaap_ConstructionInProgressGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressGross" xlink:to="us-gaap_ConstructionInProgressGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US">Construction in progress</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Property, Plant and Equipment, Gross</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xml:lang="en-US">Property, Plant and Equipment, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_PropertyAndEquipmentDetailsNarrativeAbstract" xlink:label="peix_PropertyAndEquipmentDetailsNarrativeAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PropertyAndEquipmentDetailsNarrativeAbstract" xlink:to="peix_PropertyAndEquipmentDetailsNarrativeAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_PropertyAndEquipmentDetailsNarrativeAbstract_lbl" xml:lang="en-US">Property And Equipment Details Narrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PropertyPlantAndEquipmentOther" xlink:label="us-gaap_PropertyPlantAndEquipmentOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentOther" xlink:to="us-gaap_PropertyPlantAndEquipmentOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentOther_lbl" xml:lang="en-US">Idle facilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OtherDepreciationAndAmortization" xlink:label="us-gaap_OtherDepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherDepreciationAndAmortization" xlink:to="us-gaap_OtherDepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherDepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation on idle facilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:to="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetUsefulLife_lbl" xml:lang="en-US">Useful Life (Years)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsGross" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsGross" xlink:to="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsGross_lbl" xml:lang="en-US">Gross intangible asset</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization_lbl" xml:lang="en-US">Accumulated Amortization</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IntangibleAssetsNetExcludingGoodwill" xlink:to="us-gaap_IntangibleAssetsNetExcludingGoodwill_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IntangibleAssetsNetExcludingGoodwill_2_lbl" xml:lang="en-US">Net Book Value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AmortizationOfIntangibleAssets" xlink:label="us-gaap_AmortizationOfIntangibleAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfIntangibleAssets" xlink:to="us-gaap_AmortizationOfIntangibleAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfIntangibleAssets_lbl" xml:lang="en-US">Amortization expense of intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife" xlink:to="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_lbl" xml:lang="en-US">Weighted-average unamortized life of the intangible assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xml:lang="en-US">Expected amortization expense 2013</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xml:lang="en-US">Expected amortization expense 2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_lbl" xml:lang="en-US">Expected amortization expense 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Statutory rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Change in valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_OperatingLossCarryforwardsAndOwnershipChange" xlink:label="peix_OperatingLossCarryforwardsAndOwnershipChange" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OperatingLossCarryforwardsAndOwnershipChange" xlink:to="peix_OperatingLossCarryforwardsAndOwnershipChange_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_OperatingLossCarryforwardsAndOwnershipChange_lbl" xml:lang="en-US">Section 382 reduction to loss carryover</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_lbl" xml:lang="en-US">State income taxes, net of federal benefit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost_lbl" xml:lang="en-US">Stock compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther_lbl" xml:lang="en-US">Non-deductible items</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments_lbl" xml:lang="en-US">Other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsGrossAbstract" xlink:label="us-gaap_DeferredTaxAssetsGrossAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsGrossAbstract" xlink:to="us-gaap_DeferredTaxAssetsGrossAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsGrossAbstract_lbl" xml:lang="en-US">Deferred tax assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxCreditCarryforwards" xlink:to="us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwards_lbl" xml:lang="en-US">Net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsCapitalLossCarryforwards" xlink:label="us-gaap_DeferredTaxAssetsCapitalLossCarryforwards" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsCapitalLossCarryforwards" xlink:to="us-gaap_DeferredTaxAssetsCapitalLossCarryforwards_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsCapitalLossCarryforwards_lbl" xml:lang="en-US">Capital loss carryover</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits" xlink:to="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits_lbl" xml:lang="en-US">Stock-based compensation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:label="us-gaap_DeferredTaxAssetsDerivativeInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsDerivativeInstruments" xlink:to="us-gaap_DeferredTaxAssetsDerivativeInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsDerivativeInstruments_lbl" xml:lang="en-US">Derivative instruments mark-to-market</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities" xlink:label="us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities" xlink:to="us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities_lbl" xml:lang="en-US">Other accrued liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment" xlink:to="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment_lbl" xml:lang="en-US">Fixed assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="us-gaap_DeferredTaxAssetsOther" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US">Other</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets_lbl" xml:lang="en-US">Intangibles</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxLiabilitiesDerivatives_lbl" xml:lang="en-US">Derivative instruments mark-to-market</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredIncomeTaxLiabilities" xlink:label="us-gaap_DeferredIncomeTaxLiabilities" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US">Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxLiabilities" xlink:label="us-gaap_DeferredTaxLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilities" xlink:to="us-gaap_DeferredTaxLiabilities_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxLiabilitiesClassificationAbstract" xlink:label="us-gaap_DeferredTaxLiabilitiesClassificationAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesClassificationAbstract_lbl" xml:lang="en-US">Classified in balance sheet as:</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesCurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesCurrent_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredTaxLiabilities_2_lbl" xml:lang="en-US">Deferred income taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="peix-20130331.xsd#peix_Juridictions" xlink:label="peix_Juridictions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Juridictions" xlink:to="peix_Juridictions_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingLossCarryforwards" xlink:label="us-gaap_OperatingLossCarryforwards" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLossCarryforwards_lbl" xml:lang="en-US">Net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsDomestic_lbl" xml:lang="en-US">Federal net operating loss carryforwards</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal" xlink:to="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal_lbl" xml:lang="en-US">State net operating loss carryforwards</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_2_lbl" xml:lang="en-US">Valuation allowance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" xlink:label="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ValuationAllowanceDeferredTaxAssetChangeInAmount_lbl" xml:lang="en-US">Change in valuation allowance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_2_lbl" xml:lang="en-US">Preferred stock Series outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_DividendsPreferredStockCash" xlink:label="us-gaap_DividendsPreferredStockCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStockCash" xlink:to="us-gaap_DividendsPreferredStockCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStockCash_lbl" xml:lang="en-US">Preferred stock dividends paid in cash</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStock_2_lbl" xml:lang="en-US">Preferred stock dividends accrued and unpaid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Outstanding at beginning of year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US">Intrinsic values of outstanding options</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="peix_TotalCompensationCostRelatedToUnvestedAwards_lbl" xml:lang="en-US">Total compensation cost related to unvested awards</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_3_lbl" xml:lang="en-US">Stock option outstanding</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_AdditionalTextualsAbstract_doc" xml:lang="en-US">Additional Textuals.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CashAndCashEquivalentsVIE_doc" xml:lang="en-US">Cash and cash equivalents used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ChangesInOperatingAssetsAndLiabilitiesAbstract_doc" xml:lang="en-US">Changes In Operating Assets And Liabilities.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CurrentLiabilitiesVIE_doc" xml:lang="en-US">Current liabilites used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EthanolMember_doc" xml:lang="en-US">Ethanol.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueAssumptionsMarketabilityDiscount_doc" xml:lang="en-US">Fair Value Assumptions Marketability Discount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue" xlink:to="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue_doc" xml:lang="en-US">Fair Value Measurement With Unobservable Inputs Warranty Exercises Liability Value.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_LongAndShortTermDebt_doc" xml:lang="en-US">Long-term debt including current portion</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NewPeHoldcoOperatingLineOfCredit_doc" xml:lang="en-US">New PE Holdco Operating Line of Credit</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OtherLiabilitiesVIE_doc" xml:lang="en-US">Other liabilites used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PropertyAndEquipmentVIE_doc" xml:lang="en-US">Property and equipment used as collateral for New PE Holdco</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PurchaseCommitmentsAbstract_doc" xml:lang="en-US">Purchase Commitments.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SalesCommitmentByCategoryOfItemAxis_doc" xml:lang="en-US">Sales Commitment By Category Of Item.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_VariableInterestEntityTextBlock_doc" xml:lang="en-US">Variable Interest Entity.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedDecember2011Member_doc" xml:lang="en-US">Warrants Issued December 2011.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOctober2010Member_doc" xml:lang="en-US">Warrants Issued October 2010.</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WetDistillersGrainMember_doc" xml:lang="en-US">Wet Distillers Grain.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_KinergyMember" xlink:to="peix_KinergyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_KinergyMember_doc" xml:lang="en-US">Kinergy member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PlantOwnersMember" xlink:to="peix_PlantOwnersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PlantOwnersMember_doc" xml:lang="en-US">Plant owners member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CommodityContractsMember" xlink:to="peix_CommodityContractsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CommodityContractsMember_doc" xml:lang="en-US">Commodity contracts member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedSeptember2012Member" xlink:to="peix_WarrantsIssuedSeptember2012Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedSeptember2012Member_doc" xml:lang="en-US">Warrants issued July 2012</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Warrants2IssuedJuly2012Member" xlink:to="peix_Warrants2IssuedJuly2012Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_Warrants2IssuedJuly2012Member_doc" xml:lang="en-US">Warrants issued July 2012</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Warrants1IssuedJuly2012Member" xlink:to="peix_Warrants1IssuedJuly2012Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_Warrants1IssuedJuly2012Member_doc" xml:lang="en-US">Warrants issued July 2012</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantLiabilities" xlink:to="peix_WarrantLiabilities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantLiabilities_doc" xml:lang="en-US">Warrant liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_InterestExpenseAddedToPlantOwnersDebt" xlink:to="peix_InterestExpenseAddedToPlantOwnersDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_InterestExpenseAddedToPlantOwnersDebt_doc" xml:lang="en-US">Interest expense added to Plant Owners' debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ProceedsFromSeriesConvertibleNotes" xlink:to="peix_ProceedsFromSeriesConvertibleNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ProceedsFromSeriesConvertibleNotes_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PrincipalPaymentsOnPlantOwnersBorrowings" xlink:to="peix_PrincipalPaymentsOnPlantOwnersBorrowings_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PrincipalPaymentsOnPlantOwnersBorrowings_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PrincipalPaymentsOnSeniorNotes" xlink:to="peix_PrincipalPaymentsOnSeniorNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PrincipalPaymentsOnSeniorNotes_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit" xlink:to="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NetProceedsFromPaymentsOnKinergysLineOfCredit_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ParentPurchasesOfPlantOwnersDebt" xlink:to="peix_ParentPurchasesOfPlantOwnersDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ParentPurchasesOfPlantOwnersDebt_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco" xlink:to="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DiscountOnSeniorAndConvertibleDebt" xlink:to="peix_DiscountOnSeniorAndConvertibleDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DiscountOnSeniorAndConvertibleDebt_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises" xlink:to="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises_doc" xml:lang="en-US">Custom Element</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ChangesInFairValueOfLevel3InputsTableTextBlock" xlink:to="peix_ChangesInFairValueOfLevel3InputsTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ChangesInFairValueOfLevel3InputsTableTextBlock_doc" xml:lang="en-US">Changes in fair value of Level 3 inputs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_LongTermDebtPriorUnamortizedDiscount" xlink:to="peix_LongTermDebtPriorUnamortizedDiscount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_LongTermDebtPriorUnamortizedDiscount_doc" xml:lang="en-US">Total debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ParentPurchasedPlantOwnersTermDebt" xlink:to="peix_ParentPurchasedPlantOwnersTermDebt_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ParentPurchasedPlantOwnersTermDebt_doc" xml:lang="en-US">Less: Parent purchased Plant Owners' term debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnamortizedDiscountOnSeniorUnsecuredNotes" xlink:to="peix_UnamortizedDiscountOnSeniorUnsecuredNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_UnamortizedDiscountOnSeniorUnsecuredNotes_doc" xml:lang="en-US">Less: Unamortized discount on senior unsecured notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnamortizedDiscountOnConvertibleNotes" xlink:to="peix_UnamortizedDiscountOnConvertibleNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_UnamortizedDiscountOnConvertibleNotes_doc" xml:lang="en-US">Less: Unamortized discount on convertible notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DebtInstrumentConvertibleConversionToShares" xlink:to="peix_DebtInstrumentConvertibleConversionToShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DebtInstrumentConvertibleConversionToShares_doc" xml:lang="en-US">Net shares of common stock issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenEthanolIndexedpriceSalesCommitment" xlink:to="peix_OpenEthanolIndexedpriceSalesCommitment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OpenEthanolIndexedpriceSalesCommitment_doc" xml:lang="en-US">Open ethanol indexed-price sales commitment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenWdgAndSyrupFixedpriceSalesContracts" xlink:to="peix_OpenWdgAndSyrupFixedpriceSalesContracts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OpenWdgAndSyrupFixedpriceSalesContracts_doc" xml:lang="en-US">Open WDG and syrup fixed-price sales contracts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OpenIndexedpriceSalesContracts" xlink:to="peix_OpenIndexedpriceSalesContracts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OpenIndexedpriceSalesContracts_doc" xml:lang="en-US">Open indexed-price sales contracts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:to="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnTwentyEightMarchTwoThousandThirteenMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember" xlink:to="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnElevenJanuaryTwoThousandThirteenMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnTwentySixSeptemberTwoThousandTwelveMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember" xlink:to="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnThirdJulyTwoThousandTwelveOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember" xlink:to="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnThirteenDecemberTwoThousandTwelveMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember" xlink:to="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantIssuedOnSixOctoberTwoThousandTenMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember" xlink:to="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IssuedOnTwentyEightMarchTwoThousandThirteenMember_doc" xml:lang="en-US">Indexed-Price Contracts, gallons</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionFeatureMember" xlink:to="peix_ConversionFeatureMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ConversionFeatureMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceInJanuaryMember" xlink:to="peix_IssuanceInJanuaryMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IssuanceInJanuaryMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceInMarchMember" xlink:to="peix_IssuanceInMarchMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IssuanceInMarchMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchaseCommitmentMinimumVolumeRequired" xlink:to="peix_PurchaseCommitmentMinimumVolumeRequired_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PurchaseCommitmentMinimumVolumeRequired_doc" xml:lang="en-US">Indexed-price contracts to purchase ethanol, gallons</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantInducementsAndFairValueAdjustments1" xlink:to="peix_WarrantInducementsAndFairValueAdjustments1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantInducementsAndFairValueAdjustments1_doc" xml:lang="en-US">Warrant inducements and fair value adjustments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AccountsReceivableAndAllowanceForDoubtfulAccounts" xlink:to="peix_AccountsReceivableAndAllowanceForDoubtfulAccounts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_AccountsReceivableAndAllowanceForDoubtfulAccounts_doc" xml:lang="en-US">Accounts Receivable and Allowance for Doubtful Accounts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SeniorUnsecuredNotesMember" xlink:to="peix_SeniorUnsecuredNotesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SeniorUnsecuredNotesMember_doc" xml:lang="en-US">Senior unsecured notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueOfConversionFeature" xlink:to="peix_FairValueOfConversionFeature_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueOfConversionFeature_doc" xml:lang="en-US">Fair value of conversion feature</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueOfWarrants" xlink:to="peix_FairValueOfWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueOfWarrants_doc" xml:lang="en-US">Fair value of warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInLieuOfDividendPayment" xlink:to="peix_SharesIssuedInLieuOfDividendPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedInLieuOfDividendPayment_doc" xml:lang="en-US">Shares issued in lieu of dividend payment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ValueOfSharesIssuedInLieuOfDividendPayment" xlink:to="peix_ValueOfSharesIssuedInLieuOfDividendPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ValueOfSharesIssuedInLieuOfDividendPayment_doc" xml:lang="en-US">Value of shares issued in lieu of dividend payment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantFairValueAdjustments" xlink:to="peix_WarrantFairValueAdjustments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantFairValueAdjustments_doc" xml:lang="en-US">Warrant fair value adjustments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReverseStockSplitPolicy" xlink:to="peix_ReverseStockSplitPolicy_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ReverseStockSplitPolicy_doc" xml:lang="en-US">Reverse Stock Split</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity" xlink:to="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity_doc" xml:lang="en-US">Notes issued for purchase of ownership interests</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PreferredStockDividendsAccrued" xlink:to="peix_PreferredStockDividendsAccrued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PreferredStockDividendsAccrued_doc" xml:lang="en-US">Preferred stock dividends accrued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PurchasesFromExternalCustomersTableTextBlock" xlink:to="peix_PurchasesFromExternalCustomersTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PurchasesFromExternalCustomersTableTextBlock_doc" xml:lang="en-US">Purchases from external customers table text block</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PropertyAndEquipmentDepreciationUsefulLives" xlink:to="peix_PropertyAndEquipmentDepreciationUsefulLives_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PropertyAndEquipmentDepreciationUsefulLives_doc" xml:lang="en-US">Schedule of property and equipment useful lives</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerAMember" xlink:to="peix_CustomerAMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CustomerAMember_doc" xml:lang="en-US">Customer A member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerBMember" xlink:to="peix_CustomerBMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CustomerBMember_doc" xml:lang="en-US">Customer B member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CustomerCMember" xlink:to="peix_CustomerCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CustomerCMember_doc" xml:lang="en-US">Customer C member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierAMember" xlink:to="peix_SupplierAMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SupplierAMember_doc" xml:lang="en-US">Supplier A member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierBMember" xlink:to="peix_SupplierBMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SupplierBMember_doc" xml:lang="en-US">Supplier B member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SupplierCMember" xlink:to="peix_SupplierCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SupplierCMember_doc" xml:lang="en-US">Supplier C member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideRevenueMajorSuppliersPercentage" xlink:to="peix_EntityWideRevenueMajorSuppliersPercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EntityWideRevenueMajorSuppliersPercentage_doc" xml:lang="en-US">Percentage of purchases generated from a single external supplier that accounts for 10 percent or more of an entity's purchases.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FacilitiesAndPlantEquipmentMember" xlink:to="peix_FacilitiesAndPlantEquipmentMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FacilitiesAndPlantEquipmentMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OtherEquipmentVehiclesAndFurnitureMember" xlink:to="peix_OtherEquipmentVehiclesAndFurnitureMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OtherEquipmentVehiclesAndFurnitureMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeNumeratorAbstract" xlink:to="peix_IncomeNumeratorAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IncomeNumeratorAbstract_doc" xml:lang="en-US">Loss Numerator heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_BasicIncomePerShare" xlink:to="peix_BasicIncomePerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_BasicIncomePerShare_doc" xml:lang="en-US">Basic income per share heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DilutedIncomePerShare1Abstract" xlink:to="peix_DilutedIncomePerShare1Abstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DilutedIncomePerShare1Abstract_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesDenominatorAbstract" xlink:to="peix_SharesDenominatorAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesDenominatorAbstract_doc" xml:lang="en-US">Shares denominator heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_BasicIncomePerShareAbstract" xlink:to="peix_BasicIncomePerShareAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_BasicIncomePerShareAbstract_doc" xml:lang="en-US">Basic income per share heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeAvailableToCommonStockholdersShares" xlink:to="peix_IncomeAvailableToCommonStockholdersShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IncomeAvailableToCommonStockholdersShares_doc" xml:lang="en-US">Income available to common stockholders shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesExcludedFromEarningsPerShareBasic" xlink:to="peix_SharesExcludedFromEarningsPerShareBasic_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesExcludedFromEarningsPerShareBasic_doc" xml:lang="en-US">Shares included from earnings per share basic</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DilutedIncomePerShareAbstract" xlink:to="peix_DilutedIncomePerShareAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DilutedIncomePerShareAbstract_doc" xml:lang="en-US">Diluted income per share heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IncomeAvailableToCommonStockholdersDilutedShares" xlink:to="peix_IncomeAvailableToCommonStockholdersDilutedShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IncomeAvailableToCommonStockholdersDilutedShares_doc" xml:lang="en-US">Income available to common stockholders diluted shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PershareAmountAbstract" xlink:to="peix_PershareAmountAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PershareAmountAbstract_doc" xml:lang="en-US">Per share amount heading</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideAccountsReceivableMajorCustomerAmount" xlink:to="peix_EntityWideAccountsReceivableMajorCustomerAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerAmount_doc" xml:lang="en-US">Amount of accounts receivable generated from a single external customer that accounts for 10 percent or more of an entity's accounts receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EntityWideAccountsReceivableMajorCustomerPercentage" xlink:to="peix_EntityWideAccountsReceivableMajorCustomerPercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EntityWideAccountsReceivableMajorCustomerPercentage_doc" xml:lang="en-US">Percentage of accounts receivable generated from a single external customer that accounts for 10 percent or more of an entity's accounts receivables.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockBasedCompensationFutureUnvestedForfeitureRate" xlink:to="peix_StockBasedCompensationFutureUnvestedForfeitureRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockBasedCompensationFutureUnvestedForfeitureRate_doc" xml:lang="en-US">Stock-based compensation future unvested forfeiture rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NewPEHoldcoMember" xlink:to="peix_NewPEHoldcoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NewPEHoldcoMember_doc" xml:lang="en-US">New PE Holdco member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AmaMember" xlink:to="peix_AmaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_AmaMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EthanolMarketingAgreementsMember" xlink:to="peix_EthanolMarketingAgreementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EthanolMarketingAgreementsMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CornProcurementAndHandlingAgreementsMember" xlink:to="peix_CornProcurementAndHandlingAgreementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CornProcurementAndHandlingAgreementsMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DistillersGrainMarketingAgreementsMember" xlink:to="peix_DistillersGrainMarketingAgreementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DistillersGrainMarketingAgreementsMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DistillersGrainsMarketingAgreementMember" xlink:to="peix_DistillersGrainsMarketingAgreementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DistillersGrainsMarketingAgreementMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ReducedNoncontrollingInterestInVIE" xlink:to="peix_ReducedNoncontrollingInterestInVIE_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ReducedNoncontrollingInterestInVIE_doc" xml:lang="en-US">Reduced noncontrolling interest in VIE</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_DifferenceInNoncontrollingInterestInVies" xlink:to="peix_DifferenceInNoncontrollingInterestInVies_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_DifferenceInNoncontrollingInterestInVies_doc" xml:lang="en-US">Difference in fair value of VIE recorded to additional paid in capital</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated" xlink:to="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated_doc" xml:lang="en-US">Company revenue and VIE costs under AMA agreement eliminations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_KinergyTradenameMember" xlink:to="peix_KinergyTradenameMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_KinergyTradenameMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PacificEthanolTradenameMember" xlink:to="peix_PacificEthanolTradenameMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PacificEthanolTradenameMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RelatedPartyMember" xlink:to="peix_RelatedPartyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_RelatedPartyMember_doc" xml:lang="en-US">Related party member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OperatingLossCarryforwardsAndOwnershipChange" xlink:to="peix_OperatingLossCarryforwardsAndOwnershipChange_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OperatingLossCarryforwardsAndOwnershipChange_doc" xml:lang="en-US">Section 382 reduction to loss carryover</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FederalMember" xlink:to="peix_FederalMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FederalMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ArizonaMember" xlink:to="peix_ArizonaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ArizonaMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_CaliforniaMember" xlink:to="peix_CaliforniaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_CaliforniaMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ColoradoMember" xlink:to="peix_ColoradoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ColoradoMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IdahoMember" xlink:to="peix_IdahoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IdahoMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_OregonMember" xlink:to="peix_OregonMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_OregonMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WisconsinMember" xlink:to="peix_WisconsinMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WisconsinMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_Juridictions" xlink:to="peix_Juridictions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_Juridictions_doc" xml:lang="en-US">Jurisdiction by tax years</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised" xlink:to="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised_doc" xml:lang="en-US">Warrants exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ExercuisePricePerShareAbstract" xlink:to="peix_ExercuisePricePerShareAbstract_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ExercuisePricePerShareAbstract_doc" xml:lang="en-US">Price per share abstract</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice_doc" xml:lang="en-US">Warrant exercise price per share outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_PricePerShareWarrantsExercised" xlink:to="peix_PricePerShareWarrantsExercised_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_PricePerShareWarrantsExercised_doc" xml:lang="en-US">price per share warrants exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice_doc" xml:lang="en-US">Weighted average exercise price of options issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice_doc" xml:lang="en-US">ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_September2012PublicOfferingMember" xlink:to="peix_September2012PublicOfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_September2012PublicOfferingMember_doc" xml:lang="en-US">September 2012 public offering member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_July2012PublicOfferingMember" xlink:to="peix_July2012PublicOfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_July2012PublicOfferingMember_doc" xml:lang="en-US">July 2012 public offering member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_December2011PrivatePlacementMember" xlink:to="peix_December2011PrivatePlacementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_December2011PrivatePlacementMember_doc" xml:lang="en-US">Decembr 2011 private placement member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RegistrationRightsAgreementMember" xlink:to="peix_RegistrationRightsAgreementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_RegistrationRightsAgreementMember_doc" xml:lang="en-US">Registration rights agreement member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_UnderwritingAndIssuanceCosts" xlink:to="peix_UnderwritingAndIssuanceCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_UnderwritingAndIssuanceCosts_doc" xml:lang="en-US">Underwriting and issuance costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsExercisedShares" xlink:to="peix_WarrantsExercisedShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsExercisedShares_doc" xml:lang="en-US">Warrans exercised</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_FairValueAdjustmentsForWarrants" xlink:to="peix_FairValueAdjustmentsForWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_FairValueAdjustmentsForWarrants_doc" xml:lang="en-US">Fair value adjustments for warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionAwardOneMember" xlink:to="peix_StockOptionAwardOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockOptionAwardOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionAwardTwoMember" xlink:to="peix_StockOptionAwardTwoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockOptionAwardTwoMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_EmployeesMember" xlink:to="peix_EmployeesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_EmployeesMember_doc" xml:lang="en-US">Employees member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_NonEmployeesMember" xlink:to="peix_NonEmployeesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_NonEmployeesMember_doc" xml:lang="en-US">Non-employees member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockOptionPlanMember" xlink:to="peix_StockOptionPlanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockOptionPlanMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_TotalCompensationCostRelatedToUnvestedAwards" xlink:to="peix_TotalCompensationCostRelatedToUnvestedAwards_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_TotalCompensationCostRelatedToUnvestedAwards_doc" xml:lang="en-US">Total compensation cost related to unvested awards</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember" xlink:to="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOnTwentySixSeptemberTwoThousandTwelveMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember" xlink:to="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember" xlink:to="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOnThreeJulyTwoThousandTwelveOneMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember" xlink:to="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOnThirteenDecemberTwoThousandElevenMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember" xlink:to="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_WarrantsIssuedOnSixOctoberTwoThousandTenMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_JulyOfferingMember" xlink:to="peix_JulyOfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_JulyOfferingMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SeptemberOfferingMember" xlink:to="peix_SeptemberOfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SeptemberOfferingMember_doc" xml:lang="en-US">Custom Element.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_RetirementOfConvertibleNotes" xlink:to="peix_RetirementOfConvertibleNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_RetirementOfConvertibleNotes_doc" xml:lang="en-US">Retirement of convertible notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_IssuanceOfWarrants" xlink:to="peix_IssuanceOfWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_IssuanceOfWarrants_doc" xml:lang="en-US">Issuance of warrants</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_AdjustmentsToFairValueConvertibleNotes" xlink:to="peix_AdjustmentsToFairValueConvertibleNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_AdjustmentsToFairValueConvertibleNotes_doc" xml:lang="en-US">Adjustments to fair value of convertible notes</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionOfPreferredStockToCommonStock" xlink:to="peix_ConversionOfPreferredStockToCommonStock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ConversionOfPreferredStockToCommonStock_doc" xml:lang="en-US">Conversion of preferred stock to common stock, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_ConversionOfPreferredStockToCommonStockShares" xlink:to="peix_ConversionOfPreferredStockToCommonStockShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_ConversionOfPreferredStockToCommonStockShares_doc" xml:lang="en-US">Conversion of preferred stock to common stock, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInPrivatePlacementAmount" xlink:to="peix_SharesIssuedInPrivatePlacementAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedInPrivatePlacementAmount_doc" xml:lang="en-US">Shares issued in private placement, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedInPrivatePlacementShares" xlink:to="peix_SharesIssuedInPrivatePlacementShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedInPrivatePlacementShares_doc" xml:lang="en-US">Shares issued in private placement, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount" xlink:to="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount_doc" xml:lang="en-US">Shares issued as payment of prior unpaid Series B preferred dividends, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares" xlink:to="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares_doc" xml:lang="en-US">Shares issued as payment of prior unpaid Series B preferred dividends, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_StockIssuedWarrantExercises" xlink:to="peix_StockIssuedWarrantExercises_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_StockIssuedWarrantExercises_doc" xml:lang="en-US">Warrant exercises, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="peix_SharesIssuedWarrantExercisesShares" xlink:to="peix_SharesIssuedWarrantExercisesShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="peix_SharesIssuedWarrantExercisesShares_doc" xml:lang="en-US">Warrant exercises, Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_2_lbl" xml:lang="en-US">Other Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesNoncurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAccruedLiabilitiesNoncurrent_2_lbl" xml:lang="en-US">Other Accrued Liabilities, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4_lbl" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_2_lbl" xml:lang="en-US">Gross Profit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating Income (Loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_2_lbl" xml:lang="en-US">Interest Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralExpense" xlink:to="us-gaap_OtherGeneralExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherGeneralExpense_2_lbl" xml:lang="en-US">Other General Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity" xlink:to="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_3_lbl" xml:lang="en-US">Shares, Issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_2_lbl" xml:lang="en-US">Increase (Decrease) in Inventories</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_2_lbl" xml:lang="en-US">Increase (Decrease) in Other Current Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Payments to Acquire Property, Plant, and Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_2_lbl" xml:lang="en-US">Payments to Acquire Businesses and Interest in Affiliates</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_2_lbl" xml:lang="en-US">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
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concluded that at all times since New PE Holdco&amp;#146;s inception, New PE Holdco has been a variable interest entity because the
other owners of New PE Holdco, due to the Company&amp;#146;s involvement through its contractual arrangements, have at all times
lacked the power to direct the activities that most significantly impacted its economic performance. Some of these activities
include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, the procurement of feedstock, sale
of co-products and implementation of risk management strategies. At the time of New PE Holdco&amp;#146;s inception, however, the
Company did not have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco
and, as a result, it was determined that the Company was not New PE Holdco&amp;#146;s primary beneficiary. Upon the Company&amp;#146;s
purchase of its 20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest,
had an obligation to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the
Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco.&lt;/font&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In January and
March 2013, the Company purchased an additional 13% and 3% of the ownership interests in New PE Holdco for $1,308,000 and $331,000
in cash, respectively, bringing its total ownership interest to 83% as of March 31, 2013.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because the Company
has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead reduced
the amount of noncontrolling interest in variable interest entity on the consolidated balance sheets by an aggregate $9,800,000
and recorded the difference of $8,161,000 for the three months ended March 31, 2013, which represents the fair value of these
purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because
New PE Holdco&amp;#146;s results are consolidated with the Company&amp;#146;s financial results for financial reporting purposes, the
acquisition of additional interests in New PE Holdco did not impact the Company&amp;#146;s reported consolidated net income or loss.
However, the portion of New PE Holdco&amp;#146;s net income or loss that is allocated to the Company increased from 34% to 67% during
2012 and from 67% to 83% in 2013, thus changing the net income or loss attributable to Pacific Ethanol after reducing the net
income or loss attributable to the noncontrolling interests and the Company&amp;#146;s earnings per share.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
recognized approximately $122,225,000 and $105,854,000 in net sales and $4,973,000 and $13,641,000 in net loss attributed to New
PE Holdco for the three months ended March 31, 2013 and 2012, respectively. Had the Company held an 83% ownership interest in
New PE Holdco, for the three months ended March 31, 2013 and 2012, the Company&amp;#146;s reported net loss available to common stockholders
would have been $6,069,000 and $11,987,000, respectively, and loss per share would have been $0.60 and $2.09, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The carrying
values and classification of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were as follows
(in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

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    &lt;td style="width: 43%; text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;11&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,485&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;143,308&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,150&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;153,954&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 43%; text-align: left; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;6,598&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;103,597&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;220&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;110,415&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s
acquisition of its ownership interest in New PE Holdco does not impact the Company&amp;#146;s rights or obligations under any of
its contractual agreements. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the
Company has not provided any additional support to New PE Holdco beyond the terms of its contractual agreements.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Consolidation
of New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company concluded that at all times since its inception, New PE Holdco has been a VIE because
the owners of New PE Holdco, due to the Company&amp;#146;s involvement through the contractual arrangements discussed below, have
at all times lacked the power to direct the activities that most significantly impacted its economic performance. Some of these
activities include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, procurement of feedstock,
sale of co-products and implementation of risk management strategies. At the time of its inception, however, the Company did not
have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco and, as a result,
it was determined that the Company was not New PE Holdco&amp;#146;s primary beneficiary. Upon the Company&amp;#146;s purchase of its
20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest, had an obligation
to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the Company then became
the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco. The Company purchased
its 20% ownership interest in New PE Holdco from a number of New PE Holdco&amp;#146;s owners.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In November
and December 2011, the Company purchased an additional 14% ownership interest in New PE Holdco for $9,117,000 in cash. In July
2012, the Company purchased an additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash
and issuing $10,000,000 in promissory notes. See Note 6.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Because the
Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead
reduced the amount of noncontrolling interest in VIE on the consolidated balance sheets by an aggregate $27,647,000 and $15,585,000
and recorded the difference of $7,646,000 and $6,468,000 for the years ended December 31, 2012 and 2011, respectively, which represents
the fair value of these purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance
sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
recognized approximately $448,414,000 and $512,497,000 in net sales and $18,717,000 and $836,000 in net loss attributed to New
PE Holdco for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s
acquisition of its ownership interest in New PE Holdco does not impact the Company&amp;#146;s rights or obligations under any of
the agreements described below. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition,
the Company has not provided any additional support to New PE Holdco beyond the terms of the agreements described below.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company,
directly or through one of its subsidiaries, has entered into the management and marketing agreements described below.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Asset
Management Agreement&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into an Asset Management Agreement (&amp;#147;AMA&amp;#148;) with the Plant
Owners under which the Company agreed to operate and maintain the Pacific Ethanol Plants on behalf of the Plant Owners. These
services generally include, but are not limited to, administering the Plant Owners&amp;#146; compliance with their credit agreements
and performing billing, collection, record keeping and other administrative and ministerial tasks. The Company agreed to supply
all labor and personnel required to perform its services under the AMA, including the labor and personnel required to operate
and maintain the production facilities.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
costs and expenses associated with the Company&amp;#146;s provision of services under the AMA are prefunded by the Plant Owners under
a preapproved budget. The Company&amp;#146;s obligation to provide services is limited to the extent there are sufficient funds advanced
by the Plant Owners to cover the associated costs and expenses.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;As
compensation for providing the services under the AMA, the Company is paid $75,000 per month for each production facility that
is operational and $40,000 per month for each production facility that is idled. In addition to the monthly fee, if during any
six-month period (measured on September 30 and March 31 of each year commencing March 31, 2011) a production facility has annualized
earnings before interest, income taxes, depreciation and amortization (&amp;#147;EBITDA&amp;#148;) per gallon of operating capacity
of $0.20 or more, the Company will be paid a performance bonus equal to 3% of the increment by which EBITDA exceeds such amount.
The aggregate performance bonus for all plants is capped at $2,200,001 for each six-month period. The performance bonus is to
be reduced by 25% if all production facilities then operating do not operate at a minimum average yield of 2.70 gallons of denatured
ethanol per bushel of corn. In addition, no performance bonus is to be paid if there is a default or event of default under the
Plant Owners&amp;#146; credit agreement resulting from their failure to pay any amounts then due and owing. The AMA also provides
the Company with an incentive fee upon any sale of a production facility to the extent the sales price is above $0.60 per gallon
of annual capacity. To date, no such bonuses have been earned by the Company.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The AMA had
an initial term of six months and successive six-month renewal periods at the option of the Plant Owners. In addition to typical
conditions for a party to terminate the agreement prior to its expiration, the Company may terminate the AMA, and the Plant Owners
may terminate the AMA with respect to any facility, at any time by providing at least 60 days prior notice of such termination.
On June 30, 2012, the AMA was amended and extended for one year.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company recorded revenues and New PE Holdco recorded costs of approximately $3,180,000 and $3,468,000 related to the AMA for the
years ended December 31, 2012 and 2011, respectively, during which New PE Holdco&amp;#146;s financial results were consolidated with
the Company&amp;#146;s financial results. As such, these amounts have been eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Ethanol
Marketing Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate ethanol marketing agreements with each of the three Plant
Owners whose facilities are operating, which granted it the exclusive right to purchase, market and sell the ethanol produced
at those facilities. Under the terms of the ethanol marketing agreements, &lt;font style="font-family: Times New Roman, Times, Serif"&gt;within
ten days after delivering ethanol to the Company, an amount is paid to the Company equal to (i) the estimated purchase price payable
by the third-party purchaser of the ethanol, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii)
the estimated incentive fee payable to the Company, which equals 1% of the aggregate third-party purchase price. &lt;/font&gt;Each of
the ethanol marketing agreements had an initial term of one year and successive one year renewal periods at the option of the
individual Plant Owner. On June 30, 2012, all ethanol marketing agreements were amended and extended for one year. In addition,
the price to be paid was amended to include a marketing fee collar of not less than $0.015 per gallon and not more than $0.0225
per gallon.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company recorded revenues and New PE Holdco recorded costs of approximately $3,157,000 and $3,708,000 related to the ethanol marketing
agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco was consolidated
with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Corn
Procurement and Handling Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate corn procurement and handling agreements
with each of the three Plant Owners whose facilities are operating. Under the terms of the corn procurement and handling agreements,
each facility appointed the Company as its exclusive agent to solicit, negotiate, enter into and administer, on its behalf, corn
supply arrangements to procure the corn necessary to operate its facility. The Company also provides grain handling services including,
but not limited to, receiving, unloading and conveying corn into the facility&amp;#146;s storage and, in the case of whole corn delivered,
processing and hammering the whole corn.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company was to receive a fee of $0.50 per ton of corn delivered to each facility as consideration for its procurement services
and a fee of $1.50 per ton of corn delivered as consideration for its grain handling services, each payable monthly. The Company
agreed to enter into an agreement guaranteeing the performance of its obligations under the corn procurement and handling agreement
upon the request of a Plant Owner. Each corn procurement and handling agreement had an initial term of one year and successive
one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all corn procurement and handling agreements
were amended and extended for one year. In addition, the corn procurement and handling fee was changed to $0.045 per bushel of
corn.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company recorded revenues and New PE Holdco recorded costs of approximately $2,271,000 and $2,758,000 related to the corn procurement
and handling agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco
was consolidated with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Distillers
Grains Marketing Agreements&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company entered into separate distillers grains marketing agreements with each
of the three Plant Owners whose facilities are operating, which grant the Company the exclusive right to market, purchase and
sell the WDG produced at each facility. Under the terms of the distillers grains marketing agreements, &lt;font style="font-family: Times New Roman, Times, Serif"&gt;within
ten days after a Plant Owner delivers WDG&lt;/font&gt; &lt;font style="font-family: Times New Roman, Times, Serif"&gt;to the Company, the
Plant Owner is paid an amount equal to (i) the estimated purchase price payable by the third-party purchaser of the WDG, minus
(ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated amount of fees and taxes payable to
governmental authorities in connection with the tonnage of WDG produced or marketed, minus (iv) the estimated incentive fee payable
to the Company, which equals the greater of (a) 5% of the aggregate third-party purchase price, and (b) $2.00 for each ton of
WDG sold in the transaction. &lt;/font&gt;Each distillers grains marketing agreement had an initial term of one year and successive
one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all distillers grains marketing agreements
were amended and extended for one year. In addition, the fee to be paid to the Company was amended to include a collar of not
less than $2.00 per ton and not more than $3.50 per ton.&lt;/font&gt;&lt;/p&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company recorded revenues and New PE Holdco recorded costs of approximately $4,353,000 and $4,797,000 related to the distillers
grain marketing agreements for the years ended December 31, 2012 and 2011, respectively, for the period which New PE Holdco was
consolidated with the Company. These amounts were eliminated upon consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Assets
and Liabilities of New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; The carrying values and classification of assets that are collateral for the
obligations of New PE Holdco at December 31, 2012 were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 43%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,699&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,774&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,719&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156,192&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 43%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,287&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,821&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;105,315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EIAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION (Detail 1) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>$12.90</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>$866.25-$871.50</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions', window );">Number Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,000<span></span></td>
        <td class="nump">1<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2', window );">Weighted Average Remaining Contractual Life (yrs)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">8 years 7 months 2 days<span></span></td>
        <td class="text">2 years 6 months 25 days<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1', window );">Weighted Average Exercise Price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 12.90<span></span></td>
        <td class="nump">$ 867.30<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions', window );">Number Exercisable</a></td>
        <td class="nump">5,000<span></span></td>
        <td class="nump">1,000<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="nump">1<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1', window );">Weighted Average Exercise Price</a></td>
        <td class="nump">$ 147.45<span></span></td>
        <td class="nump">$ 867.30<span></span></td>
        <td class="nump">$ 12.90<span></span></td>
        <td class="nump">$ 867.30<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price as of the balance sheet date for those equity-based payment arrangements exercisable and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td>na</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares reserved for issuance pertaining to the outstanding stock options as of the balance sheet date for all option plans in the customized range of exercise prices.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(a, b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average price as of the balance sheet date at which grantees could acquire the underlying shares with respect to all outstanding stock options which are in the customized range of exercise prices.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average remaining contractual term of outstanding stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Financing Activities

 -URI http://asc.fasb.org/extlink&amp;oid=6513228



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 18

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

 -Paragraph 15

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 20

 -Subparagraph a

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Financing Activities

 -URI http://asc.fasb.org/extlink&amp;oid=6513228



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 95

 -Paragraph 18

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 230

 -SubTopic 10

 -Section 45

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 915

 -SubTopic 215

 -Section 45

 -Paragraph 1

 -Subparagraph (b)

 -URI http://asc.fasb.org/extlink&amp;oid=6472370&amp;loc=d3e38297-110927



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E4LAC">
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          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION (Details 3) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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          <div>Dec. 31, 2011</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total stock-based compensation expense</a></td>
        <td class="nump">$ 806<span></span></td>
        <td class="nump">$ 2,278<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Employees</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total stock-based compensation expense</a></td>
        <td class="nump">782<span></span></td>
        <td class="nump">1,522<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Non-employees</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpense', window );">Total stock-based compensation expense</a></td>
        <td class="nump">$ 24<span></span></td>
        <td class="nump">$ 756<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 14.F)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6793087&amp;loc=d3e301413-122809<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (h)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph g(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 14<br><br> -Section F<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllocatedShareBasedCompensationExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R53.xml
<DESCRIPTION>IDEA: 6. COMMON STOCK AND WARRANTS (Details)
<TEXT>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)(i)-(ii)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(b)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(a)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)(iii)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(c)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)(i)-(ii)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(b)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(a)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)(iii)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph c(1)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(c)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(2)(i)-(ii)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(b)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 123R

 -Paragraph A240

 -Subparagraph b(2)(a)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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          <div style="width: 200px;"><strong>11. PROPERTY AND EQUIPMENT<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">Depreciation
expense, including idled facilities, was $11,481,000 and $11,724,000 for the years ended December 31, 2012 and 2011, respectively.
One of the Pacific Ethanol Plants was idled at December 31, 2012 and 2011. The carrying values of this facility totaled $27,773,000
and $29,924,000 at December 31, 2012 and 2011, respectively. The Company continues to depreciate these assets, resulting in depreciation
expense in the aggregate of $2,136,000 and $2,155,000 for the years ended December 31, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company and the ethanol industry have experienced significant adverse conditions over the last 12 months, including prolonged
negative operating margins. In accordance with the Company&#146;s policy for evaluating impairment of long-lived assets under
Accounting Codification Standards 360, management has evaluated the facilities for possible impairment based on projected future
cash flows from operations of these facilities with the work of a qualified valuation specialist. Management has determined that
the undiscounted cash flows from operations of these facilities over their estimated useful lives exceed their carrying values,
and therefore, no impairment has been recognized at December 31, 2012. In determining future undiscounted cash flows, the Company
has made significant assumptions concerning the future viability of the ethanol industry, the future price of corn in relation
to the future price of ethanol, production volumes and the overall demand in relation to production and supply. <font style="color: black">If
the Company were required to compute the fair value in the future, it may use the work of its qualified valuation specialist who
would assist it in examining replacement costs, recent transactions between third parties and cash flow that can be generated
from operations. </font></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">Given
the recent fresh start accounting when the Company began consolidating the results of New PE Holdco, fair value would likely approximate
the carrying value of the facilities. If, however the Company were required to adjust the carrying value of the facilities to
fair value at some future point in time, the adjustment could be significant and could significantly impact the Company&#146;s
financial position and results of operation. No adjustment has been made in these financial statements for this uncertainty.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391110&amp;loc=d3e2921-110230<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6360339&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13-14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract</nobr></td>
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<DOCUMENT>
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<SEQUENCE>26
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKHBG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>6. COMMON STOCK AND WARRANTS (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Minimum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Minimum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Minimum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Maximum [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Warrant</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Warrant</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward', window );"><strong>Number of Shares</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Begining Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">426,000<span></span></td>
        <td class="nump">258,000<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Warrants issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">4,633,000<span></span></td>
        <td class="nump">330,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_StockIssuedDuringPeriodSharesStockOtherThanOptionsExercised', window );">Warrants exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">5,039,000<span></span></td>
        <td class="nump">426,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ExercuisePricePerShareAbstract', window );"><strong>Price per Share</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice', window );">Begining Balance</a></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Warrants issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 7.95<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ShareBasedCompensationArrangementByShareBasedPaymentAwardOtherThanOptionsOutstandingWeightedAverageExercisePrice', window );">Ending Balance</a></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="nump">$ 745.50<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePriceRollforward', window );"><strong>Weighted Average Exercise Price</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Begining Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 183.00<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsIssuedInPeriodWeightedAverageExercisePrice', window );">Warrants issued</a></td>
        <td class="nump">$ 6.45<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 8.85<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 2.85<span></span></td>
        <td class="nump">$ 22.50<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Warrants exercised</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 6.75<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Ending Balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                <p>price per share warrants exercised</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Warrant exercise price per share outstanding</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>ShareBasedCompensationArrangementsByShareBasedPaymentAwardOtherThanOptionsExercisesInPeriodWeightedAverageExercisePrice</p>
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                <p>No definition available.</p>
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                <p>Weighted average exercise price of options issued</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Warrants exercised</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -Paragraph 4

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

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 -Paragraph 1

 -Subparagraph (SX 210.4-08.(i))

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph i

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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 129

 -Paragraph 4

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(i))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph i

 -Article 4



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

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 -Section 50

 -Paragraph 2

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Name Statement of Financial Accounting Standard (FAS)

 -Number 129

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(i))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph i

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 -Paragraph 2

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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</LabelSeparator><Level>5</Level><ElementName>peix_FairValueAssumptionsMarketabilityDiscount</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" UnitID="Percent"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.464</NumericAmount><RoundedNumericAmount>0.464</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2011-01-01to2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" UnitID="Percent"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>true</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0.47</NumericAmount><RoundedNumericAmount>0.47</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>num:percentItemType</ElementDataType><SimpleDataType>pure</SimpleDataType><ElementDefenition>Fair Value Assumptions Marketability Discount.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Marketability discount</Label></Row><Row FlagID="0"><Id>47</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>5</Level><ElementName>us-gaap_ClassOfWarrantOrRightOutstanding</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><PreferredLabelRole>verboseLabel</PreferredLabelRole><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2012-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" UnitID="Shares"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>17000</NumericAmount><RoundedNumericAmount>17000</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="AsOf2011-12-31_WarrantsIssuedOnSixOctoberTwoThousandTenMember" UnitID="Shares"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>504202</NumericAmount><RoundedNumericAmount>504202</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:sharesItemType</ElementDataType><SimpleDataType>shares</SimpleDataType><ElementDefenition>Aggregate amount of each class of warrants or rights outstanding.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 129

 -Paragraph 4

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(i))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph i

 -Article 4



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EMOAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Net sales</a></td>
        <td class="nump">$ 225,459<span></span></td>
        <td class="nump">$ 197,719<span></span></td>
        <td class="nump">$ 816,044<span></span></td>
        <td class="nump">$ 901,188<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostOfGoodsSold', window );">Cost of goods sold</a></td>
        <td class="nump">224,613<span></span></td>
        <td class="nump">205,196<span></span></td>
        <td class="nump">835,568<span></span></td>
        <td class="nump">881,789<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gross profit (loss)</a></td>
        <td class="nump">846<span></span></td>
        <td class="num">(7,477)<span></span></td>
        <td class="num">(19,524)<span></span></td>
        <td class="nump">19,399<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SellingGeneralAndAdministrativeExpense', window );">Selling, general and administrative expenses</a></td>
        <td class="nump">4,005<span></span></td>
        <td class="nump">3,378<span></span></td>
        <td class="nump">12,141<span></span></td>
        <td class="nump">15,427<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income (loss) from operations</a></td>
        <td class="num">(3,159)<span></span></td>
        <td class="num">(10,855)<span></span></td>
        <td class="num">(31,665)<span></span></td>
        <td class="nump">3,972<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantInducementsAndFairValueAdjustments1', window );">Warrant inducements and fair value adjustments</a></td>
        <td class="num">(692)<span></span></td>
        <td class="num">(33)<span></span></td>
        <td class="nump">1,954<span></span></td>
        <td class="nump">7,559<span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense, net</a></td>
        <td class="num">(3,481)<span></span></td>
        <td class="num">(2,909)<span></span></td>
        <td class="num">(13,049)<span></span></td>
        <td class="num">(14,813)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain on extinguishment of debt</a></td>
        <td class="nump">817<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralExpense', window );">Other expense, net</a></td>
        <td class="num">(87)<span></span></td>
        <td class="num">(194)<span></span></td>
        <td class="num">(595)<span></span></td>
        <td class="num">(741)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before provision for income taxes</a></td>
        <td class="num">(6,602)<span></span></td>
        <td class="num">(13,991)<span></span></td>
        <td class="num">(43,355)<span></span></td>
        <td class="num">(4,023)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net loss</a></td>
        <td class="num">(6,602)<span></span></td>
        <td class="num">(13,991)<span></span></td>
        <td class="num">(43,355)<span></span></td>
        <td class="num">(4,023)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity', window );">Net loss attributed to noncontrolling interest in variable interest entity</a></td>
        <td class="nump">1,148<span></span></td>
        <td class="nump">9,038<span></span></td>
        <td class="nump">24,298<span></span></td>
        <td class="nump">7,097<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss attributed to Pacific Ethanol, Inc..</a></td>
        <td class="num">(5,454)<span></span></td>
        <td class="num">(4,953)<span></span></td>
        <td class="num">(19,057)<span></span></td>
        <td class="nump">3,074<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred stock dividends</a></td>
        <td class="num">(312)<span></span></td>
        <td class="num">(315)<span></span></td>
        <td class="num">(1,268)<span></span></td>
        <td class="num">(1,265)<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss available to common stockholders</a></td>
        <td class="num">$ (5,766)<span></span></td>
        <td class="num">$ (5,268)<span></span></td>
        <td class="num">$ (20,325)<span></span></td>
        <td class="nump">$ 1,809<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Net loss per share, basic and diluted</a></td>
        <td class="num">$ (0.57)<span></span></td>
        <td class="num">$ (0.92)<span></span></td>
        <td class="num">$ (2.81)<span></span></td>
        <td class="nump">$ 0.80<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted-average shares outstanding, basic</a></td>
        <td class="nump">10,060<span></span></td>
        <td class="nump">5,748<span></span></td>
        <td class="nump">7,224<span></span></td>
        <td class="nump">2,249<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted-average shares outstanding, diluted</a></td>
        <td class="nump">10,060<span></span></td>
        <td class="nump">5,748<span></span></td>
        <td class="nump">7,224<span></span></td>
        <td class="nump">2,266<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant inducements and fair value adjustments</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total costs related to goods produced and sold during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 2<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasicAndDiluted</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12317-112629<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12355-112629<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 26<br><br> -Paragraph 20, 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainsLossesOnExtinguishmentOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 10<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeStatementAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(h))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph h<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Income Tax Expense (or Benefit)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -Subparagraph (a),(b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 45<br><br> -Subparagraph a, b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxExpenseBenefit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cost of borrowed funds accounted for as interest that was charged against earnings during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.9)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 9<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 9<br><br> -Chapter V<br><br> -Subsection II<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net result for the period of deducting operating expenses from operating revenues.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of general expenses not normally included in Other Operating Costs and Expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.6)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 6<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherGeneralExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SalesRevenueNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingGeneralAndAdministrativeExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.4)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 30<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386349&amp;loc=d3e3636-108311<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 5A<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SellingGeneralAndAdministrativeExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
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                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
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          <div style="width: 200px;"><strong>4. DERIVATIVES<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DerivativesAbstract', window );"><strong>Derivatives</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The business
and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices and
interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program.
This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market
volatility could have on operating results.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity
Risk</u></i><u> &#150; <i>Cash Flow Hedges</i></u> &#150; The Company uses derivative instruments to protect cash flows from
fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins
from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are
set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges
anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives
may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated
transactions and regressing commodity futures prices against the Company&#146;s purchase and sales prices. Ineffectiveness, which
is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of
goods sold. For the three months ended March 31, 2013 and 2012, the Company did not designate any of its derivatives as cash flow
hedges.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity
Risk &#150; Non-Designated Hedges</u></i> &#150; The Company uses derivative instruments to lock in prices for certain amounts
of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special
hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately
in cost of goods sold. The Company recognized losses of $5,000 and gains of $134,000 as the change in the fair value of these
contracts for the three months ended March 31, 2013 and 2012, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p>

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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The business
and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices.
The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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Risk</u></i><u> &#150; <i>Cash Flow Hedges</i></u> &#150; The Company uses derivative instruments to protect cash flows from
fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins
from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are
set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges
anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives
may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated
transactions and regressing commodity futures prices against the Company&#146;s purchase and sales prices. Ineffectiveness, which
is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of
goods sold. For the years ended December 31, 2012 and 2011, the Company did not designate any of its derivatives as cash flow
hedges.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commodity
Risk &#150; Non-Designated Hedges</u></i> &#150; The Company uses derivative instruments to lock in prices for certain amounts
of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special
hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately
in cost of goods sold. The Company recognized gains of $999,000 and $96,000 as the change in the fair value of these contracts
for the years ended December 31, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Non
Designated Derivative Instruments</u></i> &#150; The classification and amounts of the Company&#146;s derivatives not designated
as hedging instruments are as follows (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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</table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="padding-left: 5.4pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-left: 5.4pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
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    <td><font style="font-size: 8pt">&#160;</font></td>
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    <td><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: right"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="width: 1%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 18%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 8pt">Accrued
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    <td style="width: 2%; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid"><font style="font-size: 8pt">$</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
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</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The classification
and amounts of the Company&#146;s recognized gains (losses) for its derivatives not designated as hedging instruments are as
follows (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: center; padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p>
                                                                   <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">Type
                                                                   of Instrument</font></p></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 30%; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 8pt">Cost
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    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">338</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">338</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: center; padding-bottom: 1pt"></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">For the Years Ended
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<tr style="vertical-align: bottom">
    <td style="text-align: center; border-bottom: Black 1pt solid"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">&#160;</font></p>
                                                                   <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">Type
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    <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Statements of Operations Location</font></td><td style="text-align: center; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 30%; text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Commodity contracts</font></td><td style="width: 2%; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"><font style="font-size: 8pt">Cost
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    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">279</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%; padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(242</font></td><td style="width: 1%; padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">12%</font></td><td style="text-align: left"></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">____________</font></p>
                                 <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">*Less than 10%</font></p></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PropertyAndEquipmentDepreciationUsefulLives', window );">Property and Equipment Depreciation</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at
cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 68%; padding-right: 3.6pt; line-height: 115%">Buildings</td>
    <td style="width: 32%; padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%">40 years</td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 3.6pt; line-height: 115%">Facilities and plant equipment</td>
    <td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%">10 &#150; 25 years</td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 3.6pt; line-height: 115%">Other equipment, vehicles and furniture</td>
    <td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%">5 &#150; 10 years</td></tr>
</table>


<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock', window );">Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method</a></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following tables compute basic and
diluted earnings per share (in thousands, except per share data):</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White">
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.05pt; padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
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    <td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 8.05pt; padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">Loss</font><br />
<font style="font-size: 8pt; line-height: 115%">Numerator</font></td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">Shares Denominator</font></td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">
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    <td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-size: 8pt; line-height: 115%">$</font></td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt; line-height: 115%">(19,057</font></td>
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">(1,268</font></td>
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    <td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid">&#160;</td>
    <td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">108,358</font></td>
    <td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
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</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"></p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White">
<tr style="vertical-align: bottom">
    <td style="padding-left: 4.5pt; padding-bottom: 1pt">&#160;</td>
    <td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: center; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-left: 4.5pt; text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">
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        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Numerator</p></td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">Shares Denominator</font></td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; padding-bottom: 1pt">&#160;</td>
    <td style="text-align: center; border-bottom: Black 1pt solid">
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        <p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">Amount</p></td>
    <td style="padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt; line-height: 115%">Net income attributed to Pacific Ethanol, Inc.</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-size: 8pt; line-height: 115%">$</font></td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt; line-height: 115%">3,074</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"><font style="font-size: 8pt; line-height: 115%">Preferred stock dividends</font></td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">(1,265</font></td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"><font style="font-size: 8pt; line-height: 115%">)</font></td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">$</font></td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">1,809</font></td>
    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">33,733</font></td>
    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">$</font></td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">0.05</font></td>
    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 8pt; line-height: 115%">Warrants</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt; line-height: 115%">&#150;</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">&#150;</font></td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"><font style="font-size: 8pt; line-height: 115%">57</font></td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td>
    <td style="line-height: 115%; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; text-align: right; border-bottom: Black 1pt solid">&#160;</td>
    <td style="line-height: 115%; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%; text-align: right">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">$</font></td>
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    <td style="line-height: 115%; padding-bottom: 2.5pt">&#160;</td>
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    <td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"><font style="font-size: 8pt; line-height: 115%">33,984</font></td>
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                <p>Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.</p>
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The following table summarizes warrant activity for the years ended December 31, 2012 and 2011 (number of shares in thousands):&lt;/p&gt;

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    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(20&lt;/font&gt;&lt;/td&gt;
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          <div style="width: 200px;"><strong>11. PROPERTY AND EQUIPMENT (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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                <p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
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                <p>The other noncash expense, not otherwise specified in the taxonomy, charged against earnings in the period to allocate the cost of tangible and intangible assets over their remaining economic lives.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
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                <p>This element represents capitalized assets classified as property, plant and equipment not otherwise defined in the taxonomy.</p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 350

 -SubTopic 30

 -Section 50

 -Paragraph 2

 -Subparagraph (a)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 142

 -Paragraph 45

 -Subparagraph a(1)

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Rental expense for the reporting period incurred under operating leases, including minimum and any contingent rent expense, net of related sublease income.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41499-112717<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesRentExpenseNet</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The floor amount as of the balance sheet date that the entity must expend to satisfy the terms of disclosed arrangements (excluding long-term commitments) in which the entity has agreed to expend funds to procure goods or services from one or more suppliers, other than under a long-term purchase commitment or an unconditional purchase obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 25<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.(a)(19))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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          <div style="width: 200px;"><strong>12. INTANGIBLE ASSETS<br></strong></div>
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      <tr>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Kinergy Tradename</u></i> &#150; The
Company recorded a tradename valued at $2,678,000 in 2006 as part of its acquisition of Kinergy. The Company determined that the
Kinergy tradename has an indefinite life and therefore, rather than being amortized, will be tested annually for impairment. The
Company did not record any impairment of the Kinergy tradename for the years ended December 31, 2012 and 2011.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Customer Relationships</u> &#150;</i>
The Company recorded customer relationships valued at $4,741,000 as part of its acquisition of Kinergy. The Company has established
a useful life of ten years for these customer relationships.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Pacific Ethanol Tradename</u> &#150;</i>
The Company recorded a tradename valued at $800,000 as part of its acquisition of its ownership interest in New PE Holdco, which
relates to its marketing and management agreements with Pacific Ethanol, Inc. The Company has established a useful life of two
years for this intangible asset.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Amortization expense associated with intangible
assets totaled $724,000 and $924,000 for the years ended December&#160;31, 2012 and 2011, respectively. The weighted-average unamortized
life of the intangible assets is 2.2 years. The remaining expected amortization expense relating to amortizable intangible assets
is $474,000, $474,000 and $108,000 for each of the years ending December 31, 2013, 2014 and 2015, respectively.</p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract">
        <tr>
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        </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock">
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        </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final.  May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13854-109267<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13816-109267<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16373-109275<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16265-109275<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 42, 43, 44, 45, 46, 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<TYPE>XML
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<DESCRIPTION>IDEA: 12. INTANGIBLE ASSETS (Tables)
<TEXT>
<XBRL>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangible assets consisted of the following
(in thousands):&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Useful&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Life&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Years)&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Net Book&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Net Book&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 8pt"&gt;Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Non-Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy tradename&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 350

 -SubTopic 20

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=14024403&amp;loc=d3e13816-109267



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 6

 -Subparagraph d

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5747-111685



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 -Paragraph C8

 -Subparagraph d

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

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 -Section 50

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 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5747-111685



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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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<DESCRIPTION>IDEA: 9. EARNINGS PER SHARE (Tables)
<TEXT>
<XBRL>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;The
following tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
    March&amp;#160;31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific
    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,454&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock
    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(312&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic
    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss
    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,766&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,060&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.57&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt; background-color: White"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
    March&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific
    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,953&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock
    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic
    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss
    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,268&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,748&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.92&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 260

 -SubTopic 10

 -Section 50

 -Paragraph 1

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257



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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>0025 - Disclosure - 2. VARIABLE INTEREST ENTITY (Tables)</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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</LabelSeparator><Level>1</Level><ElementName>peix_VariableInterestEntityTablesAbstract</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Variable Interest Entity Tables</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfVariableInterestEntitiesTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The
carrying values and classification of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were
as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 74%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;7,485&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;143,308&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,150&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;153,954&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 74%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;6,598&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;103,597&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;220&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;110,415&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The carrying values and classification of assets that are collateral for the obligations of New PE Holdco at December 31,
2012 were as follows (in thousands):&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 84%"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7,699&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;145,774&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,719&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Total assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156,192&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 84%"&gt;&lt;font style="font-size: 8pt"&gt;Current liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 12%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,287&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;100,821&lt;/font&gt;&lt;/td&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EE3BI">
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">$ 8,079,000<span></span></td>
        <td class="nump">$ 4,892,000<span></span></td>
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          <div class="a">Original Issuance 03/28/2013</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 7.80<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">71.10%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.24%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">2 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">38.20%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">788,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">882,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
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          <div class="a">Original issuance 1/11/2013</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 7.80<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">72.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.77%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 9 months 14 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">54.40%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">1,709,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">2,728,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
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          <div class="a">Original issuance 9/26/2012</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 8.85<span></span></td>
        <td class="nump">$ 8.85<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">84.20%<span></span></td>
        <td class="nump">70.20%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.31%<span></span></td>
        <td class="nump">0.36%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">2 years 5 months 26 days<span></span></td>
        <td class="text">2 years 8 months 26 days<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">75.90%<span></span></td>
        <td class="nump">53.90%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">1,771,000<span></span></td>
        <td class="nump">1,833,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">776,000<span></span></td>
        <td class="nump">1,112,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Original issuance 7/3/2012</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 7.50<span></span></td>
        <td class="nump">$ 7.50<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">71.10%<span></span></td>
        <td class="nump">76.10%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.57%<span></span></td>
        <td class="nump">0.72%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 3 months 4 days<span></span></td>
        <td class="text">4 years 6 months 4 days<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">51.80%<span></span></td>
        <td class="nump">55.50%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">1,812,000<span></span></td>
        <td class="nump">1,867,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">2,880,000<span></span></td>
        <td class="nump">2,756,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Original issuance 7/3/2012 (2nd one)</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 6.45<span></span></td>
        <td class="nump">$ 6.45<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">63.70%<span></span></td>
        <td class="nump">69.30%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.14%<span></span></td>
        <td class="nump">0.16%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">9 months 4 days<span></span></td>
        <td class="text">1 year 4 days<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">57.60%<span></span></td>
        <td class="nump">55.50%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">804,000<span></span></td>
        <td class="nump">930,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">335,000<span></span></td>
        <td class="nump">509,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Original issuance 12/13/2011</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 11.25<span></span></td>
        <td class="nump">$ 12.45<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">68.10%<span></span></td>
        <td class="nump">74.40%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.57%<span></span></td>
        <td class="nump">0.54%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">3 years 8 months 16 days<span></span></td>
        <td class="text">3 years 11 months 12 days<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="nump">47.10%<span></span></td>
        <td class="nump">52.30%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="nump">306,000<span></span></td>
        <td class="nump">330,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="nump">478,000<span></span></td>
        <td class="nump">480,000<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Original issuance 10/6/2010</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1.80<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">76.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0.72%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">4 years 9 months 18 days<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Discount for Marketability restrictions</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">46.40%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrants Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">17,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WarrantsAndRightsOutstanding', window );">Fair value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 35,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAssumptionsMarketabilityDiscount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Assumptions Marketability Discount.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAssumptionsMarketabilityDiscount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate amount of each class of warrants or rights outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ClassOfWarrantOrRightOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExercisePrice">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Agreed upon price for the exchange of the underlying asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssumptionsExercisePrice</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsExpectedTerm">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssumptionsExpectedTerm</nobr></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssumptionsExpectedVolatilityRate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Risk-free interest rate assumption used in valuing an instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueAssumptionsRiskFreeInterestRate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 00-27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 98-5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WarrantsAndRightsOutstanding</nobr></td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EQAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 1)<br></strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Supplier A</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EntityWideRevenueMajorSuppliersPercentage', window );">Major suppliers representing 10% or more total purchases</a></td>
        <td class="nump">40.00%<span></span></td>
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      <tr class="rh">
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          <div class="a">Supplier C</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EntityWideRevenueMajorSuppliersPercentage', window );">Major suppliers representing 10% or more total purchases</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of purchases generated from a single external supplier that accounts for 10 percent or more of an entity's purchases.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<DOCUMENT>
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<SEQUENCE>46
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERAAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>4. DERIVATIVES (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DerivativesTablesAbstract', window );"><strong>Derivatives Tables</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Three
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 2%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 14%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(73</font></td>
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    <td style="width: 2%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 14%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(102</font></td>
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<tr style="vertical-align: bottom; background-color: white">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<tr style="vertical-align: bottom">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESG">
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          <div style="width: 200px;"><strong>3. INVENTORIES (Tables)<br></strong></div>
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          <div>Mar. 31, 2013</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_InventoriesTablesAbstract', window );"><strong>Inventories Tables</strong></a></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EWAAE">
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          <div style="width: 200px;"><strong>4. DERIVATIVES (Details) (Commodity contracts [Member], Non Designated Derivative Instruments [Member], Cost of goods sold [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
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                <p>The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 205G<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44C<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4C<br><br> -Subparagraph (a),(c),(d),(e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959<br><br><br><br></p>
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                <p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>12. INTANGIBLE ASSETS (Tables)<br></strong></div>
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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

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</LabelSeparator><Level>1</Level><ElementName>us-gaap_IncomeTaxDisclosureAbstract</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Income Tax Disclosure [Abstract]</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_IncomeTaxDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The asset
and liability method is used to account for income taxes. Under this method, deferred tax assets and liabilities are recognized
for tax credits and for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that
those assets will be realized.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
files a consolidated federal income tax return. This return includes all entities 80% or more owned by the Company as well as
the Company&amp;#146;s pro-rata share of taxable income from pass-through entities in which the Company holds an ownership interest.
State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company
and its subsidiaries.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
recorded no provision for income taxes for the years ended December 31, 2012 and 2011.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A reconciliation
of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated
statements of operations is as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December
    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 46%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Statutory rate&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;35.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Change in valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;125.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(3,849.0)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Section 382 reduction to loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(169.4)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3,827.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;State income taxes, net of federal benefit&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;5.5&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.9&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Stock compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.9)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(16.8)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Non-deductible items&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;3.6&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;(1.1)&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;1.7&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;Effective rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;0.0%&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Deferred
income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement
carrying amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred
income taxes included in the consolidated balance sheets were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; width: 46%; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,818&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,681&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Capital loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;840&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,013&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;278&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;417&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other accrued liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,466&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,759&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Investment in New PE Holdco&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,480&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,792&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Intangibles&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,513&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,706&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,002&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,498&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,555&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,352&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Net deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Classified in balance sheet as:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income tax benefit (current assets)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Deferred income taxes (long-term liability)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A portion
of the Company&amp;#146;s net operating loss carryforwards will be subject to provisions of the tax law that limit the use of losses
incurred by a company prior to the date certain ownership changes occur. The amount of the Company&amp;#146;s net operating loss
carryforwards that would be subject to these limitations was approximately $399,000,000 at December 31, 2012.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Due to the
limitation, a significant portion of these net operating loss carryforwards will expire regardless of whether the Company generates
future taxable income. After reducing these net operating loss carryforwards for the amount which will expire, the Company had
federal net operating loss carryforwards of approximately $45,424,000 and $16,272,000, and state net operating loss carryforwards
of approximately $48,291,000 and $21,492,000, at December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;These net
operating loss carryforwards expire at various dates beginning in 2013. The deferred tax asset for the Company&amp;#146;s net operating
loss carryforwards at December&amp;#160;31, 2012 does not include $662,000 which relates to the tax benefits associated with warrants
and non-statutory options exercised by employees, members of the board and others under the various incentive plans. These tax
benefits will be recognized in stockholders&amp;#146; equity rather than in the statements of operations but not until the period
in which these amounts decrease taxes payable.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;In assessing
whether the deferred tax assets are realizable, a more likely than not standard is applied. If it is determined that it is more
likely than not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred
tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred
tax liabilities, projected future taxable income and tax planning strategies in making this assessment.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;A valuation
allowance has been established in the amount of $11,555,000 and $35,352,000 at December&amp;#160;31, 2012 and 2011, respectively,
based on the Company&amp;#146;s assessment of the future realizability of certain deferred tax assets. For the years ended December
31, 2012 and 2011, the Company recorded a decrease in the valuation allowance of $23,797,000 and $123,361,000, respectively, attributable
almost exclusively to the expected expiration of net operating loss carryforwards due to limitations caused by ownership changes
as previously discussed. The valuation allowance on deferred tax assets is related to future deductible temporary differences
and net operating loss carryforwards (exclusive of net operating losses associated with items recorded directly to equity) for
which the Company has concluded it is more likely than not that these items will not be realized in the ordinary course of operations.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;At
December 31, 2012, the Company had no increase or decrease in unrecognized income tax benefits for the year as a result of uncertain
tax positions taken in a prior or current period. There was no accrued interest or penalties relating to tax uncertainties at
December 31, 2012. Unrecognized tax benefits are not expected to increase or decrease within the next twelve months.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified
its federal tax return and tax returns in state jurisdictions below as &amp;#147;major&amp;#148; tax filings. These jurisdictions, along
with the years still open to audit under the applicable statutes of limitation, are as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" align="center" style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top"&gt;
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    &lt;td style="width: 12%; text-align: justify"&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;u&gt;Tax Years&lt;/u&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Federal&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Arizona&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;California&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Colorado&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Idaho&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Oregon&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2009 &amp;#150; 2011&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Wisconsin&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;2008&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;However,
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EM2AG">
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        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 4) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_IncomeNumeratorAbstract', window );"><strong>Loss Numerator</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributed to Pacific Ethanol, Inc.</a></td>
        <td class="num">$ (5,454)<span></span></td>
        <td class="num">$ (4,953)<span></span></td>
        <td class="num">$ (19,057)<span></span></td>
        <td class="nump">$ 3,074<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred stock dividends</a></td>
        <td class="num">(312)<span></span></td>
        <td class="num">(315)<span></span></td>
        <td class="num">(1,268)<span></span></td>
        <td class="num">(1,265)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_BasicIncomePerShare', window );"><strong>Basic income per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Income available to common stockholders</a></td>
        <td class="num">(5,766)<span></span></td>
        <td class="num">(5,268)<span></span></td>
        <td class="num">(20,325)<span></span></td>
        <td class="nump">1,809<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DilutedIncomePerShare1Abstract', window );"><strong>Diluted income per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted', window );">Income available to common stockholders</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,809<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesDenominatorAbstract', window );"><strong>Shares Denominator</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_IncomeAvailableToCommonStockholdersShares', window );">Income available to common stockholders</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,249<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DilutedIncomePerShareAbstract', window );"><strong>Diluted income per share:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_IncomeAvailableToCommonStockholdersDilutedShares', window );">Income available to common stockholders</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,266<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PershareAmountAbstract', window );"><strong>Per-Share Amount</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Income available to common stockholders, basic and diluted</a></td>
        <td class="num">$ (0.57)<span></span></td>
        <td class="num">$ (0.92)<span></span></td>
        <td class="num">$ (2.81)<span></span></td>
        <td class="nump">$ 0.80<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Income available to common stockholders, basic</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (2.81)<span></span></td>
        <td class="nump">$ 0.80<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Loss available to common stockholders, diluted</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (2.81)<span></span></td>
        <td class="nump">$ 0.8<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrant</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesDenominatorAbstract', window );"><strong>Shares Denominator</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesExcludedFromEarningsPerShareBasic', window );">Shares excluded from earnings per share basic</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Option</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesDenominatorAbstract', window );"><strong>Shares Denominator</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesExcludedFromEarningsPerShareBasic', window );">Shares excluded from earnings per share basic</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_BasicIncomePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_BasicIncomePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_DilutedIncomePerShare1Abstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_DilutedIncomePerShare1Abstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_DilutedIncomePerShareAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_DilutedIncomePerShareAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_IncomeAvailableToCommonStockholdersDilutedShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income available to common stockholders diluted shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_IncomeAvailableToCommonStockholdersDilutedShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_IncomeAvailableToCommonStockholdersShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Income available to common stockholders shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_IncomeAvailableToCommonStockholdersShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_IncomeNumeratorAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_IncomeNumeratorAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PershareAmountAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PershareAmountAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesDenominatorAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesDenominatorAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesExcludedFromEarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares included from earnings per share basic</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesExcludedFromEarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12, 36<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net Income or Loss Available to Common Stockholders plus adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ENPAE">
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          <div style="width: 200px;"><strong>5. DEBT (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtByComponentsAlternativeAbstract', window );"><strong>Long-term borrowings are summarized as follows</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Kinergy operating line of credit</a></td>
        <td class="nump">$ 20,558,000<span></span></td>
        <td class="nump">$ 19,711,000<span></span></td>
        <td class="nump">$ 20,432,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SeniorNotes', window );">Senior unsecured notes</a></td>
        <td class="nump">20,313,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertibleSubordinatedDebt', window );">Subordinated convertible notes</a></td>
        <td class="nump">6,000,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MediumTermNotes', window );">Plant Owner's term debt</a></td>
        <td class="nump">57,097,000<span></span></td>
        <td class="nump">54,821,000<span></span></td>
        <td class="nump">51,279,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NewPeHoldcoOperatingLineOfCredit', window );">Plant Owner's operating line of credit</a></td>
        <td class="nump">46,500,000<span></span></td>
        <td class="nump">46,000,000<span></span></td>
        <td class="nump">21,978,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Note payable to related party</a></td>
        <td class="nump">750,000<span></span></td>
        <td class="nump">750,000<span></span></td>
        <td class="nump">750,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_LongTermDebtPriorUnamortizedDiscount', window );">Total debt</a></td>
        <td class="nump">151,218,000<span></span></td>
        <td class="nump">121,282,000<span></span></td>
        <td class="nump">94,439,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ParentPurchasedPlantOwnersTermDebt', window );">Less: Parent purchased Plant Owners' term debt</a></td>
        <td class="num">(24,174,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_UnamortizedDiscountOnSeniorUnsecuredNotes', window );">Less: Unamortized discount on senior unsecured notes</a></td>
        <td class="num">(2,432,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_UnamortizedDiscountOnConvertibleNotes', window );">Less: Unamortized discount on convertible notes</a></td>
        <td class="num">(2,283,000)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Long-term Debt, current and non-current</a></td>
        <td class="nump">122,329,000<span></span></td>
        <td class="nump">121,282,000<span></span></td>
        <td class="nump">94,439,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Less short-term portion</a></td>
        <td class="num">(8,496,000)<span></span></td>
        <td class="num">(4,029,000)<span></span></td>
        <td class="num">(750,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt</a></td>
        <td class="nump">$ 113,833,000<span></span></td>
        <td class="nump">$ 117,253,000<span></span></td>
        <td class="nump">$ 93,689,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_LongTermDebtPriorUnamortizedDiscount">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total debt</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_LongTermDebtPriorUnamortizedDiscount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NewPeHoldcoOperatingLineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>New PE Holdco Operating Line of Credit</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NewPeHoldcoOperatingLineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ParentPurchasedPlantOwnersTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Less: Parent purchased Plant Owners' term debt</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ParentPurchasedPlantOwnersTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_UnamortizedDiscountOnConvertibleNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Less: Unamortized discount on convertible notes</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_UnamortizedDiscountOnConvertibleNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_UnamortizedDiscountOnSeniorUnsecuredNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Less: Unamortized discount on senior unsecured notes</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_UnamortizedDiscountOnSeniorUnsecuredNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertibleSubordinatedDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, the carrying value of convertible subordinated debt, as of the balance sheet date, initially scheduled to be repaid after one year or beyond the normal operating cycle if longer. This form of debt can be exchanged for a specified amount of another security, typically the entity's common stock, at the option of the issuer or the holder, and places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX210.5-02.22))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Article 5<br><br> -Subsection 20, 22<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConvertibleSubordinatedDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19,20)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value at the balance sheet date of a financial instrument used to receive debt funding on a regular basis with original maturities ranging from 5-10 years.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Including the current and noncurrent portions, carrying value as of the balance sheet date of Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPEAC">
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Tables)<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Mar. 31, 2013</div>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueMeasurementsTablesAbstract', window );"><strong>Fair Value Measurements Tables</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant
assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk-Free Interest
    Rate</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">12/13/2011</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant
assumptions used and related fair values for the warrants as of December 31, 2012 were as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk-Free Interest
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    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Significant assumptions used and related fair
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>



<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock', window );">Assumptions used and related fair value for conversion feature</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>
<p style="margin: 0pt"></p><span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock', window );">Summary of fair value measurements by level</a></td>
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fair value measurements by level at March 31, 2013 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(1)&#9;Included in other current
assets in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(2)&#9;Included in warrant
liabilities and conversion feature at fair value in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(3)&#9;Included in
accrued liabilities in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><font style="font-size: 8pt">The following table summarizes
fair value measurements by level at December 31, 2012 (in thousands):</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Level
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"><font style="font-size: 8pt">Assets:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"><font style="font-size: 8pt">Commodity
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    <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">189</font></td><td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">189</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">4,892</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Commodity contracts<sup>(2)</sup></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><font style="font-size: 8pt">(1)&#9;Included
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">&#160;</font></p>

<div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%"><font style="font-size: 8pt">&#160;</font></div></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">(1)&#9;Included in other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">(2)&#9;Included in other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><font style="font-size: 8pt">&#160;&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The following
table summarizes fair value measurements by level at December 31, 2011 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"><font style="font-size: 8pt">Assets:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">&#160;</font></p>

<div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"><div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%"><font style="font-size: 8pt">&#160;</font></div></div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">(1)&#9;Included in other
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"><font style="font-size: 8pt">(2)&#9;Included in other
liabilities in the consolidated balance sheets.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ChangesInFairValueOfLevel3InputsTableTextBlock', window );">Changes in fair value of Level 3 inputs</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Conversion
    Feature</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 66%; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Balance, December 31, 2012</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,892</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Issuance of warrants in January
    offering</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">2,657</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Issuance of notes and warrants
    in March offering</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">883</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,401</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Exercises of warrants</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(260</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Adjustments
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">8,079</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">1,401</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The changes in the Company&#146;s fair
value of its Level 3 inputs were as follows (in thousands):</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-size: 8pt"><b>Warrants</b></font></td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"><font style="font-size: 8pt"><b>Convertible Notes</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="width: 76%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 9%; text-align: right">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 8pt">Balance, December 31, 2010</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 8pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">5,718</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 8pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">38,108</font></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">(35,000</font></td>
    <td><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 8pt">Issuance of 2011 Warrants</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">1,809</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">(1,155</font></td>
    <td><font style="font-size: 8pt">)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Adjustments to fair value for the period</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(4,451</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(3,108</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Balance, December 31, 2011</font></td>
    <td style="padding-bottom: 3pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,921</font></td>
    <td style="padding-bottom: 3pt">&#160;</td>
    <td style="padding-bottom: 3pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td style="padding-bottom: 3pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 8pt">Issuance of July Offering Warrants</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 8pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">3,380</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 8pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td>
    <td>&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 8pt">Issuance of September Offering Warrants</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 8pt">1,658</font></td>
    <td>&#160;</td>
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                <p>Changes in fair value of Level 3 inputs</p>
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                <p>Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.</p>
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                <p>Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.</p>
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                <p>Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EGH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE (Details Narrative)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DilutiveSecuritiesAbstract', window );"><strong>Dilutive securities</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Potentially dilutive weighted-average shares from convertible securities not considered in calculation of diluted shares</a></td>
        <td class="nump">427,000<span></span></td>
        <td class="nump">214,000<span></span></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.19(b),22(b))

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 19, 22

 -Article 5



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.19(b),22(b))

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 19, 22

 -Article 5



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.19(b),22(b))

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 19, 22

 -Article 5



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    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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                <p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p>
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsAndOtherAdjustments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 11<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockDividendsAndOtherAdjustments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EMPAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>VIEBalanceSheetMember</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract', window );"><strong>Values and classification of assets that are collateral for the obligations of New PE Holdco</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CashAndCashEquivalentsVIE', window );">Cash and cash equivalents</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 11<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OtherCurrentAssetsVIE', window );">Other current assets</a></td>
        <td class="nump">7,699<span></span></td>
        <td class="nump">7,485<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PropertyAndEquipmentVIE', window );">Property and equipment</a></td>
        <td class="nump">145,774<span></span></td>
        <td class="nump">143,308<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OtherAssetsVIE', window );">Other assets</a></td>
        <td class="nump">2,719<span></span></td>
        <td class="nump">3,150<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets', window );">Total assets</a></td>
        <td class="nump">156,192<span></span></td>
        <td class="nump">153,954<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CurrentLiabilitiesVIE', window );">Current liabilities</a></td>
        <td class="nump">4,287<span></span></td>
        <td class="nump">6,598<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_LongAndShortTermDebt', window );">Long-term debt, including current portion</a></td>
        <td class="nump">100,821<span></span></td>
        <td class="nump">103,597<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OtherLiabilitiesVIE', window );">Other liabilities</a></td>
        <td class="nump">207<span></span></td>
        <td class="nump">220<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities', window );">Total liabilities</a></td>
        <td class="nump">$ 105,315<span></span></td>
        <td class="nump">$ 110,415<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_CashAndCashEquivalentsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash and cash equivalents used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_CashAndCashEquivalentsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_CurrentLiabilitiesVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Current liabilites used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_CurrentLiabilitiesVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_LongAndShortTermDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Long-term debt including current portion</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_LongAndShortTermDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherAssetsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other assets used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherAssetsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherCurrentAssetsVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other current assets used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherCurrentAssetsVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_OtherLiabilitiesVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other liabilites used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_OtherLiabilitiesVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PropertyAndEquipmentVIE">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Property and equipment used as collateral for New PE Holdco</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PropertyAndEquipmentVIE</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityClassificationOfCarryingAmountAssetsAndLiabilitiesNetAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of the consolidated Variable Interest Entity's assets included in the reporting entity's statement of financial position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (bb)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5710-111685<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying amount of the consolidated Variable Interest Entity's liabilities included in the reporting entity's statement of financial position.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (bb)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5710-111685<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ECHAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>12. INTANGIBLE ASSETS (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract', window );"><strong>Goodwill and Intangible Assets Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfIntangibleAssets', window );">Amortization expense of intangible assets</a></td>
        <td class="nump">$ 724<span></span></td>
        <td class="nump">$ 924<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife', window );">Weighted-average unamortized life of the intangible assets</a></td>
        <td class="text">2 years 2 months 12 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths', window );">Expected amortization expense 2013</a></td>
        <td class="nump">474<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo', window );">Expected amortization expense 2014</a></td>
        <td class="nump">474<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearThree', window );">Expected amortization expense 2015</a></td>
        <td class="nump">$ 108<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average amortization period of finite-lived intangible assets acquired either individually or as part of a group of assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16265-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:durationItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfIntangibleAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16225-109274<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 45<br><br> -Subparagraph a(2)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfIntangibleAssets</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of amortization expense expected to be recognized during the next fiscal year following the latest fiscal year for assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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</LabelSeparator><Level>1</Level><ElementName>peix_CommonStockAndWarrantsAbstract</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Common Stock And Warrants</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Grants
of stock &lt;/u&gt;&lt;/i&gt;&amp;#150; In January 2013, the Company granted 63,333 shares of restricted stock to members of the Company&amp;#146;s
Board of Directors, with the exception of its Chief Executive Officer, that vest on the earlier of (i) the date of the Company&amp;#146;s
2013 annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.25 per share. In January 2013,
the Company granted an additional 94,167 shares of restricted stock to the Company&amp;#146;s non-executive employees that vest in
equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.25 per share. In March 2013, the Company
granted an additional 113,333 shares of restricted common stock to its executive employees that vest in equal installments on
each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrant
issuances&lt;/u&gt; &lt;/i&gt;&amp;#150; In connection with the January 2013 Financing Transaction, the Company issued warrants to purchase an
aggregate of 1,708,687 shares of the Company&amp;#146;s common stock. The warrants have an exercise price of $7.80 per share and
expire in January 2018.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;In
connection with the Company&amp;#146;s issuance of its Series A Notes, the Company issued warrants to purchase up to 788,400 shares
of common stock at an exercise price of $7.80 per share that expire in March 2015.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in stockholders&amp;#146;
equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them at each reporting
period.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrant
exercises&lt;/u&gt;&lt;/i&gt; &amp;#150; During February 2013, certain holders exercised warrants and received 267,733 shares of the Company&amp;#146;s
common stock upon payment of an aggregate of $2,064,000 in cash. The Company paid $785,800 in cash to the warrant holders as an
inducement for such exercises and recorded an expense of approximately $785,800. In March 2013, a holder exercised warrants on
a cashless basis and received 11,356 shares of the Company&amp;#146;s common stock.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;September 2012 Public Offering&lt;/u&gt;
&lt;/i&gt;&amp;#150; On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,833,333 shares of common stock and warrants immediately exercisable
to purchase an aggregate of 1,833,333 shares of common stock at an exercise price of $8.85 per share and which expire in 2015.
The Company accounted for the net proceeds of the offering by first allocating the $1,658,000 fair value of the warrants to liabilities
and then allocating the remaining amount to equity.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;July 2012 Public Offering&lt;/u&gt;
&lt;/i&gt;&amp;#150; On July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,866,667 shares of common stock, warrants immediately exercisable to
purchase an aggregate of 1,866,667 shares of common stock at an exercise price of $9.45 per share and which expire in 2017 (&amp;#147;Series
I Warrants&amp;#148;) and warrants immediately exercisable to purchase an aggregate of 933,333 shares of common stock at an exercise
price of $7.95 per share and which expire in 2014 (&amp;#147;Series II Warrants&amp;#148;) . The Series I Warrants and the Series II
Warrants are subject to &amp;#147;weighted-average&amp;#148; anti-dilution adjustments if the Company issues or is deemed to have issued
securities at a price lower than their then applicable exercise prices. Due to subsequent transactions, the exercise price of the
Series I Warrants was reduced to $7.50 and the exercise price of the Series II Warrants was reduced to $6.45. The Company accounted
for the net proceeds of the offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then allocating
the remaining amount to equity. In 2012, certain holders exercised their warrants with respect to 3,333 shares of common stock
for $22,000 in cash.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;December 2011 Private Placement&lt;/u&gt;
&lt;/i&gt;&amp;#150; On December 13, 2011, the Company raised $7,364,000, net of $642,000 of placement agent fees and issuance costs, through
the issuance of an aggregate of 508,333 shares of common stock and warrants immediately exercisable to purchase an aggregate of
330,417 shares of common stock at an exercise price of $22.50 per share and which expire in 2016 (&amp;#147;2011 Warrants&amp;#148;).
The 2011 Warrants are subject to &amp;#147;weighted-average&amp;#148; anti-dilution adjustments if the Company issues or is deemed to
have issued securities at a price lower than the then applicable exercise price. Due to subsequent transactions, the exercise price
of the 2011 Warrants was reduced to $12.60.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Note Warrants&lt;/u&gt;
&lt;/i&gt;&amp;#150; On October 6, 2010, as part of the issuance of the Initial Notes, the Company issued warrants that were immediately
exercisable and entitled the holders to purchase up to an aggregate of 196,079 shares of the Company&amp;#146;s common stock at an
exercise price of $89.25 per share and which expire in 2017 (&amp;#147;2010 Warrants&amp;#148;). The 2010 Warrants are subject to &amp;#147;full-ratchet&amp;#148;
anti-dilution adjustments such that if the Company issues or is deemed to have issued securities at a price lower than the then
applicable exercise price, the exercise price of the 2010 Warrants will immediately decline to equal the price at which the Company
issued or is deemed to have issued its common stock. Due to subsequent transactions, the exercise price of the 2010 Warrants was
reduced to $0.12. During 2012 and 2011, certain holders exercised their 2010 Warrants with respect to 16,800 and 162,467 shares
of common stock on a cashless exercise basis, resulting in 11,467 and 101,467 net shares of common stock issued by the Company,
respectively.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant Terms&lt;/u&gt;&lt;/i&gt; &amp;#150;
The exercise prices of the warrants described above are subject to adjustment for stock splits, combinations or similar events,
and, in such event, the number of shares issuable upon the exercise of the warrants will also be adjusted so that the aggregate
exercise price shall be the same immediately before and immediately after the adjustment. The warrants generally require payments
to be made by the Company for failure to deliver the shares of common stock issuable upon exercise. The warrants may not be exercised
if, after giving effect to the exercise, the investor together with its affiliates would beneficially own in excess of 4.99% of
the Company&amp;#146;s outstanding shares of common stock. The blocker applicable to the exercise of the warrants may be raised or
lowered to any other percentage not in excess of 9.99%, except that any increase will only be effective upon 61-days&amp;#146; prior
notice to the Company. If the Company issues options, convertible securities, warrants, stock, or similar securities to holders
of its common stock generally, each holder of certain warrants has the right to acquire the same securities as if the holder had
exercised its warrants. The warrants prohibit the Company from entering into specified transactions involving a change of control,
unless the successor entity assumes all of the Company&amp;#146;s obligations under the warrants under a written agreement before
the transaction is completed. When there is a transaction involving a permitted change of control, a holder of a warrant a will
have the right to force the Company to repurchase the holder&amp;#146;s warrant for a purchase price in cash equal to the Black Scholes
value (as calculated under the individual warrant agreements) of the then unexercised portion of the warrant.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Accounting for Warrants&lt;/u&gt; &lt;/i&gt;&amp;#150;
The Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in
stockholders&amp;#146; equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them
at each reporting period. Further, as noted above, certain of the exercise prices declined as a result of anti-dilution adjustments
due to subsequent transactions. Accordingly, the Company recorded fair value adjustments quarterly, with total fair value adjustments
of $1,954,000 and $4,451,000 for the years ended December 31, 2012 and 2011, respectively, which is largely attributed to adjustment,
if any, to their initial exercise prices, warrant term shortening and reductions in the market value of the Company&amp;#146;s common
stock. See Note 12 for the Company&amp;#146;s fair value assumptions.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Registration Rights Agreement
&lt;/u&gt;&lt;/i&gt;&amp;#150; In connection with the December 2011 private placement, the Company entered into a registration rights agreement
with all of the investors to file a registration statement on Form S-1 with the Securities and Exchange Commission by December
23, 2011 for the resale by the purchasers of the 508,333 shares of common stock and the 330,417 shares of common stock issuable
upon exercise of the 2011 Warrants. Subject to customary grace periods, the Company is required to keep the registration statement
(and the accompanying prospectus) available for use for resale by the investors on a delayed or continuous basis at then-prevailing
market prices at all times until the earlier of (i) the date as of which all of the investors may sell all of the shares of common
stock required to be covered by the registration statement without restriction under Rule 144 under the Securities Act of 1933,
as amended (including volume restrictions) and without the need for current public information required by Rule 144(c)(1), if applicable)
or (ii) the date on which the investors have sold all of the shares of common stock covered by the registration statement. The
Company must pay registration delay payments of up to 2% of each investor&amp;#146;s initial investment per month if the registration
statement ceases to be effective prior to the expiration of deadlines provided for in the registration rights agreement. The initial
registration statement became effective by the stated deadline and the Company did not record any liability associated with any
registration delay payments under the registration rights agreement.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Other Warrant Issuances&lt;/u&gt; &lt;/i&gt;&amp;#150;
In March 2008, the Company issued warrants to purchase an aggregate of 29,304 shares of common stock at an exercise price of $735.00
per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate of 4,213 shares of common stock
at an exercise price of $735.00 per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate
of 28,572 shares of common stock at an exercise price of $745.50 per share, which expire in 2013. All of these warrants are currently
exercisable by the holders.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant Summary&lt;/u&gt; &lt;/i&gt;&amp;#150;
The following table summarizes warrant activity for the years ended December 31, 2012 and 2011 (number of shares in thousands):&lt;/p&gt;

&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Number of&lt;/font&gt;&lt;br /&gt;
&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Price per&lt;/font&gt;&lt;br /&gt;
&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Share&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Weighted&lt;/font&gt;&lt;br /&gt;
&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Average&lt;/font&gt;&lt;br /&gt;
&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 52%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Balance at December 31, 2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;258&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 15%; padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$1.80 &amp;#150; $745.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;183.00&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants issued&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;330&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$22.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants exercised&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(162&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 4.3pt; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$6.75&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6.75&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20&lt;/font&gt;&lt;/td&gt;
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          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY (Tables)<br></strong></div>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E3LBI">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Operating Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net loss</a></td>
        <td class="num">$ (6,602)<span></span></td>
        <td class="num">$ (13,991)<span></span></td>
        <td class="num">$ (43,355)<span></span></td>
        <td class="num">$ (4,023)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile consolidated net loss to net cash used in operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization of intangibles</a></td>
        <td class="nump">2,974<span></span></td>
        <td class="nump">3,134<span></span></td>
        <td class="nump">12,205<span></span></td>
        <td class="nump">12,648<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_InterestExpenseAddedToPlantOwnersDebt', window );">Interest expense added to Plant Owners' debt</a></td>
        <td class="nump">2,276<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">3,542<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWriteDown', window );">Inventory valuation</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">816<span></span></td>
        <td class="nump">47<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain on extinguishment of debt</a></td>
        <td class="num">(817)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantFairValueAdjustments', window );">Warrant fair value adjustments</a></td>
        <td class="num">(94)<span></span></td>
        <td class="nump">33<span></span></td>
        <td class="num">(1,954)<span></span></td>
        <td class="num">(7,559)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeAmortizationOfDiscount', window );">Amortization of debt discount</a></td>
        <td class="nump">225<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization of deferred financing fees</a></td>
        <td class="nump">108<span></span></td>
        <td class="nump">164<span></span></td>
        <td class="nump">736<span></span></td>
        <td class="nump">651<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherNoncashExpense', window );">Non-cash compensation</a></td>
        <td class="nump">630<span></span></td>
        <td class="nump">296<span></span></td>
        <td class="nump">806<span></span></td>
        <td class="nump">2,278<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Loss (gain) on derivatives</a></td>
        <td class="nump">5<span></span></td>
        <td class="num">(135)<span></span></td>
        <td class="num">(999)<span></span></td>
        <td class="num">(96)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt expense</a></td>
        <td class="nump">208<span></span></td>
        <td class="nump">2<span></span></td>
        <td class="num">(6)<span></span></td>
        <td class="num">(218)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestOnConvertibleDebtNetOfTax', window );">Interest on convertible debt paid with stock</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">3,076<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
        <td class="num">(6,326)<span></span></td>
        <td class="num">(984)<span></span></td>
        <td class="nump">2,095<span></span></td>
        <td class="num">(2,067)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
        <td class="num">(1,300)<span></span></td>
        <td class="nump">1,696<span></span></td>
        <td class="num">(929)<span></span></td>
        <td class="nump">1,128<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses and other assets</a></td>
        <td class="nump">53<span></span></td>
        <td class="nump">1,393<span></span></td>
        <td class="nump">2,251<span></span></td>
        <td class="num">(933)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets', window );">Prepaid inventory</a></td>
        <td class="num">(4,222)<span></span></td>
        <td class="nump">2,040<span></span></td>
        <td class="nump">3,817<span></span></td>
        <td class="num">(6,524)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable and accrued expenses</a></td>
        <td class="nump">6,428<span></span></td>
        <td class="nump">3,600<span></span></td>
        <td class="nump">129<span></span></td>
        <td class="num">(2,358)<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash used in operating activities</a></td>
        <td class="num">(6,454)<span></span></td>
        <td class="num">(2,752)<span></span></td>
        <td class="num">(20,846)<span></span></td>
        <td class="num">(3,950)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Investing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Additions to property and equipment</a></td>
        <td class="num">(309)<span></span></td>
        <td class="num">(896)<span></span></td>
        <td class="num">(2,273)<span></span></td>
        <td class="num">(2,365)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Purchases of New PE Holdco ownership interests</a></td>
        <td class="num">(1,639)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(10,000)<span></span></td>
        <td class="num">(9,117)<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash used in investing activities</a></td>
        <td class="num">(1,948)<span></span></td>
        <td class="num">(896)<span></span></td>
        <td class="num">(12,273)<span></span></td>
        <td class="num">(11,482)<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Financing Activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity', window );">Net proceeds from sales of common stock and warrants</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">20,924<span></span></td>
        <td class="nump">7,364<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSecuredNotesPayable', window );">Proceeds from Senior Notes</a></td>
        <td class="nump">22,192<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ProceedsFromSeriesConvertibleNotes', window );">Proceeds from Series A Convertible Notes</a></td>
        <td class="nump">6,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromWarrantExercises', window );">Proceeds from exercise of warrants</a></td>
        <td class="nump">2,064<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromOtherDebt', window );">Proceeds from Plant Owners' borrowings</a></td>
        <td class="nump">4,000<span></span></td>
        <td class="nump">6,000<span></span></td>
        <td class="nump">24,022<span></span></td>
        <td class="nump">3,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PrincipalPaymentsOnPlantOwnersBorrowings', window );">Principal Payments on Plant Owners' borrowings</a></td>
        <td class="num">(3,500)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="num">(1,880)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(10,000)<span></span></td>
        <td class="num">(1,212)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NetProceedsFromPaymentsOnKinergysLineOfCredit', window );">Net proceeds from (payments on) Kinergy's line of credit</a></td>
        <td class="nump">847<span></span></td>
        <td class="num">(5,970)<span></span></td>
        <td class="num">(721)<span></span></td>
        <td class="nump">6,958<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ParentPurchasesOfPlantOwnersDebt', window );">Parent purchases of Plant Owners' debt</a></td>
        <td class="num">(23,357)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtIssuanceCosts', window );">Debt issuance costs</a></td>
        <td class="num">(1,044)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(1,166)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock dividends paid</a></td>
        <td class="num">(312)<span></span></td>
        <td class="num">(315)<span></span></td>
        <td class="num">(1,268)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt', window );">Principal payments paid on related party borrowings</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(500)<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash provided by (used in) financing activities</a></td>
        <td class="nump">5,010<span></span></td>
        <td class="num">(285)<span></span></td>
        <td class="nump">31,791<span></span></td>
        <td class="nump">15,610<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
        <td class="num">(3,392)<span></span></td>
        <td class="num">(3,933)<span></span></td>
        <td class="num">(1,328)<span></span></td>
        <td class="nump">178<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">7,586<span></span></td>
        <td class="nump">8,914<span></span></td>
        <td class="nump">8,914<span></span></td>
        <td class="nump">8,736<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">4,194<span></span></td>
        <td class="nump">4,981<span></span></td>
        <td class="nump">7,586<span></span></td>
        <td class="nump">8,914<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental Information:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Interest paid</a></td>
        <td class="nump">737<span></span></td>
        <td class="nump">2,789<span></span></td>
        <td class="nump">8,828<span></span></td>
        <td class="nump">11,669<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>Noncash financing and investing activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco', window );">Reclass of noncontrolling interest in VIE to APIC upon acquisitions of ownership interests in New PE Holdco</a></td>
        <td class="nump">8,161<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DiscountOnSeniorAndConvertibleDebt', window );">Discount on senior and convertible debt</a></td>
        <td class="nump">4,940<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises', window );">Reclass of warrant liability to equity upon warrant exercises</a></td>
        <td class="nump">260<span></span></td>
        <td class="nump">112<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,157<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueOther', window );">Preferred stock dividends paid in common stock</a></td>
        <td class="nump">732<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,464<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity', window );">Notes issued for purchase of 33% ownership in New PEHC</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PreferredStockDividendsAccrued', window );">Preferred stock dividends accrued</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,265<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueIssuedForNoncashConsiderations', window );">Debt extinguished with issuance of common stock</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 33,788<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ChangesInOperatingAssetsAndLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ChangesInOperatingAssetsAndLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_DiscountOnSeniorAndConvertibleDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_DiscountOnSeniorAndConvertibleDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_InterestExpenseAddedToPlantOwnersDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Interest expense added to Plant Owners' debt</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_InterestExpenseAddedToPlantOwnersDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NetProceedsFromPaymentsOnKinergysLineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NetProceedsFromPaymentsOnKinergysLineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Notes issued for purchase of ownership interests</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_NotesIssuedForPurchaseOf33OwnershipInterestsInVariableInterestEntity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ParentPurchasesOfPlantOwnersDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ParentPurchasesOfPlantOwnersDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PreferredStockDividendsAccrued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Preferred stock dividends accrued</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PreferredStockDividendsAccrued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PrincipalPaymentsOnPlantOwnersBorrowings">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PrincipalPaymentsOnPlantOwnersBorrowings</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_PrincipalPaymentsOnSeniorNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_PrincipalPaymentsOnSeniorNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ProceedsFromSeriesConvertibleNotes">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ProceedsFromSeriesConvertibleNotes</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ReclassOfNoncontrollingInterestInVieToApicUponAcquisitionsOfOwnershipInterestsInNewPeHoldco</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Custom Element</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ReclassOfWarrantLiabilityToEquityUponWarrantExercises</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant fair value adjustments</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_WarrantFairValueAdjustments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCostsAndDiscounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtIssuanceCosts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of debt issuance costs (for example, but not limited to, legal, accounting, broker, and regulatory fees).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtIssuanceCosts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DepreciationAndAmortization</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net Increase or Decrease in the fair value of the derivative or group of derivatives included in earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5618551-113959<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeGainLossOnDerivativeNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12317-112629<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 50<br><br> -Section 40<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6850294&amp;loc=d3e12355-112629<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 26<br><br> -Paragraph 20, 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GainsLossesOnExtinguishmentOfDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInInventories</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherCurrentAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other current operating assets not separately disclosed in the statement of cash flows.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherCurrentAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInPrepaidExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestOnConvertibleDebtNetOfTax">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The after-tax amount of interest recognized in the period associated with any convertible debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestOnConvertibleDebtNetOfTax</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of cash paid for interest during the period net of cash paid for interest that is capitalized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InterestPaidNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWriteDown">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4542-108314<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br> -Number 6<br><br> -Paragraph 86<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section 7<br><br> -Paragraph 14<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryWriteDown</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeAmortizationOfDiscount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This item represents the amount of amortization of purchase discount related to an investment in debt securities. The purchase discount is amortized to income over the life (holding period) of the security to arrive at an amount of periodic interest income which results in a constant effective yield on the investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 91<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentIncomeAmortizationOfDiscount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from financing activity for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from investing activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 26<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3574-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherNoncashExpense">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Other expenses or losses included in net income that result in no cash outflows or inflows in the period and are not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherNoncashExpense</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash outflow in the form of ordinary dividends to preferred shareholders, generally out of earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Investing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 13<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 17<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOrSaleOfEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOrSaleOfEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromOtherDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from other borrowing not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromOtherDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash inflow or outflow from the proceeds and repayments made on the long-term borrowing from related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and such forth. Alternate caption: Proceeds from (Payments for) Advances from Affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSecuredNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from borrowings supported by a written promise to pay an obligation that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromSecuredNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromWarrantExercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromWarrantExercises</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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                <p>Value of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed.</p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 260

 -SubTopic 10

 -Section 45

 -Paragraph 16

 -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 260

 -SubTopic 10

 -Section 45

 -Paragraph 11

 -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 128

 -Paragraph 11, 12

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.19(b),22(b))

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 19, 22

 -Article 5



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(f))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph f

 -Article 4



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 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 19, 22

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 -Publisher OTS

 -Name Federal Regulation (FR)

 -Number Title 12

 -Section 563c.102

 -Paragraph 8

 -Chapter V

 -Subsection I

 -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 942

 -SubTopic 225

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.9-04.7,8)

 -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
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          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Mar. 31, 2013</div>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_VariableInterestEntityAbstract', window );"><strong>Variable Interest Entity</strong></a></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_VariableInterestEntityTextBlock', window );">2. VARIABLE INTEREST ENTITY</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company
concluded that at all times since New PE Holdco&#146;s inception, New PE Holdco has been a variable interest entity because the
other owners of New PE Holdco, due to the Company&#146;s involvement through its contractual arrangements, have at all times
lacked the power to direct the activities that most significantly impacted its economic performance. Some of these activities
include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, the procurement of feedstock, sale
of co-products and implementation of risk management strategies. At the time of New PE Holdco&#146;s inception, however, the
Company did not have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco
and, as a result, it was determined that the Company was not New PE Holdco&#146;s primary beneficiary. Upon the Company&#146;s
purchase of its 20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest,
had an obligation to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the
Company then became the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">In January and
March 2013, the Company purchased an additional 13% and 3% of the ownership interests in New PE Holdco for $1,308,000 and $331,000
in cash, respectively, bringing its total ownership interest to 83% as of March 31, 2013.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: White">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">Because the Company
has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead reduced
the amount of noncontrolling interest in variable interest entity on the consolidated balance sheets by an aggregate $9,800,000
and recorded the difference of $8,161,000 for the three months ended March 31, 2013, which represents the fair value of these
purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">Because
New PE Holdco&#146;s results are consolidated with the Company&#146;s financial results for financial reporting purposes, the
acquisition of additional interests in New PE Holdco did not impact the Company&#146;s reported consolidated net income or loss.
However, the portion of New PE Holdco&#146;s net income or loss that is allocated to the Company increased from 34% to 67% during
2012 and from 67% to 83% in 2013, thus changing the net income or loss attributable to Pacific Ethanol after reducing the net
income or loss attributable to the noncontrolling interests and the Company&#146;s earnings per share.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company
recognized approximately $122,225,000 and $105,854,000 in net sales and $4,973,000 and $13,641,000 in net loss attributed to New
PE Holdco for the three months ended March 31, 2013 and 2012, respectively. Had the Company held an 83% ownership interest in
New PE Holdco, for the three months ended March 31, 2013 and 2012, the Company&#146;s reported net loss available to common stockholders
would have been $6,069,000 and $11,987,000, respectively, and loss per share would have been $0.60 and $2.09, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The carrying
values and classification of assets that are collateral for the obligations of New PE Holdco as of March 31, 2013 were as follows
(in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">7,485</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">143,308</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Other assets</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 11pt"><font style="font-size: 8pt">Total assets</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">153,954</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="padding-left: 0pt"><font style="font-size: 8pt">Long-term debt</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">103,597</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Other liabilities</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s
acquisition of its ownership interest in New PE Holdco does not impact the Company&#146;s rights or obligations under any of
its contractual agreements. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition, the
Company has not provided any additional support to New PE Holdco beyond the terms of its contractual agreements.</font></p><span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Consolidation
of New PE Holdco</u></i> &#150; The Company concluded that at all times since its inception, New PE Holdco has been a VIE because
the owners of New PE Holdco, due to the Company&#146;s involvement through the contractual arrangements discussed below, have
at all times lacked the power to direct the activities that most significantly impacted its economic performance. Some of these
activities include efficient management and operation of the Pacific Ethanol Plants, sale of ethanol, procurement of feedstock,
sale of co-products and implementation of risk management strategies. At the time of its inception, however, the Company did not
have an obligation to absorb losses or receive benefits that could potentially be significant to New PE Holdco and, as a result,
it was determined that the Company was not New PE Holdco&#146;s primary beneficiary. Upon the Company&#146;s purchase of its
20% initial ownership interest in New PE Holdco on October 6, 2010, the Company, through its ownership interest, had an obligation
to absorb losses and receive benefits that could potentially be significant to New PE Holdco. As a result, the Company then became
the primary beneficiary of New PE Holdco and began consolidating the financial results of New PE Holdco. The Company purchased
its 20% ownership interest in New PE Holdco from a number of New PE Holdco&#146;s owners.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">In November
and December 2011, the Company purchased an additional 14% ownership interest in New PE Holdco for $9,117,000 in cash. In July
2012, the Company purchased an additional 33% ownership interest in New PE Holdco for $20,000,000 by paying $10,000,000 in cash
and issuing $10,000,000 in promissory notes. See Note 6.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Because the
Company has a controlling financial interest in New PE Holdco, it did not record any gain or loss on these purchases, but instead
reduced the amount of noncontrolling interest in VIE on the consolidated balance sheets by an aggregate $27,647,000 and $15,585,000
and recorded the difference of $7,646,000 and $6,468,000 for the years ended December 31, 2012 and 2011, respectively, which represents
the fair value of these purchases above the price paid by the Company, to additional paid-in capital on the consolidated balance
sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
recognized approximately $448,414,000 and $512,497,000 in net sales and $18,717,000 and $836,000 in net loss attributed to New
PE Holdco for the years ended December 31, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s
acquisition of its ownership interest in New PE Holdco does not impact the Company&#146;s rights or obligations under any of
the agreements described below. Further, creditors of New PE Holdco do not have recourse to the Company. Since its acquisition,
the Company has not provided any additional support to New PE Holdco beyond the terms of the agreements described below.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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Owners under which the Company agreed to operate and maintain the Pacific Ethanol Plants on behalf of the Plant Owners. These
services generally include, but are not limited to, administering the Plant Owners&#146; compliance with their credit agreements
and performing billing, collection, record keeping and other administrative and ministerial tasks. The Company agreed to supply
all labor and personnel required to perform its services under the AMA, including the labor and personnel required to operate
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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a preapproved budget. The Company&#146;s obligation to provide services is limited to the extent there are sufficient funds advanced
by the Plant Owners to cover the associated costs and expenses.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">As
compensation for providing the services under the AMA, the Company is paid $75,000 per month for each production facility that
is operational and $40,000 per month for each production facility that is idled. In addition to the monthly fee, if during any
six-month period (measured on September 30 and March 31 of each year commencing March 31, 2011) a production facility has annualized
earnings before interest, income taxes, depreciation and amortization (&#147;EBITDA&#148;) per gallon of operating capacity
of $0.20 or more, the Company will be paid a performance bonus equal to 3% of the increment by which EBITDA exceeds such amount.
The aggregate performance bonus for all plants is capped at $2,200,001 for each six-month period. The performance bonus is to
be reduced by 25% if all production facilities then operating do not operate at a minimum average yield of 2.70 gallons of denatured
ethanol per bushel of corn. In addition, no performance bonus is to be paid if there is a default or event of default under the
Plant Owners&#146; credit agreement resulting from their failure to pay any amounts then due and owing. The AMA also provides
the Company with an incentive fee upon any sale of a production facility to the extent the sales price is above $0.60 per gallon
of annual capacity. To date, no such bonuses have been earned by the Company.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

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an initial term of six months and successive six-month renewal periods at the option of the Plant Owners. In addition to typical
conditions for a party to terminate the agreement prior to its expiration, the Company may terminate the AMA, and the Plant Owners
may terminate the AMA with respect to any facility, at any time by providing at least 60 days prior notice of such termination.
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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years ended December 31, 2012 and 2011, respectively, during which New PE Holdco&#146;s financial results were consolidated with
the Company&#146;s financial results. As such, these amounts have been eliminated upon consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

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Marketing Agreements</u></i> &#150; The Company entered into separate ethanol marketing agreements with each of the three Plant
Owners whose facilities are operating, which granted it the exclusive right to purchase, market and sell the ethanol produced
at those facilities. Under the terms of the ethanol marketing agreements, <font style="font-family: Times New Roman, Times, Serif">within
ten days after delivering ethanol to the Company, an amount is paid to the Company equal to (i) the estimated purchase price payable
by the third-party purchaser of the ethanol, minus (ii) the estimated amount of transportation costs to be incurred, minus (iii)
the estimated incentive fee payable to the Company, which equals 1% of the aggregate third-party purchase price. </font>Each of
the ethanol marketing agreements had an initial term of one year and successive one year renewal periods at the option of the
individual Plant Owner. On June 30, 2012, all ethanol marketing agreements were amended and extended for one year. In addition,
the price to be paid was amended to include a marketing fee collar of not less than $0.015 per gallon and not more than $0.0225
per gallon.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

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agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco was consolidated
with the Company. These amounts were eliminated upon consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Corn
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with each of the three Plant Owners whose facilities are operating. Under the terms of the corn procurement and handling agreements,
each facility appointed the Company as its exclusive agent to solicit, negotiate, enter into and administer, on its behalf, corn
supply arrangements to procure the corn necessary to operate its facility. The Company also provides grain handling services including,
but not limited to, receiving, unloading and conveying corn into the facility&#146;s storage and, in the case of whole corn delivered,
processing and hammering the whole corn.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company was to receive a fee of $0.50 per ton of corn delivered to each facility as consideration for its procurement services
and a fee of $1.50 per ton of corn delivered as consideration for its grain handling services, each payable monthly. The Company
agreed to enter into an agreement guaranteeing the performance of its obligations under the corn procurement and handling agreement
upon the request of a Plant Owner. Each corn procurement and handling agreement had an initial term of one year and successive
one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all corn procurement and handling agreements
were amended and extended for one year. In addition, the corn procurement and handling fee was changed to $0.045 per bushel of
corn.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
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and handling agreements for the years ended December 31, 2012 and 2011, respectively, for the period during which New PE Holdco
was consolidated with the Company. These amounts were eliminated upon consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

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Grains Marketing Agreements</u></i> &#150; The Company entered into separate distillers grains marketing agreements with each
of the three Plant Owners whose facilities are operating, which grant the Company the exclusive right to market, purchase and
sell the WDG produced at each facility. Under the terms of the distillers grains marketing agreements, <font style="font-family: Times New Roman, Times, Serif">within
ten days after a Plant Owner delivers WDG</font> <font style="font-family: Times New Roman, Times, Serif">to the Company, the
Plant Owner is paid an amount equal to (i) the estimated purchase price payable by the third-party purchaser of the WDG, minus
(ii) the estimated amount of transportation costs to be incurred, minus (iii) the estimated amount of fees and taxes payable to
governmental authorities in connection with the tonnage of WDG produced or marketed, minus (iv) the estimated incentive fee payable
to the Company, which equals the greater of (a) 5% of the aggregate third-party purchase price, and (b) $2.00 for each ton of
WDG sold in the transaction. </font>Each distillers grains marketing agreement had an initial term of one year and successive
one year renewal periods at the option of the individual Plant Owner. On June 30, 2012, all distillers grains marketing agreements
were amended and extended for one year. In addition, the fee to be paid to the Company was amended to include a collar of not
less than $2.00 per ton and not more than $3.50 per ton.</font></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
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grain marketing agreements for the years ended December 31, 2012 and 2011, respectively, for the period which New PE Holdco was
consolidated with the Company. These amounts were eliminated upon consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Assets
and Liabilities of New PE Holdco</u></i> &#150; The carrying values and classification of assets that are collateral for the
obligations of New PE Holdco at December 31, 2012 were as follows (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 8pt">&#160;</font></p>

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&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term borrowings are summarized as follows
(in thousands):&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;March 31, 2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December 31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 68%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Kinergy operating line of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;20,558&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;20,313&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Subordinated convertible notes&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;6,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Plant Owners&amp;#146; term debt and accrued interest&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;57,097&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Plant Owners&amp;#146; operating lines of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;46,500&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;46,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;151,218&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Parent purchased Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;(24,174&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Unamortized discount on senior unsecured notes&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;(2,432&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less: Unamortized discount on convertible notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(2,283&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;122,329&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Less short-term portion&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(8,496&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,029&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;113,833&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;117,253&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Operating Line of Credit&lt;/u&gt;&lt;/i&gt;
&amp;#150; For the three months ended March 31, 2013, Kinergy borrowed a net $847,000 on its working capital line of credit. As of
March 31, 2013, Kinergy had an available borrowing base under the credit facility of $7,872,000.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Senior Unsecured Notes&lt;/u&gt;&lt;/i&gt;
&amp;#150; On January 11, 2013, under the terms of a Securities Purchase Agreement dated December 19, 2012 among the Company and five
accredited investors, the Company issued and sold to the investors in a private offering $22,192,000 in aggregate principal amount
of its senior unsecured notes ( &amp;#147;January 2013 Notes&amp;#148;) and warrants to purchase an aggregate of 1,708,687 shares of
the Company&amp;#146;s common stock ( &amp;#147;January 2013 Financing Transaction&amp;#148;) for aggregate gross proceeds of $22,192,000.
The warrants have an exercise price of $7.80 per share and expire in January 2018.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The January 2013 Notes mature on March
30, 2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of
the January 2013 Notes is not less than $10,769,000 by January 15, 2014, the interest rate will increase commencing on January
15, 2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance
of the January 2013 Notes is less than $10,769,000. Payments due under the January 2013 Notes rank senior to all other indebtedness
of the Company and its subsidiaries, other than certain permitted senior indebtedness.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Upon closing of the January 2013 Notes,
the Company recorded a debt discount of $2,657,000, attributed to the value of the warrants issued in connection with the financing.
The debt discount will be amortized over the life of the January 2013 Notes to approximate a yield adjustment. For the three months
ended March 31, 2013, the Company recorded $225,000 of discount amortization included in interest expense, net on the consolidated
statements of operations.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;If at any time the Company receives net
cash proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of
incurring certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net
cash proceeds, provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January
2013 Notes or purchase certain outstanding debt issued by the Plant Owners. During the three months ended March 31, 2013, the Company
made principal payments in the aggregate amount of $1,880,000.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Interest on the January 2013 Notes is
payable in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &amp;#147;Interest Payment
Date&amp;#148;). Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to
pay interest due and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the
Company pays in shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest
is paid. The number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount
of interest payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted
average price of the Company&amp;#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest
Payment Date, and (ii) 0.95. As of March 31, 2013, the Company has not made any interest payments in shares of its common stock.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;i&gt;Restrictive Covenants&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The January 2013 Notes prohibit the Company
from engaging in various activities, including (i) the Company and its subsidiaries will not incur other indebtedness, except for
certain permitted indebtedness; (ii) the Company and its subsidiaries will not incur any liens, except for certain permitted liens;
(iii) the Company and its subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness
(except for certain permitted indebtedness) if at the time such payment is due or is made or, after giving effect to such payment,
an event constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred
and is continuing; (iv) the Company and its subsidiaries will not redeem, repurchase or pay any dividend or distribution on its
respective capital stock without the prior consent of the holders of the January 2013 Notes, other than certain permitted distributions;
and (v) the Company and its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of the Company
or any subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary course
of business).&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;i&gt;Registration Rights Agreement&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes include registration
rights which required that the Company file a registration statement with the Securities and Exchange Commission within 30 days
of the closing date for the resale by the January 2013 Note holders of up to 1,708,687 shares of common stock underlying the warrants
and 491,315 shares of common stock that may be issued as interest shares under the January 2013 Notes. The Company filed the initial
registration statement by the 30 day deadline. As part of the Company&amp;#146;s issuance of subordinated convertible notes in March
2013, the initial registration statement was withdrawn with the permission of the January 2013 Note holders. The Company is obligated
to file another registration statement with the Securities and Exchange Commission covering the warrant shares and interest shares
by no later than June 30, 2013.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Subordinated Convertible Notes&lt;/u&gt;&lt;/i&gt;
&amp;#150; On March 28, 2013, the Company issued $6,000,000 in aggregate principal amount of its Series A Subordinated Convertible
Notes (&amp;#147;Series A Notes&amp;#148;), and warrants to purchase an aggregate of 1,839,600 shares of common stock for aggregate gross
proceeds of $6,000,000. The warrants have an exercise price of $7.80 per share. Of the warrants issued in the transaction, warrants
to purchase 788,400 shares of common stock expire in March 2015 and warrants to purchase 1,051,200 shares of common stock expire
two years after the closing of the issuance of an $8,000,000 tranche of Series B Subordinated Convertible Notes, which is anticipated
to close, subject to stockholder approval, in June 2013. The net proceeds of the offering were used to (i) purchase $2,636,000
of Plant Owners&amp;#146; debt maturing in June 2013, the maturity of which was also extended at the time from June 2013 to June 2016;
(ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase and immediately retire $3,500,000 of the Plant Owners&amp;#146;
term debt.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Unless converted or redeemed earlier,
the Series A Notes will mature on March 28, 2014. The Series A Notes bear interest at 5%&amp;#160;per annum, compounded monthly. All
amounts due under the Series A Notes are convertible at any time, in whole or in part, at the option of the holders into shares
of the Company&amp;#146;s common stock at a conversion price ( &amp;#147;Fixed Conversion Price&amp;#148;), which is subject to adjustment
as described below.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Series A Notes are initially convertible
into shares of the Company&amp;#146;s common stock at the initial Fixed Conversion Price of $15.00 per share. If the Company sells
or issues any securities with &amp;#147;floating&amp;#148; conversion prices based on the market price of its common stock, the holder
of a Series A Note will have the right thereafter to substitute the &amp;#147;floating&amp;#148; conversion price for the Fixed Conversion
Price upon conversion of all or part of the Series A Note.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Amortization payments, together with
accrued and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar
day before each installment date, the Company is required to deliver a notice electing to effect a redemption in cash or a conversion
of the installment amount due on the installment date into shares of its common stock. The Company&amp;#146;s ability to pay an installment
amount in shares of its common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will
require that the Company pay an installment amount solely in cash. On the applicable installment date, the Company is required
to deliver to the holders of Series A Notes an amount of shares of common stock equal to that portion of the installment amount
being converted divided by the lesser of the then existing Fixed Conversion Price and 85% of the Market Price on the installment
date ( &amp;#147;Company Conversion Price&amp;#148;). The &amp;#147;Market Price&amp;#148; on any given date is equal to the lesser of (i)
the volume weighted average price on the trading day immediately preceding the date of determination, and (ii) the average of the
three lowest volume weighted average prices during the ten trading day period ending on the trading day immediately prior to the
date of determination.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The holder of a Series A Note may, at
the holder&amp;#146;s election by giving notice to the Company, defer the payment of the installment amount due on any installment
date to another installment date, in which case the amount deferred will become part of the subsequent installment date and will
continue to accrue interest.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at
its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect
on the current installment date, provided that if the Company had elected to convert the installment amount due on the current
installment date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of
default, there will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion
Price applicable to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion
Price on the current installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect. At March
31, 2013, based on the Company&amp;#146;s most recent conversion price of $3.60, the Series A Notes were convertible into 1,688,300
shares of the Company&amp;#146;s common stock.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Company has determined that the conversion
feature in the Series A Notes and the related warrants require bifurcation and liability classification and measurement, at fair
value, and require evaluation at each reporting period. The initial fair values of the conversion feature of $1,400,800 and the
warrants of $882,500 are accounted for as a debt discount and will be amortized into interest expense as a yield adjustment over
the term of the Series A Notes.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;From April 1, 2013 through May 14, 2013,
the Company made two installment payments and received various holder conversion notices. In the aggregate, the Company issued
386,000 shares of its common stock in payment of principal and interest in an aggregate amount of $1,447,000 in respect of the
Series A Notes.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Plant Owners&amp;#146; Term Debt and
Operating Lines of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; The Plant Owners&amp;#146; debt, prior to any of the amendments discussed below, consisted
of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except
as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR
or the Prime Rate of interest, at the Plant Owners&amp;#146; election, plus 10.0%. At March 31, 2013, the interest rate was approximately
13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts
are due.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From July 13, 2012 through March 31, 2013, the
Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect of
$48,372,000 of the combined term loans and $38,878,000 of the $40,000,000 in revolving debt from June 25, 2013 to June 30, 2016,
of which Pacific Ethanol owns $24,174,000.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Further, monthly interest payments due
to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,
be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of March
31, 2013, the extended principal balances include $5,818,000 of accrued interest that was deferred by the Plant Owners. The amendments
also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty
while keeping the extended loans in place.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisitions of Plant Debt&lt;/u&gt;&lt;/i&gt;
&amp;#150; On January 11, 2013, the Company used $21,500,000 of the gross proceeds of the January 2013 Financing Transaction to purchase
from certain lenders an aggregate amount of $21,500,000 of the Plant Owners&amp;#146; tranche A-2 term loans. The Company reviewed
the acquisition of the plant debt as a modification of terms as the lenders who held the acquired plant debt were the same parties
as those lenders under the January 2013 Notes. Based on the Company&amp;#146;s review of the present value of cash flows of the January
2013 Notes compared to the older plant debt, which resulted in a less than 10% change, the modification was not significant and
the Company did not record a gain or loss associated with the modification. The Company did however, record as expenses as incurred
certain legal costs associated with the debt modification of approximately $408,000, rather than amortizing those expenses over
the life of the debt. Because the plant debt acquired is now held by Pacific Ethanol, this specific debt is eliminated in consolidation.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On March 28, 2013, the Company used proceeds
from the issuance of its Series A Notes and warrants to purchase $3,500,000 of revolving credit facility debt, at par, from a lender.
In accordance with the terms of the amended credit facility, the Company was obligated to immediately forgive the purchased amount
of revolving credit facility debt and has permanently reduced the maximum commitment on this facility to $36,500,000.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On March 28, 2013, the Company also used
proceeds from the issuance of its Series A Notes and warrants to purchase $2,636,000 of tranche A-2 term loans and an additional
3% ownership interest in New PE Holdco for a combined purchase price of $2,150,000. The Company first allocated $331,000 of this
payment to the New PE Holdco ownership interest and the remainder was allocated to the tranche A-2 term debt. The $817,000 difference
between the amount the Company allocated to the term loans and the face amount of $2,636,000 was recorded as a gain on debt extinguishment.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;New Operating Line of Credit&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases
in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.
The Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement,
to prepay in whole or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full
of the revolving loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity
date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have
accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the
Treasury Rate as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in
connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments are not
subject to the prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility
and extended the maturity date of the facility from June 25, 2013 to June 25, 2015. On March 28, 2013, the lenders approved $5,000,000
in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 31, 2013, the Plant
Owners had unused availability under the new revolving credit facility of $5,000,000.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;All of the term loans and revolving credit
facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets,
including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The Plant
Owners&amp;#146; creditors do not have recourse to Pacific Ethanol, Inc.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;Debt due June 2013&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;The Company is in discussions with the
holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013. The Company believes that it will be
able to successfully extend, restructure or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot
provide any assurance that it will be able to do so, or what the terms of any such arrangement might be.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2013 and December 31, 2012.
On February 7, 2013, the maturity date was extended to March 31, 2014.&lt;/p&gt;



&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term debt is summarized in the
following table (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 60%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Kinergy&amp;#146;s operating line of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;20,432&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;51,279&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; operating lines of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;46,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21,978&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;94,439&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Less current portion&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,029&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,253&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;93,689&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Line of Credit&lt;/u&gt;&lt;/i&gt;
&amp;#150; Kinergy has an operating line of credit, which was extended in May 2012, for an aggregate amount of up to $30,000,000,
with an optional accordion feature for up to an additional $10,000,000. The prior credit facility included an accordion feature
of $5,000,000. The line of credit matures on December 31, 2015. The credit facility is based on Kinergy&amp;#146;s eligible accounts
receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain other sublimits,
including inventory loan limits. Interest accrues under the line of credit at a rate equal to (i)&amp;#160;the three-month London Interbank
Offered Rate (&amp;#147;LIBOR&amp;#148;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The applicable margin
was 2.50% at December 31, 2012. The credit facility&amp;#146;s monthly unused line fee is 0.50% of the amount by which the maximum
credit under the facility exceeds the average daily principal balance. Payments that may be made by Kinergy to the Company as reimbursement
for management and other services provided by the Company to Kinergy are limited under the terms of the credit facility to $900,000
per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter in 2015.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The credit facility also includes the
accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for management
and other services provided by Pacific Ethanol to PAP are limited under the terms of the credit facility to the extent that quarterly
payments would result in PAP recording less than $100,000 of net income in the quarter.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For the fiscal quarter ending June 30,
2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate EBITDA of $450,000 for
the quarter and aggregate EBITDA of $1,100,000 for each two consecutive quarters. These amounts are required through December 31,
2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further,
for all monthly periods, Kinergy and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month
rolling EBITDA divided by the sum of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from
capital leases and taxes paid during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional
indebtedness (other than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the
lender&amp;#146;s prior consent. The Company believes it is in compliance with these covenants.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Kinergy and PAP&amp;#146;s obligations
under the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender. The
Company has guaranteed all of Kinergy&amp;#146;s obligations under the line of credit. As of December 31, 2012, Kinergy had an available
borrowing base under the credit facility of $27,017,000 and an outstanding balance of $19,711,000.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt;
&amp;#150; On March 31, 2009, the Company&amp;#146;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for
general working capital purposes in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal
amount accrues at a rate of 8.00% per annum. On November 30, 2011, the Company paid $250,000 in principal under the note. The Company
recorded interest under the note of approximately $60,000 and $78,000 for the years ended December 31, 2012 and 2011, respectively.
As of December 31, 2012, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2013.
On February 7, 2013, the maturity date was further extended to March 31, 2014.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Plant Owners&amp;#146; Term Debt
and Operating Lines of Credit&lt;/u&gt;&lt;/i&gt; &amp;#150; The Plant Owners&amp;#146; debt, prior to any of the amendments discussed below, consisted
of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except
as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR
or the Prime Rate of interest, at the Plant Owners&amp;#146; election, plus 10.0%. At December 31, 2012, the interest rate was approximately
13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts
are due.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;From July 13, 2012 through March 28,
2013, the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect
of $51,914,000 of the combined term loans and $30,378,000 of the original $35,000,000 in revolving debt from June 25, 2013 to June
30, 2016, of which Pacific Ethanol owns $24,200,000. In addition, the aggregate commitment amount under the revolving credit facility
was increased by $5,000,000 to $40,000,000, with a maturity date of June 30, 2016.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Further, monthly interest payments due
to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,
be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of December
31, 2012, the extended principal balances include $3,542,000 of accrued interest that was deferred by the Plant Owners. The amendments
also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty
while keeping the extended loans in place.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;New Operating Line of Credit&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases
in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.
The lenders have no obligation to agree to such a request. Loans made under the credit facility originally matured on June 25,
2013, or such later date on or prior to June 25, 2016 as may be agreed to by certain of the lenders. The Plant Owners have the
right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to prepay in whole
or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full of the revolving
loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity date of June
30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have accrued from
the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the Treasury Rate
as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in connection with
certain customary events, including any sale of material assets; however, certain mandatory prepayments are not subject to the
prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility and extended
the maturity date of the facility from June 25, 2013 to June 25, 2015.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2012, the Plant Owners
had unused availability under the new revolving credit facility of $4,000,000. On March 28, 2013, the lenders approved $5,000,000
in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 28, 2013, the Plant
Owners had $5,000,000 of unused availability under the new credit facility.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All of the term loans and revolving
credit facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the
assets, including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The
Plant Owners&amp;#146; creditors do not have recourse to Pacific Ethanol, Inc.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Debt due June 2013&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has had and continues to
have extensive communications with the holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013
to further extend the maturity date of that debt. The Company believes that it will be able to successfully extend, restructure
and/or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurance that it will
be able to do so, or what the terms of any such arrangement might be.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Notes&lt;/u&gt;&lt;/i&gt; &amp;#150;
On October 6, 2010, the Company raised $35,000,000 through the issuance and sale of $35,000,000 in principal amount of secured
convertible notes (&amp;#147;Initial Notes&amp;#148;) and warrants (&amp;#147;Initial 2010 Warrants&amp;#148;) to purchase an aggregate of
196,079 shares of the Company&amp;#146;s common stock. On January 7, 2011, the Company issued $35,000,000 in principal amount of secured
convertible notes (&amp;#147;January Convertible Notes&amp;#148;) in exchange for the Initial Notes and warrants (&amp;#147;2010 Warrants&amp;#148;)
to purchase an aggregate of 196,079 shares of the Company&amp;#146;s common stock in exchange for the Initial 2010 Warrants. The transactions
contemplated by the exchange agreements were entered into to, among other things, clarify previously ambiguous language in the
Initial Notes and Initial 2010 Warrants, provide the Company with additional time to meet its registration obligations and to add
additional flexibility to the Company&amp;#146;s ability to incur indebtedness subordinated to the January Convertible Notes. As discussed
below, the January Convertible Notes were valued at fair value, and as such, these modifications were reflected in the fair value
adjustments for the period.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 30, 2011, the Company issued
$23,750,000 in principal amount of secured convertible notes, reflecting the amount then outstanding under the January Convertible
Notes (&amp;#147;June Convertible Notes&amp;#148;) in exchange for the January Convertible Notes. The transactions contemplated by the
exchange agreements were entered into to, among other things, defer an upcoming installment payment, add one additional month to
the maturity date and add a new additional conversion price option as described further below. As discussed further below, the
June Convertible Notes are valued at fair value, and as such, these modifications are reflected in the fair value adjustments for
the year ended December 31, 2011.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On August 3, 2011, under the terms of
exchange agreements with the holders of the June Convertible Notes, the Company issued approximately $17,170,000 in principal amount,
reflecting the amount then outstanding under the June Convertible Notes, of secured convertible notes (&amp;#147;Convertible Notes&amp;#148;)
in exchange for the June Convertible Notes. The transactions contemplated by the exchange agreements were entered into to, among
other things, add three additional months to the maturity date, add a new additional conversion price option as described further
below and reduce the price failure threshold from $1.40 to $0.60. As discussed below, the Convertible Notes were valued at fair
value, and as such, these modifications are reflected in the fair value adjustments for the years ended December 31, 2012 and 2011.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company was obligated to make amortization
payments with respect to the principal amount of each of the convertible notes, beginning on March 7, 2011 and then on the first
trading day of each calendar month thereafter, except for the month of August, through the extended maturity date of May 2012 (collectively,
the &amp;#147;Installment Dates&amp;#148;).&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On each Installment Date, the Company
was to pay an amount of principal, as then determined under the convertible notes and any accrued and unpaid interest (the &amp;#147;Installment
Amount&amp;#148;). The Company could elect to pay the Installment Amount in cash or shares of its common stock, subject to the satisfaction
of certain conditions.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the Company elected to make all or
part of an amortization payment in shares of its common stock, it was required to deliver to the holders of the convertible notes
the amount of shares of the Company&amp;#146;s common stock equal to the portion of the amount being paid in shares of the Company&amp;#146;s
common stock divided by the lesser of the then existing conversion price and 85% of the average of the volume weighted average
prices of the 5 lowest trading days during the 20 consecutive trading day period ending on the trading day immediately prior to
the applicable Installment Date.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All amounts due under the convertible
notes were also convertible at any time, in whole or in part, at the option of the holders into shares of the Company&amp;#146;s common
stock at a specified conversion price.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company elected to account for the
convertible notes using the fair value alternative in order to simplify its accounting for and reporting of the convertible notes.
Accordingly, the Company adjusted as of each quarter the carrying value of the convertible notes to their fair value since their
initial issuance in October 2010, with such adjustments reflected in fair value adjustments on convertible debt and warrants in
the statements of operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded income of $0 and
$3,108,000 for fair value adjustments for the years ended December 31, 2012 and 2011, respectively, for changes in fair value,
which adjustments are attributed to a reduction in the principal balances and fluctuations in the market value of the Company&amp;#146;s
common stock during each quarterly period. There were no changes in fair value of the convertible notes due to a change in the
estimated credit risk of the instruments. See Note 12 for the Company&amp;#146;s fair value assumptions. The principal of $35,000,000
and interest of $3,289,000 were retired through the issuance of 4,257,000 shares of the Company&amp;#146;s common stock and payment
of $1,425,000 in cash in respect of holder conversions and installment payments during 2011.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Senior Unsecured Notes&lt;/u&gt;&lt;/i&gt;
&amp;#150; In July 2012, as part of the Company&amp;#146;s acquisition of an additional 33% ownership interest in New PE Holdco, the
Company issued senior unsecured promissory notes due April 13, 2013 in the aggregate principal amount of $10,000,000. Interest
on the unpaid principal amount accrued at a rate of 5.00% per annum. On October 1, 2012, the Company fully repaid in cash the senior
unsecured notes using proceeds of its public offering, which closed on September 26, 2012.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Interest Expense on Borrowings&lt;/u&gt;&lt;/i&gt;
&amp;#150; Interest expense on all borrowings discussed above was $12,314,000 and $14,813,000 for the years ended December 31, 2012
and 2011, respectively.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Long-term debt due in each of the next
four years is as follows (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Years Ended&lt;/p&gt;
        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;December 31,&lt;/p&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Amount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 42%; padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 6%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 40%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,029&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,711&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-right: 20pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2016&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;90,792&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;



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UnitID=""><Id>9</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>Value of outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(i))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph i

 -Article 4



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Emerging Issues Task Force (EITF)

 -Number 00-27

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Emerging Issues Task Force (EITF)

 -Number 98-5

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Convertible Security

 -URI http://asc.fasb.org/extlink&amp;oid=6509036



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<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Kinergy Operating Line of Credit</u></i>
&#150; For the three months ended March 31, 2013, Kinergy borrowed a net $847,000 on its working capital line of credit. As of
March 31, 2013, Kinergy had an available borrowing base under the credit facility of $7,872,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Senior Unsecured Notes</u></i>
&#150; On January 11, 2013, under the terms of a Securities Purchase Agreement dated December 19, 2012 among the Company and five
accredited investors, the Company issued and sold to the investors in a private offering $22,192,000 in aggregate principal amount
of its senior unsecured notes ( &#147;January 2013 Notes&#148;) and warrants to purchase an aggregate of 1,708,687 shares of
the Company&#146;s common stock ( &#147;January 2013 Financing Transaction&#148;) for aggregate gross proceeds of $22,192,000.
The warrants have an exercise price of $7.80 per share and expire in January 2018.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The January 2013 Notes mature on March
30, 2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of
the January 2013 Notes is not less than $10,769,000 by January 15, 2014, the interest rate will increase commencing on January
15, 2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance
of the January 2013 Notes is less than $10,769,000. Payments due under the January 2013 Notes rank senior to all other indebtedness
of the Company and its subsidiaries, other than certain permitted senior indebtedness.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Upon closing of the January 2013 Notes,
the Company recorded a debt discount of $2,657,000, attributed to the value of the warrants issued in connection with the financing.
The debt discount will be amortized over the life of the January 2013 Notes to approximate a yield adjustment. For the three months
ended March 31, 2013, the Company recorded $225,000 of discount amortization included in interest expense, net on the consolidated
statements of operations.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If at any time the Company receives net
cash proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of
incurring certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net
cash proceeds, provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January
2013 Notes or purchase certain outstanding debt issued by the Plant Owners. During the three months ended March 31, 2013, the Company
made principal payments in the aggregate amount of $1,880,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Interest on the January 2013 Notes is
payable in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &#147;Interest Payment
Date&#148;). Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to
pay interest due and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the
Company pays in shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest
is paid. The number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount
of interest payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted
average price of the Company&#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest
Payment Date, and (ii) 0.95. As of March 31, 2013, the Company has not made any interest payments in shares of its common stock.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Restrictive Covenants</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The January 2013 Notes prohibit the Company
from engaging in various activities, including (i) the Company and its subsidiaries will not incur other indebtedness, except for
certain permitted indebtedness; (ii) the Company and its subsidiaries will not incur any liens, except for certain permitted liens;
(iii) the Company and its subsidiaries will not, directly or indirectly, redeem or repay all or any portion of any indebtedness
(except for certain permitted indebtedness) if at the time such payment is due or is made or, after giving effect to such payment,
an event constituting, or that with the passage of time and without being cured would constitute, an event of default has occurred
and is continuing; (iv) the Company and its subsidiaries will not redeem, repurchase or pay any dividend or distribution on its
respective capital stock without the prior consent of the holders of the January 2013 Notes, other than certain permitted distributions;
and (v) the Company and its subsidiaries will not sell, lease, assign, transfer or otherwise dispose of any assets of the Company
or any subsidiary, except for certain permitted dispositions (including the sales of inventory or receivables in the ordinary course
of business).</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0"><i>Registration Rights Agreement</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The January 2013 Notes include registration
rights which required that the Company file a registration statement with the Securities and Exchange Commission within 30 days
of the closing date for the resale by the January 2013 Note holders of up to 1,708,687 shares of common stock underlying the warrants
and 491,315 shares of common stock that may be issued as interest shares under the January 2013 Notes. The Company filed the initial
registration statement by the 30 day deadline. As part of the Company&#146;s issuance of subordinated convertible notes in March
2013, the initial registration statement was withdrawn with the permission of the January 2013 Note holders. The Company is obligated
to file another registration statement with the Securities and Exchange Commission covering the warrant shares and interest shares
by no later than June 30, 2013.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Subordinated Convertible Notes</u></i>
&#150; On March 28, 2013, the Company issued $6,000,000 in aggregate principal amount of its Series A Subordinated Convertible
Notes (&#147;Series A Notes&#148;), and warrants to purchase an aggregate of 1,839,600 shares of common stock for aggregate gross
proceeds of $6,000,000. The warrants have an exercise price of $7.80 per share. Of the warrants issued in the transaction, warrants
to purchase 788,400 shares of common stock expire in March 2015 and warrants to purchase 1,051,200 shares of common stock expire
two years after the closing of the issuance of an $8,000,000 tranche of Series B Subordinated Convertible Notes, which is anticipated
to close, subject to stockholder approval, in June 2013. The net proceeds of the offering were used to (i) purchase $2,636,000
of Plant Owners&#146; debt maturing in June 2013, the maturity of which was also extended at the time from June 2013 to June 2016;
(ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase and immediately retire $3,500,000 of the Plant Owners&#146;
term debt.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Unless converted or redeemed earlier,
the Series A Notes will mature on March 28, 2014. The Series A Notes bear interest at 5%&#160;per annum, compounded monthly. All
amounts due under the Series A Notes are convertible at any time, in whole or in part, at the option of the holders into shares
of the Company&#146;s common stock at a conversion price ( &#147;Fixed Conversion Price&#148;), which is subject to adjustment
as described below.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Series A Notes are initially convertible
into shares of the Company&#146;s common stock at the initial Fixed Conversion Price of $15.00 per share. If the Company sells
or issues any securities with &#147;floating&#148; conversion prices based on the market price of its common stock, the holder
of a Series A Note will have the right thereafter to substitute the &#147;floating&#148; conversion price for the Fixed Conversion
Price upon conversion of all or part of the Series A Note.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Amortization payments, together with
accrued and unpaid interest on the Series A Notes, will be payable on monthly installment dates. On or prior to the tenth calendar
day before each installment date, the Company is required to deliver a notice electing to effect a redemption in cash or a conversion
of the installment amount due on the installment date into shares of its common stock. The Company&#146;s ability to pay an installment
amount in shares of its common stock is subject to numerous equity conditions, the failure of any of which, unless waived, will
require that the Company pay an installment amount solely in cash. On the applicable installment date, the Company is required
to deliver to the holders of Series A Notes an amount of shares of common stock equal to that portion of the installment amount
being converted divided by the lesser of the then existing Fixed Conversion Price and 85% of the Market Price on the installment
date ( &#147;Company Conversion Price&#148;). The &#147;Market Price&#148; on any given date is equal to the lesser of (i)
the volume weighted average price on the trading day immediately preceding the date of determination, and (ii) the average of the
three lowest volume weighted average prices during the ten trading day period ending on the trading day immediately prior to the
date of determination.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The holder of a Series A Note may, at
the holder&#146;s election by giving notice to the Company, defer the payment of the installment amount due on any installment
date to another installment date, in which case the amount deferred will become part of the subsequent installment date and will
continue to accrue interest.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On any day during the period commencing
on an installment date and ending on the trading day prior to the next installment date, the holder of a Series A Note may, at
its election, convert the installment amounts due on up to four future installment dates at the Company Conversion Price in effect
on the current installment date, provided that if the Company had elected to convert the installment amount due on the current
installment date, the holder may only convert up to three future installment amounts. Upon the occurrence of certain events of
default, there will be no limitation on the number of installment amounts that the holder may accelerate and the Company Conversion
Price applicable to conversions made pursuant to this acceleration feature will equal the lesser of (i) the Company Conversion
Price on the current installment date, (ii) 85% of the Market Price, and (iii) the Fixed Conversion Price then in effect. At March
31, 2013, based on the Company&#146;s most recent conversion price of $3.60, the Series A Notes were convertible into 1,688,300
shares of the Company&#146;s common stock.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company has determined that the conversion
feature in the Series A Notes and the related warrants require bifurcation and liability classification and measurement, at fair
value, and require evaluation at each reporting period. The initial fair values of the conversion feature of $1,400,800 and the
warrants of $882,500 are accounted for as a debt discount and will be amortized into interest expense as a yield adjustment over
the term of the Series A Notes.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">From April 1, 2013 through May 14, 2013,
the Company made two installment payments and received various holder conversion notices. In the aggregate, the Company issued
386,000 shares of its common stock in payment of principal and interest in an aggregate amount of $1,447,000 in respect of the
Series A Notes.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Plant Owners&#146; Term Debt and
Operating Lines of Credit</u></i> &#150; The Plant Owners&#146; debt, prior to any of the amendments discussed below, consisted
of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except
as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR
or the Prime Rate of interest, at the Plant Owners&#146; election, plus 10.0%. At March 31, 2013, the interest rate was approximately
13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts
are due.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">From July 13, 2012 through March 31, 2013, the
Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect of
$48,372,000 of the combined term loans and $38,878,000 of the $40,000,000 in revolving debt from June 25, 2013 to June 30, 2016,
of which Pacific Ethanol owns $24,174,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Further, monthly interest payments due
to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,
be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of March
31, 2013, the extended principal balances include $5,818,000 of accrued interest that was deferred by the Plant Owners. The amendments
also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty
while keeping the extended loans in place.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Acquisitions of Plant Debt</u></i>
&#150; On January 11, 2013, the Company used $21,500,000 of the gross proceeds of the January 2013 Financing Transaction to purchase
from certain lenders an aggregate amount of $21,500,000 of the Plant Owners&#146; tranche A-2 term loans. The Company reviewed
the acquisition of the plant debt as a modification of terms as the lenders who held the acquired plant debt were the same parties
as those lenders under the January 2013 Notes. Based on the Company&#146;s review of the present value of cash flows of the January
2013 Notes compared to the older plant debt, which resulted in a less than 10% change, the modification was not significant and
the Company did not record a gain or loss associated with the modification. The Company did however, record as expenses as incurred
certain legal costs associated with the debt modification of approximately $408,000, rather than amortizing those expenses over
the life of the debt. Because the plant debt acquired is now held by Pacific Ethanol, this specific debt is eliminated in consolidation.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 28, 2013, the Company used proceeds
from the issuance of its Series A Notes and warrants to purchase $3,500,000 of revolving credit facility debt, at par, from a lender.
In accordance with the terms of the amended credit facility, the Company was obligated to immediately forgive the purchased amount
of revolving credit facility debt and has permanently reduced the maximum commitment on this facility to $36,500,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On March 28, 2013, the Company also used
proceeds from the issuance of its Series A Notes and warrants to purchase $2,636,000 of tranche A-2 term loans and an additional
3% ownership interest in New PE Holdco for a combined purchase price of $2,150,000. The Company first allocated $331,000 of this
payment to the New PE Holdco ownership interest and the remainder was allocated to the tranche A-2 term debt. The $817,000 difference
between the amount the Company allocated to the term loans and the face amount of $2,636,000 was recorded as a gain on debt extinguishment.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i>New Operating Line of Credit</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases
in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.
The Plant Owners have the right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement,
to prepay in whole or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full
of the revolving loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity
date of June 30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have
accrued from the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the
Treasury Rate as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in
connection with certain customary events, including any sale of material assets; however, certain mandatory prepayments are not
subject to the prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility
and extended the maturity date of the facility from June 25, 2013 to June 25, 2015. On March 28, 2013, the lenders approved $5,000,000
in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 31, 2013, the Plant
Owners had unused availability under the new revolving credit facility of $5,000,000.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">All of the term loans and revolving credit
facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the assets,
including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The Plant
Owners&#146; creditors do not have recourse to Pacific Ethanol, Inc.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i>Debt due June 2013</i></p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Company is in discussions with the
holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013. The Company believes that it will be
able to successfully extend, restructure or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot
provide any assurance that it will be able to do so, or what the terms of any such arrangement might be.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Note Payable to Related Party</u></i>
&#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of March 31, 2013 and December 31, 2012.
On February 7, 2013, the maturity date was extended to March 31, 2014.</p>



<p style="margin: 0pt"></p><span></span></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt is summarized in the
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
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    <td style="width: 2%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif; color: black">$</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="line-height: 115%">&#160;</td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Kinergy Line of Credit</u></i>
&#150; Kinergy has an operating line of credit, which was extended in May 2012, for an aggregate amount of up to $30,000,000,
with an optional accordion feature for up to an additional $10,000,000. The prior credit facility included an accordion feature
of $5,000,000. The line of credit matures on December 31, 2015. The credit facility is based on Kinergy&#146;s eligible accounts
receivable and inventory levels, subject to certain concentration reserves. The credit facility is subject to certain other sublimits,
including inventory loan limits. Interest accrues under the line of credit at a rate equal to (i)&#160;the three-month London Interbank
Offered Rate (&#147;LIBOR&#148;), plus (ii) a specified applicable margin ranging between 2.50% and 3.50%. The applicable margin
was 2.50% at December 31, 2012. The credit facility&#146;s monthly unused line fee is 0.50% of the amount by which the maximum
credit under the facility exceeds the average daily principal balance. Payments that may be made by Kinergy to the Company as reimbursement
for management and other services provided by the Company to Kinergy are limited under the terms of the credit facility to $900,000
per fiscal quarter in 2013, $1,000,000 per fiscal quarter in 2014 and $1,100,000 per fiscal quarter in 2015.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The credit facility also includes the
accounts receivable of PAP as additional collateral. Payments that may be made by PAP to Pacific Ethanol as reimbursement for management
and other services provided by Pacific Ethanol to PAP are limited under the terms of the credit facility to the extent that quarterly
payments would result in PAP recording less than $100,000 of net income in the quarter.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">For the fiscal quarter ending June 30,
2012 and each fiscal quarter thereafter, Kinergy and PAP are collectively required to generate aggregate EBITDA of $450,000 for
the quarter and aggregate EBITDA of $1,100,000 for each two consecutive quarters. These amounts are required through December 31,
2013. In 2014, the required EBITDA amounts increase to $500,000 per quarter and $1,300,000 for each two consecutive quarters. Further,
for all monthly periods, Kinergy and PAP must collectively maintain a fixed charge coverage ratio (calculated as a twelve-month
rolling EBITDA divided by the sum of interest expense, capital expenditures, principal payments of indebtedness, indebtedness from
capital leases and taxes paid during such twelve-month rolling period) of at least 2.0 and are prohibited from incurring any additional
indebtedness (other than specific intercompany indebtedness) or making any capital expenditures in excess of $100,000 absent the
lender&#146;s prior consent. The Company believes it is in compliance with these covenants.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Kinergy and PAP&#146;s obligations
under the credit facility are secured by a first-priority security interest in all of their assets in favor of the lender. The
Company has guaranteed all of Kinergy&#146;s obligations under the line of credit. As of December 31, 2012, Kinergy had an available
borrowing base under the credit facility of $27,017,000 and an outstanding balance of $19,711,000.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Note Payable to Related Party</u></i>
&#150; On March 31, 2009, the Company&#146;s Chief Executive Officer provided funds in an aggregate amount of $1,000,000 for
general working capital purposes in exchange for an unsecured promissory note issued by the Company. Interest on the unpaid principal
amount accrues at a rate of 8.00% per annum. On November 30, 2011, the Company paid $250,000 in principal under the note. The Company
recorded interest under the note of approximately $60,000 and $78,000 for the years ended December 31, 2012 and 2011, respectively.
As of December 31, 2012, the remaining amount of $750,000 was due and payable on the extended maturity date of March 31, 2013.
On February 7, 2013, the maturity date was further extended to March 31, 2014.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Plant Owners&#146; Term Debt
and Operating Lines of Credit</u></i> &#150; The Plant Owners&#146; debt, prior to any of the amendments discussed below, consisted
of a $25,000,000 tranche A-1 term loan, a $26,279,000 tranche A-2 term loan and a $35,000,000 revolving credit facility. Except
as noted below, the term and revolving debt require monthly interest payments at a floating rate equal to the three-month LIBOR
or the Prime Rate of interest, at the Plant Owners&#146; election, plus 10.0%. At December 31, 2012, the interest rate was approximately
13.25%. Repayments of principal are based on available free cash flow of the borrower, until maturity, when all principal amounts
are due.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">From July 13, 2012 through March 28,
2013, the Plant Owners entered into transactions which amended the term and revolving debt and extended the maturity dates in respect
of $51,914,000 of the combined term loans and $30,378,000 of the original $35,000,000 in revolving debt from June 25, 2013 to June
30, 2016, of which Pacific Ethanol owns $24,200,000. In addition, the aggregate commitment amount under the revolving credit facility
was increased by $5,000,000 to $40,000,000, with a maturity date of June 30, 2016.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Further, monthly interest payments due
to certain lenders on both the amended term and revolving debt, at the option of the Plant Owners, may, through June 30, 2013,
be deferred and added to the principal amount of the loans maturing on the extended maturity date of June 30, 2016. As of December
31, 2012, the extended principal balances include $3,542,000 of accrued interest that was deferred by the Plant Owners. The amendments
also provide the Plant Owners with the ability to repay amounts owed to the lenders who have not extended their loans without penalty
while keeping the extended loans in place.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>New Operating Line of Credit</i></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 29, 2012, the Plant Owners
entered into a new revolving credit facility that provides for up to an additional $10,000,000. The Plant Owners may request increases
in the amount of the facility in increments of not less than $1,000,000, up to a maximum additional credit limit of $5,000,000.
The lenders have no obligation to agree to such a request. Loans made under the credit facility originally matured on June 25,
2013, or such later date on or prior to June 25, 2016 as may be agreed to by certain of the lenders. The Plant Owners have the
right at any time, and from time to time, but subject to limitations imposed by an intercreditor agreement, to prepay in whole
or in part the revolving loans and tranche A-1 loans (and the tranche A-2 loans following the payment in full of the revolving
loans and tranche A-1 loans). However, in the event of any prepayment of the tranche A-1 loans that have a maturity date of June
30, 2016, the Plant Owners must pay a premium equal to the present value of all interest payments that would have accrued from
the date of such payment through June 30, 2016, calculated using a discount rate, applied quarterly, equal to the Treasury Rate
as of such prepayment date plus 50 basis points. The credit agreement also provides for mandatory prepayments in connection with
certain customary events, including any sale of material assets; however, certain mandatory prepayments are not subject to the
prepayment premium. On January 4, 2013, the Plant Owners entered into an amendment to the new revolving credit facility and extended
the maturity date of the facility from June 25, 2013 to June 25, 2015.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2012, the Plant Owners
had unused availability under the new revolving credit facility of $4,000,000. On March 28, 2013, the lenders approved $5,000,000
in additional availability for a maximum total credit limit of $15,000,000 under the facility. As of March 28, 2013, the Plant
Owners had $5,000,000 of unused availability under the new credit facility.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the term loans and revolving
credit facilities represent permanent financing and are secured by a perfected, first-priority security interest in all of the
assets, including inventories and all rights, title and interest in all tangible and intangible assets, of the Plant Owners. The
Plant Owners&#146; creditors do not have recourse to Pacific Ethanol, Inc.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Debt due June 2013</i></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has had and continues to
have extensive communications with the holder of the remaining $4,029,000 of combined term and revolving debt due June 25, 2013
to further extend the maturity date of that debt. The Company believes that it will be able to successfully extend, restructure
and/or repay the loans prior to the June 25, 2013 maturity date. However, the Company cannot provide any assurance that it will
be able to do so, or what the terms of any such arrangement might be.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Plant Owners are unable to timely
restructure the $4,029,000 in debt due June 25, 2013 or repay the debt, the Plant Owners will be in default on that debt and in
cross-default on all term loans and lines of credit previously extended to June 30, 2016, all of which will be accelerated and
immediately due and payable on June 25, 2013. If such a default occurs, the Company and its direct and indirect subsidiaries, including
Kinergy and the Plant Owners, will likely experience material adverse effects.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Convertible Notes</u></i> &#150;
On October 6, 2010, the Company raised $35,000,000 through the issuance and sale of $35,000,000 in principal amount of secured
convertible notes (&#147;Initial Notes&#148;) and warrants (&#147;Initial 2010 Warrants&#148;) to purchase an aggregate of
196,079 shares of the Company&#146;s common stock. On January 7, 2011, the Company issued $35,000,000 in principal amount of secured
convertible notes (&#147;January Convertible Notes&#148;) in exchange for the Initial Notes and warrants (&#147;2010 Warrants&#148;)
to purchase an aggregate of 196,079 shares of the Company&#146;s common stock in exchange for the Initial 2010 Warrants. The transactions
contemplated by the exchange agreements were entered into to, among other things, clarify previously ambiguous language in the
Initial Notes and Initial 2010 Warrants, provide the Company with additional time to meet its registration obligations and to add
additional flexibility to the Company&#146;s ability to incur indebtedness subordinated to the January Convertible Notes. As discussed
below, the January Convertible Notes were valued at fair value, and as such, these modifications were reflected in the fair value
adjustments for the period.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 30, 2011, the Company issued
$23,750,000 in principal amount of secured convertible notes, reflecting the amount then outstanding under the January Convertible
Notes (&#147;June Convertible Notes&#148;) in exchange for the January Convertible Notes. The transactions contemplated by the
exchange agreements were entered into to, among other things, defer an upcoming installment payment, add one additional month to
the maturity date and add a new additional conversion price option as described further below. As discussed further below, the
June Convertible Notes are valued at fair value, and as such, these modifications are reflected in the fair value adjustments for
the year ended December 31, 2011.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 3, 2011, under the terms of
exchange agreements with the holders of the June Convertible Notes, the Company issued approximately $17,170,000 in principal amount,
reflecting the amount then outstanding under the June Convertible Notes, of secured convertible notes (&#147;Convertible Notes&#148;)
in exchange for the June Convertible Notes. The transactions contemplated by the exchange agreements were entered into to, among
other things, add three additional months to the maturity date, add a new additional conversion price option as described further
below and reduce the price failure threshold from $1.40 to $0.60. As discussed below, the Convertible Notes were valued at fair
value, and as such, these modifications are reflected in the fair value adjustments for the years ended December 31, 2012 and 2011.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company was obligated to make amortization
payments with respect to the principal amount of each of the convertible notes, beginning on March 7, 2011 and then on the first
trading day of each calendar month thereafter, except for the month of August, through the extended maturity date of May 2012 (collectively,
the &#147;Installment Dates&#148;).</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On each Installment Date, the Company
was to pay an amount of principal, as then determined under the convertible notes and any accrued and unpaid interest (the &#147;Installment
Amount&#148;). The Company could elect to pay the Installment Amount in cash or shares of its common stock, subject to the satisfaction
of certain conditions.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company elected to make all or
part of an amortization payment in shares of its common stock, it was required to deliver to the holders of the convertible notes
the amount of shares of the Company&#146;s common stock equal to the portion of the amount being paid in shares of the Company&#146;s
common stock divided by the lesser of the then existing conversion price and 85% of the average of the volume weighted average
prices of the 5 lowest trading days during the 20 consecutive trading day period ending on the trading day immediately prior to
the applicable Installment Date.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">All amounts due under the convertible
notes were also convertible at any time, in whole or in part, at the option of the holders into shares of the Company&#146;s common
stock at a specified conversion price.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company elected to account for the
convertible notes using the fair value alternative in order to simplify its accounting for and reporting of the convertible notes.
Accordingly, the Company adjusted as of each quarter the carrying value of the convertible notes to their fair value since their
initial issuance in October 2010, with such adjustments reflected in fair value adjustments on convertible debt and warrants in
the statements of operations.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded income of $0 and
$3,108,000 for fair value adjustments for the years ended December 31, 2012 and 2011, respectively, for changes in fair value,
which adjustments are attributed to a reduction in the principal balances and fluctuations in the market value of the Company&#146;s
common stock during each quarterly period. There were no changes in fair value of the convertible notes due to a change in the
estimated credit risk of the instruments. See Note 12 for the Company&#146;s fair value assumptions. The principal of $35,000,000
and interest of $3,289,000 were retired through the issuance of 4,257,000 shares of the Company&#146;s common stock and payment
of $1,425,000 in cash in respect of holder conversions and installment payments during 2011.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Senior Unsecured Notes</u></i>
&#150; In July 2012, as part of the Company&#146;s acquisition of an additional 33% ownership interest in New PE Holdco, the
Company issued senior unsecured promissory notes due April 13, 2013 in the aggregate principal amount of $10,000,000. Interest
on the unpaid principal amount accrued at a rate of 5.00% per annum. On October 1, 2012, the Company fully repaid in cash the senior
unsecured notes using proceeds of its public offering, which closed on September 26, 2012.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Interest Expense on Borrowings</u></i>
&#150; Interest expense on all borrowings discussed above was $12,314,000 and $14,813,000 for the years ended December 31, 2012
and 2011, respectively.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Long-term debt due in each of the next
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="width: 3%; line-height: 115%">&#160;</td>
    <td style="width: 6%; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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    <td style="line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: white">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EFHAC">
      <tr>
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          <div style="width: 200px;"><strong>13. INCOME TAXES (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Dec. 31, 2012</div>
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          <div>Dec. 31, 2011</div>
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        <td class="text">&#xA0;<span></span></td>
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                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible domestic operating loss carryforwards. Excludes state and local operating loss carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br></p>
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                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible state and local operating loss carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Section Appendix E<br><br> -Paragraph 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br></p>
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                <p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43-49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 17<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The sum of domestic, foreign and state and local operating loss carryforwards, before tax effects, available to reduce future taxable income under enacted tax laws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of the change in the period in the valuation allowance for a specified deferred tax asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32123-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R14.xml
<DESCRIPTION>IDEA: 8. FAIR VALUE MEASUREMENTS
<TEXT>
<XBRL>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_FairValueDisclosuresTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The fair
value hierarchy prioritizes the inputs used in valuation techniques into three levels as follows:&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level
                                                                                                              1 &amp;#150; Observable
                                                                                                              inputs &amp;#150; unadjusted
                                                                                                              quoted prices in
                                                                                                              active markets for
                                                                                                              identical assets
                                                                                                              and liabilities;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level
                                                                                                              2 &amp;#150; Observable
                                                                                                              inputs other than
                                                                                                              quoted prices included
                                                                                                              in Level 1 that
                                                                                                              are observable for
                                                                                                              the asset or liability
                                                                                                              through corroboration
                                                                                                              with market data;
                                                                                                              and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 0.5in"&gt;&lt;/td&gt;&lt;td style="width: 0.25in"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Level
                                                                                                              3 &amp;#150; Unobservable
                                                                                                              inputs &amp;#150; includes
                                                                                                              amounts derived
                                                                                                              from valuation models
                                                                                                              where one or more
                                                                                                              significant inputs
                                                                                                              are unobservable.
                                                                                                              For fair value measurements
                                                                                                              using significant
                                                                                                              unobservable inputs,
                                                                                                              a description of
                                                                                                              the inputs and the
                                                                                                              information used
                                                                                                              to develop the inputs
                                                                                                              is required along
                                                                                                              with a reconciliation
                                                                                                              of Level 3 values
                                                                                                              from the prior reporting
                                                                                                              period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company recorded
its warrants issued from 2010 through 2013 at fair value and designated them as Level 3 on their issuance dates.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Warrants
&lt;/u&gt;&lt;/i&gt;&amp;#150; Except for the warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based
valuation methodology, adjusted for marketability restrictions. The warrants issued September 26, 2012, did not contain any anti-dilution
protection features. As a result, the warrants were valued using the Black-Scholes Valuation Model. Of the various inputs used,
the volatility and the current price of the Company&amp;#146;s common stock most significantly impact the fair value adjustments
of the warrants. As the Company&amp;#146;s common stock increases or decreases, the valuation of the warrants will increase or decrease,
respectively. As the estimated volatility of the Company&amp;#146;s common stock increases or decreases, the valuation of the warrants
will increase or decrease, respectively. These changes may result in significantly higher or lower fair value measurements from
period to period.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant
assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

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&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest
    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Discount for Marketability
    restrictions&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 9%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;03/28/2013&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.80&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;71.1%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.24%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.00&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38.2%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;788,000&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;882,000&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;01/11/2013&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7.80&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;72.5%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.77%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4.79&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;8,079,000&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant
assumptions used and related fair values for the warrants as of December 31, 2012 were as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
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    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;35,000&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892,000&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Convertible
Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; The conversion feature imbedded in the convertible notes was valued using a combination of a Monte Carlo
Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used and related
fair value for the conversion feature as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest
    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 22%; text-indent: -1in; padding-left: 1in; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;3/28/13&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;15.00&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;62.2%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;0.14%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1.0&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;24.5%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;1,400,800&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Other
Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company&amp;#146;s other derivative instruments consist of commodity positions. The fair
value of the commodity positions are based on quoted prices on the commodity exchanges and are designated as Level 1.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes
fair value measurements by level at March 31, 2013 (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt; width: 32%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Conversion feature&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,480&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,595&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other current
assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in warrant
liabilities and conversion feature at fair value in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(3)&amp;#9;Included in
accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes
fair value measurements by level at December 31, 2012 (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity
    contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included
in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included
in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;For fair
value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop
the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&amp;#146;s
fair value of its Level 3 inputs were as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion
    Feature&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 66%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of warrants in January
    offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,657&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of notes and warrants
    in March offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;883&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(260&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments
    to fair value for the period&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(93&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, March 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value hierarchy prioritizes the inputs
used in valuation techniques into three levels, as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 1 &amp;#150; Observable inputs &amp;#150; unadjusted quoted prices in active markets for identical assets and liabilities;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 2 &amp;#150; Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with market data; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 24px; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Level 3 &amp;#150; Unobservable inputs &amp;#150; includes amounts derived from valuation models where one or more significant inputs are unobservable. For fair value measurements using significant unobservable inputs, a description of the inputs and the information used to develop the inputs is required along with a reconciliation of Level 3 values from the prior reporting period.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded its warrants issued from
2010 through 2012 and its Convertible Notes at fair value and designated them as Level 3 on their issuance date.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrants&lt;/u&gt;&lt;/i&gt; &amp;#150; Except for the
warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based valuation methodology,
adjusted for marketability restrictions. The warrants issued September 26, 2012, due to no anti-dilution protection features, were
valued using the Black-Scholes Valuation Model.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;
&lt;tr&gt;
    &lt;td style="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;F-36&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="width: 100%"&gt;
&lt;tr&gt;
    &lt;td style="width: 100%; font: 10pt Times New Roman, Times, Serif; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Significant assumptions used and related fair
values for the warrants as of December 31, 2012 were as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;09/26/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.85&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;70.2%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.36%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2.74&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;53.9%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,833,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,112,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;07/3/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7.50&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;76.1%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.72%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.51&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;55.5%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,867,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,756,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;07/3/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6.45&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;69.3%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.16%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.01&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;55.5%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;930,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;509,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;12/13/2011&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.45&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;74.4%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.54%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3.95&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;52.3%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;330,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;480,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;10/6/2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;76.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.72%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;46.4%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;17,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;35,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Significant assumptions used and related fair
values for the warrants as of December 31, 2011 were as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;12/13/2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;22.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.83%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.96&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;52.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;330,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,695,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;10/6/2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6.75&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.09%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;47.4%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;34,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;226,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Convertible Notes&lt;/u&gt;&lt;/i&gt; &amp;#150; The
Convertible Notes were valued using a combination of a Monte Carlo Binomial Lattice-Based valuation methodology for the embedded
conversion feature, adjusted for marketability restrictions, combined with a discounted cash flow model for the payment stream
of the debt instrument. The Company continued estimating the fair value of the Convertible Notes quarterly until their retirement
on November 14, 2011.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Other Derivative Instruments&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company&amp;#146;s other derivative instruments consist of commodity positions. The fair value of the commodity positions
are based on quoted prices on the commodity exchanges and are designated as Level 1.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;The following table summarizes fair value measurements by level
at December 31, 2012 (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Assets:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="width: 36%; padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Liabilities:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;167&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 1pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(1)&amp;#9;Included in other current assets in the consolidated balance
sheets.&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(2)&amp;#9;Included in other current liabilities in the consolidated
balance sheets.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr&gt;
    &lt;td style="width: 100%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;F-37&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr&gt;
    &lt;td style="width: 100%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table summarizes fair value measurements
by level at December 31, 2011 (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 2&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Level 3&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Assets:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="width: 36%; padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;u&gt;Liabilities:&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&lt;font style="font-size: 10pt"&gt;Total Liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,421&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 1pt Times New Roman, Times, Serif; margin: 3pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(1)&amp;#9;Included in other assets in the consolidated balance sheets.&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;(2)&amp;#9;Included in other liabilities in the consolidated balance
sheets.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;For fair value measurements using significant
unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs is required along with
a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&amp;#146;s fair value of its Level
3 inputs were as follows (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Warrants&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Convertible Notes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 60%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Balance, December 31, 2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,718&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;38,108&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Retirement of Convertible Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(35,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of 2011 Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1,155&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,451&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(3,108&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Balance, December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of July offering warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,380&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Issuance of September offering warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,658&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(113&lt;/font&gt;&lt;/td&gt;
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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 04

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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 -Topic 505

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -Section B

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 5: http://www.xbrl.org/2003/role/presentationRef

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 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 29, 30, 31

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          <div style="width: 200px;"><strong>3. INVENTORIES<br></strong></div>
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          <div>Mar. 31, 2013</div>
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                <p>The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELNAC">
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          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) (USD $)<br></strong></div>
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                <p>Including both current and noncurrent portions, carrying amount as of the balance sheet date of other forms of debt not elsewhere specified in the taxonomy with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p>
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                <p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is uncollateralized (where debt is not backed by the pledge of collateral).</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected).</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.5)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 5<br><br> -Article 5<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProvisionForDoubtfulAccounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuritiesReceivedAsCollateral">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the assets received as collateral against securities loaned to other broker-dealers. Borrowers of securities generally are required to provide collateral to the lenders of securities, commonly cash but sometimes other securities or standby letters of credit, with a value slightly higher than that of the securities borrowed. In instances where the entity is permitted to sell or re-pledge these securities, the entity reports the fair value of the collateral received and the related obligation to return the collateral as a liability.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 140<br><br> -Paragraph 17<br><br> -Subparagraph a(3)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 140<br><br> -Paragraph 15<br><br> -Subparagraph a, b, c, d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 860<br><br> -SubTopic 10<br><br> -Section 05<br><br> -Paragraph 17<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7517284&amp;loc=d3e93645-111703<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 860<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7523297&amp;loc=d3e113969-111729<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-BRD<br><br> -Paragraph 49<br><br> -IssueDate 2006-05-01<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 140<br><br> -Paragraph 91<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SecuritiesReceivedAsCollateral</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERAAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DebtTablesAbstract', window );"><strong>Debt Tables</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock', window );">Long Term Debt</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Long-term
borrowings are summarized as follows (in thousands):</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">March
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">December
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="width: 64%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Kinergy operating
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    <td style="width: 2%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">$</font></td>
    <td style="width: 14%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">20,558</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 2%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">$</font></td>
    <td style="width: 14%; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">19,711</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">20,313</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">&#150;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Subordinated convertible
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">6,000</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">&#150;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">57,097</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">54,821</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Plant Owners&#146; operating
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">46,500</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">46,000</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Note payable to related
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">750</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">750</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">151,218</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">121,282</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Less: Parent purchased Plant
    Owners&#146; term debt</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">(24,174</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">)</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">&#150;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Less: Unamortized discount
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">(2,432</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">)</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">&#150;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(2,283</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">&#150;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">122,329</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">121,282</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(8,496</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">(4,029</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif; color: black">Long-term debt</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">113,833</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">117,253</font></td>
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"></p><span></span></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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                                                                               <p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">December
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                <p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p>
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                <p>Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.</p>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCalculationOfNumeratorAndDenominatorInEarningsPerShareTableTextBlock', window );">Computation of basic and diluted earnings per share</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt; background-color: White">The
following tables compute basic and diluted earnings per share (in thousands, except per share data):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: White">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    March&#160;31, 2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss <br />Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 49%; text-align: justify; padding-left: 0pt"><font style="font-size: 8pt">Net loss attributed to Pacific
    Ethanol, Inc.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(5,454</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Less: Preferred stock
    dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(312</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"><font style="font-size: 8pt">Basic
    and diluted loss per share:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"><font style="font-size: 8pt">Loss
    available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,766</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">10,060</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.57</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: White">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    March&#160;31, 2012</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss <br />Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 49%; text-align: justify; padding-left: 0pt"><font style="font-size: 8pt">Net loss attributed to Pacific
    Ethanol, Inc.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(4,953</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Less: Preferred stock
    dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(315</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"><font style="font-size: 8pt">Basic
    and diluted loss per share:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"><font style="font-size: 8pt">Loss
    available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,268</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,748</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.92</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of the numerators and the denominators of the basic and diluted per-share (or per-unit) computations for income from continuing operations, including the effect that has been given to preferred dividends.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EOSAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>13. INCOME TAXES (Details 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsGrossAbstract', window );"><strong>Deferred tax assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards', window );">Net operating loss carryforwards</a></td>
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        <td class="nump">$ 30,681<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsCapitalLossCarryforwards', window );">Capital loss carryover</a></td>
        <td class="nump">840<span></span></td>
        <td class="nump">8,013<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits', window );">Stock-based compensation</a></td>
        <td class="nump">278<span></span></td>
        <td class="nump">417<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsDerivativeInstruments', window );">Derivative instruments mark-to-market</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">201<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities', window );">Other accrued liabilities</a></td>
        <td class="nump">156<span></span></td>
        <td class="nump">123<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment', window );">Fixed assets</a></td>
        <td class="nump">167<span></span></td>
        <td class="nump">157<span></span></td>
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      <tr class="ro">
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        <td class="nump">207<span></span></td>
        <td class="nump">167<span></span></td>
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        <td class="nump">19,466<span></span></td>
        <td class="nump">39,759<span></span></td>
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      <tr class="ro">
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      <tr class="re">
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        <td class="num">(7,480)<span></span></td>
        <td class="num">(3,792)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets', window );">Intangibles</a></td>
        <td class="num">(1,513)<span></span></td>
        <td class="num">(1,706)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesDerivatives', window );">Derivative instruments mark-to-market</a></td>
        <td class="num">(9)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxLiabilities', window );">Total deferred tax liabilities</a></td>
        <td class="num">(9,002)<span></span></td>
        <td class="num">(5,498)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsValuationAllowance', window );">Valuation allowance</a></td>
        <td class="num">(11,555)<span></span></td>
        <td class="num">(35,352)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Net deferred tax liabilities</a></td>
        <td class="num">(1,091)<span></span></td>
        <td class="num">(1,091)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesClassificationAbstract', window );"><strong>Classified in balance sheet as:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesCurrent', window );">Deferred income tax benefit (current assets)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income taxes (long-term liability)</a></td>
        <td class="num">(1,091)<span></span></td>
        <td class="num">(1,091)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilities', window );">Deferred income taxes</a></td>
        <td class="num">$ (1,091)<span></span></td>
        <td class="num">$ (1,091)<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax liability to taxable temporary differences.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Liability<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510232<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph b(2)<br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredIncomeTaxLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsCapitalLossCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible capital loss carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsCapitalLossCarryforwards</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsDerivativeInstruments">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from derivative instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 11<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -Subparagraph b, c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsDerivativeInstruments</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGross">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43, 289<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Deferred Tax Asset<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510090<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsGross</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsGrossAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsGrossAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsOther</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from property, plant, and equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsPropertyPlantAndEquipment</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences derived regulatory assets and liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsRegulatoryAssetsAndLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxCreditCarryforwards">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The tax effect as of the balance sheet date of the amount of future tax deductions arising from all unused tax credit carryforwards which have been reduced by a valuation allowance.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Carryforwards<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506874<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsTaxCreditCarryforwards</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from compensation and benefits costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 11<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsValuationAllowance">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43-49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 17<br><br> -Subparagraph e<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxAssetsValuationAllowance</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences net of deferred tax asset attributable to deductible temporary differences and carryforwards after valuation allowances.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31931-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesClassificationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesClassificationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed within one year or operating cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31917-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31931-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 41, 42, 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31958-109318<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesDerivatives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences from derivatives.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DeferredTaxLiabilitiesDerivatives</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences from intangible assets other than goodwill.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 25<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6969291&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 43<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 11<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of deferred tax liability attributable to taxable temporary differences from investments (excludes investments in subsidiaries and equity method investments).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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                <p>Amount of deferred tax liability attributable to taxable temporary differences, net of deferred tax asset attributable to deductible temporary differences and carryforwards net of valuation allowances expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31917-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31931-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e31958-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 41, 42<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier B&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;14%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;13%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Supplier C&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;*&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;____________&lt;/font&gt;&lt;/p&gt;
                                 &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;*Less than 10%&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Purchases from external customers table text block</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Purchases from external customers</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>peix_PropertyAndEquipmentDepreciationUsefulLives</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property and equipment are stated at
cost. Depreciation is computed using the straight-line method over the following estimated useful lives:&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 68%; padding-right: 3.6pt; line-height: 115%"&gt;Buildings&lt;/td&gt;
    &lt;td style="width: 32%; padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;40 years&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 3.6pt; line-height: 115%"&gt;Facilities and plant equipment&lt;/td&gt;
    &lt;td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;10 &amp;#150; 25 years&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 3.6pt; line-height: 115%"&gt;Other equipment, vehicles and furniture&lt;/td&gt;
    &lt;td style="padding-right: 3.6pt; padding-left: 3.6pt; line-height: 115%"&gt;5 &amp;#150; 10 years&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Schedule of property and equipment useful lives</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Property and Equipment Depreciation</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfEarningsPerShareDilutedByCommonClassTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following tables compute basic and
diluted earnings per share (in thousands, except per share data):&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 8.05pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;Year Ended December 31, 2012&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 8.05pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Loss&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 8pt; line-height: 115%"&gt;Numerator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;
        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Per-Share&lt;/p&gt;
        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Amount&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(19,057&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(1,268&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 8.05pt; line-height: 115%; font-family: Times New Roman, Times, Serif; font-weight: bold"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(20,325&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;108,358&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-left: 7.75pt; line-height: 115%; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;(0.19&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse; background-color: White"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 4.5pt; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="8" style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;Year Ended December 31, 2011&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 4.5pt; text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;
        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Income&lt;/p&gt;
        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Numerator&lt;/p&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;
        &lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Per-Share&lt;/p&gt;
        &lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"&gt;Amount&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Net income attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;3,074&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-left: 4.5pt; line-height: 115%; font-family: Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt; line-height: 115%"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
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interest rates. The Company monitors and manages these financial exposures as an integral part of its risk management program.
This program recognizes the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market
volatility could have on operating results.&lt;/font&gt;&lt;/p&gt;

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fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins
from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are
set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges
anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives
may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated
transactions and regressing commodity futures prices against the Company&amp;#146;s purchase and sales prices. Ineffectiveness, which
is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of
goods sold. For the three months ended March 31, 2013 and 2012, the Company did not designate any of its derivatives as cash flow
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Risk &amp;#150; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company uses derivative instruments to lock in prices for certain amounts
of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special
hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately
in cost of goods sold. The Company recognized losses of $5,000 and gains of $134,000 as the change in the fair value of these
contracts for the three months ended March 31, 2013 and 2012, respectively.&lt;/font&gt;&lt;/p&gt;

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derivatives not designated as hedging instruments are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

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&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Losses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
    March 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 24%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 38%"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(73&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(102&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
    March 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;68&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;236&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The business
and activities of the Company expose it to a variety of market risks, including risks related to changes in commodity prices.
The Company monitors and manages these financial exposures as an integral part of its risk management program. This program recognizes
the unpredictability of financial markets and seeks to reduce the potentially adverse effects that market volatility could have
on operating results.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity
Risk&lt;/u&gt;&lt;/i&gt;&lt;u&gt; &amp;#150; &lt;i&gt;Cash Flow Hedges&lt;/i&gt;&lt;/u&gt; &amp;#150; The Company uses derivative instruments to protect cash flows from
fluctuations caused by volatility in commodity prices for periods of up to twelve months in order to protect gross profit margins
from potentially adverse effects of market and price volatility on ethanol sale and purchase commitments where the prices are
set at a future date and/or if the contracts specify a floating or index-based price for ethanol. In addition, the Company hedges
anticipated sales of ethanol to minimize its exposure to the potentially adverse effects of price volatility. These derivatives
may be designated and documented as cash flow hedges and effectiveness is evaluated by assessing the probability of the anticipated
transactions and regressing commodity futures prices against the Company&amp;#146;s purchase and sales prices. Ineffectiveness, which
is defined as the degree to which the derivative does not offset the underlying exposure, is recognized immediately in cost of
goods sold. For the years ended December 31, 2012 and 2011, the Company did not designate any of its derivatives as cash flow
hedges.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Commodity
Risk &amp;#150; Non-Designated Hedges&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company uses derivative instruments to lock in prices for certain amounts
of corn and ethanol by entering into forward contracts for those commodities. These derivatives are not designated for special
hedge accounting treatment. The changes in fair value of these contracts are recorded on the balance sheet and recognized immediately
in cost of goods sold. The Company recognized gains of $999,000 and $96,000 as the change in the fair value of these contracts
for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Non
Designated Derivative Instruments&lt;/u&gt;&lt;/i&gt; &amp;#150; The classification and amounts of the Company&amp;#146;s derivatives not designated
as hedging instruments are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;




&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;As of December
    31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="4" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 19%; text-align: left; padding-left: 0pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 19%; text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current
    assets&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16%; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 18%; text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accrued
    liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 16%; text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-left: 5.4pt; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; padding-left: 5.4pt; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;



&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;As of December
    31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 19%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 19%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Other current
    assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 18%; padding-bottom: 1pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Accrued
    liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The classification
and amounts of the Company&amp;#146;s recognized gains (losses) for its derivatives not designated as hedging instruments are as
follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gains&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;For the Years Ended
    December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
                                                                   &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;Type
                                                                   of Instrument&lt;/font&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: center; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 30%; text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 34%; text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost
    of goods sold&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; padding-bottom: 2.5pt; padding-left: 5.4pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
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                <p>Percentage of revenue generated from a single external customer that accounts for 10 percent or more of an entity's revenues.</p>
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                <p>Section 382 reduction to loss carryover</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The domestic federal statutory tax rate applicable under enacted tax laws to the Company's pretax income from continuing operations for the period. The "statutory" tax rate is the regular tax rate if there are alternative tax systems.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 47<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to changes in the valuation allowance for deferred tax assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to nondeductible expenses under enacted tax laws, or differences in the methodologies used to determine expense amounts for financial statements prepared in accordance with generally accepted accounting principles, not otherwise listed in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to differences in the deductibility or nondeductibility of incentive stock options and other equity-based compensation costs in accordance with generally accepted accounting principles and enacted tax laws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate attributable to all other items not otherwise listed in the existing taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 12<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 13<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 6.I)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6889476&amp;loc=d3e330036-122817<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of the difference between the effective income tax rate and domestic federal statutory income tax rate that can be explained by the state and local income tax expense or benefit, net of the federal tax benefit (expense) thereon, recorded during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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</LabelSeparator><Level>6</Level><ElementName>us-gaap_LiabilitiesFairValueDisclosure</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>credit</BalanceType><PeriodType>instant</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="AsOf2013-03-31_WarrantMember" UnitID="USD"><Id>1</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>8079000</NumericAmount><RoundedNumericAmount>8079</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="AsOf2012-12-31_WarrantMember" UnitID="USD"><Id>2</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>4892000</NumericAmount><RoundedNumericAmount>4892</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="AsOf2011-12-31_WarrantMember" UnitID="USD"><Id>3</Id><IsNumeric>true</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>1921000</NumericAmount><RoundedNumericAmount>1921</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode>USD</CurrencyCode><CurrencySymbol>$</CurrencySymbol><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:monetaryItemType</ElementDataType><SimpleDataType>monetary</SimpleDataType><ElementDefenition>This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Section 50

 -Paragraph 2

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 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



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 -Section 45

 -Paragraph 16

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 51

 -Paragraph A3

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 55

 -Paragraph 4I

 -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELFAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2013</a></td>
        <td class="nump">$ 1,127<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2014</a></td>
        <td class="nump">1,120<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears', window );">2015</a></td>
        <td class="nump">1,141<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears', window );">2016</a></td>
        <td class="nump">1,103<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears', window );">2017</a></td>
        <td class="nump">951<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter', window );">Thereafter</a></td>
        <td class="nump">3,590<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Total</a></td>
        <td class="nump">$ 9,032<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</nobr></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of required minimum rental payments maturing after the fifth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 122<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 40<br><br> -Subparagraph (Note 3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 840<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 13<br><br> -Paragraph 16<br><br> -Subparagraph b(i)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 16<br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebt</nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 47<br><br> -Paragraph 10<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELLAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>3. INVENTORIES (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNetAbstract', window );"><strong>Inventory balances</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryFinishedGoods', window );">Finished goods</a></td>
        <td class="nump">$ 11,053<span></span></td>
        <td class="nump">$ 10,230<span></span></td>
        <td class="nump">$ 9,429<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryWorkInProcess', window );">Work in progress</a></td>
        <td class="nump">4,481<span></span></td>
        <td class="nump">3,846<span></span></td>
        <td class="nump">4,284<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryRawMaterials', window );">Raw materials</a></td>
        <td class="nump">1,212<span></span></td>
        <td class="nump">1,363<span></span></td>
        <td class="nump">1,334<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventorySupplies', window );">Other</a></td>
        <td class="nump">790<span></span></td>
        <td class="nump">805<span></span></td>
        <td class="nump">1,084<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Total</a></td>
        <td class="nump">$ 17,536<span></span></td>
        <td class="nump">$ 16,244<span></span></td>
        <td class="nump">$ 16,131<span></span></td>
      </tr>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount before last-in first-out (LIFO) and valuation reserves of merchandise or goods held by the entity that are readily available for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 35<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryRawMaterials">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of unprocessed items to be consumed in the manufacturing or production process. Also includes purchased parts that will be used as components of a finished product.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(4))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryRawMaterials</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryWorkInProcess">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryWorkInProcess</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
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            </div>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventorySupplies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of products used directly or indirectly in the manufacturing or production process, which may or may not become part of the final product. May also include items used in the storage, presentation or transportation of physical goods.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Inventory<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516093<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 3<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(a)(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInventorySupplies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td>instant</td>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EQZAG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivable', window );">Allowance for doubtful accounts</a></td>
        <td class="nump">$ 226<span></span></td>
        <td class="nump">$ 18<span></span></td>
        <td class="nump">$ 24<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent', window );">Current portion of long term debt to related party</a></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, authorized</a></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="nump">300,000,000<span></span></td>
        <td class="nump">300,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, issued</a></td>
        <td class="nump">10,495,824<span></span></td>
        <td class="nump">9,789,408<span></span></td>
        <td class="nump">5,775,445<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, outstanding</a></td>
        <td class="nump">10,495,824<span></span></td>
        <td class="nump">9,789,408<span></span></td>
        <td class="nump">5,775,445<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series A Preferred Stock</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">1,684,375<span></span></td>
        <td class="nump">1,684,375<span></span></td>
        <td class="nump">1,684,375<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series B Preferred Stock</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract', window );"><strong>Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value</a></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
        <td class="nump">$ 0.001<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">1,580,790<span></span></td>
        <td class="nump">1,580,790<span></span></td>
        <td class="nump">1,580,790<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockLiquidationPreferenceValue', window );">Preferred stock liquidation preference</a></td>
        <td class="nump">$ 23,196<span></span></td>
        <td class="nump">$ 23,927<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5074-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 4<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.10)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForDoubtfulAccountsReceivable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value of common stock per share; generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesAuthorized</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrentAbstract</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayableRelatedPartiesClassifiedCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a)(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesClassifiedCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreferenceValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of the difference between preference in liquidation and the par or stated values of the preferred shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockLiquidationPreferenceValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockParOrStatedValuePerShare</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                <p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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  <head>
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    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueMeasurementsAbstract', window );"><strong>Fair Value Measurements</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">8. FAIR VALUE MEASUREMENTS</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><font style="font-size: 8pt">The fair
value hierarchy prioritizes the inputs used in valuation techniques into three levels as follows:</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level
                                                                                                              1 &#150; Observable
                                                                                                              inputs &#150; unadjusted
                                                                                                              quoted prices in
                                                                                                              active markets for
                                                                                                              identical assets
                                                                                                              and liabilities;</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level
                                                                                                              2 &#150; Observable
                                                                                                              inputs other than
                                                                                                              quoted prices included
                                                                                                              in Level 1 that
                                                                                                              are observable for
                                                                                                              the asset or liability
                                                                                                              through corroboration
                                                                                                              with market data;
                                                                                                              and</font></td></tr></table>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 11pt; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.25in"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt">Level
                                                                                                              3 &#150; Unobservable
                                                                                                              inputs &#150; includes
                                                                                                              amounts derived
                                                                                                              from valuation models
                                                                                                              where one or more
                                                                                                              significant inputs
                                                                                                              are unobservable.
                                                                                                              For fair value measurements
                                                                                                              using significant
                                                                                                              unobservable inputs,
                                                                                                              a description of
                                                                                                              the inputs and the
                                                                                                              information used
                                                                                                              to develop the inputs
                                                                                                              is required along
                                                                                                              with a reconciliation
                                                                                                              of Level 3 values
                                                                                                              from the prior reporting
                                                                                                              period.</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt">The Company recorded
its warrants issued from 2010 through 2013 at fair value and designated them as Level 3 on their issuance dates.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Warrants
</u></i>&#150; Except for the warrants issued September 26, 2012, the warrants were valued using a Monte Carlo Binomial Lattice-Based
valuation methodology, adjusted for marketability restrictions. The warrants issued September 26, 2012, did not contain any anti-dilution
protection features. As a result, the warrants were valued using the Black-Scholes Valuation Model. Of the various inputs used,
the volatility and the current price of the Company&#146;s common stock most significantly impact the fair value adjustments
of the warrants. As the Company&#146;s common stock increases or decreases, the valuation of the warrants will increase or decrease,
respectively. As the estimated volatility of the Company&#146;s common stock increases or decreases, the valuation of the warrants
will increase or decrease, respectively. These changes may result in significantly higher or lower fair value measurements from
period to period.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant
assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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<tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid"><font style="font-size: 8pt">Original Issuance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Exercise Price</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Volatility</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Risk-Free Interest
    Rate</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Term (years)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Discount for Marketability
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    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants Outstanding</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 9%; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">03/28/2013</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">01/11/2013</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">09/26/2012</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">07/3/2012</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">Significant
assumptions used and related fair values for the warrants as of December 31, 2012 were as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Convertible
Notes</u></i> &#150; The conversion feature imbedded in the convertible notes was valued using a combination of a Monte Carlo
Binomial Lattice-Based valuation methodology, adjusted for marketability restrictions. Significant assumptions used and related
fair value for the conversion feature as of March 31, 2013 were as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Other
Derivative Instruments</u></i> &#150; The Company&#146;s other derivative instruments consist of commodity positions. The fair
value of the commodity positions are based on quoted prices on the commodity exchanges and are designated as Level 1.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><font style="font-size: 8pt">The following table summarizes
fair value measurements by level at March 31, 2013 (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"><font style="font-size: 8pt">Assets:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(1)&#9;Included in other current
assets in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(2)&#9;Included in warrant
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">(3)&#9;Included in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><font style="font-size: 8pt">The following table summarizes
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<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Warrants</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Commodity contracts<sup>(2)</sup></font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">167</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">167</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"><font style="font-size: 8pt">Total
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    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">167</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"><font style="font-size: 8pt">(1)&#9;Included
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"><font style="font-size: 8pt">(2)&#9;Included
in accrued liabilities in the consolidated balance sheets.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><font style="font-size: 8pt">For fair
value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop
the inputs is required along with a reconciliation of Level 3 values from the prior reporting period. The changes in the Company&#146;s
fair value of its Level 3 inputs were as follows (in thousands):</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Warrants</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td><td style="font-weight: bold; padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Conversion
    Feature</font></td><td style="padding-bottom: 1pt; font-weight: bold"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 66%; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Balance, December 31, 2012</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">4,892</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Issuance of warrants in January
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Issuance of notes and warrants
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">883</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Exercises of warrants</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(260</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded its warrants issued from
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Warrants</u></i> &#150; Except for the
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valued using the Black-Scholes Valuation Model.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr>
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</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
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                <p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p>
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<?xml version="1.0" encoding="us-ascii"?><InstanceReport xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><Version>2.4.0.8</Version><ReportLongName>0020 - Disclosure - 14. PREFERRED STOCK</ReportLongName><DisplayLabelColumn>true</DisplayLabelColumn><ShowElementNames>false</ShowElementNames><RoundingOption /><HasEmbeddedReports>false</HasEmbeddedReports><Columns><Column FlagID="0"><Id>1</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has 6,734,835 undesignated
shares of authorized and unissued preferred stock, which may be designated and issued in the future on the authority of the Company&amp;#146;s
Board of Directors. As of December 31, 2012, the Company had the following designated preferred stock:&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series A Preferred Stock&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company has authorized 1,684,375 shares of Series A Cumulative Redeemable Convertible Preferred Stock (&amp;#147;Series
A Preferred Stock&amp;#148;), with none outstanding at December 31, 2012 and 2011. Shares of Series A Preferred Stock that are converted
into shares of the Company&amp;#146;s common stock revert to undesignated shares of authorized and unissued preferred stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Upon any issuance, the Series A Preferred
Stock would rank senior in liquidation and dividend preferences to the Company&amp;#146;s common stock. Holders of Series A Preferred
Stock would be entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 5% per annum of the
purchase price per share of the Series A Preferred Stock. The holders of the Series A Preferred Stock would have conversion rights
initially equivalent to two shares of common stock for each share of Series A Preferred Stock, subject to customary antidilution
adjustments. Certain specified issuances will not result in antidilution adjustments. The shares of Series A Preferred Stock would
also be subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the
holders of the Series A Preferred Stock of 25% or more. Accrued but unpaid dividends on the Series A Preferred Stock are to be
paid in cash upon any conversion of the Series A Preferred Stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of Series A Preferred Stock
would have a liquidation preference over the holders of the Company&amp;#146;s common stock equivalent to the purchase price per share
of the Series A Preferred Stock plus any accrued and unpaid dividends on the Series A Preferred Stock. A liquidation would be deemed
to occur upon the happening of customary events, including transfer of all or substantially all of the Company&amp;#146;s capital
stock or assets or a merger, consolidation, share exchange, reorganization or other transaction or series of related transactions,
unless holders of 66 2/3% of the Series A Preferred Stock vote affirmatively in favor of or otherwise consent to such transaction.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series B Preferred Stock&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company has authorized 1,580,790 shares of Series B Preferred Stock, with 926,942 outstanding at December 31, 2012
and 2011. Shares of Series B Preferred Stock that are converted into shares of the Company&amp;#146;s common stock revert to undesignated
shares of authorized and unissued preferred stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series B Preferred Stock ranks senior
in liquidation and dividend preferences to the Company&amp;#146;s common stock. Holders of Series B Preferred Stock are entitled to
quarterly cumulative dividends payable in arrears in cash in an amount equal to 7.00% per annum of the purchase price per share
of the Series B Preferred Stock; however, subject to the provisions of the Letter Agreement described below, such dividends may,
at the option of the Company, be paid in additional shares of Series B Preferred Stock based initially on the liquidation value
of the Series B Preferred Stock. The holders of Series B Preferred Stock have a liquidation preference over the holders of the
Company&amp;#146;s common stock initially equivalent to $19.50 per share of the Series B Preferred Stock plus any accrued and unpaid
dividends on the Series B Preferred Stock. A liquidation will be deemed to occur upon the happening of customary events, including
the transfer of all or substantially all of the capital stock or assets of the Company or a merger, consolidation, share exchange,
reorganization or other transaction or series of related transaction, unless holders of 66 2/3% of the Series B Preferred Stock
vote affirmatively in favor of or otherwise consent that such transaction shall not be treated as a liquidation. The Company believes
that such liquidation events are within its control and therefore has classified the Series B Preferred Stock in stockholders&amp;#146;
equity&lt;i&gt;.&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of the Series B Preferred
Stock have conversion rights initially equivalent to approximately 0.03 shares of common stock for each share of Series B Preferred
Stock. The conversion ratio is subject to customary antidilution adjustments. In addition, antidilution adjustments are to occur
in the event that the Company issues equity securities, including derivative securities convertible into equity securities (on
an as-converted or as-exercised basis), at a price less than the conversion price then in effect. The shares of Series B Preferred
Stock are also subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return
to the holders of the Series B Preferred Stock of 25% or more. The forced conversion is to be based upon the conversion ratio as
last adjusted. Accrued but unpaid dividends on the Series B Preferred Stock are to be paid in cash upon any conversion of the Series
B Preferred Stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The holders of Series B Preferred Stock
vote together as a single class with the holders of the Company&amp;#146;s common stock on all actions to be taken by the Company&amp;#146;s
stockholders. Each share of Series B Preferred Stock entitles the holder to approximately 0.03 votes per share on all matters to
be voted on by the stockholders of the Company. Notwithstanding the foregoing, the holders of Series B Preferred Stock are afforded
numerous customary protective provisions with respect to certain actions that may only be approved by holders of a majority of
the shares of Series B Preferred Stock.&lt;i&gt; &lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In 2008, the Company entered into Letter
Agreements with Lyles United LLC (&amp;#147;Lyles United&amp;#148;) and other purchasers under which the Company expressly waived its
rights under the Certificate of Designations relating to the Series B Preferred Stock to make dividend payments in additional shares
of Series B Preferred Stock in lieu of cash dividend payments without the prior written consent of Lyles United and the other purchasers.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Registration Rights Agreement&lt;/u&gt;
&lt;/i&gt;&amp;#150; In connection with the sale of its Series B Preferred Stock, the Company entered into a registration rights agreement
with Lyles United. The registration rights agreement is to be effective until the holders of the Series B Preferred Stock, and
their affiliates, as a group, own less than 10% for each of the series issued, including common stock into which such Series B
Preferred Stock has been converted. The registration rights agreement provides that holders of a majority of the Series B Preferred
Stock, including common stock into which such Series B Preferred Stock has been converted, may demand and cause the Company to
register on their behalf the shares of common stock issued, issuable or that may be issuable upon conversion of the Preferred Stock
and as payment of dividends thereon, and upon exercise of the related warrants (collectively, the &amp;#147;Registrable Securities&amp;#148;).
The Company is required to keep such registration statement effective until such time as all of the Registrable Securities are
sold or until such holders may avail themselves of Rule 144 for sales of Registrable Securities without registration under the
Securities Act of 1933, as amended. The holders are entitled to two demand registrations on Form S-1 and unlimited demand registrations
on Form S-3; provided, however, that the Company is not obligated to effect more than one demand registration on Form S-3 in any
calendar year. In addition to the demand registration rights afforded the holders under the registration rights agreement, the
holders are entitled to unlimited &amp;#147;piggyback&amp;#148; registration rights. These rights entitle the holders who so elect to
be included in registration statements to be filed by the Company with respect to other registrations of equity securities. The
Company is responsible for all costs of registration, plus reasonable fees of one legal counsel for the holders, which fees are
not to exceed $25,000 per registration. The registration rights agreement includes customary representations and warranties on
the part of both the Company and the holders and other customary terms and conditions.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded preferred stock
dividends of $1,268,000 and $1,265,000 for the years ended December 31, 2012 and 2011, respectively. For the years ended December
31, 2009, 2010 and 2011, the Company accrued but did not pay any preferred stock dividends. For the year ended December 31, 2012,
however, the Company did pay its accrued dividends of $1,268,000 in cash.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On August 12, 2012, the Company entered
into an agreement with the Series B Preferred Stock holders under which the Company issued approximately 157,000 shares of its
common stock in payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred
Stock. On December 26, 2012, the Company entered into an agreement with the Series B Preferred Stock holders under which the Company
issued approximately 145,000 shares of its common stock in payment of $732,000 of the total $6,583,000 of accrued and unpaid dividends
in respect of the Series B Preferred Stock. On March 27, 2013, the Company entered into an agreement with the Series B Preferred
Stock holders under which the Company issued approximately 139,000 shares of its common stock in payment of $732,000 of the total
$5,851,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B
Preferred Stock agreed to forebear from exercising any rights they may have with respect to accrued unpaid dividends until September
30, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,851,000 as of December
31, 2012.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;



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          <div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)<br>In Thousands, except Share data</strong></div>
        </th>
        <th class="th">
          <div>Preferred Stock</div>
        </th>
        <th class="th">
          <div>Common Stock</div>
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          <div>Additional Paid-In Capital</div>
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          <div>Accumulated Deficit</div>
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        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 504,635<span></span></td>
        <td class="num">$ (511,794)<span></span></td>
        <td class="nump">$ 94,972<span></span></td>
        <td class="nump">$ 87,815<span></span></td>
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        <td class="nump">1,456<span></span></td>
        <td class="nump">861<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">2,278<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">2,278<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ConversionOfPreferredStockToCommonStockShares', window );">Conversion of preferred stock to common stock, Shares</a></td>
        <td class="num">(529)<span></span></td>
        <td class="nump">30<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Shares issued on Convertible Notes, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="nump">36,860<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">36,864<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Shares issued on Convertible Notes, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,257<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedInPrivatePlacementAmount', window );">Shares issued in private placement, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="nump">5,554<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">5,555<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedInPrivatePlacementShares', window );">Shares issued in private placement, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">508<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_StockIssuedWarrantExercises', window );">Warrant exercises, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1<span></span></td>
        <td class="nump">1,157<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,157<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedWarrantExercisesShares', window );">Warrant exercises, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">101<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions', window );">Purchase of interests in New PE Holdco</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6,468<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(15,585)<span></span></td>
        <td class="num">(9,117)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockStock', window );">Preferred stock dividends</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,265)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(1,265)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,074<span></span></td>
        <td class="num">(7,097)<span></span></td>
        <td class="num">(4,023)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balances, Amount at Dec. 31, 2011</a></td>
        <td class="nump">1<span></span></td>
        <td class="nump">6<span></span></td>
        <td class="nump">556,952<span></span></td>
        <td class="num">(509,985)<span></span></td>
        <td class="nump">72,290<span></span></td>
        <td class="nump">119,264<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balances, Shares at Dec. 31, 2011</a></td>
        <td class="nump">927<span></span></td>
        <td class="nump">5,775<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation', window );">Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">806<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">806<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation', window );">Stock-based compensation expense - restricted stock and options to employees and directors, net of cancellations, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(3)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Shares issued on equity offerings, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4<span></span></td>
        <td class="nump">15,856<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">15,860<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Shares issued on equity offerings, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,700<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount', window );">Shares issued as payment of prior unpaid Series B preferred dividends, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,462<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">1,462<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares', window );">Shares issued as payment of prior unpaid Series B preferred dividends, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">302<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_StockIssuedWarrantExercises', window );">Warrant exercises, Amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">139<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">139<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedWarrantExercisesShares', window );">Warrant exercises, Shares</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">15<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueAcquisitions', window );">Purchase of interests in New PE Holdco</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,646<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(27,647)<span></span></td>
        <td class="num">(20,001)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockStock', window );">Preferred stock dividends</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(1,268)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(1,268)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(19,057)<span></span></td>
        <td class="num">(24,298)<span></span></td>
        <td class="num">(43,355)<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Ending Balances, Amount at Dec. 31, 2012</a></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 10<span></span></td>
        <td class="nump">$ 582,861<span></span></td>
        <td class="num">$ (530,310)<span></span></td>
        <td class="nump">$ 20,345<span></span></td>
        <td class="nump">$ 72,907<span></span></td>
      </tr>
      <tr class="rc">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesIssued', window );">Ending Balances, Shares at Dec. 31, 2012</a></td>
        <td class="nump">927<span></span></td>
        <td class="nump">9,789<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ConversionOfPreferredStockToCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Conversion of preferred stock to common stock, Amount</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ConversionOfPreferredStockToCommonStock</nobr></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_ConversionOfPreferredStockToCommonStockShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Conversion of preferred stock to common stock, Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ConversionOfPreferredStockToCommonStockShares</nobr></td>
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                    <td>na</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares issued as payment of prior unpaid Series B preferred dividends, Amount</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsAmount</nobr></td>
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                    <td>credit</td>
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                  <tr>
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                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares issued as payment of prior unpaid Series B preferred dividends, Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesIssuedAsPaymentOfPriorUnpaidSeriesBPreferredDividendsShares</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesIssuedInPrivatePlacementAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares issued in private placement, Amount</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesIssuedInPrivatePlacementShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares issued in private placement, Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesIssuedInPrivatePlacementShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_SharesIssuedWarrantExercisesShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant exercises, Shares</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesIssuedWarrantExercisesShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_StockIssuedWarrantExercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant exercises, Amount</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_StockIssuedWarrantExercises</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStockStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of stock dividends for preferred shareholders declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPreferredStockStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4K<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591552-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 29<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4J<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4591551-111686<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A1, A4, A5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (a),(c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 5<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProfitLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568447-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A3<br><br> -Appendix A<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 4I<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733213&amp;loc=SL4590271-111686<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares issued during the period as a result of the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-30)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock issued pursuant to acquisitions during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The gross value of stock issued during the period upon the conversion of convertible securities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4, 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29-31)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueNewIssues</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 64<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (d)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESNAI">
      <tr>
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details 1) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
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      <tr>
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          <div>Dec. 31, 2012</div>
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        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">$ 4,892<span></span></td>
        <td class="nump">$ 1,921<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued On 26 September 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">1,112<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 8.85<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">70.20%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.36%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">2 years 8 months 26 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">53.90%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrant outstanding</a></td>
        <td class="nump">183,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued On 03 July 2012 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">2,756<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 7.50<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">76.10%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.72%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 6 months 4 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">55.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrant outstanding</a></td>
        <td class="nump">1,867,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued On 03 July 2012 One [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">509<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 6.45<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">69.30%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.16%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">1 year 4 days<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">55.50%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrant outstanding</a></td>
        <td class="nump">930,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued On 13 December 2011 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">480<span></span></td>
        <td class="nump">1,695<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 12.45<span></span></td>
        <td class="nump">$ 1.5<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">74.40%<span></span></td>
        <td class="nump">68.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.54%<span></span></td>
        <td class="nump">0.83%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">3 years 11 months 12 days<span></span></td>
        <td class="text">4 years 11 months 16 days<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">52.30%<span></span></td>
        <td class="nump">52.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrant outstanding</a></td>
        <td class="nump">330,000<span></span></td>
        <td class="nump">4,956,250<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants Issued On 06 October 2010 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvancesFairValueDisclosure', window );">Fair value</a></td>
        <td class="nump">$ 35<span></span></td>
        <td class="nump">$ 226<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 1.80<span></span></td>
        <td class="nump">$ 0.45<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">76.00%<span></span></td>
        <td class="nump">68.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.72%<span></span></td>
        <td class="nump">1.10%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">4 years 9 months 18 days<span></span></td>
        <td class="text">5 years 10 months 24 days<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">46.40%<span></span></td>
        <td class="nump">47.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Warrant outstanding</a></td>
        <td class="nump">17,000<span></span></td>
        <td class="nump">504,202<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_FairValueAssumptionsMarketabilityDiscount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Assumptions Marketability Discount.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueAssumptionsMarketabilityDiscount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdvancesFairValueDisclosure">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate fair value of Federal Home Loan Bank loans (advances) carried under the fair value option as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdvancesFairValueDisclosure</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate amount of each class of warrants or rights outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ClassOfWarrantOrRightOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EKWBG">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
        <td class="nump">$ 4,194<span></span></td>
        <td class="nump">$ 7,586<span></span></td>
        <td class="nump">$ 8,914<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net (net of allowance for doubtful accounts of $226, $18 and $24 respectively)</a></td>
        <td class="nump">32,169<span></span></td>
        <td class="nump">26,051<span></span></td>
        <td class="nump">28,140<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
        <td class="nump">17,536<span></span></td>
        <td class="nump">16,244<span></span></td>
        <td class="nump">16,131<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherInventory', window );">Prepaid inventory</a></td>
        <td class="nump">9,644<span></span></td>
        <td class="nump">5,422<span></span></td>
        <td class="nump">9,239<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">1,978<span></span></td>
        <td class="nump">2,129<span></span></td>
        <td class="nump">3,994<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
        <td class="nump">65,521<span></span></td>
        <td class="nump">57,432<span></span></td>
        <td class="nump">66,418<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
        <td class="nump">147,863<span></span></td>
        <td class="nump">150,409<span></span></td>
        <td class="nump">159,617<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Intangible assets, net</a></td>
        <td class="nump">3,615<span></span></td>
        <td class="nump">3,734<span></span></td>
        <td class="nump">4,458<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Other assets</a></td>
        <td class="nump">4,425<span></span></td>
        <td class="nump">3,388<span></span></td>
        <td class="nump">1,983<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Total other assets</a></td>
        <td class="nump">8,040<span></span></td>
        <td class="nump">7,122<span></span></td>
        <td class="nump">6,441<span></span></td>
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      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets**</a></td>
        <td class="nump">221,424<span></span></td>
        <td class="nump">214,963<span></span></td>
        <td class="nump">232,476<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract', window );"><strong>LIABILITIES AND STOCKHOLDERS' EQUITY</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Accounts payable - trade</a></td>
        <td class="nump">9,729<span></span></td>
        <td class="nump">5,104<span></span></td>
        <td class="nump">5,519<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Accrued liabilities</a></td>
        <td class="nump">5,030<span></span></td>
        <td class="nump">3,282<span></span></td>
        <td class="nump">2,713<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Accrued preferred dividends</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">7,315<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion - long-term debt ($750 due to a related party)</a></td>
        <td class="nump">8,496<span></span></td>
        <td class="nump">4,029<span></span></td>
        <td class="nump">750<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
        <td class="nump">23,255<span></span></td>
        <td class="nump">12,415<span></span></td>
        <td class="nump">16,297<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion</a></td>
        <td class="nump">113,833<span></span></td>
        <td class="nump">117,253<span></span></td>
        <td class="nump">93,689<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesNoncurrent', window );">Accrued preferred dividends</a></td>
        <td class="nump">5,120<span></span></td>
        <td class="nump">5,852<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeLiabilityFairValueNet1', window );">Warrant liabilities and conversion feature at fair value</a></td>
        <td class="nump">9,480<span></span></td>
        <td class="nump">4,892<span></span></td>
        <td class="nump">1,921<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other liabilities</a></td>
        <td class="nump">1,638<span></span></td>
        <td class="nump">1,644<span></span></td>
        <td class="nump">1,305<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities**</a></td>
        <td class="nump">153,326<span></span></td>
        <td class="nump">142,056<span></span></td>
        <td class="nump">113,212<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and Contingencies (Notes 5 and 7)</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2013 and December 31, 2012 and 2011; liquidation preference of $23,196 as of March 31, 2013 and $23,927 as of December 31, 2012</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.001 par value; 300,000,000 shares authorized; 10,495,824, 9,789,408 and 5,775,445 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011, respectively</a></td>
        <td class="nump">10<span></span></td>
        <td class="nump">10<span></span></td>
        <td class="nump">6<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
        <td class="nump">594,766<span></span></td>
        <td class="nump">582,861<span></span></td>
        <td class="nump">556,952<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
        <td class="num">(536,076)<span></span></td>
        <td class="num">(530,310)<span></span></td>
        <td class="num">(509,985)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total Pacific Ethanol, Inc. Stockholders' Equity</a></td>
        <td class="nump">58,701<span></span></td>
        <td class="nump">52,562<span></span></td>
        <td class="nump">46,974<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestInJointVentures', window );">Noncontrolling interest in variable interest entity</a></td>
        <td class="nump">9,397<span></span></td>
        <td class="nump">20,345<span></span></td>
        <td class="nump">72,290<span></span></td>
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      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total Stockholders' Equity</a></td>
        <td class="nump">68,098<span></span></td>
        <td class="nump">72,907<span></span></td>
        <td class="nump">119,264<span></span></td>
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      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Stockholders' Equity</a></td>
        <td class="nump">221,424<span></span></td>
        <td class="nump">214,963<span></span></td>
        <td class="nump">232,476<span></span></td>
      </tr>
      <tr class="rh">
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          <div class="a">Series A Preferred Stock</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2013 and December 31, 2012 and 2011; liquidation preference of $23,196 as of March 31, 2013 and $23,927 as of December 31, 2012</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series B Preferred Stock</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Pacific Ethanol, Inc. Stockholders' Equity:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A: 1,684,375 shares authorized; 0 shares issued and outstanding as of March 31, 2013, December 31, 2012 and 2011; Series B: 1,580,790 shares authorized; 926,942 shares issued and outstanding as of March 31, 2013 and December 31, 2012 and 2011; liquidation preference of $23,196 as of March 31, 2013 and $23,927 as of December 31, 2012</a></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 1<span></span></td>
        <td class="nump">$ 1<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsReceivableNetCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccruedLiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AdditionalPaidInCapital</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6801-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7<br><br><br><br> -Footnote 1<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 7, 26<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14326-108349<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 5<br><br><br><br> -Paragraph 8, 9<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingencies</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeLiabilityFairValueNet1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of the gross liabilities less the gross assets of a derivative liability or group of derivative liabilities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13495-108611<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativeLiabilityFairValueNet1</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6935-107765<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 7<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IntangibleAssetsNetExcludingGoodwill">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6388964&amp;loc=d3e16212-109274<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph ((a)(1),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7658586&amp;loc=d3e16323-109275<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 142<br><br><br><br> -Paragraph 42, 45<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IntangibleAssetsNetExcludingGoodwill</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 330<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386567&amp;loc=d3e3927-108312<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InventoryNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LongTermDebtNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestInJointVentures">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount of the equity interests owned by noncontrolling shareholders, partners, or other equity holders in joint ventures included in the entity's consolidated financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656940&amp;loc=SL4568740-111683<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MinorityInterestInJointVentures</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The noncurrent portion (due beyond one year or one operating cycle) of other accrued expenses (expenses incurred at the end of the reporting period but not yet paid) not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAccruedLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of current assets not separately disclosed in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 17<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherAssetsNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherInventory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of inventories of a nature not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.6(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 43<br><br><br><br> -Section A<br><br><br><br> -Paragraph 9<br><br><br><br> -Chapter 3<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherInventory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.24)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 24<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OtherLiabilitiesNoncurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 129<br><br><br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PreferredStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph b, c<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
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                <p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A3<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6228006&amp;loc=d3e74512-122707<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
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                <p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p>
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and Business&lt;/u&gt;&lt;/i&gt; &amp;#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific
Ethanol, Inc., a Delaware corporation (&amp;#147;Pacific Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its
wholly-owned subsidiaries, Kinergy Marketing, LLC, an Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products,
LLC, a California limited liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,
and including its majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each
as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed and syrup. Serving integrated
oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four
ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective
fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol
produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies
and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,
the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one
of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more
operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Reverse
Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share
information has been restated to retroactively show the effect of this stock split.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity &lt;/u&gt;&lt;/i&gt;&amp;#150;
During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under
its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through
the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise
of warrants.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;As of
March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June
25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due
on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay
the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital
to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure
the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default
on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due
June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146;
inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material
adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. &lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s
current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility.
In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects
that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,
if any, under Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under
the asset management agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any,
in respect of the Company&amp;#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity
financings.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Subject
to closing under the Company&amp;#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires
stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated
from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&amp;#146;s failure to
raise capital, if needed, could restrict its growth, or hinder its ability to compete.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Accounts
Receivable and Allowance for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process
is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified
number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance
in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has
been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and
the Company&amp;#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Of the
accounts receivable balance, approximately $25,385,000 and $20,627,000 at March 31, 2013 and December 31, 2012, respectively,
were used as collateral under Kinergy&amp;#146;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000
as of March 31, 2013 and December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the
three months ended March 31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related
to its customers.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Basis
of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&lt;font style="font-family: Times New Roman, Times, Serif; color: black"&gt;
&lt;/font&gt;&amp;#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and the instructions to Form
10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results for interim periods should not be considered indicative of results for
a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements
and related notes contained in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December&amp;#160;31, 2012. The accounting
policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated
financial statements in the Company&amp;#146;s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of
management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results
for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Significant estimates are required as part of determining the consolidation of variable interest entities, fair value
of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles,
long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences
of events recognized in the Company&amp;#146;s financial statements or tax returns. Actual results and outcomes may materially differ
from management&amp;#146;s estimates and assumptions.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Reclassifications
of prior year&amp;#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Organization and Business&lt;/u&gt;&lt;/i&gt;
&amp;#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware
corporation (&amp;#147;Pacific Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries,
Kinergy Marketing, LLC, an Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products, LLC, a California limited
liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its
majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each as defined below)
(collectively, the &amp;#147;Company&amp;#148;).&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company is the leading marketer
and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products, including
wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed. Serving integrated oil companies and gasoline marketers who
blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through third-party service providers
in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. The Company
had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production facilities, as of December 31, 2012
and 2011, respectively. The facilities are near their respective fuel and feed customers, offering significant timing, transportation
cost and logistical advantages. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated
third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company manages the production and
operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol
Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;) and their holding
company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants, the &amp;#147;Plant Owners&amp;#148;).
PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual ethanol production capacity
of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and one of the facilities was idled.
As market conditions change, the Company may increase, decrease or idle production at one or more operational facilities or resume
operations at any idled facility.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Basis of Presentation&lt;/u&gt;&lt;/i&gt;
&amp;#150; The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in United States (&amp;#147;GAAP&amp;#148;) and include the accounts of the Company. All significant intercompany accounts and
transactions have been eliminated in consolidation.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Consolidation of Variable Interest
Entities&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company applies the guidance in the Financial Accounting Standards Board&amp;#146;s (&amp;#147;FASB&amp;#148;)
Accounting Standards Codification 810, &lt;i&gt;Consolidation&lt;/i&gt;, surrounding a company&amp;#146;s analysis to determine whether any of
its variable interests constitute controlling financial interests in a variable interest entity (&amp;#147;VIE&amp;#148;). This analysis
identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to
direct the activities of a VIE that most significantly impact the entity&amp;#146;s economic performance, and (ii) the obligation
to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity
that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has an implicit
financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct the activities
of the VIE that most significantly impact the entity&amp;#146;s economic performance. The guidance also requires ongoing reassessments
of whether an enterprise is the primary beneficiary of a VIE.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 6, 2010, the Company purchased
an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&amp;#146;s owners. At that time, the Company
determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated the results of New PE Holdco. As
long as the Company is deemed New PE Holdco&amp;#146;s primary beneficiary, the Company must treat New PE Holdco as a consolidated
subsidiary for financial reporting purposes. See Note 2 &amp;#150; Variable Interest Entity. Through various transactions, the Company
has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January 2013, the Company increased its ownership
interest in New PE Holdco to 80% and in March 2013, the Company further increased its ownership interest in New PE Holdco to 83%
..&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;i&gt;&lt;u&gt;Reverse
Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split and on June 8, 2011, the
Company effected a one-for-seven reverse stock split. All share and per share information has been restated to retroactively show
the effects of these stock splits.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Liquidity&lt;/u&gt;&lt;/i&gt; &amp;#150;
During 2012, the Company funded its operations primarily from cash provided by operations, borrowings under its credit facilities
and various capital raising transactions in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate
of 3,700,000 shares of its common stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of March 28, 2013, the Plant Owners
had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146; inability to restructure or repay the $4,000,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s current available
capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility. In addition,
the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future
available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under
Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under the asset management
agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership
interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subject to closing under the Company&amp;#146;s
existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,
the Company believes that current and future available capital resources, revenues generated from operations, and other existing
sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure
requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially
from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund
future acquisitions, it may require additional financing. The Company&amp;#146;s failure to raise capital, if needed, could restrict
its growth, or hinder its ability to compete.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Cash and Cash Equivalents&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Accounts Receivable and Allowance
for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the Company had significant
concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company maintains an allowance for
doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the
invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company
has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts
receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered
in reaching this determination are the apparent financial condition of the customer and the Company&amp;#146;s success in contacting
and negotiating with the customer. If the financial condition of the Company&amp;#146;s customers were to deteriorate, resulting in
an impairment of ability to make payments, additional allowances may be required.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Of the accounts receivable balance,
approximately $20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral under Kinergy&amp;#146;s
operating line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31, 2012 and 2011, respectively.
The Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31, 2012 and 2011, respectively. The
Company does not have any off-balance sheet credit exposure related to its customers.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Concentrations of Credit Risk&lt;/u&gt;&lt;/i&gt;
&amp;#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely
to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial instruments
exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability
to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial
instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance
limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts
and believes that it is not exposed to any significant risk of loss of cash.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company sells fuel-grade ethanol
to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company&amp;#146;s
total net sales, as follows.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer A&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer B&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Customer C&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accounts receivable
due from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts receivable as of December
31, 2012 and 2011, respectively.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company purchases fuel-grade ethanol
and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased ethanol and corn from suppliers
representing 10% or more of the Company&amp;#146;s total purchases for the purchase and production of ethanol, as follows:&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier A&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;39%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier B&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Supplier C&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;*&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;
        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"&gt;____________&lt;/p&gt;
        &lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0"&gt;*Less than 10%&lt;/p&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Inventories&lt;/u&gt; &lt;/i&gt;&amp;#150; Inventories
consisted primarily of bulk ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a
first-in, first-out basis. Inventory balances consisted of the following (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 48%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,429&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,284&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,334&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,084&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="text-indent: 10pt; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16,131&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Property and Equipment&lt;/u&gt;&lt;/i&gt;
&amp;#150; Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated
useful lives:&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; background-color: #EEEEEE"&gt;
    &lt;td style="width: 67%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Buildings &lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 33%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10 &amp;#150; 25 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5 &amp;#150; 10 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of normal maintenance and repairs
is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated
over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related
accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current
operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Intangible Assets&lt;/u&gt;&lt;/i&gt; &amp;#150;
The Company amortizes intangible assets with definite lives using the straight-line method over their established lives, generally
2-10 years. Additionally, the Company tests these assets with established lives for impairment if conditions exist that indicate
that carrying values may not be recoverable. Possible conditions leading to the unrecoverability of these assets include changes
in market conditions, changes in future economic conditions or changes in technological feasibility that impact the Company&amp;#146;s
assessments of future operations. If the Company determines that an impairment charge is needed, the charge will be recorded in
selling, general and administrative expenses in the consolidated statements of operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Deferred Financing Costs&lt;/u&gt;&lt;/i&gt;
&amp;#150; Deferred financing costs, which are included in other assets, are costs incurred to obtain debt financing, including all
related fees, and are amortized as interest expense over the term of the related financing using the straight-line method which
approximates the interest rate method. Amortization of deferred financing costs was $736,000 and $651,000 for the years ended December
31, 2012 and 2011, respectively. Unamortized deferred financing costs were approximately $1,447,000 at December 31, 2012 and are
recorded in other assets in the consolidated balance sheets.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Derivative Instruments and Hedging
Activities&lt;/u&gt;&lt;/i&gt; &amp;#150; Derivative transactions, which can include forward contracts and futures positions on the New York Mercantile
Exchange and the Chicago Board of Trade are recorded on the balance sheet as assets and liabilities based on the derivative&amp;#146;s
fair value. Changes in the fair value of derivative contracts are recognized currently in income unless specific hedge accounting
criteria are met. If derivatives meet those criteria, effective gains and losses are deferred in accumulated other comprehensive
income (loss) and later recorded together with the hedged item in consolidated income (loss). For derivatives designated as a cash
flow hedge, the Company formally documents the hedge and assesses the effectiveness with associated transactions. The Company has
designated and documented contracts for the physical delivery of commodity products to and from counterparties as normal purchases
and normal sales.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Revenue Recognition&lt;/u&gt;&lt;/i&gt; &amp;#150;
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable
and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable,
and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol and related co-products. The
Company recognizes revenue when title transfers to its customers, which is generally upon the delivery of these products to a customer&amp;#146;s
designated location. These deliveries are made in accordance with sales commitments and related sales orders entered into either
verbally or in writing with customers. The sales commitments and related sales orders provide quantities, pricing and conditions
of sales. In this regard, the Company engages in three basic types of revenue generating transactions:&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As a producer&lt;/i&gt;. Sales as a producer consist of sales of the Company&amp;#146;s inventory produced at the Pacific Ethanol Plants.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As a merchant&lt;/i&gt;. Sales as a merchant consist of sales to customers through purchases from third-party suppliers in which the Company may or may not obtain physical control of the ethanol or co-products, in which shipments are directed from the Company&amp;#146;s suppliers to its terminals or direct to its customers but for which the Company accepts the risk of loss in the transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%"&gt;
&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 48px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 25px; line-height: 115%"&gt;&lt;font style="font: 10pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;As an agent&lt;/i&gt;. Sales as an agent consist of sales to customers through purchases from third-party suppliers in which the risks and rewards of inventory ownership remain with third-party suppliers and the Company receives a predetermined service fee under these transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenue from sales of third-party ethanol
and co-products is recorded net of costs when the Company is acting as an agent between a customer and a supplier and gross when
the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in net sales when acting as an agent
for the years ended December 31, 2012 and 2011, respectively. Several factors are considered to determine whether the Company is
acting as an agent or principal, most notably whether the Company is the primary obligor to the customer and whether the Company
has inventory risk and related risk of loss or whether the Company adds meaningful value to the supplier&amp;#146;s product or service.
Consideration is also given to whether the Company has latitude in establishing the sales price or has credit risk, or both. When
the Company acts as an agent, it recognizes revenue on a net basis or recognizes its predetermined fees and any associated freight,
based upon the amount of net revenues retained in excess of amounts paid to suppliers.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company records revenues based upon
the gross amounts billed to its customers in transactions where the Company acts as a producer or a merchant and obtains title
to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory risk for the ethanol, regardless
of whether the Company actually obtains physical control of the product.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Shipping and Handling Costs&lt;/u&gt;&lt;/i&gt;
&amp;#150; Shipping and handling costs are classified as a component of cost of goods sold in the accompanying consolidated statements
of operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;California Ethanol Producer Incentive
Program&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company is eligible to participate in the California Ethanol Producer Incentive Program (&amp;#147;CEPIP&amp;#148;)
through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide funds to an eligible California
facility&amp;#151;up to $0.25 per gallon of production&amp;#151;when current production corn crush spreads, measured as the difference
between specified ethanol and corn index prices, are less than prescribed levels determined by the California Energy Commission
(&amp;#147;CEC&amp;#148;). For any month in which a payment is made by the CEPIP, the Company may be required to reimburse the funds
within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon. Since these funds are
provided to subsidize current production costs and encourage eligible facilities to either continue production or start up production
in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold. The Company will assess
the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If it becomes likely that amounts
may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize the costs as an increase
in cost of goods sold.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The program may provide up to $3,000,000
per plant per year of operation through 2014. However, in 2012, this program was not funded and the Company can provide no assurance
that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds, participant eligibility or other
policy choices that may impact the ability of the Pacific Ethanol Plants located in California to be eligible for the CEPIP in
2013 or future years.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recorded $0 and $1,481,000
as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively, in respect of CEPIP payments
received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000 received under the program,
and based on historical corn crush spreads, the Company does not believe it will be required to make any reimbursements in the
foreseeable future.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Stock-Based Compensation&lt;/u&gt;&lt;/i&gt;
&amp;#150; The Company accounts for the cost of employee services received in exchange for the award of equity instruments based on
the fair value of the award, determined on the date of grant. The expense is to be recognized over the period during which an employee
is required to provide services in exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions,
if necessary, in the second quarter of each year if actual forfeitures differ from those estimates. Based on historical experience,
the Company estimated future unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes
stock-based compensation expense as a component of selling, general and administrative expenses in the consolidated statements
of operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Impairment of Long-Lived Assets&lt;/u&gt;&lt;/i&gt;
&amp;#150;&lt;font style="color: black"&gt; The Company assesses the impairment of long-lived assets, including property and equipment and
purchased intangibles subject to amortization, when events or changes in circumstances indicate that the fair value of assets could
be less than their net book value. In such event, the Company assesses long-lived assets for impairment by first determining the
forecasted, undiscounted cash flows the asset is expected to generate plus the net proceeds expected from the sale of the asset.
If this amount is less than the carrying value of the asset, the Company will then determine the fair value of the asset. An impairment
loss would be recognized when the fair value is less than the related asset&amp;#146;s net book value, and an impairment expense would
be recorded in the amount of the difference. Forecasts of future cash flows are judgments based on the Company&amp;#146;s experience
and knowledge of its operations and the industries in which it operates. These forecasts could be significantly affected by future
changes in market conditions, the economic environment, including inflation, and purchasing decisions of the Company&amp;#146;s customers.
&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income Taxes&lt;/u&gt;&lt;/i&gt; &amp;#150; Income
taxes are accounted for under the asset and liability approach, where deferred tax assets and liabilities are determined based
on differences between financial reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and
laws that are expected to be in effect when the differences reverse. Valuation allowances are established when necessary to reduce
deferred tax assets to the amounts expected to be realized.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accounts for uncertainty
in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled
on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest
and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other
income (expense), net, respectively.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income (Loss) Per Share&lt;/u&gt;&lt;/i&gt;
&amp;#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding
during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered
in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;The following
tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss Numerator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,057&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,268&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20,325&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,224&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2.81&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income Numerator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,074&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,265&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,249&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Options&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Diluted income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,266&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accrued and unpaid dividends
of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible
Preferred Stock (&amp;#147;Series B Preferred Stock&amp;#148;).&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;There were an aggregate of 246,000
and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.
These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December
31, 2012 and 2011 as their effect would be anti-dilutive.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Since December 31, 2012, through
the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock
under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock
upon cash exercises of certain outstanding warrants.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Financial Instruments&lt;/u&gt;&lt;/i&gt;
&amp;#150; The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable
estimates of their fair values because of the short maturity of these items. The Company recorded at fair value its warrants and
convertible notes. The Company believes the carrying value of its long-term debt approximates fair value because the interest rates
on these instruments are variable.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Estimates and Assumptions&lt;/u&gt;&lt;/i&gt;
&amp;#150; The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of VIEs, fair value of warrants, allowance for doubtful accounts,
estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income
taxes and the potential outcome of future tax consequences of events recognized in the Company&amp;#146;s financial statements or
tax returns. Actual results and outcomes may materially differ from management&amp;#146;s estimates and assumptions.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Subsequent Events&lt;/u&gt;&lt;/i&gt; &amp;#150;
Management evaluates, as of each reporting period, events or transactions that occur after the balance sheet date through the date
that the financial statements are issued for either disclosure or adjustment to the consolidated financial results. The Company
has evaluated subsequent events up through the date of the filing of this report with the Securities and Exchange Commission. See
Note 14.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Reclassifications&lt;/u&gt;&lt;/i&gt; &amp;#150;
Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassification had no effect on
the consolidated net income (loss) reported in the consolidated statements of operations.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Recent Accounting Pronouncements&lt;/u&gt;&lt;/i&gt;
&amp;#150; On May 12, 2011, FASB issued Accounting Standards Update (&amp;#147;ASU&amp;#148;) No. 2011-04, &lt;i&gt;Fair Value Measurement (Topic
820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS&lt;/i&gt;. ASU No. 2011-04
was issued concurrently with International Financial Reporting Standards (&amp;#147;IFRS&amp;#148;) 13 &lt;i&gt;Fair Value Measurements&lt;/i&gt;,
to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend
the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted
under IFRS or U.S. GAAP. The Company&amp;#146;s adoption of this standard did not have a material effect on its consolidated financial
position, results of operations or cash flows.&lt;/p&gt;

&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;



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<DESCRIPTION>IDEA: 11. PROPERTY AND EQUIPMENT
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;Property and equipment consisted
of the following (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 26%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;169,229&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;168,036&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Land&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,570&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,570&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,280&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,918&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Construction in progress&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,014&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,328&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;181,093&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,852&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated depreciation&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(30,684&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,235&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;150,409&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;159,617&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Depreciation
expense, including idled facilities, was $11,481,000 and $11,724,000 for the years ended December 31, 2012 and 2011, respectively.
One of the Pacific Ethanol Plants was idled at December 31, 2012 and 2011. The carrying values of this facility totaled $27,773,000
and $29,924,000 at December 31, 2012 and 2011, respectively. The Company continues to depreciate these assets, resulting in depreciation
expense in the aggregate of $2,136,000 and $2,155,000 for the years ended December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company and the ethanol industry have experienced significant adverse conditions over the last 12 months, including prolonged
negative operating margins. In accordance with the Company&amp;#146;s policy for evaluating impairment of long-lived assets under
Accounting Codification Standards 360, management has evaluated the facilities for possible impairment based on projected future
cash flows from operations of these facilities with the work of a qualified valuation specialist. Management has determined that
the undiscounted cash flows from operations of these facilities over their estimated useful lives exceed their carrying values,
and therefore, no impairment has been recognized at December 31, 2012. In determining future undiscounted cash flows, the Company
has made significant assumptions concerning the future viability of the ethanol industry, the future price of corn in relation
to the future price of ethanol, production volumes and the overall demand in relation to production and supply. &lt;font style="color: black"&gt;If
the Company were required to compute the fair value in the future, it may use the work of its qualified valuation specialist who
would assist it in examining replacement costs, recent transactions between third parties and cash flow that can be generated
from operations. &lt;/font&gt;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Given
the recent fresh start accounting when the Company began consolidating the results of New PE Holdco, fair value would likely approximate
the carrying value of the facilities. If, however the Company were required to adjust the carrying value of the facilities to
fair value at some future point in time, the adjustment could be significant and could significantly impact the Company&amp;#146;s
financial position and results of operation. No adjustment has been made in these financial statements for this uncertainty.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 12

 -Paragraph 5

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 360

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 -Publisher FASB

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 -Publisher FASB

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E43AG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT (Details Narrative) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Chief Executive Officer [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Kinergy [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Senior Unsecured Notes</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Subordinated Convertible Notes [Member]</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Plant Owners [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Plant Owners [Member]</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAverageOutstandingAmount', window );">Borrowings under line of credit</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 847,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Availability under the revolving credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,872,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDebtDiscountPremium', window );">Discount amortization included in interest expense</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">225,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfNotesPayable', window );">Principal payments made on notes</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,880,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentConvertibleConversionPrice1', window );">Conversion price</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3.60<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DebtInstrumentConvertibleConversionToShares', window );">Series A Notes converted into common stock</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,688,300<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueOfConversionFeature', window );">Fair value of conversion feature</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,400,800<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueOfWarrants', window );">Fair value of warrants</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">882,500<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd', window );">Credit line interest rate</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">13.25%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityExpirationDate1', window );">Credit line expiration date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 30,
				 2016<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Credit line balance</a></td>
        <td class="nump">$ 20,558,000<span></span></td>
        <td class="nump">$ 19,711,000<span></span></td>
        <td class="nump">$ 20,432,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 24,174,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Note payable maturity date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Mar. 31,
				 2014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 30,
				 2016<span></span></td>
      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net shares of common stock issued</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Fair value of conversion feature</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair value of warrants</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfDebtDiscountPremium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentConvertibleConversionPrice1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The price per share of the conversion feature embedded in the debt instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 5<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928298&amp;loc=SL6031898-161870<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number APB14-1<br><br> -Paragraph 32<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentConvertibleConversionPrice1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentMaturityDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.16)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 20, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCredit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAverageOutstandingAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Average amount borrowed under the credit facility during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityAverageOutstandingAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityExpirationDate1">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date the credit facility terminates, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityExpirationDate1</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The effective interest rate at the end of the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityInterestRateAtPeriodEnd</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfNotesPayable">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow for a borrowing supported by a written promise to pay an obligation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RepaymentsOfNotesPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION (Details Narrative) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
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                <p>Total compensation cost related to unvested awards</p>
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                <p>The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.</p>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfOtherDerivativesNotDesignatedAsHedgingInstrumentsStatementsOfFinancialPerformanceAndFinancialPositionLocationTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The
classification and amounts of the Company&amp;#146;s recognized gains (losses) for its derivatives not designated as hedging instruments
are as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Realized
    Losses&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Three
    Months Ended March 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Type of
    Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Statements
    of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 24%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 38%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(73&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(102&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Unrealized
    Gains&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Three
    Months Ended March 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Type of
    Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Statements
    of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;68&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;236&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt; The classification and amounts of the Company&amp;#146;s derivatives not designated as hedging instruments are as follows
(in thousands):&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="12" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;Assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="background-color: white"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accrued liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="12" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;As of December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Balance Sheet Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Fair&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Other current assets&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Accrued liabilities&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 815

 -SubTopic 10

 -Section 50

 -Paragraph 4C

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=7476318&amp;loc=SL5624171-113959



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Derivatives not designated as hedging instruments</Label></Row><Row FlagID="0"><Id>3</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The classification and amounts of the Company&amp;#146;s
recognized gains (losses) for its derivatives not designated as hedging instruments are as follow (in thousands):&lt;font style="background-color: white"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Realized Gain&lt;/font&gt;s&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;For the Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 24%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Cost of goods sold&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 21%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;720&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;338&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 5.4pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 4.3pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Unrealized Gains (Losses)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 4.3pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;For the Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Type of Instrument&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Statements of Operations Location&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EGOAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Outstanding at beginning of year</a></td>
        <td class="nump">15,000<span></span></td>
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        <td class="nump">13,000<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions', window );">Options exercisable at end of year</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross number of share options (or share units) granted during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(i)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average price at which grantees can acquire the shares reserved for issuance on stock options awarded.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average exercise price as of the balance sheet date for those equity-based payment arrangements exercisable and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of shares reserved for issuance pertaining to the outstanding exercisable stock options as of the balance sheet date in the customized range of exercise prices for which the market and performance vesting condition has been satisfied.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(1)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(iii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>121
<FILENAME>R18.xml
<DESCRIPTION>IDEA: 12. INTANGIBLE ASSETS
<TEXT>
<XBRL>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Intangible assets consisted of the following
(in thousands):&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Useful&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;December&amp;#160;31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Life&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;(Years)&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid"&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Net Book&lt;/p&gt;
        &lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;Value&lt;/p&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Gross&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Accumulated Amortization &lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;Net Book&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 8pt"&gt;Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Non-Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy tradename&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,678&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Amortizing:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 9pt; text-indent: -1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Customer relationships&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,741&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,685&lt;/font&gt;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,211&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,530&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 9pt; text-indent: -1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Pacific Ethanol tradename&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(800&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;800&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;250&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="padding-bottom: 2.5pt; padding-left: 24.85pt; text-indent: -13.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Total intangible assets, net&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,458&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Kinergy Tradename&lt;/u&gt;&lt;/i&gt; &amp;#150; The
Company recorded a tradename valued at $2,678,000 in 2006 as part of its acquisition of Kinergy. The Company determined that the
Kinergy tradename has an indefinite life and therefore, rather than being amortized, will be tested annually for impairment. The
Company did not record any impairment of the Kinergy tradename for the years ended December 31, 2012 and 2011.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Customer Relationships&lt;/u&gt; &amp;#150;&lt;/i&gt;
The Company recorded customer relationships valued at $4,741,000 as part of its acquisition of Kinergy. The Company has established
a useful life of ten years for these customer relationships.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Pacific Ethanol Tradename&lt;/u&gt; &amp;#150;&lt;/i&gt;
The Company recorded a tradename valued at $800,000 as part of its acquisition of its ownership interest in New PE Holdco, which
relates to its marketing and management agreements with Pacific Ethanol, Inc. The Company has established a useful life of two
years for this intangible asset.&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Amortization expense associated with intangible
assets totaled $724,000 and $924,000 for the years ended December&amp;#160;31, 2012 and 2011, respectively. The weighted-average unamortized
life of the intangible assets is 2.2 years. The remaining expected amortization expense relating to amortizable intangible assets
is $474,000, $474,000 and $108,000 for each of the years ending December 31, 2013, 2014 and 2015, respectively.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final.  May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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          <div style="width: 200px;"><strong>6. COMMON STOCK AND WARRANTS (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CommonStockAndWarrantsAbstract', window );"><strong>Common Stock And Warrants</strong></a></td>
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<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Warrant Summary</u> </i>&#150;
The following table summarizes warrant activity for the years ended December 31, 2012 and 2011 (number of shares in thousands):</p>

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                <p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E34AE">
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          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION (Policies)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OrganizationAndBasisOfPresentationPoliciesAbstract', window );"><strong>Organization And Basis Of Presentation Policies</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Organization and Business</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The consolidated
financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware corporation (&#147;Pacific
Ethanol&#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries, Kinergy Marketing, LLC, an
Oregon limited liability company (&#147;Kinergy&#148;), Pacific Ag. Products, LLC, a California limited liability company (&#147;PAP&#148;)
and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its majority-owned subsidiary, New PE Holdco
LLC (&#147;New PE Holdco&#148;), which owns the Plant Owners (each as defined below) (collectively, the &#147;Company&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&#147;WDG&#148;), a nutritious animal feed and syrup. Serving integrated
oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four
ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective
fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol
produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies
and sells its WDG to dairy operators and animal feed distributors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants,
the &#147;Plant Owners&#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one
of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more
operational facilities or resume operations at any idled facility.</font></p><span></span></td>
        <td class="text"><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization
and Business</u></i> &#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific
Ethanol, Inc., a Delaware corporation (&#147;Pacific Ethanol&#148;), and its direct and indirect subsidiaries, including its
wholly-owned subsidiaries, Kinergy Marketing, LLC, an Oregon limited liability company (&#147;Kinergy&#148;), Pacific Ag. Products,
LLC, a California limited liability company (&#147;PAP&#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,
and including its majority-owned subsidiary, New PE Holdco LLC (&#147;New PE Holdco&#148;), which owns the Plant Owners (each
as defined below) (collectively, the &#147;Company&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&#147;WDG&#148;), a nutritious animal feed. Serving integrated oil companies
and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through
third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,
Idaho and Washington. The Company had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production
facilities, as of December 31, 2012 and 2011, respectively. The facilities are near their respective fuel and feed customers,
offering significant timing, transportation cost and logistical advantages. The Company sells ethanol produced by the Pacific
Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies and sells its WDG
to dairy operators and animal feed distributors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants,
the &#147;Plant Owners&#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and
one of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or
more operational facilities or resume operations at any idled facility.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock', window );">Basis of Presentation</a></td>
        <td class="text"><p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Basis
of Presentation</u></i><u>&#150;<i>Interim Financial Statements</i></u>&#160;&#150; The accompanying unaudited consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United
States for interim financial information and the instructions to Form 10-Q and Rule&#160;10-01 of Regulation&#160;S-X. Results
for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements
should be read in conjunction with the consolidated financial statements and related notes contained in the Company&#146;s Annual
Report on Form 10-K for the year ended December&#160;31, 2012. The accounting policies used in preparing these consolidated financial
statements are the same as those described in Note 1 to the consolidated financial statements in the Company&#146;s Annual Report
on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant
intercompany accounts and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United
States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Significant estimates are required as part of determining the consolidation of variable interest
entities, fair value of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment
and intangibles, long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future
tax consequences of events recognized in the Company&#146;s financial statements or tax returns. Actual results and outcomes
may materially differ from management&#146;s estimates and assumptions.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Reclassifications
of prior year&#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.</font></p><span></span></td>
        <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The consolidated financial statements and related
notes have been prepared in accordance with accounting principles generally accepted in United States (&#147;GAAP&#148;) and
include the accounts of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationVariableInterestEntityPolicy', window );">Consolidation of Variable Interest Entities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Consolidation
of Variable Interest Entities</u></i> &#150; The Company applies the guidance in the Financial Accounting Standards Board&#146;s
(&#147;FASB&#148;) Accounting Standards Codification 810, <i>Consolidation</i>, surrounding a company&#146;s analysis to determine
whether any of its variable interests constitute controlling financial interests in a variable interest entity (&#147;VIE&#148;).
This analysis identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i)
the power to direct the activities of a VIE that most significantly impact the entity&#146;s economic performance, and (ii) the
obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from
the entity that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has
an implicit financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct
the activities of the VIE that most significantly impact the entity&#146;s economic performance. The guidance also requires ongoing
reassessments of whether an enterprise is the primary beneficiary of a VIE.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">On October
6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&#146;s
owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated
the results of New PE Holdco. As long as the Company is deemed New PE Holdco&#146;s primary beneficiary, the Company must treat
New PE Holdco as a consolidated subsidiary for financial reporting purposes. See Note 2 &#150; Variable Interest Entity. Through
various transactions, the Company has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January
2013, the Company increased its ownership interest in New PE Holdco to 80% and in March 2013, the Company further increased its
ownership interest in New PE Holdco to 83% .</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ReverseStockSplitPolicy', window );">Reverse Stock Split</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Reverse
Stock Split</u></i> &#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share
information has been restated to retroactively show the effect of this stock split.</font></p><span></span></td>
        <td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On May 14, 2013, the Company effected
a one-for-fifteen reverse stock split and on June 8, 2011, the Company effected a one-for-seven reverse stock split. All share
and per share information has been restated to retroactively show the effects of these stock splits.</p>



<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiquidityDisclosureTextBlock', window );">Liquidity</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Liquidity </u></i>&#150;
During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under
its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through
the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise
of warrants.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">As of
March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June
25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due
on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay
the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital
to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure
the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default
on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due
June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&#146;
inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material
adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. </font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s
current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&#146;s credit facility.
In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects
that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,
if any, under Kinergy&#146;s credit facility, cash generated from Kinergy&#146;s ethanol marketing business, fees paid under
the asset management agreement relating to the Company&#146;s operation of the Pacific Ethanol Plants, distributions, if any,
in respect of the Company&#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity
financings.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">Subject
to closing under the Company&#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires
stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated
from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&#146;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&#146;s failure to
raise capital, if needed, could restrict its growth, or hinder its ability to compete.</font></p><span></span></td>
        <td class="text"><p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">During 2012, the Company funded
its operations primarily from cash provided by operations, borrowings under its credit facilities and various capital raising transactions
in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate of 3,700,000 shares of its common
stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 28, 2013, the Plant Owners
had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&#146; inability to restructure or repay the $4,000,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s current available
capital resources consist of cash on hand and amounts available for borrowing under Kinergy&#146;s credit facility. In addition,
the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future
available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under
Kinergy&#146;s credit facility, cash generated from Kinergy&#146;s ethanol marketing business, fees paid under the asset management
agreement relating to the Company&#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership
interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Subject to closing under the Company&#146;s
existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,
the Company believes that current and future available capital resources, revenues generated from operations, and other existing
sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure
requirements for at least the next twelve months. If, however, the Company&#146;s capital requirements or cash flow vary materially
from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund
future acquisitions, it may require additional financing. The Company&#146;s failure to raise capital, if needed, could restrict
its growth, or hinder its ability to compete.</p>



<p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly-liquid investments
with an original maturity of three months or less to be cash equivalents.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_AccountsReceivableAndAllowanceForDoubtfulAccounts', window );">Accounts Receivable and Allowance for Doubtful Accounts</a></td>
        <td class="text"><p style="margin: 0pt"></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif"><i><u>Accounts
Receivable and Allowance for Doubtful Accounts</u></i>&#160;&#150; Trade accounts receivable are presented at face value, net
of the allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG
to dairy operators and animal feed distributors generally without requiring collateral.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">The
Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection
process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after
a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for
the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility
has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer
and the Company&#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font: 8pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Of
the accounts receivable balance, approximately $25,385,000 and $20,627,000 at March 31, 2103 and December 31, 2012, respectively,
were used as collateral under Kinergy&#146;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000
as of March 31, 2013 and December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the
three months ended March 31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related
to its customers.</font></p><span></span></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts
Receivable and Allowance for Doubtful Accounts</u></i> &#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the
Company had significant concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process
is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified
number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance
in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has
been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and
the Company&#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Of the accounts
receivable balance, approximately $20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral
under Kinergy&#146;s operating line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31,
2012 and 2011, respectively. The Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31,
2012 and 2011, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentrations of Credit Risk</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Concentrations
of Credit Risk</u></i> &#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties
failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial
instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their
ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial
instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance
limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts
and believes that it is not exposed to any significant risk of loss of cash.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
sells fuel-grade ethanol to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10%
or more of the Company&#146;s total net sales, as follows.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;&#160;</font></p>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
had accounts receivable due from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts
receivable as of December 31, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
purchases fuel-grade ethanol and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased
ethanol and corn from suppliers representing 10% or more of the Company&#146;s total purchases for the purchase and production
of ethanol, as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left"><font style="font-size: 8pt">Supplier C</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">____________</font></p>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0"><font style="font-size: 8pt">&#160;&#160;</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Inventories consisted primarily of bulk
ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.
Inventory balances consisted of the following (in thousands):</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">December 31,</font></td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2012</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2011</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 62%; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Finished goods</font></td>
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    <td style="width: 2%; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="line-height: 115%">&#160;</td>
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Raw materials</font></td>
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td>
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    <td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; padding-left: 10pt; text-align: right; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">16,244</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="padding-left: 10pt; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td>
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    <td style="line-height: 115%">&#160;</td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&#160;</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Property and Equipment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Property and equipment are stated at
cost. Depreciation is computed using the straight-line method over the following estimated useful lives:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="width: 68%; padding-right: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Buildings</font></td>
    <td style="width: 32%; padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">40 years</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="padding-right: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Facilities and plant equipment</font></td>
    <td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">10 &#150; 25 years</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(204,238,255)">
    <td style="padding-right: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Other equipment, vehicles and furniture</font></td>
    <td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">5 &#150; 10 years</font></td></tr>
</table>
<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of normal maintenance and repairs
is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated
over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related
accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current
operations.</p>

<p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&#160;</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock', window );">Intangible Assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">The Company amortizes intangible
assets with definite lives using the straight-line method over their established lives, generally 2-10 years. Additionally, the
Company tests these assets with established lives for impairment if conditions exist that indicate that carrying values may not
be recoverable. Possible conditions leading to the unrecoverability of these assets include changes in market conditions, changes
in future economic conditions or changes in technological feasibility that impact the Company&#146;s assessments of future operations.
If the Company determines that an impairment charge is needed, the charge will be recorded in selling, general and administrative
expenses in the consolidated statements of operations.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy', window );">Deferred Financing Costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Deferred financing costs, which
are included in other assets, are costs incurred to obtain debt financing, including all related fees, and are amortized as interest
expense over the term of the related financing using the straight-line method which approximates the interest rate method. Amortization
of deferred financing costs was $736,000 and $651,000 for the years ended December 31, 2012 and 2011, respectively. Unamortized
deferred financing costs were approximately $1,447,000 at December 31, 2012 and are recorded in other assets in the consolidated
balance sheets.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesReportingOfDerivativeActivity', window );">Derivative Instruments and Hedging Activities</a></td>
        <td class="text">&#xA0;<span></span></td>
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forward contracts and futures positions on the New York Mercantile Exchange and the Chicago Board of Trade are recorded on the
balance sheet as assets and liabilities based on the derivative&#146;s fair value. Changes in the fair value of derivative contracts
are recognized currently in income unless specific hedge accounting criteria are met. If derivatives meet those criteria, effective
gains and losses are deferred in accumulated other comprehensive income (loss) and later recorded together with the hedged item
in consolidated income (loss). For derivatives designated as a cash flow hedge, the Company formally documents the hedge and assesses
the effectiveness with associated transactions. The Company has designated and documented contracts for the physical delivery of
commodity products to and from counterparties as normal purchases and normal sales.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Revenue
Recognition</u></i> &#150; The Company recognizes revenue when it is realized or realizable and earned. The Company considers
revenue realized or realizable and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales
price is fixed or determinable, and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol
and related co-products. The Company recognizes revenue when title transfers to its customers, which is generally upon the delivery
of these products to a customer&#146;s designated location. These deliveries are made in accordance with sales commitments and
related sales orders entered into either verbally or in writing with customers. The sales commitments and related sales orders
provide quantities, pricing and conditions of sales. In this regard, the Company engages in three basic types of revenue generating
transactions:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 19pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt"><i>As
                                                                                                           a producer</i>. Sales
                                                                                                           as a producer consist
                                                                                                           of sales of the Company&#146;s
                                                                                                           inventory produced
                                                                                                           at the Pacific Ethanol
                                                                                                           Plants.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 19pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt"><i>As
                                                                                                           a merchant</i>. Sales
                                                                                                           as a merchant consist
                                                                                                           of sales to customers
                                                                                                           through purchases from
                                                                                                           third-party suppliers
                                                                                                           in which the Company
                                                                                                           may or may not obtain
                                                                                                           physical control of
                                                                                                           the ethanol or co-products,
                                                                                                           in which shipments
                                                                                                           are directed from the
                                                                                                           Company&#146;s suppliers
                                                                                                           to its terminals or
                                                                                                           direct to its customers
                                                                                                           but for which the Company
                                                                                                           accepts the risk of
                                                                                                           loss in the transactions.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 36pt"></td><td style="width: 19pt"><font style="font: 8pt Symbol">&#183;</font></td><td style="text-align: justify"><font style="font-size: 8pt"><i>As
                                                                                                           an agent</i>. Sales
                                                                                                           as an agent consist
                                                                                                           of sales to customers
                                                                                                           through purchases from
                                                                                                           third-party suppliers
                                                                                                           in which the risks
                                                                                                           and rewards of inventory
                                                                                                           ownership remain with
                                                                                                           third-party suppliers
                                                                                                           and the Company receives
                                                                                                           a predetermined service
                                                                                                           fee under these transactions.</font></td></tr></table>

<p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Revenue from
sales of third-party ethanol and co-products is recorded net of costs when the Company is acting as an agent between a customer
and a supplier and gross when the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in
net sales when acting as an agent for the years ended December 31, 2012 and 2011, respectively. Several factors are considered
to determine whether the Company is acting as an agent or principal, most notably whether the Company is the primary obligor to
the customer and whether the Company has inventory risk and related risk of loss or whether the Company adds meaningful value
to the supplier&#146;s product or service. Consideration is also given to whether the Company has latitude in establishing the
sales price or has credit risk, or both. When the Company acts as an agent, it recognizes revenue on a net basis or recognizes
its predetermined fees and any associated freight, based upon the amount of net revenues retained in excess of amounts paid to
suppliers.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
records revenues based upon the gross amounts billed to its customers in transactions where the Company acts as a producer or
a merchant and obtains title to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory
risk for the ethanol, regardless of whether the Company actually obtains physical control of the product.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShippingAndHandlingCostPolicyTextBlock', window );">Shipping and Handling Costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="margin: 0; text-align: justify"><font style="font: 8pt Times New Roman, Times, Serif">Shipping and handling costs are classified as a component
of cost of goods sold in the accompanying consolidated statements of operations.</font></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees', window );">California Ethanol Producer Incentive Program</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>California
Ethanol Producer Incentive Program</u></i> &#150; The Company is eligible to participate in the California Ethanol Producer Incentive
Program (&#147;CEPIP&#148;) through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide
funds to an eligible California facility&#151;up to $0.25 per gallon of production&#151;when current production corn crush spreads,
measured as the difference between specified ethanol and corn index prices, are less than prescribed levels determined by the
California Energy Commission (&#147;CEC&#148;). For any month in which a payment is made by the CEPIP, the Company may be required
to reimburse the funds within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon.
Since these funds are provided to subsidize current production costs and encourage eligible facilities to either continue production
or start up production in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold.
The Company will assess the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If
it becomes likely that amounts may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize
the costs as an increase in cost of goods sold.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The program
may provide up to $3,000,000 per plant per year of operation through 2014. However, in 2012, this program was not funded and the
Company can provide no assurance that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds,
participant eligibility or other policy choices that may impact the ability of the Pacific Ethanol Plants located in California
to be eligible for the CEPIP in 2013 or future years.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
recorded $0 and $1,481,000 as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively,
in respect of CEPIP payments received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000
received under the program, and based on historical corn crush spreads, the Company does not believe it will be required to make
any reimbursements in the foreseeable future.</font></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsPolicyTextBlock', window );">Stock-Based Compensation</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for the cost of
employee services received in exchange for the award of equity instruments based on the fair value of the award, determined on
the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in
exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions, if necessary, in the second
quarter of each year if actual forfeitures differ from those estimates. Based on historical experience, the Company estimated future
unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes stock-based compensation expense
as a component of selling, general and administrative expenses in the consolidated statements of operations.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock', window );">Impairment of Long-Lived Assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assesses the impairment of
long-lived assets, including property and equipment and purchased intangibles subject to amortization, when events or changes in
circumstances indicate that the fair value of assets could be less than their net book value. In such event, the Company assesses
long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset is expected to generate
plus the net proceeds expected from the sale of the asset. If this amount is less than the carrying value of the asset, the Company
will then determine the fair value of the asset. An impairment loss would be recognized when the fair value is less than the related
asset&#146;s net book value, and an impairment expense would be recorded in the amount of the difference. Forecasts of future
cash flows are judgments based on the Company&#146;s experience and knowledge of its operations and the industries in which it
operates. These forecasts could be significantly affected by future changes in market conditions, the economic environment, including
inflation, and purchasing decisions of the Company&#146;s customers.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RegulatoryIncomeTaxesPolicy', window );">Income Taxes</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Income taxes are accounted for under
the asset and liability approach, where deferred tax assets and liabilities are determined based on differences between financial
reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and laws that are expected to be in
effect when the differences reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts
expected to be realized.</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for uncertainty
in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled
on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest
and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other
income (expense), net, respectively.</p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Income (Loss) Per Share</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="margin: 0pt">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income (Loss) Per Share</u></i>
&#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding
during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered
in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;The following
tables compute basic and diluted earnings per share (in thousands, except per share data):</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended December 31, 2012</font></td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Loss Numerator</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shares Denominator</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Per-Share Amount</font></td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="width: 52%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Net loss attributed to Pacific Ethanol, Inc.</font></td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(19,057</font></td>
    <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 13%; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 13%; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Preferred stock dividends</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,268</font></td>
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basic and diluted loss per share:</b></font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Loss available to common stockholders</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(20,325</font></td>
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">7,224</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="border-bottom: black 2.25pt double; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(2.81</font></td>
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
</table>
<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Year Ended December 31, 2011</font></td>
    <td style="text-align: center; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Income Numerator</font></td>
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Shares Denominator</font></td>
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td style="text-align: center; line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Per-Share Amount</font></td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="width: 52%; text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Net income attributed to Pacific Ethanol, Inc.</font></td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 13%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">3,074</font></td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 13%; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 13%; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Preferred stock dividends</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; line-height: 115%">&#160;</td>
    <td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">(1,265</font></td>
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basic income per share:</b></font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: justify; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Income available to common stockholders</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">1,809</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2,249</font></td>
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    <td style="line-height: 115%">&#160;</td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had accrued and unpaid dividends
of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible
Preferred Stock (&#147;Series B Preferred Stock&#148;).</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There were an aggregate of 246,000
and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.
These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December
31, 2012 and 2011 as their effect would be anti-dilutive.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Since December 31, 2012, through
the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock
under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock
upon cash exercises of certain outstanding warrants.</p>



<p style="margin: 0pt"></p><span></span></td>
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        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The carrying values of cash and cash
equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values because
of the short maturity of these items. The Company recorded at fair value its warrants and convertible notes. The Company believes
the carrying value of its long-term debt approximates fair value because the interest rates on these instruments are variable.</p><span></span></td>
      </tr>
      <tr class="re">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of the consolidated financial
statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Significant estimates are required as part of determining the consolidation
of VIEs, fair value of warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles, long-lived
asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences of events
recognized in the Company&#146;s financial statements or tax returns. Actual results and outcomes may materially differ from management&#146;s
estimates and assumptions.</p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock', window );">Subsequent Events</a></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Subsequent
Events</u></i> &#150; Management evaluates, as of each reporting period, events or transactions that occur after the balance
sheet date through the date that the financial statements are issued for either disclosure or adjustment to the consolidated financial
results. The Company has evaluated subsequent events up through the date of the filing of this report with the Securities and
Exchange Commission. See Note 14.</font></p><span></span></td>
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conform to the current presentation. Such reclassification had no effect on the consolidated net income (loss) reported in the
consolidated statements of operations.</font></p><span></span></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent Accounting Pronouncements</a></td>
        <td class="text">&#xA0;<span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Recent
Accounting Pronouncements</u></i> &#150; On May 12, 2011, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2011-04,
<i>Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S.
GAAP and IFRS</i>. ASU No. 2011-04 was issued concurrently with International Financial Reporting Standards (&#147;IFRS&#148;)
13 <i>Fair Value Measurements</i>, to provide largely identical guidance about fair value measurement and disclosure requirements.
The new standards do not extend the use of fair value but, rather, provide guidance about how fair value should be applied where
it already is required or permitted under IFRS or U.S. GAAP. The Company&#146;s adoption of this standard did not have a material
effect on its consolidated financial position, results of operations or cash flows.</font></p><span></span></td>
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                <p>No definition available.</p>
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                <p>The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).  Accounting policies describe all significant accounting policies of the reporting entity.</p>
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                <p>Disclosure of accounting policy for deferred policy acquisition costs, including the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts, and the basis for and methodologies applied in capitalizing and amortizing such costs.</p>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (b),(f(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 132R<br><br> -Paragraph 5, 6, 7, 9, 11, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph 4, 9-15, A240<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CompensationRelatedCostsPolicyTextBlock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for credit risk.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875567&amp;loc=d3e14537-108613<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number SOP94-6-1<br><br> -Paragraph 7, 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 113<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 825<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6487554&amp;loc=d3e32600-158583<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13531-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13537-108611<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61082-112788<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 825<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6480020&amp;loc=d3e61044-112788<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph m<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875567&amp;loc=d3e14489-108613<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConcentrationRiskCreditRisk</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationVariableInterestEntityPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5A<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5728-111685<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2AA<br><br> -Subparagraph a<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759068-111685<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 24<br><br> -Subparagraph e<br><br> -Appendix D<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22E<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 167<br><br> -Paragraph 22B<br><br> -Subparagraph a<br><br> -Appendix D<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConsolidationVariableInterestEntityPolicy</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativesReportingOfDerivativeActivity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for derivatives entered into for trading purposes and those entered into for purposes other than trading including where and when derivative financial instruments and derivative commodity instruments and their related gains or losses are reported in the entity's statements of financial position, cash flows, and results of operations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 44<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph n<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 50<br><br> -URI http://asc.fasb.org/section&amp;trid=2229173<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(n)(7))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DerivativesReportingOfDerivativeActivity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144384<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 6, 8-16, 60<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerSharePolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for determining the fair value of financial instruments.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155942<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 8, 10, 12, 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueOfFinancialInstrumentsPolicy</nobr></td>
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                  <tr>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144471<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-18, 22<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 350<br><br> -SubTopic 20<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144439<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 142<br><br> -Paragraph 4, 11-23, 26, 34<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section CC<br><br> -Subsection 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7-15, 26, 30-37<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Paragraph 3, 5-10, 15, 16, 17<br><br> -Chapter 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Financial Reporting Release (FRR)<br><br> -Number 206<br><br> -Paragraph b<br><br> -Subparagraph i, ii<br><br> -Chapter 2<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 6<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 9<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.6(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4492-108314<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2126999<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 330<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6386783&amp;loc=d3e4556-108314<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 81-1<br><br> -Paragraph 69-75<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6003-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section C<br><br> -Paragraph 5<br><br> -Chapter 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 144<br><br> -Paragraph 7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RegulatoryIncomeTaxesPolicy">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, including investment tax credits, and the related regulatory treatment (for example, whether deferred income tax accounting - normalization - is allowed in rate making).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 71<br><br> -Paragraph 9, 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 980<br><br> -SubTopic 740<br><br> -Section 25<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501382&amp;loc=d3e54136-110423<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 980<br><br> -SubTopic 740<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2156927<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 980<br><br> -SubTopic 740<br><br> -Section 25<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501382&amp;loc=d3e54053-110423<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 8<br><br> -Subparagraph b<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 29, 117, 252, 253, 254, 255<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RegulatoryIncomeTaxesPolicy</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition of incentive or awarded fees earned on long-term construction-type contracts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 35<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197326<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 81-1<br><br> -Paragraph 15, 23<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Audit and Accounting Guide (AAG)<br><br> -Number AAG-FGC<br><br> -Paragraph 27-30<br><br> -IssueDate 2006-05-01<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionLongTermContractsIncentiveAndAwardFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18823-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShippingAndHandlingCostPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the classification of shipping and handling costs, including whether the costs are included in cost of sales or included in other income statement accounts. If shipping and handling fees are significant and are not included in cost of sales, disclosure includes both the amounts of such costs and the line item on the income statement which includes such costs.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 45<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6408196&amp;loc=d3e61069-111654<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Handling Costs<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6514758<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 45<br><br> -Section 45<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21915142&amp;loc=d3e60635-111653<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 45<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6408413&amp;loc=d3e221937-122793<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Shipping Costs<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6525344<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 00-10<br><br> -Paragraph 6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShippingAndHandlingCostPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reporting subsequent events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsPolicyPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 9<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6143-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6132-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6061-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 11, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_UseOfEstimates</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td>nonnum:textBlockItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>125
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EPDAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>2. VARIABLE INTEREST ENTITY (Details Narrative) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="10">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>AMA [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>AMA [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Ethanol marketing agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Ethanol marketing agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Corn procurement and handling agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Corn procurement and handling agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Distillers grain marketing agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Distillers grain marketing agreements [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>New PE Holdco</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>New PE Holdco</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ReducedNoncontrollingInterestInVIE', window );">Reduced Noncontrolling interest in VIEs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 27,647<span></span></td>
        <td class="nump">$ 15,585<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_DifferenceInNoncontrollingInterestInVies', window );">Additional paid in capital for fair value of VIE's</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">7,646<span></span></td>
        <td class="nump">6,468<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityRevenues', window );">Net sales attributed to New PE Holdco</a></td>
        <td class="nump">122,225<span></span></td>
        <td class="nump">105,854<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">448,414<span></span></td>
        <td class="nump">512,497<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss', window );">Net loss attributed to New PE Holdco</a></td>
        <td class="num">(4,973)<span></span></td>
        <td class="num">(13,641)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(5,581)<span></span></td>
        <td class="num">(6,226)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CompanyRevenueAndVIECostsUnderAmaAgreementEliminated', window );">Company revenue and VIE costs under the AMA agreement eliminated</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 3,180<span></span></td>
        <td class="nump">$ 3,468<span></span></td>
        <td class="nump">$ 3,157<span></span></td>
        <td class="nump">$ 3,708<span></span></td>
        <td class="nump">$ 2,271<span></span></td>
        <td class="nump">$ 2,758<span></span></td>
        <td class="nump">$ 4,353<span></span></td>
        <td class="nump">$ 4,797<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Company revenue and VIE costs under AMA agreement eliminations</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Difference in fair value of VIE recorded to additional paid in capital</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_DifferenceInNoncontrollingInterestInVies</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reduced noncontrolling interest in VIE</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ReducedNoncontrollingInterestInVIE</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of income (loss) from operations derived by the reporting entity during the period from the Variable Interest Entity (VIE).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -Subparagraph d<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5747-111685<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph C8<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_VariableInterestEntityActivityBetweenVIEAndEntityOperatingIncomeOrLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of income between the reporting entity and the Variable Interest Entity (VIE).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -Subparagraph d<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5747-111685<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph C8<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EQIAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION (Details 2) (Restricted Stock, USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Restricted Stock</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Begining Balance</a></td>
        <td class="nump">31,000<span></span></td>
        <td class="nump">31,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">18,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">Vested</a></td>
        <td class="num">(13,000)<span></span></td>
        <td class="num">(17,000)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod', window );">Canceled</a></td>
        <td class="num">(2,000)<span></span></td>
        <td class="num">(1,000)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Ending Balance</a></td>
        <td class="nump">16,000<span></span></td>
        <td class="nump">31,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Begining Balance</a></td>
        <td class="nump">$ 64.05<span></span></td>
        <td class="nump">$ 144.90<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Issued</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 12.90<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">Vested</a></td>
        <td class="nump">$ 81.90<span></span></td>
        <td class="nump">$ 158.40<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue', window );">Canceled</a></td>
        <td class="nump">$ 61.20<span></span></td>
        <td class="nump">$ 145.50<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Ending Balance</a></td>
        <td class="nump">$ 50.40<span></span></td>
        <td class="nump">$ 64.05<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(1)(iv)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(e)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph c(1)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(c)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(i)-(ii)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(b)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(a)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(d)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)(iii)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 123R<br><br> -Paragraph A240<br><br> -Subparagraph b(2)(d)<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</nobr></td>
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                    <td>na</td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">1,833,333<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfDebt', window );">Proceeds from offering</a></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">10,903<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">1,137<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,866,667<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">3,333<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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                <p>Fair value adjustments for warrants</p>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromWarrantExercises">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromWarrantExercises</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesOther">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesOther</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>10. RELATED PARTY TRANSACTIONS (Details Narrative) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Accrued and unpaid dividends, amount</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5,852<span></span></td>
        <td class="nump">$ 7,315<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Note payable to its Chief Executive Officer</a></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series B Preferred Stock</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Accrued and unpaid dividends, amount</a></td>
        <td class="nump">5,120<span></span></td>
        <td class="nump">5,852<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SharesIssuedInLieuOfDividendPayment', window );">Shares issued in lieu of dividend payment</a></td>
        <td class="nump">139,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_ValueOfSharesIssuedInLieuOfDividendPayment', window );">Value of shares issued in lieu of dividend payment</a></td>
        <td class="nump">$ 732<span></span></td>
        <td class="nump">$ 5,852<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Shares issued in lieu of dividend payment</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_SharesIssuedInLieuOfDividendPayment</nobr></td>
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                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of shares issued in lieu of dividend payment</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_ValueOfSharesIssuedInLieuOfDividendPayment</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph a<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 5<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DividendsPayableCurrentAndNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ETBAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details 3)<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Building [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives</a></td>
        <td class="text">P40Y<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Facilities and plant equipment [Member] | Minimum [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives</a></td>
        <td class="text">P10Y<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Facilities and plant equipment [Member] | Maximum [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives</a></td>
        <td class="text">P25Y<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Other equipment, vehicles and furniture [Member] | Minimum [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives</a></td>
        <td class="text">P5Y<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Other equipment, vehicles and furniture [Member] | Maximum [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives</a></td>
        <td class="text">P10Y<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2155824<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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</LabelSeparator><Level>1</Level><ElementName>peix_FairValueMeasurementsTablesAbstract</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>xbrli:stringItemType</ElementDataType><SimpleDataType>string</SimpleDataType><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Fair Value Measurements Tables</Label></Row><Row FlagID="0"><Id>2</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfAssumptionsUsedTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant
assumptions used and related fair values for the warrants as of March 31, 2013 were as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest
    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Discount for Marketability
    restrictions&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 9%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;03/28/2013&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;01/11/2013&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;09/26/2012&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2.49&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;07/3/2012&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
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    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;&lt;font style="font-size: 8pt"&gt;8,079,000&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Significant
assumptions used and related fair values for the warrants as of December 31, 2012 were as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Risk-Free Interest
    Rate&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Discount for Marketability
    restrictions&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
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    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8.85&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,833,000&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,112,000&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;09/26/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.85&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;70.2%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.36%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2.74&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;53.9%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,833,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,112,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;07/3/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7.50&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;76.1%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.72%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.51&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;55.5%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,867,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,756,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;07/3/2012&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6.45&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;69.3%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.16%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.01&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;55.5%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;930,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;509,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;12/13/2011&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.45&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;74.4%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.54%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3.95&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;52.3%&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;330,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;480,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;10/6/2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;76.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.72%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.80&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;46.4%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;17,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;35,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: 8.6pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,892,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Significant assumptions used and related fair
values for the warrants as of December 31, 2011 were as follows:&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;Original Issuance&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Volatility&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Risk Free Interest Rate&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Term (years)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Market Discount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Warrants Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 16%; padding-left: 1in; text-indent: -1in"&gt;&lt;font style="font-size: 10pt"&gt;12/13/2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;22.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;68.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.83%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4.96&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;52.0%&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: white"&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; text-align: right"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
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 -Name Accounting Standards Codification

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    &lt;td style="width: 22%; text-indent: -1in; padding-left: 1in; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;3/28/13&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 820

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19279-110258



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 157

 -Paragraph 32

 -Subparagraph c

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt; width: 32%"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;205&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Conversion feature&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(3)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;115&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,480&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9,595&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other current
assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in warrant
liabilities and conversion feature at fair value in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(3)&amp;#9;Included in
accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"&gt;&lt;font style="font-size: 8pt"&gt;The following table summarizes
fair value measurements by level at December 31, 2012 (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in; padding-top: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Commodity
    contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included
in other current assets in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included
in accrued liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;189&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;div style="text-align: left; margin-top: 3pt; margin-bottom: 3pt"&gt;&lt;div style="font-size: 1pt; border-top: Black 1pt solid; width: 20%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;&lt;/div&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other
current assets in the consolidated balance sheets.&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(2)&amp;#9;Included in other
current liabilities in the consolidated balance sheets.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The following
table summarizes fair value measurements by level at December 31, 2011 (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    1&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    2&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Level
    3&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="width: 32%; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Assets&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;244&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="font-weight: bold; text-decoration: underline; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Commodity contracts&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: 8.6pt; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total
    Liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;500&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,421&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0pt"&gt;&lt;font style="font-size: 8pt"&gt;(1)&amp;#9;Included in other
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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Summary of fair value measurements by level</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>peix_ChangesInFairValueOfLevel3InputsTableTextBlock</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Warrants&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Conversion
    Feature&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 66%; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,892&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of warrants in January
    offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,657&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Issuance of notes and warrants
    in March offering&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;883&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Exercises of warrants&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(260&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments
    to fair value for the period&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(93&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Balance, March 31, 2013&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,079&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,401&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The changes in the Company&amp;#146;s fair
value of its Level 3 inputs were as follows (in thousands):&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Warrants&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; font-weight: bold; text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&lt;b&gt;Convertible Notes&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="width: 76%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2010&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,718&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;38,108&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Retirement of Convertible Notes&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,000&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Issuance of 2011 Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Exercises of Warrants&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,155&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Adjustments to fair value for the period&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,451&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,108&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,921&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 3pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Issuance of July Offering Warrants&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,380&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: white"&gt;
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    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,658&lt;/font&gt;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 3pt"&gt;&lt;font style="font-size: 8pt"&gt;Balance, December 31, 2012&lt;/font&gt;&lt;/td&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EHH">
      <tr>
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          <div style="width: 200px;"><strong>13. INCOME TAXES (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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<p style="margin: 0pt"></p><span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Components of deferred income taxes</a></td>
        <td class="text"><p style="margin: 0pt"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">December 31,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; width: 46%; text-indent: 10pt"><font style="font-size: 8pt">Net operating loss carryforwards</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">278</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">156</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">123</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Fixed assets</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">207</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">167</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left"><font style="font-size: 8pt">Total deferred tax assets</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">19,466</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left"><font style="font-size: 8pt">Deferred tax liabilities:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Investment in New PE Holdco</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(7,480</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(3,792</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Intangibles</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,513</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(1,706</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Derivative instruments mark-to-market</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(9</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left"><font style="font-size: 8pt">Total deferred tax liabilities</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(9,002</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">(5,498</font></td><td style="text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; padding-bottom: 1pt"><font style="font-size: 8pt">Valuation allowance</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(11,555</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(35,352</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt"><font style="font-size: 8pt">Net deferred tax liabilities</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><font style="font-size: 8pt">Classified in balance sheet as:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Deferred income tax benefit (current assets)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">$</font></td><td style="text-align: right"><font style="font-size: 8pt">&#150;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Deferred income taxes (long-term liability)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="padding-bottom: 2.5pt; text-indent: 13.7pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(1,091</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
</table>
<p style="margin: 0pt"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FederalIncomeTaxNoteTextBlock', window );">Federal Income Tax Note</a></td>
        <td class="text"><p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">These jurisdictions, along with the years
still open to audit under the applicable statutes of limitation, are as follows:</p>

<p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 49%; padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif"><u>Jurisdiction</u></font></td>
    <td style="width: 51%; padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif"><u>Tax Years</u></font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Federal</font></td>
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Arizona</font></td>
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">California</font></td>
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2008 &#150; 2011</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Colorado</font></td>
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2008 &#150; 2011</font></td></tr>
<tr style="vertical-align: top">
    <td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">Idaho</font></td>
    <td style="padding-left: 5.4pt; text-align: justify; line-height: 115%"><font style="font: 8pt Times New Roman, Times, Serif">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top">
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                <p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p>
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<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<font style="font-size: 10pt">Outstanding</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<font style="font-size: 10pt">Price</font></td>
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<font style="font-size: 10pt">Exercise </font><br />
<font style="font-size: 10pt">Price</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 9%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 34%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 13%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 15%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 7%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 8pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">4</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td>
    <td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">12.90</font></td>
    <td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">1</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">867.30</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">1</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">867.30</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock', window );">Unvested restricted stock activity</a></td>
        <td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="text-align: center; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><font style="font-size: 10pt">Number of</font><br />
<font style="font-size: 10pt">Shares</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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<font style="font-size: 10pt">Average</font><br />
<font style="font-size: 10pt">Grant Date </font><br />
<font style="font-size: 10pt">Fair Value </font><br />
<font style="font-size: 10pt">Per Share</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">31</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">144.90</font></td>
    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Issued</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">12.90</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">158.40</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">(1</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">145.50</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">64.05</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">81.90</font></td>
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">Canceled</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">61.20</font></td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">16</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 10pt">50.40</font></td>
    <td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
</table>


<p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"></p><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock', window );">Stock-based compensation expense</a></td>
        <td class="text"><p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
    <td style="font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif">
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif">
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    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="width: 1%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
    <td style="width: 2%; font: 8pt Times New Roman, Times, Serif">&#160;</td>
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                <p>Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.</p>
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                <p>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year.</p>
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                <p>Tabular disclosure of the change in restricted stock units (RSUs).</p>
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          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CommitmentsAndContingenciesAbstract', window );"><strong>Commitments And Contingencies</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">7. COMMITMENTS AND CONTINGENCIES</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Sales Commitments
</u></i>&#150; At March 31, 2013, the Company had entered into sales contracts with its major customers to sell certain quantities
of ethanol, WDG and syrup. The Company had open ethanol indexed-price contracts for 95,109,000 gallons of ethanol as of March
31, 2103. The Company had open WDG and syrup fixed-price sales contracts valued at $552,000 and open indexed-price sales contracts
for 27,000 tons of WDG and syrup as of March 31, 2013. These sales contracts will be completed throughout 2013.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Purchase
Commitments</u></i> &#150; At March 31, 2013, the Company had fixed-price purchase contracts with its suppliers to purchase $12,143,000
of ethanol and indexed-price contracts to purchase 113,000 gallons of ethanol. These contracts will be satisfied throughout the
remainder of 2013.&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt"><i><u>Litigation
&#150; General</u> &#150;</i> The Company is subject to various claims and contingencies in the ordinary course of its business,
including those related to litigation, business transactions, employee-related matters, and others. When the Company is aware
of a claim or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and
the amount of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable
or the amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss
is reasonably possible and the amount involved could be material. While there can be no assurances, the Company does not expect
that any of its pending legal proceedings will have a material financial impact on the Company&#146;s operating results.</font></p><span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Commitments
</u></i>&#150; The following is a description of significant commitments at December 31, 2012:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i>Operating
Leases &#150; </i>Future minimum lease payments required by non-cancelable operating leases in effect at December 31, 2012 are
as follows (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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    <td style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Years Ended<br /> December 31,</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: center; padding-left: 5.4pt"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; text-indent: -1in; padding-left: 1in; width: 23%"><font style="font-size: 8pt">2013</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">1,127</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">2014</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,120</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">2015</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,141</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">2016</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">1,103</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">2017</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">951</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Thereafter</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">3,590</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: center; padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"><font style="font-size: 8pt">Total</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">9,032</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Total rent
expense during the years ended December 31, 2012 and 2011 was $2,252,000 and $2,300,000, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i>Sales
Commitments</i> &#150; At December 31, 2012, the Company had entered into sales contracts with its major customers to sell certain
quantities of ethanol, WDG and syrup. The Company had open ethanol indexed-price contracts for 97,038,000 gallons of ethanol as
of December 31, 2012. The Company had open WDG and syrup fixed-price sales contracts valued at $1,194,000 and open indexed-price
sales contracts for 31,000 tons of WDG and syrup as of December 31, 2012. These sales contracts will be completed throughout 2013.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i>Purchase
Commitments</i> &#150; At December 31, 2012, the Company had fixed-price purchase contracts to purchase $9,361,000 of ethanol
from its suppliers. These purchase commitments will be satisfied throughout 2013.&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Contingencies
</u></i>&#150; The following is a description of significant contingencies at December 31, 2012:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i>Litigation
&#150; General &#150;</i> The Company is subject to various claims and contingencies in the ordinary course of its business,
including those related to litigation, business transactions and employee-related matters. When the Company is aware of a claim
or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount
of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the
amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably
possible and the amount involved could be material. While there can be no assurances, the Company does not expect that any of
its pending legal proceedings will have a material financial impact on the Company&#146;s operating results.</font></p><span></span></td>
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                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ESGAG">
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          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details 5) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="4">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="2">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Level 3 [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Level 3 [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2010

</div>
          <div>Level 3 [Member]</div>
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        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Level 3 [Member]

</div>
          <div>July Offering [Member]</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Level 3 [Member]

</div>
          <div>September Offering [Member]</div>
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      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationCalculationRollForward', window );"><strong>Changes in the fair value of the Company's Level 3 inputs</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="nump">$ 8,079,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 4,892,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 4,892<span></span></td>
        <td class="nump">$ 1,921<span></span></td>
        <td class="nump">$ 5,718<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">38,108<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(35,000)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">3,380<span></span></td>
        <td class="nump">1,658<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&nbsp;&nbsp;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
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                <p>Issuance of warrants</p>
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                <p>Retirement of convertible notes</p>
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                <p>No definition available.</p>
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                <p>Increase in additional paid in capital due to warrants issued during the period. Includes also the proceeds of debt securities issued with detachable stock purchase warrants that are allocable to the warrants. These warrants qualify for equity classification and provide the holder with a right to purchase stock from the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 470<br><br> -SubTopic 20<br><br> -Section 25<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7656322&amp;loc=d3e4724-112606<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Warrant<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528364<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 14<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Fair value of convertible debt at the balance sheet date.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Convertible Security<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509036<br><br><br><br></p>
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                <p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p>
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                <p>No definition available.</p>
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                <p>Value of outstanding derivative securities that permit the holder the right to purchase securities (usually equity) from the issuer at a specified price.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 00-27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 98-5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has two equity incentive compensation
plans: a 2004 Stock Option Plan and a 2006 Stock Incentive Plan.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2004 Stock Option Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;
The 2004 Stock Option Plan authorized the issuance of incentive stock options (&amp;#147;ISOs&amp;#148;) and non-qualified stock options
(&amp;#147;NQOs&amp;#148;) to the Company&amp;#146;s officers, directors or key employees or to consultants that do business with the Company
for up to an aggregate of 23,810 shares of common stock. On September 7, 2006, the Company terminated the 2004 Stock Option Plan,
except to the extent of issued and outstanding options then existing under the plan. The Company had 762 stock options outstanding
under its 2004 Stock Option Plan at December&amp;#160;31, 2012 and 2011.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2006 Stock Incentive Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;
The 2006 Stock Incentive Plan authorizes the issuance of ISOs, NQOs, restricted stock, restricted stock units, stock appreciation
rights, direct stock issuances and other stock-based awards to the Company&amp;#146;s officers, directors or key employees or to consultants
that do business with the Company for up to an aggregate of 414,286 shares of common stock.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Stock Options&lt;/u&gt;&lt;/i&gt; &amp;#150; On August
1, 2011 and August 25, 2011, the Company granted options to purchase an aggregate of 12,867 and 1,067 shares of the Company&amp;#146;s
common stock at exercise prices of $12.90 and $5.25 per share, which were the respective closing prices per share of the Company&amp;#146;s
common stock on the dates of grant, with estimated fair values of $6.60 and $2.70, respectively. The options vested as to 33% on
April 2, 2012 and vest as to 33% on each of April 1, 2013 and April 1, 2014. The options expire in 10 years from the date of grant.
Fair value was determined using the Black-Scholes Option Pricing Model. For the August 1, 2011 grants, the inputs to estimating
fair value were: exercise price of $12.90; estimated life of 5.0 years; expected volatility of 56.7%; and risk free interest rate
of 2.50%. For the August 25, 2011 grants, the inputs to estimating fair value were: exercise price of $5.25; estimated life of
5.0 years; expected volatility of 56.7% and risk free interest rate of 2.50%. The Company estimates expected volatility using peer
companies within its industry.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Summaries of the status of Company&amp;#146;s
stock option plans as of December 31, 2012 and 2011 and of changes in options outstanding under the Company&amp;#146;s plans during
those years are as follows (shares in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="14" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;of Shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 36%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at beginning of year&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;15&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;56.70&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt; color: black"&gt;867.30&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -6.6pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Issued (Cancelled)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.25&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.30&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Outstanding at end of year&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;13&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;63.00&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;56.70&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt; color: black"&gt;Options exercisable at end of year&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;147.45&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Stock options outstanding as of December&amp;#160;31,
2012, were as follows (number of shares in thousands):&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Exercisable&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Range of&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise Prices&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Remaining Contractual Life (yrs)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number Exercisable&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Average &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td style="width: 11%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 34%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 15%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="background-color: #EEEEEE"&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;$ 12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.59&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;$866.25-$871.50&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2.57&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 3px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The options outstanding at December 31, 2012
and 2011 had intrinsic values of $0 and $50,000, respectively.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Restricted Stock &lt;/u&gt;&lt;/i&gt;&amp;#150; The
Company granted to certain employees and directors shares of restricted stock under its 2006 Stock Incentive Plan pursuant to restricted
stock agreements. A summary of unvested restricted stock activity is as follows (shares in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number of&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Average&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Grant Date &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Fair Value &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Per Share&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 60%"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;144.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Issued&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;18&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(17&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;158.40&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;145.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;64.05&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(13&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;81.90&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;61.20&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50.40&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of the common stock at vesting
aggregated $112,000 and $239,000 for the years ended December 31, 2012 and 2011, respectively. Stock-based compensation expense
related to employee and non-employee restricted stock and option grants recognized in income were as follows (in thousands):&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 60%; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Employees&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;782&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,522&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Non-employees&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;756&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 11.1pt; text-indent: -11.1pt"&gt;&lt;font style="font-size: 10pt"&gt;Total stock-based compensation expense&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;806&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,278&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
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cost related to unvested awards which had not been recognized was $812,000 and the associated weighted-average period over which
the compensation cost attributable to those unvested awards would be recognized was 2.04 years. In January 2013, the Company granted
53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2013 annual meeting of stockholders,
or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the Company granted an additional 104,167
shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of
$5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted common stock that vests in equal
amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.&lt;/p&gt;

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          <div style="width: 200px;"><strong>7. COMMITMENTS AND CONTINGENCIES (Tables)<br></strong></div>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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lease payments required by non-cancelable operating leases in effect at December 31, 2012 are as follows (in thousands):</p>

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    <td style="padding-left: 10pt"><font style="font-size: 8pt">2014</font></td>
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    <td style="padding-left: 10pt"><font style="font-size: 8pt">2015</font></td>
    <td>&#160;</td>
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    <td style="text-align: right"><font style="font-size: 8pt">1,141</font></td>
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    <td style="text-align: right"><font style="font-size: 8pt">951</font></td>
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    <td style="padding-bottom: 1pt; padding-left: 1in; text-indent: -1in"><font style="font-size: 8pt">Thereafter</font></td>
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    <td style="padding-bottom: 2.5pt; padding-left: 1in; text-indent: -1in"><font style="font-size: 8pt">&#160;&#160;&#160;&#160;Total</font></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EBFAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative 1) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Ownership interest in New PE Holdco</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">67.00%<span></span></td>
        <td class="nump">34.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Line of credit collateral used</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 20,627<span></span></td>
        <td class="nump">$ 23,715<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts', window );">Bad debt recovery</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">6<span></span></td>
        <td class="nump">218<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EntityWideAccountsReceivableMajorCustomerAmount', window );">Accounts receivable due, Value</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">12,011<span></span></td>
        <td class="nump">13,577<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_EntityWideAccountsReceivableMajorCustomerPercentage', window );">Accounts receivable due, Percent</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">46.00%<span></span></td>
        <td class="nump">48.00%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts', window );">Amortization of deferred financing costs</a></td>
        <td class="nump">108<span></span></td>
        <td class="nump">164<span></span></td>
        <td class="nump">736<span></span></td>
        <td class="nump">651<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet', window );">Unamortized deferred financing costs</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,447<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FeesAndCommissionsOther', window );">Net sales when company acting as an agent</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,756<span></span></td>
        <td class="nump">2,856<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedCostOfOilAndGasReclamation', window );">Reduction to cost of goods sold</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">1,481<span></span></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5.00%<span></span></td>
        <td class="nump">5.00%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Accrued and unpaid dividends</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 5,852<span></span></td>
        <td class="nump">$ 7,315<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Potentially dilutive shares from convertible securities outstanding</a></td>
        <td class="nump">427,000<span></span></td>
        <td class="nump">214,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Convertible Debt Securities [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Potentially dilutive shares from convertible securities outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">246,000<span></span></td>
        <td class="nump">54,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_EntityWideAccountsReceivableMajorCustomerAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of accounts receivable generated from a single external customer that accounts for 10 percent or more of an entity's accounts receivable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_EntityWideAccountsReceivableMajorCustomerAmount</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_EntityWideAccountsReceivableMajorCustomerPercentage">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Percentage of accounts receivable generated from a single external customer that accounts for 10 percent or more of an entity's accounts receivables.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_EntityWideAccountsReceivableMajorCustomerPercentage</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_peix_StockBasedCompensationFutureUnvestedForfeitureRate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Stock-based compensation future unvested forfeiture rate</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_StockBasedCompensationFutureUnvestedForfeitureRate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>peix_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Reflects a reduction in bad debt expense attributable to collections of loans and lease receivables which had previously been fully or partially charged off as bad debts.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.7(d))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5212-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 7<br><br> -Subparagraph d<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 114<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AllowanceForLoanAndLeaseLossesRecoveriesOfBadDebts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCostsAndDiscounts">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of noncash expense included in interest expense to allocate debt discount and premium, and the costs to issue debt and obtain financing over the related debt instruments. Alternate captions include noncash interest expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AmortizationOfFinancingCostsAndDiscounts</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Antidilution<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505113<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Diluted Earnings Per Share<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510752<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Contingent Stock Agreement<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6508534<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 13, 14<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of debt discount (net of debt premium) that was originally recognized at the issuance of the instrument that has yet to be amortized.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28567-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 1A<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28555-108399<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 835<br><br> -SubTopic 30<br><br> -Section 55<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584090&amp;loc=d3e28878-108400<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 21<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph a<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 15<br><br> -Subparagraph 5<br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-03.15(5))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p>
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                <p>Fee and commission revenue earned from sources not otherwise specified in the existing taxonomy.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 13<br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number EITF85-24-1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Reflects the aggregate value of loans, trade receivables, securities and financial instruments that serve as collateral for obligations arising from a transfer of financial assets recorded as a secured borrowing.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 13<br><br> -Subparagraph i<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 310<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7512638&amp;loc=d3e5086-111524<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 860<br><br> -SubTopic 30<br><br> -Section 50<br><br> -Paragraph 1A<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7523297&amp;loc=SL6224234-111729<br><br><br><br></p>
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                <p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
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          <div style="width: 200px;"><strong>10. RELATED PARTY TRANSACTIONS<br></strong></div>
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        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Mar. 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Preferred
Dividends</u></i> &#150; The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,120,000
and $5,852,000 as of March 31, 2013 and December 31, 2012, respectively. On March 27, 2013, the Company entered into an agreement
with the holders of its Series B Preferred Stock under which the Company issued approximately 139,000 shares of its common stock
in payment of $732,000 of the total $5,852,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In
addition, the holders of the Series B Preferred Stock agreed to forebear from exercising any rights they may have with respect
to accrued unpaid dividends until September 30, 2014.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Note
Payable to Related Party</u></i> &#150; The Company had a note payable to its Chief Executive Officer totaling $750,000 as of
March 31, 2013 and December 31, 2012. On February 7, 2013, the maturity date was extended to March 31, 2014.</font></p><span></span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Preferred
Dividends</u></i> &#150; The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,852,000
and $7,315,000 as of December 31, 2012 and 2011, respectively. As further discussed in Note 8 and Note 14, the Company issued
common stock in payment of certain accrued and unpaid dividends.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt"><i><u>Note
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December 31, 2012 and 2011. On March 7, 2012, the Company entered into an amendment to the note, extending the maturity date to
March 31, 2013. On February 7, 2013, the maturity date was further extended to March 31, 2014.</font></p><span></span></td>
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                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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&lt;tr style="vertical-align: top"&gt;
    &lt;td style="width: 0px"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 24px; padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 7pt"&gt;11.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 7pt"&gt;SUBSEQUENT EVENTS.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Reverse Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On
May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share information has been restated
to retroactively show the effect of this stock split.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Payments on Series A Notes&lt;/u&gt;&lt;/i&gt; &amp;#150;
From April 1, 2013 through June 26, 2013, the Company made three installment payments and received various holder conversion notices.
In the aggregate, the Company issued 1,032,000 shares of its common stock in payment of principal and interest in an aggregate
amount of $3,748,000 in respect of the Series A Notes.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Series B Subordinated Convertible Notes&lt;/u&gt;&lt;/i&gt;
&amp;#150; On June 20, 2013, the Company issued $8.0 million in Series B Subordinated Convertible Notes (&amp;#147;Series B Notes&amp;#148;).
Unless converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together with the Series A Notes. The terms
of the Series B Notes are substantially similar to those of the Series A Notes.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of Plant Debt and Additional
Interests in New PE Holdco&lt;/u&gt;&lt;/i&gt; &amp;#150; On June 21, 2013, the Company used the proceeds from the sale of the Series B Notes,
to acquire $4.1 million of the Plant Owners&amp;#146; combined term and revolving debt for a purchase price of $3.0 million and 19.7
units of limited liability company interests of New PE Holdco for a purchase price of $197,000, increasing the Company&amp;#146;s
ownership in New PE Holdco to 85%. As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&amp;#146;
revolving debt was retired and the maturity date applicable to approximately $2.9 million of the Plant Owners&amp;#146; term debt
was extended from June 25, 2013 to June 30, 2016.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;2006 Stock Incentive Plan&lt;/u&gt;&lt;/i&gt; &amp;#150;
On April 1, 2013, the Company granted 16,667 shares of restricted common stock that vest in equal installments on each of April
1, 2014 and 2015 and had a grant date fair value of $4.65 per share.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On April 12, 2013, the Company&amp;#146;s Board
approved an increase in the number of shares of common stock authorized for issuance under its 2006 Stock Incentive Plan from 414,286
to 914,286. The Company&amp;#146;s stockholders approved the amendment to the 2006 Stock Incentive Plan on June 18, 2013.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 18, 2013, the Company granted to its
management 256,665 shares of restricted common stock that vest in equal installments on each of April 1, 2014, 2015 and 2016, and
had a grant date fair value of $3.74 per share. On June 18, 2013, the Company granted to its non-management board members 71,110
shares of restricted common stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2014 Annual Meeting of Stockholders
and (ii) July 1, 2014, and had a grant date fair value of $3.74 per share.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On June 18, 2013, the Company granted to its
management 229,025 shares of stock options, with an exercise price of $3.74 per share, which vest in equal installments on each
of April 1, 2014, 2015 and 2016, and had a grant date fair value of $1.68 per share.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Capital Lease&lt;/u&gt;&lt;/i&gt; &amp;#150; In May 2013,
upon completion of the Company&amp;#146;s corn oil separation project at its Magic Valley Plant, the Company initially recorded a
capital lease in the amount of approximately $5,675,000.&lt;/p&gt;

&lt;p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font-size: 7pt"&gt;&lt;i&gt;&lt;u&gt;Litigation&lt;/u&gt;&lt;/i&gt;
&lt;/font&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150; On May 24, 2013, GS CleanTech Corporation (&amp;#147;GS CleanTech&amp;#148;), filed suit
in the United States District Court for the Eastern District of California, Sacramento Division, naming Pacific Ethanol, Inc. as
a defendant. The suit alleges patent infringement by virtue of certain corn oil separation technology in use at one or more of
the Company&amp;#146;s ethanol production facilities, including the plant located in Stockton, California. The complaint seeks preliminary
and permanent injunctions prohibiting future infringement on the patent owned by GS CleanTech and damages in an unspecified amount
adequate to compensate GS CleanTech for the alleged patent infringement, but in any event no less than a reasonable royalty for
the use made of the inventions of the patent, plus attorneys fees. The Company strongly disagrees that its use of corn oil separation
technology infringes the patent owned by GS CleanTech and intends to vigorously defend against GS CeanTech&amp;#146;s claims. As of
the date of this report, discovery has not commenced and a trial date has not been set. In addition, GS CleanTech has advised the
Company that it is in the process of amending its complaint.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;January 2013 Financing Transaction &lt;/u&gt;&lt;/i&gt;&amp;#150;
On January 11, 2013, under the terms of a Securities Purchase Agreement (the &amp;#147;Purchase Agreement&amp;#148;) dated December 19,
2012 among the Company and five accredited investors, the Company issued and sold to the investors in a private offering $22,192,491
in aggregate principal amount of its senior unsecured notes (the &amp;#147;January 2013 Notes&amp;#148;) and warrants (the &amp;#147;January
2013 Warrants&amp;#148;) to purchase an aggregate of 1,708,687 shares of the Company&amp;#146;s common stock (the &amp;#147;January 2013
Financing Transaction&amp;#148;) for aggregate gross proceeds of $22,192,491. The January 2013 Warrants have an exercise price of
$7.80 per share and expire in January 2018.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;i&gt;January 2013 Notes&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes mature on March 30,
2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of the
January 2013 Notes is not less than $10,769,298 by January 15, 2014, the interest rate will increase commencing on January 15,
2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance
of the January 2013 Notes is less than $10,769,298.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If at any time the Company receives net cash
proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of incurring
certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net cash proceeds,
provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January 2013 Notes
or purchase certain outstanding debt issued by the Plant Owners.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Interest on the January 2013 Notes is payable
in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &amp;#147;Interest Payment Date&amp;#148;).
Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to pay interest due
and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the Company pays in
shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest is paid. The
number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount of interest
payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted average price
of the Company&amp;#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest Payment Date,
and (ii) 0.95.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Restrictive Covenants&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The January 2013 Notes prohibit the Company
from engaging in various activities, including (i) payments due under the January 2013 Notes rank senior to all other indebtedness
of the Company and its subsidiaries, other than certain permitted senior indebtedness; (ii) the Company and its subsidiaries will
not incur other indebtedness, except for certain permitted indebtedness; (iii) the Company and its subsidiaries will not incur
any liens, except for certain permitted liens; (iv) the Company and its subsidiaries will not, directly or indirectly, redeem or
repay all or any portion of any indebtedness (except for certain permitted indebtedness) if at the time such payment is due or
is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being cured
would constitute, an event of default has occurred and is continuing; (v)the Company and its subsidiaries will not redeem, repurchase
or pay any dividend or distribution on its respective capital stock without the prior consent of the holders of the January 2013
Notes, other than certain permitted distributions; and (vi) the Company and its subsidiaries will not sell, lease, assign, transfer
or otherwise dispose of any assets of the Company or any subsidiary, except for certain permitted dispositions (including the sales
of inventory or receivables in the ordinary course of business).&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of Plant Debt&lt;/u&gt;&lt;/i&gt; &amp;#150;
On January 11, 2013, the Company used $21,538,596 of the gross proceeds of the January 2013 Financing Transaction to purchase from
certain of the Investors an aggregate principal amount of $21,538,596 of the Plant Owners&amp;#146; tranche A-2 term loans (the &amp;#147;Purchased
Debt&amp;#148;).&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Extension of Maturity of Plant Debt&lt;/u&gt;&lt;/i&gt;
&amp;#150; On January 11, 2013, immediately prior to the closing of the January 2013 Financing Transaction, the maturity date of the
Purchased Debt was extended from June 30, 2013 to June 30, 2016. On January 11, 2013, immediately prior to the closing of the January
2013 Financing Transaction, the maturity date of the Company&amp;#146;s new $10,000,000 revolving line of credit secured on October
29, 2012 was extended from June 25, 2013 to June 25, 2015.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Acquisition of New PE Holdco Membership
Interests&lt;/u&gt;&lt;/i&gt; &amp;#150; On January 11, 2013, the Company purchased 13% of New PE Holdco for an aggregate purchase price of $1,308,030
using $653,895 of the gross proceeds of the January 2013 Financing Transaction and $654,135 of the Company&amp;#146;s cash on hand.
The Company also acquired an additional 3% of New PE Holdco in March 2013 as discussed below. As of the filing of this report,
&lt;font style="color: black"&gt;the Company owns approximately 83% of the outstanding membership interests of New PE Holdco. For the
years ended December 31, 2012 and 2011, had the Company held an 83% ownership interest in New PE Holdco, the Company&amp;#146;s reported
results would have had the following pro forma impact: net loss available to common stockholders would have been $36,526,000 and
$3,774,000, respectively, and loss per share would have been $5.10 and $1.65, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;March 2013 Financing Transaction&lt;/u&gt;&lt;/i&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On March 28, 2013, the Company issued $6,000,000
in subordinated convertible notes and 1,839,600 two year warrants with an exercise price of $7.80 per share. The net proceeds of
the offering were used to (i) purchase $2,600,000 of Plant Owners&amp;#146; debt maturing in June 2013, the maturity of which was
also extended at the time from June 2013 to June 2016; (ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase
and immediately retire $3,500,000 of the Plant Owners&amp;#146; term debt.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Increase in Availability under Plant
Owners&amp;#146; New Revolving Credit Facility&lt;/u&gt;&lt;/i&gt; &amp;#150; On March 28, 2013, the lenders under the Plant Owners&amp;#146; new revolving
credit facility approved $5,000,000 in additional availability for a maximum total credit limit of $15,000,000 under the facility.
As of March 28, 2013, the Plant Owners had $5,000,000 in unused availability under the new credit facility.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Grants of stock&lt;/u&gt; &lt;/i&gt;&amp;#150;In January
2013, the Company granted 53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&amp;#146;s 2013
annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the
Company granted an additional 104,167 shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and
2015 and had a grant date fair value of $5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted
common stock that vest in equal installments on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per
share.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Warrant exercises&lt;/u&gt;&lt;/i&gt; &amp;#150; During
February 2013, certain holders exercised warrants and received 267,733 shares of the Company&amp;#146;s common stock upon payment
of an aggregate of $2,060,000 in cash. The Company paid approximately $755,800 in cash to the warrant holders as an inducement
for such exercises.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Payment of Preferred Stock Dividends&lt;/u&gt;&lt;/i&gt;
&amp;#150; On March 27, 2013, the Company entered into an agreement with the holders of its Series B Preferred Stock under which the
Company issued approximately 139,333 shares of its common stock in payment of $732,000 of the total $5,851,000 of accrued and unpaid
dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B Preferred Stock agreed to further
forebear from exercising any rights they may have with respect to accrued and unpaid dividends until September 30, 2014.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Note Payable to Related Party&lt;/u&gt;&lt;/i&gt;
&amp;#150; On February 7, 2013, the Company entered into an amendment to the note payable to its Chief Executive Officer totaling
$750,000, extending the maturity date to March 31, 2014.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Employment agreement&lt;/u&gt;&lt;/i&gt; &amp;#150;
On January 6, 2013, the Company entered into an Executive Employment Agreement with Michael D. Kandris that provides for at-will
employment as the Company&amp;#146;s Chief Operating Officer. Mr. Kandris shall initially receive a base salary of $246,000 per year,
subject to annual review and increase in the sole discretion of the Company&amp;#146;s board of directors. Mr. Kandris is also eligible
to receive an annual discretionary cash bonus of up to 50% of his base salary, to be paid based upon performance criteria set by
the Company&amp;#146;s board of directors.&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;



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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EIWAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>14. PREFERRED STOCK (Details Narrative) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000,000<span></span></td>
        <td class="nump">10,000,000<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStockCash', window );">Preferred stock dividends paid in cash</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 1,268<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred stock dividends accrued and unpaid</a></td>
        <td class="nump">$ 312<span></span></td>
        <td class="nump">$ 315<span></span></td>
        <td class="nump">$ 1,268<span></span></td>
        <td class="nump">$ 1,265<span></span></td>
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          <div class="a">Series A Preferred Stock [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,684,375<span></span></td>
        <td class="nump">1,684,375<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock Series outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Series B Preferred Stock [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">1,580,790<span></span></td>
        <td class="nump">1,580,790<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock Series outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">926,942<span></span></td>
        <td class="nump">926,942<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for preferred shareholders during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of preferred stock cash dividends declared by an entity during the period. This element includes paid and unpaid dividends declared during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 405<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 01-6<br><br> -Paragraph 14<br><br> -Subparagraph l<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 3, 4, 5, 6, 7, 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>6. COMMON STOCK AND WARRANTS<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_CommonStockAndWarrantsAbstract', window );"><strong>Common Stock And Warrants</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock', window );">6. COMMON STOCK AND WARRANTS</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Grants
of stock </u></i>&#150; In January 2013, the Company granted 63,333 shares of restricted stock to members of the Company&#146;s
Board of Directors, with the exception of its Chief Executive Officer, that vest on the earlier of (i) the date of the Company&#146;s
2013 annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.25 per share. In January 2013,
the Company granted an additional 94,167 shares of restricted stock to the Company&#146;s non-executive employees that vest in
equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.25 per share. In March 2013, the Company
granted an additional 113,333 shares of restricted common stock to its executive employees that vest in equal installments on
each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per share.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Warrant
issuances</u> </i>&#150; In connection with the January 2013 Financing Transaction, the Company issued warrants to purchase an
aggregate of 1,708,687 shares of the Company&#146;s common stock. The warrants have an exercise price of $7.80 per share and
expire in January 2018.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">In
connection with the Company&#146;s issuance of its Series A Notes, the Company issued warrants to purchase up to 788,400 shares
of common stock at an exercise price of $7.80 per share that expire in March 2015.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in stockholders&#146;
equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them at each reporting
period.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt"><i><u>Warrant
exercises</u></i> &#150; During February 2013, certain holders exercised warrants and received 267,733 shares of the Company&#146;s
common stock upon payment of an aggregate of $2,064,000 in cash. The Company paid $785,800 in cash to the warrant holders as an
inducement for such exercises and recorded an expense of approximately $785,800. In March 2013, a holder exercised warrants on
a cashless basis and received 11,356 shares of the Company&#146;s common stock.</font></p><span></span></td>
        <td class="text"><p style="margin: 0pt">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>September 2012 Public Offering</u>
</i>&#150; On September 26, 2012, the Company raised $10,091,000, net of $909,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,833,333 shares of common stock and warrants immediately exercisable
to purchase an aggregate of 1,833,333 shares of common stock at an exercise price of $8.85 per share and which expire in 2015.
The Company accounted for the net proceeds of the offering by first allocating the $1,658,000 fair value of the warrants to liabilities
and then allocating the remaining amount to equity.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>July 2012 Public Offering</u>
</i>&#150; On July 3, 2012, the Company raised $10,903,000, net of $1,137,000 of underwriting fees and issuance costs, through
a public offering of units consisting of an aggregate of 1,866,667 shares of common stock, warrants immediately exercisable to
purchase an aggregate of 1,866,667 shares of common stock at an exercise price of $9.45 per share and which expire in 2017 (&#147;Series
I Warrants&#148;) and warrants immediately exercisable to purchase an aggregate of 933,333 shares of common stock at an exercise
price of $7.95 per share and which expire in 2014 (&#147;Series II Warrants&#148;) . The Series I Warrants and the Series II
Warrants are subject to &#147;weighted-average&#148; anti-dilution adjustments if the Company issues or is deemed to have issued
securities at a price lower than their then applicable exercise prices. Due to subsequent transactions, the exercise price of the
Series I Warrants was reduced to $7.50 and the exercise price of the Series II Warrants was reduced to $6.45. The Company accounted
for the net proceeds of the offering by first allocating the $3,380,000 fair value of the warrants to liabilities and then allocating
the remaining amount to equity. In 2012, certain holders exercised their warrants with respect to 3,333 shares of common stock
for $22,000 in cash.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>December 2011 Private Placement</u>
</i>&#150; On December 13, 2011, the Company raised $7,364,000, net of $642,000 of placement agent fees and issuance costs, through
the issuance of an aggregate of 508,333 shares of common stock and warrants immediately exercisable to purchase an aggregate of
330,417 shares of common stock at an exercise price of $22.50 per share and which expire in 2016 (&#147;2011 Warrants&#148;).
The 2011 Warrants are subject to &#147;weighted-average&#148; anti-dilution adjustments if the Company issues or is deemed to
have issued securities at a price lower than the then applicable exercise price. Due to subsequent transactions, the exercise price
of the 2011 Warrants was reduced to $12.60.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Convertible Note Warrants</u>
</i>&#150; On October 6, 2010, as part of the issuance of the Initial Notes, the Company issued warrants that were immediately
exercisable and entitled the holders to purchase up to an aggregate of 196,079 shares of the Company&#146;s common stock at an
exercise price of $89.25 per share and which expire in 2017 (&#147;2010 Warrants&#148;). The 2010 Warrants are subject to &#147;full-ratchet&#148;
anti-dilution adjustments such that if the Company issues or is deemed to have issued securities at a price lower than the then
applicable exercise price, the exercise price of the 2010 Warrants will immediately decline to equal the price at which the Company
issued or is deemed to have issued its common stock. Due to subsequent transactions, the exercise price of the 2010 Warrants was
reduced to $0.12. During 2012 and 2011, certain holders exercised their 2010 Warrants with respect to 16,800 and 162,467 shares
of common stock on a cashless exercise basis, resulting in 11,467 and 101,467 net shares of common stock issued by the Company,
respectively.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Warrant Terms</u></i> &#150;
The exercise prices of the warrants described above are subject to adjustment for stock splits, combinations or similar events,
and, in such event, the number of shares issuable upon the exercise of the warrants will also be adjusted so that the aggregate
exercise price shall be the same immediately before and immediately after the adjustment. The warrants generally require payments
to be made by the Company for failure to deliver the shares of common stock issuable upon exercise. The warrants may not be exercised
if, after giving effect to the exercise, the investor together with its affiliates would beneficially own in excess of 4.99% of
the Company&#146;s outstanding shares of common stock. The blocker applicable to the exercise of the warrants may be raised or
lowered to any other percentage not in excess of 9.99%, except that any increase will only be effective upon 61-days&#146; prior
notice to the Company. If the Company issues options, convertible securities, warrants, stock, or similar securities to holders
of its common stock generally, each holder of certain warrants has the right to acquire the same securities as if the holder had
exercised its warrants. The warrants prohibit the Company from entering into specified transactions involving a change of control,
unless the successor entity assumes all of the Company&#146;s obligations under the warrants under a written agreement before
the transaction is completed. When there is a transaction involving a permitted change of control, a holder of a warrant a will
have the right to force the Company to repurchase the holder&#146;s warrant for a purchase price in cash equal to the Black Scholes
value (as calculated under the individual warrant agreements) of the then unexercised portion of the warrant.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounting for Warrants</u> </i>&#150;
The Company has determined that the warrants issued in the above transactions did not meet the conditions for classification in
stockholders&#146; equity and as such, the Company has recorded them as a liability at fair value. The Company will revalue them
at each reporting period. Further, as noted above, certain of the exercise prices declined as a result of anti-dilution adjustments
due to subsequent transactions. Accordingly, the Company recorded fair value adjustments quarterly, with total fair value adjustments
of $1,954,000 and $4,451,000 for the years ended December 31, 2012 and 2011, respectively, which is largely attributed to adjustment,
if any, to their initial exercise prices, warrant term shortening and reductions in the market value of the Company&#146;s common
stock. See Note 12 for the Company&#146;s fair value assumptions.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Registration Rights Agreement
</u></i>&#150; In connection with the December 2011 private placement, the Company entered into a registration rights agreement
with all of the investors to file a registration statement on Form S-1 with the Securities and Exchange Commission by December
23, 2011 for the resale by the purchasers of the 508,333 shares of common stock and the 330,417 shares of common stock issuable
upon exercise of the 2011 Warrants. Subject to customary grace periods, the Company is required to keep the registration statement
(and the accompanying prospectus) available for use for resale by the investors on a delayed or continuous basis at then-prevailing
market prices at all times until the earlier of (i) the date as of which all of the investors may sell all of the shares of common
stock required to be covered by the registration statement without restriction under Rule 144 under the Securities Act of 1933,
as amended (including volume restrictions) and without the need for current public information required by Rule 144(c)(1), if applicable)
or (ii) the date on which the investors have sold all of the shares of common stock covered by the registration statement. The
Company must pay registration delay payments of up to 2% of each investor&#146;s initial investment per month if the registration
statement ceases to be effective prior to the expiration of deadlines provided for in the registration rights agreement. The initial
registration statement became effective by the stated deadline and the Company did not record any liability associated with any
registration delay payments under the registration rights agreement.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Other Warrant Issuances</u> </i>&#150;
In March 2008, the Company issued warrants to purchase an aggregate of 29,304 shares of common stock at an exercise price of $735.00
per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate of 4,213 shares of common stock
at an exercise price of $735.00 per share, which expire in 2018. In May 2008, the Company issued warrants to purchase an aggregate
of 28,572 shares of common stock at an exercise price of $745.50 per share, which expire in 2013. All of these warrants are currently
exercisable by the holders.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Warrant Summary</u> </i>&#150;
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<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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                <p>Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(i))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 718<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6784392&amp;loc=d3e188667-122775<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 50<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6406099&amp;loc=d3e25284-112666<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph i<br><br> -Article 4<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 28<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number D-98<br><br> -Paragraph 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
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          <div style="width: 200px;"><strong>1. ORGANIZATION AND BASIS OF PRESENTATION<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_OrganizationAndBasisOfPresentationAbstract', window );"><strong>Organization And Basis Of Presentation</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">1. ORGANIZATION AND BASIS OF PRESENTATION.</a></td>
        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Organization
and Business</u></i> &#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific
Ethanol, Inc., a Delaware corporation (&#147;Pacific Ethanol&#148;), and its direct and indirect subsidiaries, including its
wholly-owned subsidiaries, Kinergy Marketing, LLC, an Oregon limited liability company (&#147;Kinergy&#148;), Pacific Ag. Products,
LLC, a California limited liability company (&#147;PAP&#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,
and including its majority-owned subsidiary, New PE Holdco LLC (&#147;New PE Holdco&#148;), which owns the Plant Owners (each
as defined below) (collectively, the &#147;Company&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&#147;WDG&#148;), a nutritious animal feed and syrup. Serving integrated
oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four
ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective
fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol
produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies
and sells its WDG to dairy operators and animal feed distributors.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants,
the &#147;Plant Owners&#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one
of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more
operational facilities or resume operations at any idled facility.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Reverse
Stock Split</u></i> &#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share
information has been restated to retroactively show the effect of this stock split.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Liquidity </u></i>&#150;
During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under
its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through
the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise
of warrants.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">As of
March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June
25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due
on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay
the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital
to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure
the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default
on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due
June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&#146;
inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material
adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. </font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company&#146;s
current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&#146;s credit facility.
In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects
that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,
if any, under Kinergy&#146;s credit facility, cash generated from Kinergy&#146;s ethanol marketing business, fees paid under
the asset management agreement relating to the Company&#146;s operation of the Pacific Ethanol Plants, distributions, if any,
in respect of the Company&#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity
financings.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">Subject
to closing under the Company&#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires
stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated
from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&#146;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&#146;s failure to
raise capital, if needed, could restrict its growth, or hinder its ability to compete.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Accounts
Receivable and Allowance for Doubtful Accounts</u></i> &#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The Company
maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process
is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified
number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance
in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has
been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and
the Company&#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">Of the
accounts receivable balance, approximately $25,385,000 and $20,627,000 at March 31, 2013 and December 31, 2012, respectively,
were used as collateral under Kinergy&#146;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000
as of March 31, 2013 and December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the
three months ended March 31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related
to its customers.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt"><i><u>Basis
of Presentation</u></i><u>&#150;<i>Interim Financial Statements</i></u><font style="font-family: Times New Roman, Times, Serif; color: black">
</font>&#150; The accompanying unaudited consolidated financial statements and related notes have been prepared in accordance
with accounting principles generally accepted in the United States for interim financial information and the instructions to Form
10-Q and Rule&#160;10-01 of Regulation&#160;S-X. Results for interim periods should not be considered indicative of results for
a full year. These interim consolidated financial statements should be read in conjunction with the consolidated financial statements
and related notes contained in the Company&#146;s Annual Report on Form 10-K for the year ended December&#160;31, 2012. The accounting
policies used in preparing these consolidated financial statements are the same as those described in Note 1 to the consolidated
financial statements in the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of
management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of the results
for interim periods have been included. All significant intercompany accounts and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">The preparation
of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting
period. Significant estimates are required as part of determining the consolidation of variable interest entities, fair value
of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment and intangibles,
long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future tax consequences
of events recognized in the Company&#146;s financial statements or tax returns. Actual results and outcomes may materially differ
from management&#146;s estimates and assumptions.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">Reclassifications
of prior year&#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.</font></p><span></span></td>
        <td class="text"><p style="margin: 0pt">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Organization and Business</u></i>
&#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware
corporation (&#147;Pacific Ethanol&#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries,
Kinergy Marketing, LLC, an Oregon limited liability company (&#147;Kinergy&#148;), Pacific Ag. Products, LLC, a California limited
liability company (&#147;PAP&#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its
majority-owned subsidiary, New PE Holdco LLC (&#147;New PE Holdco&#148;), which owns the Plant Owners (each as defined below)
(collectively, the &#147;Company&#148;).</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company is the leading marketer
and producer of low-carbon renewable fuels in the Western United States. The Company also sells ethanol co-products, including
wet distillers grain (&#147;WDG&#148;), a nutritious animal feed. Serving integrated oil companies and gasoline marketers who
blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through third-party service providers
in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho and Washington. The Company
had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production facilities, as of December 31, 2012
and 2011, respectively. The facilities are near their respective fuel and feed customers, offering significant timing, transportation
cost and logistical advantages. The Company sells ethanol produced by the Pacific Ethanol Plants (as defined below) and unrelated
third parties to gasoline refining and distribution companies and sells its WDG to dairy operators and animal feed distributors.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company manages the production and
operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol Columbia, LLC, Pacific Ethanol
Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &#147;Pacific Ethanol Plants&#148;) and their holding
company, Pacific Ethanol Holding Co. LLC (&#147;PEHC,&#148; and together with the Pacific Ethanol Plants, the &#147;Plant Owners&#148;).
PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual ethanol production capacity
of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and one of the facilities was idled.
As market conditions change, the Company may increase, decrease or idle production at one or more operational facilities or resume
operations at any idled facility.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Basis of Presentation</u></i>
&#150; The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally
accepted in United States (&#147;GAAP&#148;) and include the accounts of the Company. All significant intercompany accounts and
transactions have been eliminated in consolidation.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Consolidation of Variable Interest
Entities</u></i> &#150; The Company applies the guidance in the Financial Accounting Standards Board&#146;s (&#147;FASB&#148;)
Accounting Standards Codification 810, <i>Consolidation</i>, surrounding a company&#146;s analysis to determine whether any of
its variable interests constitute controlling financial interests in a variable interest entity (&#147;VIE&#148;). This analysis
identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i) the power to
direct the activities of a VIE that most significantly impact the entity&#146;s economic performance, and (ii) the obligation
to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity
that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has an implicit
financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct the activities
of the VIE that most significantly impact the entity&#146;s economic performance. The guidance also requires ongoing reassessments
of whether an enterprise is the primary beneficiary of a VIE.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 6, 2010, the Company purchased
an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&#146;s owners. At that time, the Company
determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated the results of New PE Holdco. As
long as the Company is deemed New PE Holdco&#146;s primary beneficiary, the Company must treat New PE Holdco as a consolidated
subsidiary for financial reporting purposes. See Note 2 &#150; Variable Interest Entity. Through various transactions, the Company
has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January 2013, the Company increased its ownership
interest in New PE Holdco to 80% and in March 2013, the Company further increased its ownership interest in New PE Holdco to 83%
..</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;<i><u>Reverse
Stock Split</u></i> &#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split and on June 8, 2011, the
Company effected a one-for-seven reverse stock split. All share and per share information has been restated to retroactively show
the effects of these stock splits.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><i><u>Liquidity</u></i> &#150;
During 2012, the Company funded its operations primarily from cash provided by operations, borrowings under its credit facilities
and various capital raising transactions in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate
of 3,700,000 shares of its common stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 28, 2013, the Plant Owners
had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&#146; inability to restructure or repay the $4,000,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#146;s current available
capital resources consist of cash on hand and amounts available for borrowing under Kinergy&#146;s credit facility. In addition,
the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future
available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under
Kinergy&#146;s credit facility, cash generated from Kinergy&#146;s ethanol marketing business, fees paid under the asset management
agreement relating to the Company&#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership
interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Subject to closing under the Company&#146;s
existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,
the Company believes that current and future available capital resources, revenues generated from operations, and other existing
sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure
requirements for at least the next twelve months. If, however, the Company&#146;s capital requirements or cash flow vary materially
from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund
future acquisitions, it may require additional financing. The Company&#146;s failure to raise capital, if needed, could restrict
its growth, or hinder its ability to compete.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Cash and Cash Equivalents</u></i>
&#150; The Company considers all highly-liquid investments with an original maturity of three months or less to be cash equivalents.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Accounts Receivable and Allowance
for Doubtful Accounts</u></i> &#150; Trade accounts receivable are presented at face value, net of the allowance for doubtful
accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy operators and animal
feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the Company had significant
concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company maintains an allowance for
doubtful accounts for balances that appear to have specific collection issues. The collection process is based on the age of the
invoice and requires attempted contacts with the customer at specified intervals. If, after a specified number of days, the Company
has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance in question. Delinquent accounts
receivable are charged against the allowance for doubtful accounts once uncollectibility has been determined. The factors considered
in reaching this determination are the apparent financial condition of the customer and the Company&#146;s success in contacting
and negotiating with the customer. If the financial condition of the Company&#146;s customers were to deteriorate, resulting in
an impairment of ability to make payments, additional allowances may be required.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Of the accounts receivable balance,
approximately $20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral under Kinergy&#146;s
operating line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31, 2012 and 2011, respectively.
The Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31, 2012 and 2011, respectively. The
Company does not have any off-balance sheet credit exposure related to its customers.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Concentrations of Credit Risk</u></i>
&#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed completely
to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial instruments
exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability
to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial
instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance
limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts
and believes that it is not exposed to any significant risk of loss of cash.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company sells fuel-grade ethanol
to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10% or more of the Company&#146;s
total net sales, as follows.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Years Ended December 31,</font></td>
    <td style="line-height: 115%">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2012</font></td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">2011</font></td>
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
    <td style="width: 48%; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">Customer A</font></td>
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    <td style="width: 1%; line-height: 115%">&#160;</td>
    <td style="width: 21%; text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">21%</font></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had accounts receivable
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company purchases fuel-grade ethanol
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of normal maintenance and repairs
is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated
over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related
accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current
operations.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Intangible Assets</u></i> &#150;
The Company amortizes intangible assets with definite lives using the straight-line method over their established lives, generally
2-10 years. Additionally, the Company tests these assets with established lives for impairment if conditions exist that indicate
that carrying values may not be recoverable. Possible conditions leading to the unrecoverability of these assets include changes
in market conditions, changes in future economic conditions or changes in technological feasibility that impact the Company&#146;s
assessments of future operations. If the Company determines that an impairment charge is needed, the charge will be recorded in
selling, general and administrative expenses in the consolidated statements of operations.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Deferred Financing Costs</u></i>
&#150; Deferred financing costs, which are included in other assets, are costs incurred to obtain debt financing, including all
related fees, and are amortized as interest expense over the term of the related financing using the straight-line method which
approximates the interest rate method. Amortization of deferred financing costs was $736,000 and $651,000 for the years ended December
31, 2012 and 2011, respectively. Unamortized deferred financing costs were approximately $1,447,000 at December 31, 2012 and are
recorded in other assets in the consolidated balance sheets.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Derivative Instruments and Hedging
Activities</u></i> &#150; Derivative transactions, which can include forward contracts and futures positions on the New York Mercantile
Exchange and the Chicago Board of Trade are recorded on the balance sheet as assets and liabilities based on the derivative&#146;s
fair value. Changes in the fair value of derivative contracts are recognized currently in income unless specific hedge accounting
criteria are met. If derivatives meet those criteria, effective gains and losses are deferred in accumulated other comprehensive
income (loss) and later recorded together with the hedged item in consolidated income (loss). For derivatives designated as a cash
flow hedge, the Company formally documents the hedge and assesses the effectiveness with associated transactions. The Company has
designated and documented contracts for the physical delivery of commodity products to and from counterparties as normal purchases
and normal sales.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Revenue Recognition</u></i> &#150;
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable
and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable,
and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol and related co-products. The
Company recognizes revenue when title transfers to its customers, which is generally upon the delivery of these products to a customer&#146;s
designated location. These deliveries are made in accordance with sales commitments and related sales orders entered into either
verbally or in writing with customers. The sales commitments and related sales orders provide quantities, pricing and conditions
of sales. In this regard, the Company engages in three basic types of revenue generating transactions:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%">
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</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenue from sales of third-party ethanol
and co-products is recorded net of costs when the Company is acting as an agent between a customer and a supplier and gross when
the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in net sales when acting as an agent
for the years ended December 31, 2012 and 2011, respectively. Several factors are considered to determine whether the Company is
acting as an agent or principal, most notably whether the Company is the primary obligor to the customer and whether the Company
has inventory risk and related risk of loss or whether the Company adds meaningful value to the supplier&#146;s product or service.
Consideration is also given to whether the Company has latitude in establishing the sales price or has credit risk, or both. When
the Company acts as an agent, it recognizes revenue on a net basis or recognizes its predetermined fees and any associated freight,
based upon the amount of net revenues retained in excess of amounts paid to suppliers.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company records revenues based upon
the gross amounts billed to its customers in transactions where the Company acts as a producer or a merchant and obtains title
to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory risk for the ethanol, regardless
of whether the Company actually obtains physical control of the product.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Shipping and Handling Costs</u></i>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>California Ethanol Producer Incentive
Program</u></i> &#150; The Company is eligible to participate in the California Ethanol Producer Incentive Program (&#147;CEPIP&#148;)
through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide funds to an eligible California
facility&#151;up to $0.25 per gallon of production&#151;when current production corn crush spreads, measured as the difference
between specified ethanol and corn index prices, are less than prescribed levels determined by the California Energy Commission
(&#147;CEC&#148;). For any month in which a payment is made by the CEPIP, the Company may be required to reimburse the funds
within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon. Since these funds are
provided to subsidize current production costs and encourage eligible facilities to either continue production or start up production
in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold. The Company will assess
the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If it becomes likely that amounts
may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize the costs as an increase
in cost of goods sold.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The program may provide up to $3,000,000
per plant per year of operation through 2014. However, in 2012, this program was not funded and the Company can provide no assurance
that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds, participant eligibility or other
policy choices that may impact the ability of the Pacific Ethanol Plants located in California to be eligible for the CEPIP in
2013 or future years.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded $0 and $1,481,000
as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively, in respect of CEPIP payments
received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000 received under the program,
and based on historical corn crush spreads, the Company does not believe it will be required to make any reimbursements in the
foreseeable future.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Stock-Based Compensation</u></i>
&#150; The Company accounts for the cost of employee services received in exchange for the award of equity instruments based on
the fair value of the award, determined on the date of grant. The expense is to be recognized over the period during which an employee
is required to provide services in exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions,
if necessary, in the second quarter of each year if actual forfeitures differ from those estimates. Based on historical experience,
the Company estimated future unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes
stock-based compensation expense as a component of selling, general and administrative expenses in the consolidated statements
of operations.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Impairment of Long-Lived Assets</u></i>
&#150;<font style="color: black"> The Company assesses the impairment of long-lived assets, including property and equipment and
purchased intangibles subject to amortization, when events or changes in circumstances indicate that the fair value of assets could
be less than their net book value. In such event, the Company assesses long-lived assets for impairment by first determining the
forecasted, undiscounted cash flows the asset is expected to generate plus the net proceeds expected from the sale of the asset.
If this amount is less than the carrying value of the asset, the Company will then determine the fair value of the asset. An impairment
loss would be recognized when the fair value is less than the related asset&#146;s net book value, and an impairment expense would
be recorded in the amount of the difference. Forecasts of future cash flows are judgments based on the Company&#146;s experience
and knowledge of its operations and the industries in which it operates. These forecasts could be significantly affected by future
changes in market conditions, the economic environment, including inflation, and purchasing decisions of the Company&#146;s customers.
</font></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income Taxes</u></i> &#150; Income
taxes are accounted for under the asset and liability approach, where deferred tax assets and liabilities are determined based
on differences between financial reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and
laws that are expected to be in effect when the differences reverse. Valuation allowances are established when necessary to reduce
deferred tax assets to the amounts expected to be realized.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accounts for uncertainty
in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled
on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest
and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other
income (expense), net, respectively.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Income (Loss) Per Share</u></i>
&#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding
during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered
in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;The following
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&#160;&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse">
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    <td style="width: 13%; text-align: right; line-height: 115%">&#160;</td>
    <td style="width: 1%; line-height: 115%">&#160;</td>
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    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
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    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #EEEEEE">
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    <td style="text-align: right; line-height: 115%"><font style="font: 10pt Times New Roman, Times, Serif">&#150;</font></td>
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    <td style="text-align: right; line-height: 115%">&#160;</td>
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    <td style="text-align: right; line-height: 115%">&#160;</td>
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    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="line-height: 115%">&#160;</td>
    <td style="text-align: right; line-height: 115%">&#160;</td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company had accrued and unpaid dividends
of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible
Preferred Stock (&#147;Series B Preferred Stock&#148;).</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">There were an aggregate of 246,000
and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.
These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December
31, 2012 and 2011 as their effect would be anti-dilutive.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Since December 31, 2012, through
the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock
under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock
upon cash exercises of certain outstanding warrants.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Financial Instruments</u></i>
&#150; The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable
estimates of their fair values because of the short maturity of these items. The Company recorded at fair value its warrants and
convertible notes. The Company believes the carrying value of its long-term debt approximates fair value because the interest rates
on these instruments are variable.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Estimates and Assumptions</u></i>
&#150; The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant
estimates are required as part of determining the consolidation of VIEs, fair value of warrants, allowance for doubtful accounts,
estimated lives of property and equipment and intangibles, long-lived asset impairments, valuation allowances on deferred income
taxes and the potential outcome of future tax consequences of events recognized in the Company&#146;s financial statements or
tax returns. Actual results and outcomes may materially differ from management&#146;s estimates and assumptions.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Subsequent Events</u></i> &#150;
Management evaluates, as of each reporting period, events or transactions that occur after the balance sheet date through the date
that the financial statements are issued for either disclosure or adjustment to the consolidated financial results. The Company
has evaluated subsequent events up through the date of the filing of this report with the Securities and Exchange Commission. See
Note 14.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Reclassifications</u></i> &#150;
Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassification had no effect on
the consolidated net income (loss) reported in the consolidated statements of operations.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Recent Accounting Pronouncements</u></i>
&#150; On May 12, 2011, FASB issued Accounting Standards Update (&#147;ASU&#148;) No. 2011-04, <i>Fair Value Measurement (Topic
820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS</i>. ASU No. 2011-04
was issued concurrently with International Financial Reporting Standards (&#147;IFRS&#148;) 13 <i>Fair Value Measurements</i>,
to provide largely identical guidance about fair value measurement and disclosure requirements. The new standards do not extend
the use of fair value but, rather, provide guidance about how fair value should be applied where it already is required or permitted
under IFRS or U.S. GAAP. The Company&#146;s adoption of this standard did not have a material effect on its consolidated financial
position, results of operations or cash flows.</p>

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0E4EAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>5. DEBT (Details Narrative 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">12 Months Ended</th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="3">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Kinergy</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013

</div>
          <div>Plant Owners</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Plant Owners</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Related Party</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Related Party</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity', window );">Availability under the revolving credit facility</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 27,017<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 46,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityIncreaseAdditionalBorrowings', window );">Credit facility increase</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">10,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAmountOutstanding', window );">Outstanding balance</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">19,711<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">46,000<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest under notes</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">60<span></span></td>
        <td class="nump">78<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayableRelatedPartiesCurrentAndNoncurrent', window );">Remaining amount of notes due and payable</a></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">750<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Debt maturity date</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">Jun. 30,
				 2016<span></span></td>
        <td class="text">Mar. 31,
				 2014<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentIncreaseAccruedInterest', window );">Accrued interest</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,818<span></span></td>
        <td class="nump">3,542<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption', window );">Income for fair value adjustments</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">3,108<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseBorrowings', window );">Interest expense on borrowings</a></td>
        <td class="nump">$ 12,314<span></span></td>
        <td class="nump">$ 14,813<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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    <div style="display: none;">
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase for accrued, but unpaid interest on the debt instrument for the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph f<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentIncreaseAccruedInterest</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 22<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 129<br><br> -Paragraph 2, 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_DebtInstrumentMaturityDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                <p>The increase (decrease) in fair value adjustments on assets and liabilities carried at fair value under the fair value option not separately disclosed on the statement of cash flows by Federal Home Loan Banks.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate amount of interest expense on all borrowings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher OTS<br><br> -Name Federal Regulation (FR)<br><br> -Number Title 12<br><br> -Section 563c.102<br><br> -Paragraph 8<br><br> -Chapter V<br><br> -Subsection I<br><br> -LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy.  It will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.7,8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.8)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 34<br><br> -Paragraph 21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                    <td>debit</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount borrowed under the credit facility as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
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                <p>Amount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(b),22(b))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19, 22<br><br> -Article 5<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Increase for additional borrowings on the credit facility during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(f))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph f<br><br> -Article 4<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount for notes payable (written promise to pay), due to related parties.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (d)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 210<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-03.17)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 17<br><br> -Article 7<br><br><br><br></p>
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          <div style="width: 200px;"><strong>4. DERIVATIVES (Details 1) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="2">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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          <div>Dec. 31, 2011</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract', window );"><strong>Derivative Instruments and Hedging Activities Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeTypeOfInstrument', window );">Type of derivative</a></td>
        <td class="text">Commodity contracts<span></span></td>
        <td class="text">Commodity contracts<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeAssetsCurrent', window );">Other current assets</a></td>
        <td class="nump">$ 189<span></span></td>
        <td class="nump">$ 244<span></span></td>
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        <td class="nump">$ 167<span></span></td>
        <td class="nump">$ 500<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair values as of the balance sheet date for all assets resulting from contracts that meet the criteria of being accounted for as derivative instruments and which are expected to be converted into cash or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13495-108611<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 4<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FIN39-1<br><br> -Paragraph 10A, 10B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 4, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Assets<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509628<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Current Liabilities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section A<br><br> -Paragraph 7<br><br> -Chapter 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41228-113958<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 15<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13495-108611<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 815<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6945355&amp;loc=d3e41271-113958<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FIN39-1<br><br> -Paragraph 10A, 10B<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 133<br><br> -Paragraph 4, 17<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Description of the type of derivative instrument, such as a swap, forward, and option. Excludes the underlying risk of the instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in; width: 23%"&gt;&lt;font style="font-size: 8pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,120&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,141&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2016&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;1,103&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;2017&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;951&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; padding-bottom: 1pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Thereafter&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,590&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center; padding-bottom: 2.5pt; text-indent: -1in; padding-left: 1in"&gt;&lt;font style="font-size: 8pt"&gt;Total&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Total rent
expense during the years ended December 31, 2012 and 2011 was $2,252,000 and $2,300,000, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Sales
Commitments&lt;/i&gt; &amp;#150; At December 31, 2012, the Company had entered into sales contracts with its major customers to sell certain
quantities of ethanol, WDG and syrup. The Company had open ethanol indexed-price contracts for 97,038,000 gallons of ethanol as
of December 31, 2012. The Company had open WDG and syrup fixed-price sales contracts valued at $1,194,000 and open indexed-price
sales contracts for 31,000 tons of WDG and syrup as of December 31, 2012. These sales contracts will be completed throughout 2013.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Purchase
Commitments&lt;/i&gt; &amp;#150; At December 31, 2012, the Company had fixed-price purchase contracts to purchase $9,361,000 of ethanol
from its suppliers. These purchase commitments will be satisfied throughout 2013.&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Contingencies
&lt;/u&gt;&lt;/i&gt;&amp;#150; The following is a description of significant contingencies at December 31, 2012:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;Litigation
&amp;#150; General &amp;#150;&lt;/i&gt; The Company is subject to various claims and contingencies in the ordinary course of its business,
including those related to litigation, business transactions and employee-related matters. When the Company is aware of a claim
or potential claim, it assesses the likelihood of any loss or exposure. If it is probable that a loss will result and the amount
of the loss can be reasonably estimated, the Company will record a liability for the loss. If the loss is not probable or the
amount of the loss cannot be reasonably estimated, the Company discloses the claim if the likelihood of a potential loss is reasonably
possible and the amount involved could be material. While there can be no assurances, the Company does not expect that any of
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financial statements include, for all periods presented, the accounts of Pacific Ethanol, Inc., a Delaware corporation (&amp;#147;Pacific
Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its wholly-owned subsidiaries, Kinergy Marketing, LLC, an
Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products, LLC, a California limited liability company (&amp;#147;PAP&amp;#148;)
and Pacific Ethanol Management Services Corp., a Delaware corporation, and including its majority-owned subsidiary, New PE Holdco
LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed and syrup. Serving integrated
oil companies and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery
of ethanol through third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah,
Oregon, Colorado, Idaho and Washington. The Company had an 83% and 67% ownership interest in New PE Holdco, the owner of four
ethanol production facilities, as of March 31, 2013 and December 31, 2012, respectively. The facilities are near their respective
fuel and feed customers, offering significant timing, transportation cost and logistical advantages. The Company sells ethanol
produced by the Pacific Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies
and sells its WDG to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,
the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of March 31, 2013, three of the facilities were operating and one
of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or more
operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Organization
and Business&lt;/u&gt;&lt;/i&gt; &amp;#150; The consolidated financial statements include, for all periods presented, the accounts of Pacific
Ethanol, Inc., a Delaware corporation (&amp;#147;Pacific Ethanol&amp;#148;), and its direct and indirect subsidiaries, including its
wholly-owned subsidiaries, Kinergy Marketing, LLC, an Oregon limited liability company (&amp;#147;Kinergy&amp;#148;), Pacific Ag. Products,
LLC, a California limited liability company (&amp;#147;PAP&amp;#148;) and Pacific Ethanol Management Services Corp., a Delaware corporation,
and including its majority-owned subsidiary, New PE Holdco LLC (&amp;#147;New PE Holdco&amp;#148;), which owns the Plant Owners (each
as defined below) (collectively, the &amp;#147;Company&amp;#148;).&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;The
Company is the leading marketer and producer of low-carbon renewable fuels in the Western United States. The Company also sells
ethanol co-products, including wet distillers grain (&amp;#147;WDG&amp;#148;), a nutritious animal feed. Serving integrated oil companies
and gasoline marketers who blend ethanol into gasoline, the Company provides transportation, storage and delivery of ethanol through
third-party service providers in the Western United States, primarily in California, Arizona, Nevada, Utah, Oregon, Colorado,
Idaho and Washington. The Company had a 67% and 34% ownership interest in New PE Holdco, the owner of four ethanol production
facilities, as of December 31, 2012 and 2011, respectively. The facilities are near their respective fuel and feed customers,
offering significant timing, transportation cost and logistical advantages. The Company sells ethanol produced by the Pacific
Ethanol Plants (as defined below) and unrelated third parties to gasoline refining and distribution companies and sells its WDG
to dairy operators and animal feed distributors.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
manages the production and operation of four ethanol production facilities, namely, Pacific Ethanol Madera LLC, Pacific Ethanol
Columbia, LLC, Pacific Ethanol Stockton, LLC and Pacific Ethanol Magic Valley, LLC (collectively, the &amp;#147;Pacific Ethanol Plants&amp;#148;)
and their holding company, Pacific Ethanol Holding Co. LLC (&amp;#147;PEHC,&amp;#148; and together with the Pacific Ethanol Plants,
the &amp;#147;Plant Owners&amp;#148;). PEHC is a wholly-owned subsidiary of New PE Holdco. These four facilities have an aggregate annual
ethanol production capacity of up to 200 million gallons. As of December 31, 2012, three of the facilities were operating and
one of the facilities was idled. As market conditions change, the Company may increase, decrease or idle production at one or
more operational facilities or resume operations at any idled facility.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the nature of an entity's business, the major products or services it sells or provides and its principal markets, including the locations of those markets. If the entity operates in more than one business, the disclosure also indicates the relative importance of its operations in each business and the basis for the determination (for example, assets, revenues, or earnings).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 275

 -SubTopic 10

 -Section 50

 -Paragraph 2

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Statement of Position (SOP)

 -Number 94-6

 -Paragraph 10

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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of Presentation&lt;/u&gt;&lt;/i&gt;&lt;u&gt;&amp;#150;&lt;i&gt;Interim Financial Statements&lt;/i&gt;&lt;/u&gt;&amp;#160;&amp;#150; The accompanying unaudited consolidated
financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United
States for interim financial information and the instructions to Form 10-Q and Rule&amp;#160;10-01 of Regulation&amp;#160;S-X. Results
for interim periods should not be considered indicative of results for a full year. These interim consolidated financial statements
should be read in conjunction with the consolidated financial statements and related notes contained in the Company&amp;#146;s Annual
Report on Form 10-K for the year ended December&amp;#160;31, 2012. The accounting policies used in preparing these consolidated financial
statements are the same as those described in Note 1 to the consolidated financial statements in the Company&amp;#146;s Annual Report
on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair statement of the results for interim periods have been included. All significant
intercompany accounts and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The
preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United
States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses
during the reporting period. Significant estimates are required as part of determining the consolidation of variable interest
entities, fair value of convertible notes and warrants, allowance for doubtful accounts, estimated lives of property and equipment
and intangibles, long-lived asset impairments, valuation allowances on deferred income taxes and the potential outcome of future
tax consequences of events recognized in the Company&amp;#146;s financial statements or tax returns. Actual results and outcomes
may materially differ from management&amp;#146;s estimates and assumptions.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Reclassifications
of prior year&amp;#146;s data have been made to conform to 2013 classifications. Such classifications had no effect on net income
(loss) reported in the consolidated statements of operations.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The consolidated financial statements and related
notes have been prepared in accordance with accounting principles generally accepted in United States (&amp;#147;GAAP&amp;#148;) and
include the accounts of the Company. All significant intercompany accounts and transactions have been eliminated in consolidation.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).  Accounting policies describe all significant accounting policies of the reporting entity.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Basis of Presentation</Label></Row><Row FlagID="0"><Id>4</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_ConsolidationVariableInterestEntityPolicy</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Consolidation
of Variable Interest Entities&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company applies the guidance in the Financial Accounting Standards Board&amp;#146;s
(&amp;#147;FASB&amp;#148;) Accounting Standards Codification 810, &lt;i&gt;Consolidation&lt;/i&gt;, surrounding a company&amp;#146;s analysis to determine
whether any of its variable interests constitute controlling financial interests in a variable interest entity (&amp;#147;VIE&amp;#148;).
This analysis identifies the primary beneficiary of a VIE as the enterprise that has both of the following characteristics: (i)
the power to direct the activities of a VIE that most significantly impact the entity&amp;#146;s economic performance, and (ii) the
obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from
the entity that could potentially be significant to the VIE. Additionally, an enterprise is required to assess whether it has
an implicit financial responsibility to ensure that a VIE operates as designed when determining whether it has the power to direct
the activities of the VIE that most significantly impact the entity&amp;#146;s economic performance. The guidance also requires ongoing
reassessments of whether an enterprise is the primary beneficiary of a VIE.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;On October
6, 2010, the Company purchased an initial 20% ownership interest in New PE Holdco, a VIE, from a number of New PE Holdco&amp;#146;s
owners. At that time, the Company determined it was the primary beneficiary of New PE Holdco, and as such, has since consolidated
the results of New PE Holdco. As long as the Company is deemed New PE Holdco&amp;#146;s primary beneficiary, the Company must treat
New PE Holdco as a consolidated subsidiary for financial reporting purposes. See Note 2 &amp;#150; Variable Interest Entity. Through
various transactions, the Company has increased its ownership interest in New PE Holdco to 67% at December 31, 2012. In January
2013, the Company increased its ownership interest in New PE Holdco to 80% and in March 2013, the Company further increased its
ownership interest in New PE Holdco to 83% .&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -URI http://asc.fasb.org/subtopic&amp;trid=2197480



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name FASB Interpretation (FIN)

 -Number 46R

 -Paragraph 14, 15

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 5A

 -Subparagraph (a)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759159-111685



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 4

 -Subparagraph (e)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5728-111685



Reference 6: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 2AA

 -Subparagraph a

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6759068-111685



Reference 7: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 167

 -Paragraph 24

 -Subparagraph e

 -Appendix D



Reference 8: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 167

 -Paragraph 22E

 -Subparagraph a

 -Appendix D



Reference 9: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 167

 -Paragraph 22B

 -Subparagraph a

 -Appendix D



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</LabelSeparator><Level>2</Level><ElementName>peix_ReverseStockSplitPolicy</ElementName><ElementPrefix>peix_</ElementPrefix><IsBaseElement>false</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Reverse
Stock Split&lt;/u&gt;&lt;/i&gt; &amp;#150; On May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share
information has been restated to retroactively show the effect of this stock split.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On May 14, 2013, the Company effected
a one-for-fifteen reverse stock split and on June 8, 2011, the Company effected a one-for-seven reverse stock split. All share
and per share information has been restated to retroactively show the effects of these stock splits.&lt;/p&gt;



&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Reverse Stock Split</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Reverse Stock Split</Label></Row><Row FlagID="0"><Id>6</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_LiquidityDisclosureTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2013-01-01to2013-03-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Liquidity &lt;/u&gt;&lt;/i&gt;&amp;#150;
During the three months ended March 31, 2013, the Company funded its operations primarily from cash on hand, borrowings under
its credit facilities and various capital raising transactions in which it raised gross proceeds of $31,042,000 through
the issuances of senior unsecured notes, unsecured subordinated convertible notes and in connection with the exercise
of warrants.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;As of
March 31, 2013, the Plant Owners had up to $103,597,000 in combined term and revolving debt, of which $4,029,000 is due on June
25, 2013, up to $15,000,000 in revolving debt is due on June 25, 2015 and $89,568,000 in combined term and revolving debt is due
on June, 30, 2016, of which Pacific Ethanol owns $24,174,000. The Plant Owners do not and may not have sufficient funds to repay
the $4,029,000 in debt on or prior to its maturity on June 25, 2013. The Company has entered into agreements to raise capital
to repay the debt, but the closing under the agreements requires stockholder approval. If the Company is unable to timely restructure
the debt or raise sufficient capital to repay the debt, the Plant Owners will be in default on that debt and in cross-default
on the $89,568,000 in revolving and term debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due
June 25, 2015, all of which may be accelerated and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146;
inability to restructure or repay the $4,029,000 of debt due on June 25, 2013 prior to its maturity will likely have a material
adverse effect on the Company, and its direct and indirect subsidiaries, including Kinergy and the Plant Owners. &lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company&amp;#146;s
current available capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility.
In addition, the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects
that its future available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing,
if any, under Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under
the asset management agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any,
in respect of the Company&amp;#146;s ownership interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity
financings.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify; text-indent: 0in"&gt;&lt;font style="font-size: 8pt"&gt;Subject
to closing under the Company&amp;#146;s existing agreements to raise capital to repay the debt due June 25, 2013, which requires
stockholder approval of the transaction, the Company believes that current and future available capital resources, revenues generated
from operations, and other existing sources of liquidity, including its credit facilities, will be adequate to meet its anticipated
working capital and capital expenditure requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital
requirements or cash flow vary materially from its current projections, if unforeseen circumstances occur, or if the Company requires
a significant amount of cash to fund future acquisitions, it may require additional financing. The Company&amp;#146;s failure to
raise capital, if needed, could restrict its growth, or hinder its ability to compete.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;During 2012, the Company funded
its operations primarily from cash provided by operations, borrowings under its credit facilities and various capital raising transactions
in which it raised aggregate net proceeds of $20,900,000 through the issuance of an aggregate of 3,700,000 shares of its common
stock and warrants to purchase up to an aggregate of up to 4,633,000 shares of its common stock.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of March 28, 2013, the Plant Owners
had up to $106,300,000 in combined term and revolving debt, of which $4,000,000 is due on June 25, 2013, up to $15,000,000 in revolving
debt is due on June 25, 2015 and $87,300,000 in combined term and revolving debt is due on June, 30, 2016, of which Pacific Ethanol
owns $24,200,000. The Plant Owners do not and may not have sufficient funds to repay the up to $4,000,000 in debt on or prior to
its maturity on June 25, 2013. The Company has entered into agreements to raise capital to repay the debt, but the closing under
the agreements requires stockholder approval. If the Company is unable to timely restructure the debt or raise sufficient capital
to repay the debt, the Plant Owners will be in default on that debt and in cross-default on the $87,300,000 in revolving and term
debt due on June 30, 2016 plus up to an additional $15,000,000 in revolving debt due June 25, 2015, all of which may be accelerated
and become immediately due and payable on June 25, 2013. The Plants Owners&amp;#146; inability to restructure or repay the $4,000,000
of debt due on June 25, 2013 prior to its maturity will likely have a material adverse effect on the Company, and its direct and
indirect subsidiaries, including Kinergy and the Plant Owners.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#146;s current available
capital resources consist of cash on hand and amounts available for borrowing under Kinergy&amp;#146;s credit facility. In addition,
the Plant Owners have credit facilities for use in the operations of the Pacific Ethanol Plants. The Company expects that its future
available capital resources will consist primarily of its remaining cash balances, amounts available for borrowing, if any, under
Kinergy&amp;#146;s credit facility, cash generated from Kinergy&amp;#146;s ethanol marketing business, fees paid under the asset management
agreement relating to the Company&amp;#146;s operation of the Pacific Ethanol Plants, distributions, if any, in respect of our ownership
interest in New PE Holdco, and the remaining proceeds of any future debt and/or equity financings.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Subject to closing under the Company&amp;#146;s
existing agreements to raise capital to repay the debt due June 25, 2013, which requires stockholder approval of the transaction,
the Company believes that current and future available capital resources, revenues generated from operations, and other existing
sources of liquidity, including its credit facilities, will be adequate to meet its anticipated working capital and capital expenditure
requirements for at least the next twelve months. If, however, the Company&amp;#146;s capital requirements or cash flow vary materially
from its current projections, if unforeseen circumstances occur, or if the Company requires a significant amount of cash to fund
future acquisitions, it may require additional financing. The Company&amp;#146;s failure to raise capital, if needed, could restrict
its growth, or hinder its ability to compete.&lt;/p&gt;



&lt;p style="margin: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Liquidity</Label></Row><Row FlagID="0"><Id>7</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_CashAndCashEquivalentsPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company considers all highly-liquid investments
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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;i&gt;&lt;u&gt;Accounts
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of the allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG
to dairy operators and animal feed distributors generally without requiring collateral.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;The
Company maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection
process is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after
a specified number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for
the balance in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility
has been determined. The factors considered in reaching this determination are the apparent financial condition of the customer
and the Company&amp;#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Of
the accounts receivable balance, approximately $25,385,000 and $20,627,000 at March 31, 2103 and December 31, 2012, respectively,
were used as collateral under Kinergy&amp;#146;s operating line of credit. The allowance for doubtful accounts was $226,000 and $18,000
as of March 31, 2013 and December 31, 2012, respectively. The Company recorded a bad debt expense of $208,000 and $2,000 for the
three months ended March 31, 2013 and 2012, respectively. The Company does not have any off-balance sheet credit exposure related
to its customers.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Accounts
Receivable and Allowance for Doubtful Accounts&lt;/u&gt;&lt;/i&gt; &amp;#150; Trade accounts receivable are presented at face value, net of the
allowance for doubtful accounts. The Company sells ethanol to gasoline refining and distribution companies and sells WDG to dairy
operators and animal feed distributors generally without requiring collateral. Due to a limited number of ethanol customers, the
Company had significant concentrations of credit risk from sales of ethanol as of December 31, 2012 and 2011, as described below.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
maintains an allowance for doubtful accounts for balances that appear to have specific collection issues. The collection process
is based on the age of the invoice and requires attempted contacts with the customer at specified intervals. If, after a specified
number of days, the Company has been unsuccessful in its collection efforts, a bad debt allowance is recorded for the balance
in question. Delinquent accounts receivable are charged against the allowance for doubtful accounts once uncollectibility has
been determined. The factors considered in reaching this determination are the apparent financial condition of the customer and
the Company&amp;#146;s success in contacting and negotiating with the customer. If the financial condition of the Company&amp;#146;s
customers were to deteriorate, resulting in an impairment of ability to make payments, additional allowances may be required.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Of the accounts
receivable balance, approximately $20,627,000 and $23,715,000 at December 31, 2012 and 2011, respectively, were used as collateral
under Kinergy&amp;#146;s operating line of credit. The allowance for doubtful accounts was $18,000 and $24,000 as of December 31,
2012 and 2011, respectively. The Company recorded a bad debt recovery of $6,000 and $218,000 for the years ended December 31,
2012 and 2011, respectively. The Company does not have any off-balance sheet credit exposure related to its customers.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Accounts Receivable and Allowance for Doubtful Accounts</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Accounts Receivable and Allowance for Doubtful Accounts</Label></Row><Row FlagID="0"><Id>9</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Concentrations
of Credit Risk&lt;/u&gt;&lt;/i&gt; &amp;#150; Credit risk represents the accounting loss that would be recognized at the reporting date if counterparties
failed completely to perform as contracted. Concentrations of credit risk, whether on- or off-balance sheet, that arise from financial
instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their
ability to meet contractual obligations to be similarly affected by changes in economic or other conditions described below. Financial
instruments that subject the Company to credit risk consist of cash balances maintained in excess of federal depository insurance
limits and accounts receivable, which have no collateral or security. The Company has not experienced any losses in such accounts
and believes that it is not exposed to any significant risk of loss of cash.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
sells fuel-grade ethanol to gasoline refining and distribution companies. The Company sold ethanol to customers representing 10%
or more of the Company&amp;#146;s total net sales, as follows.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December
    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 26%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer A&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;22%&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer B&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;16%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;9%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Customer C&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;12%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;7%&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
had accounts receivable due from these customers totaling $12,011,000 and $13,577,000, representing 46% and 48% of total accounts
receivable as of December 31, 2012 and 2011, respectively.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
purchases fuel-grade ethanol and corn, its largest cost component in producing ethanol, from its suppliers. The Company purchased
ethanol and corn from suppliers representing 10% or more of the Company&amp;#146;s total purchases for the purchase and production
of ethanol, as follows:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Years Ended December
    31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
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</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Inventories</Label></Row><Row FlagID="0"><Id>11</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Property and equipment are stated at
cost. Depreciation is computed using the straight-line method over the following estimated useful lives:&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 68%; padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Buildings&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 32%; padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;40 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: White"&gt;
    &lt;td style="padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10 &amp;#150; 25 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-right: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-right: 0.05in; padding-left: 0.05in; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;5 &amp;#150; 10 years&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of normal maintenance and repairs
is charged to operations as incurred. Significant capital expenditures that increase the life of an asset are capitalized and depreciated
over the estimated remaining useful life of the asset. The cost of fixed assets sold, or otherwise disposed of, and the related
accumulated depreciation or amortization are removed from the accounts, and any resulting gains or losses are reflected in current
operations.&lt;/p&gt;

&lt;p style="font: 8pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&amp;#160;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for property, plant and equipment which may include the basis of such assets, depreciation methods used and estimated useful lives, the entity's capitalization policy, including its accounting treatment for costs incurred for repairs and maintenance activities, whether such asset balances include capitalized interest and the method by which such is calculated, how disposals of such assets are accounted for and how impairment of such assets is assessed and recognized.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 360

 -SubTopic 10

 -URI http://asc.fasb.org/subtopic&amp;trid=2155824



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 22

 -Paragraph 12, 13

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Research Bulletin (ARB)

 -Number 43

 -Section C

 -Paragraph 5

 -Chapter 9

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Accounting Principles Board Opinion (APB)

 -Number 12

 -Paragraph 5

 -Subparagraph d

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 6: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 7

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 7: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 210

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.5-02.13(a))

 -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682



Reference 8: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 02

 -Paragraph 13

 -Subparagraph a

 -Article 5



Reference 9: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 34

 -Paragraph 8, 9

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Property and Equipment</Label></Row><Row FlagID="0"><Id>12</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;The Company amortizes intangible
assets with definite lives using the straight-line method over their established lives, generally 2-10 years. Additionally, the
Company tests these assets with established lives for impairment if conditions exist that indicate that carrying values may not
be recoverable. Possible conditions leading to the unrecoverability of these assets include changes in market conditions, changes
in future economic conditions or changes in technological feasibility that impact the Company&amp;#146;s assessments of future operations.
If the Company determines that an impairment charge is needed, the charge will be recorded in selling, general and administrative
expenses in the consolidated statements of operations.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 350

 -SubTopic 30

 -URI http://asc.fasb.org/subtopic&amp;trid=2144471



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 144

 -Paragraph 7-18, 22

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 350

 -SubTopic 20

 -URI http://asc.fasb.org/subtopic&amp;trid=2144439



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 142

 -Paragraph 4, 11-23, 26, 34

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Intangible Assets</Label></Row><Row FlagID="0"><Id>13</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_CapitalizationOfDeferredPolicyAcquisitionCostsPolicy</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"&gt;Deferred financing costs, which
are included in other assets, are costs incurred to obtain debt financing, including all related fees, and are amortized as interest
expense over the term of the related financing using the straight-line method which approximates the interest rate method. Amortization
of deferred financing costs was $736,000 and $651,000 for the years ended December 31, 2012 and 2011, respectively. Unamortized
deferred financing costs were approximately $1,447,000 at December 31, 2012 and are recorded in other assets in the consolidated
balance sheets.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for deferred policy acquisition costs, including the nature, type, and amount of capitalized costs incurred to write or acquire insurance contracts, and the basis for and methodologies applied in capitalizing and amortizing such costs.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 944

 -SubTopic 30

 -Section 50

 -Paragraph 1

 -URI http://asc.fasb.org/extlink&amp;oid=6967983&amp;loc=d3e11264-158415



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 60

 -Paragraph 60

 -Subparagraph c

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Deferred Financing Costs</Label></Row><Row FlagID="0"><Id>14</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_DerivativesReportingOfDerivativeActivity</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Derivative transactions, which can include
forward contracts and futures positions on the New York Mercantile Exchange and the Chicago Board of Trade are recorded on the
balance sheet as assets and liabilities based on the derivative&amp;#146;s fair value. Changes in the fair value of derivative contracts
are recognized currently in income unless specific hedge accounting criteria are met. If derivatives meet those criteria, effective
gains and losses are deferred in accumulated other comprehensive income (loss) and later recorded together with the hedged item
in consolidated income (loss). For derivatives designated as a cash flow hedge, the Company formally documents the hedge and assesses
the effectiveness with associated transactions. The Company has designated and documented contracts for the physical delivery of
commodity products to and from counterparties as normal purchases and normal sales.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for derivatives entered into for trading purposes and those entered into for purposes other than trading including where and when derivative financial instruments and derivative commodity instruments and their related gains or losses are reported in the entity's statements of financial position, cash flows, and results of operations.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790



Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 133

 -Paragraph 44

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 08

 -Paragraph n

 -Article 4



Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 815

 -SubTopic 10

 -Section 50

 -URI http://asc.fasb.org/section&amp;trid=2229173



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 235

 -SubTopic 10

 -Section S99

 -Paragraph 1

 -Subparagraph (SX 210.4-08.(n)(7))

 -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Derivative Instruments and Hedging Activities</Label></Row><Row FlagID="0"><Id>15</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_RevenueRecognitionPolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;Revenue
Recognition&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company recognizes revenue when it is realized or realizable and earned. The Company considers
revenue realized or realizable and earned when there is persuasive evidence of an arrangement, delivery has occurred, the sales
price is fixed or determinable, and collection is reasonably assured. The Company derives revenue primarily from sales of ethanol
and related co-products. The Company recognizes revenue when title transfers to its customers, which is generally upon the delivery
of these products to a customer&amp;#146;s designated location. These deliveries are made in accordance with sales commitments and
related sales orders entered into either verbally or in writing with customers. The sales commitments and related sales orders
provide quantities, pricing and conditions of sales. In this regard, the Company engages in three basic types of revenue generating
transactions:&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As
                                                                                                           a producer&lt;/i&gt;. Sales
                                                                                                           as a producer consist
                                                                                                           of sales of the Company&amp;#146;s
                                                                                                           inventory produced
                                                                                                           at the Pacific Ethanol
                                                                                                           Plants.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As
                                                                                                           a merchant&lt;/i&gt;. Sales
                                                                                                           as a merchant consist
                                                                                                           of sales to customers
                                                                                                           through purchases from
                                                                                                           third-party suppliers
                                                                                                           in which the Company
                                                                                                           may or may not obtain
                                                                                                           physical control of
                                                                                                           the ethanol or co-products,
                                                                                                           in which shipments
                                                                                                           are directed from the
                                                                                                           Company&amp;#146;s suppliers
                                                                                                           to its terminals or
                                                                                                           direct to its customers
                                                                                                           but for which the Company
                                                                                                           accepts the risk of
                                                                                                           loss in the transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;
&lt;td style="width: 36pt"&gt;&lt;/td&gt;&lt;td style="width: 19pt"&gt;&lt;font style="font: 8pt Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;As
                                                                                                           an agent&lt;/i&gt;. Sales
                                                                                                           as an agent consist
                                                                                                           of sales to customers
                                                                                                           through purchases from
                                                                                                           third-party suppliers
                                                                                                           in which the risks
                                                                                                           and rewards of inventory
                                                                                                           ownership remain with
                                                                                                           third-party suppliers
                                                                                                           and the Company receives
                                                                                                           a predetermined service
                                                                                                           fee under these transactions.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;Revenue from
sales of third-party ethanol and co-products is recorded net of costs when the Company is acting as an agent between a customer
and a supplier and gross when the Company is a principal to the transaction. The Company recorded $2,756,000 and $2,856,000 in
net sales when acting as an agent for the years ended December 31, 2012 and 2011, respectively. Several factors are considered
to determine whether the Company is acting as an agent or principal, most notably whether the Company is the primary obligor to
the customer and whether the Company has inventory risk and related risk of loss or whether the Company adds meaningful value
to the supplier&amp;#146;s product or service. Consideration is also given to whether the Company has latitude in establishing the
sales price or has credit risk, or both. When the Company acts as an agent, it recognizes revenue on a net basis or recognizes
its predetermined fees and any associated freight, based upon the amount of net revenues retained in excess of amounts paid to
suppliers.&lt;/font&gt;&lt;/p&gt;

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
records revenues based upon the gross amounts billed to its customers in transactions where the Company acts as a producer or
a merchant and obtains title to ethanol and its co-products and therefore owns the product and any related, unmitigated inventory
risk for the ethanol, regardless of whether the Company actually obtains physical control of the product.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Handling Costs

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 -Publisher FASB

 -Name Accounting Standards Codification

 -Glossary Shipping Costs

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Reference 9: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Emerging Issues Task Force (EITF)

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&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&lt;i&gt;&lt;u&gt;California
Ethanol Producer Incentive Program&lt;/u&gt;&lt;/i&gt; &amp;#150; The Company is eligible to participate in the California Ethanol Producer Incentive
Program (&amp;#147;CEPIP&amp;#148;) through the Pacific Ethanol Plants located in California. The CEPIP is a program that may provide
funds to an eligible California facility&amp;#151;up to $0.25 per gallon of production&amp;#151;when current production corn crush spreads,
measured as the difference between specified ethanol and corn index prices, are less than prescribed levels determined by the
California Energy Commission (&amp;#147;CEC&amp;#148;). For any month in which a payment is made by the CEPIP, the Company may be required
to reimburse the funds within the subsequent five years from each payment date, if the corn crush spreads exceed $1.00 per gallon.
Since these funds are provided to subsidize current production costs and encourage eligible facilities to either continue production
or start up production in low margin environments, the Company records the proceeds, if any, as a credit to cost of goods sold.
The Company will assess the likelihood of reimbursement in future periods as corn crush spreads approach $1.00 per gallon. If
it becomes likely that amounts may be reimbursable by the Company, the Company will accrue a liability for such payment and recognize
the costs as an increase in cost of goods sold.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The program
may provide up to $3,000,000 per plant per year of operation through 2014. However, in 2012, this program was not funded and the
Company can provide no assurance that the CEC will decide to fund the CEPIP or that the CEC will not alter the program thresholds,
participant eligibility or other policy choices that may impact the ability of the Pacific Ethanol Plants located in California
to be eligible for the CEPIP in 2013 or future years.&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;font style="font-size: 8pt"&gt;The Company
recorded $0 and $1,481,000 as a reduction to cost of goods sold for the years ended December 31, 2012 and 2011, respectively,
in respect of CEPIP payments received. To date, the Company has not been required to reimburse any amounts of its total $2,000,000
received under the program, and based on historical corn crush spreads, the Company does not believe it will be required to make
any reimbursements in the foreseeable future.&lt;/font&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for revenue recognition of incentive or awarded fees earned on long-term construction-type contracts.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Publisher AICPA

 -Name Statement of Position (SOP)

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

 -Publisher AICPA

 -Name Audit and Accounting Guide (AAG)

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employee services received in exchange for the award of equity instruments based on the fair value of the award, determined on
the date of grant. The expense is to be recognized over the period during which an employee is required to provide services in
exchange for the award. The Company estimates forfeitures at the time of grant and makes revisions, if necessary, in the second
quarter of each year if actual forfeitures differ from those estimates. Based on historical experience, the Company estimated future
unvested forfeitures at 5% for the years ended December 31, 2012 and 2011. The Company recognizes stock-based compensation expense
as a component of selling, general and administrative expenses in the consolidated statements of operations.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for salaries, bonuses, incentive awards, postretirement and postemployment benefits granted to employees, including equity-based arrangements; discloses methodologies for measurement, and the bases for recognizing related assets and liabilities and recognizing and reporting compensation expense.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 132R

 -Paragraph 5, 6, 7, 9, 11, 12, 13

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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 -Name Statement of Financial Accounting Standard (FAS)

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long-lived assets, including property and equipment and purchased intangibles subject to amortization, when events or changes in
circumstances indicate that the fair value of assets could be less than their net book value. In such event, the Company assesses
long-lived assets for impairment by first determining the forecasted, undiscounted cash flows the asset is expected to generate
plus the net proceeds expected from the sale of the asset. If this amount is less than the carrying value of the asset, the Company
will then determine the fair value of the asset. An impairment loss would be recognized when the fair value is less than the related
asset&amp;#146;s net book value, and an impairment expense would be recorded in the amount of the difference. Forecasts of future
cash flows are judgments based on the Company&amp;#146;s experience and knowledge of its operations and the industries in which it
operates. These forecasts could be significantly affected by future changes in market conditions, the economic environment, including
inflation, and purchasing decisions of the Company&amp;#146;s customers.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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 -Name Accounting Standards Codification

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 -Name Statement of Financial Accounting Standard (FAS)

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</LabelSeparator><Level>2</Level><ElementName>us-gaap_RegulatoryIncomeTaxesPolicy</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Income taxes are accounted for under
the asset and liability approach, where deferred tax assets and liabilities are determined based on differences between financial
reporting and tax basis of assets and liabilities, and are measured using enacted tax rates and laws that are expected to be in
effect when the differences reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts
expected to be realized.&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accounts for uncertainty
in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the
tax position for recognition by determining whether it is more likely than not that the position will be sustained on audit, including
resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount
which is more than 50% likely of being realized upon ultimate settlement. An uncertain tax position is considered effectively settled
on completion of an examination by a taxing authority if certain other conditions are satisfied. Should the Company incur interest
and penalties relating to tax uncertainties, such amounts would be classified as a component of interest expense, net and other
income (expense), net, respectively.&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Disclosure of accounting policy for income taxes, including investment tax credits, and the related regulatory treatment (for example, whether deferred income tax accounting - normalization - is allowed in rate making).</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 71

 -Paragraph 9, 11

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 3: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 980

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 -URI http://asc.fasb.org/subtopic&amp;trid=2156927



Reference 5: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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 -Paragraph 8

 -Subparagraph b

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 7: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Statement of Financial Accounting Standard (FAS)

 -Number 109

 -Paragraph 29, 117, 252, 253, 254, 255

 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Income Taxes</Label></Row><Row FlagID="0"><Id>21</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

</LabelSeparator><Level>2</Level><ElementName>us-gaap_EarningsPerSharePolicyTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText /><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&lt;u&gt;Income (Loss) Per Share&lt;/u&gt;&lt;/i&gt;
&amp;#150; Basic income (loss) per share is computed on the basis of the weighted-average number of shares of common stock outstanding
during the period. Preferred dividends are deducted from net income (loss) attributed to Pacific Ethanol, Inc. and are considered
in the calculation of income (loss) available to common stockholders in computing basic income (loss) per share.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;The following
tables compute basic and diluted earnings per share (in thousands, except per share data):&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss Numerator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net loss attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,057&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,268&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic and diluted loss per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Loss available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20,325&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,224&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2.81&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 12pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; background-color: white; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="10" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Year Ended December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income Numerator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: center; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 52%; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income attributed to Pacific Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,074&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Preferred stock dividends&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,265&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basic income per share:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="text-align: justify; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income available to common stockholders&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,249&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
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    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
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    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,809&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,266&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;0.80&lt;/font&gt;&lt;/td&gt;
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&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company had accrued and unpaid dividends
of $5,852,000, or $0.60 per share of common stock outstanding, as of December 31, 2012 in respect of its Series B Cumulative Convertible
Preferred Stock (&amp;#147;Series B Preferred Stock&amp;#148;).&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;There were an aggregate of 246,000
and 54,000 potentially dilutive shares from convertible securities outstanding as of December 31, 2012 and 2011, respectively.
These convertible securities were not considered in calculating diluted income (loss) per common share for the years ended December
31, 2012 and 2011 as their effect would be anti-dilutive.&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"&gt;Since December 31, 2012, through
the date of this report, the Company issued to its eligible employees an aggregate of 287,500 shares of restricted common stock
under its equity compensation plan. See Note 10. In addition, the Company issued an aggregate of 267,754 shares of its common stock
upon cash exercises of certain outstanding warrants.&lt;/p&gt;



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          <div style="width: 200px;"><strong>11. PROPERTY AND EQUIPMENT (Tables)<br></strong></div>
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    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font-size: 8pt">(19,235</font></td>
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                <p>Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph b<br><br> -Article 5<br><br><br><br></p>
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 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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</LabelSeparator><Level>2</Level><ElementName>us-gaap_ScheduleOfShareBasedCompensationStockOptionsAndStockAppreciationRightsAwardActivityTableTextBlock</ElementName><ElementPrefix>us-gaap_</ElementPrefix><IsBaseElement>true</IsBaseElement><BalanceType>na</BalanceType><PeriodType>duration</PeriodType><IsReportTitle>false</IsReportTitle><IsSegmentTitle>false</IsSegmentTitle><IsCalendarTitle>false</IsCalendarTitle><IsEquityPrevioslyReportedAsRow>false</IsEquityPrevioslyReportedAsRow><IsEquityAdjustmentRow>false</IsEquityAdjustmentRow><IsBeginningBalance>false</IsBeginningBalance><IsEndingBalance>false</IsEndingBalance><IsReverseSign>false</IsReverseSign><FootnoteIndexer /><Cells><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>1</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

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&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="7" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="4" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Options Exercisable&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Range of&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise Prices&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Outstanding&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average Remaining Contractual Life (yrs)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted Average &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number Exercisable&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Average &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Exercise &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Price&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 11%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 9%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 34%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 13%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 15%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 7%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;p style="font: 8pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif"&gt;
&lt;tr style="background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td colspan="2" style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$ 12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: top; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;8.59&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;4&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#160;&amp;#160;$866.25-$871.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;2.57&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;867.30&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for stock options and stock appreciation rights that were outstanding at the beginning and end of the year, exercisable at the end of the year, and the number of stock options and stock appreciation rights that were granted, exercised or converted, forfeited, and expired during the year.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (c)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



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&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="text-align: center; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Number of&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Shares&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Weighted&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Average&lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Grant Date &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Fair Value &lt;/font&gt;&lt;br /&gt;
&lt;font style="font-size: 10pt"&gt;Per Share&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 60%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2010&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;144.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Issued&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;18&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;12.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;(17&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;158.40&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;145.50&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December 31, 2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;31&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;64.05&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Vested&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;(13&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;81.90&lt;/font&gt;&lt;/td&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Canceled&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(2&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;61.20&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Unvested at December&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50.40&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the change in restricted stock units (RSUs).</ElementDefenition><ElementReferences>No definition available.</ElementReferences><IsTotalLabel>false</IsTotalLabel><UnitID>0</UnitID><Label>Unvested restricted stock activity</Label></Row><Row FlagID="0"><Id>5</Id><IsAbstractGroupTitle>false</IsAbstractGroupTitle><LabelSeparator>

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&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Years Ended December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="width: 60%; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Employees&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;782&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 16%; text-align: right; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;1,522&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 1pt; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Non-employees&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;756&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE; font: 8pt Times New Roman, Times, Serif"&gt;
    &lt;td style="padding-bottom: 2.5pt; padding-left: 11.1pt; text-indent: -11.1pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;Total stock-based compensation expense&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;806&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; font: 8pt Times New Roman, Times, Serif; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,278&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 2.5pt; font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;


&lt;p style="margin: 0pt; font: 8pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 718

 -SubTopic 10

 -Section 50

 -Paragraph 2

 -Subparagraph (h)(1)

 -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901



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  <head>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EOAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>11. PROPERTY AND EQUIPMENT (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentIncomeStatementDisclosuresAbstract', window );"><strong>Property Plant and Equipment Income Statement Disclosures [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MachineryAndEquipmentGross', window );">Facilities and plant equipment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 169,229<span></span></td>
        <td class="nump">$ 168,036<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Land', window );">Land</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,570<span></span></td>
        <td class="nump">2,570<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FurnitureAndFixturesGross', window );">Other equipment, vehicles and furniture</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">5,280<span></span></td>
        <td class="nump">4,918<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConstructionInProgressGross', window );">Construction in progress</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">4,014<span></span></td>
        <td class="nump">3,328<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property, Plant and Equipment, Gross</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">181,093<span></span></td>
        <td class="nump">178,852<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(30,684)<span></span></td>
        <td class="num">(19,235)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property, Plant and Equipment, Net</a></td>
        <td class="nump">$ 147,863<span></span></td>
        <td class="nump">$ 150,409<span></span></td>
        <td class="nump">$ 159,617<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.14)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 14<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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                <p>Gross amount, at the balance sheet date, of long-lived assets under construction that include construction costs to date on capital projects that have not been completed and assets being constructed that are not ready to be placed into service.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, at the balance sheet date, of long-lived, depreciable assets commonly used in offices and stores. Examples include desks, chairs, and store fixtures.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p>
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                    <td><nobr>us-gaap_FurnitureAndFixturesGross</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6812-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_Land</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount, as of the balance sheet date, of long-lived, depreciable assets used in the production process to produce goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -Subparagraph (f)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6812-107765<br><br><br><br></p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_MachineryAndEquipmentGross</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Gross amount of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 360<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.13)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 13<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 8<br><br> -Article 7<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 12<br><br> -Paragraph 5<br><br> -Subparagraph b, c<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract', window );"><strong>Significant assumptions used in the valuations</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExercisePrice', window );">Exercise price</a></td>
        <td class="nump">$ 15.00<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedVolatilityRate', window );">Volatility</a></td>
        <td class="nump">62.20%<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsRiskFreeInterestRate', window );">Risk free interest rate</a></td>
        <td class="nump">0.14%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssumptionsExpectedTerm', window );">Term (years)</a></td>
        <td class="text">1 year<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueAssumptionsMarketabilityDiscount', window );">Marketability discount</a></td>
        <td class="nump">24.50%<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_WarrantLiabilities', window );">Fair value</a></td>
        <td class="nump">$ 1,400,800<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Assumptions Marketability Discount.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Warrant liabilities</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_WarrantLiabilities</nobr></td>
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                    <td>instant</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td><nobr>us-gaap_FairValueAssumptionsAndMethodologyForAssetsAndLiabilitiesAbstract</nobr></td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Agreed upon price for the exchange of the underlying asset.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_FairValueAssumptionsExercisePrice</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Period the instrument, asset or liability is expected to be outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td><nobr>us-gaap_FairValueAssumptionsExpectedTerm</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Measure of dispersion, in percentage terms (for instance, the standard deviation or variance), for a given stock price.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Risk-free interest rate assumption used in valuing an instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (e)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (bb)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5710-111685



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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 810

 -SubTopic 10

 -Section 50

 -Paragraph 3

 -Subparagraph (bb)

 -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=d3e5710-111685



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<DESCRIPTION>IDEA: 3. INVENTORIES (Tables)
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    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 58%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 17%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;11,053&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 17%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,481&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,212&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;790&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Inventories consisted primarily of bulk
ethanol and unleaded fuel, and are valued at the lower-of-cost-or-market, with cost determined on a first-in, first-out basis.
Inventory balances consisted of the following (in thousands):&lt;/p&gt;

&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="6" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December 31,&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;2011&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 62%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Finished goods&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;10,230&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 15%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;9,429&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Work in progress&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;3,846&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;4,284&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Raw materials&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,363&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,334&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;805&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;1,084&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; padding-left: 10pt; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,244&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-left: 10pt; line-height: 115%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;16,131&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;

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 -Publisher SEC

 -Name Regulation S-X (SX)

 -Number 210

 -Section 2

 -Paragraph 6

 -Subparagraph a,b,c

 -Article 5



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borrowings are summarized as follows (in thousands):&lt;/font&gt;&lt;/p&gt;

&lt;p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellspacing="0" cellpadding="0" style="font: 10pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;March
    31, 2013&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;December
    31, 2012&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="width: 64%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Kinergy operating
    line of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;20,558&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 14%; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;19,711&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Senior unsecured notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;20,313&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Subordinated convertible
    notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;6,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; term
    debt and accrued interest&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;57,097&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;54,821&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Plant Owners&amp;#146; operating
    lines of credit&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;46,500&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;46,000&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Note payable to related
    party&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;750&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;151,218&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Parent purchased Plant
    Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;(24,174&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Unamortized discount
    on senior unsecured notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;(2,432&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less: Unamortized discount
    on convertible notes&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(2,283&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;122,329&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;121,282&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Less short-term portion&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(8,496&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;(4,029&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #EEEEEE"&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif; color: black"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;113,833&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: black 2.25pt double; text-align: right; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;117,253&lt;/font&gt;&lt;/td&gt;
    &lt;td style="line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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&lt;p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell><Cell FlagID="0" ContextID="From2012-01-01to2012-12-31" UnitID=""><Id>2</Id><IsNumeric>false</IsNumeric><IsRatio>false</IsRatio><DisplayZeroAsNone>false</DisplayZeroAsNone><NumericAmount>0</NumericAmount><RoundedNumericAmount>0</RoundedNumericAmount><NonNumbericText>&lt;p style="margin: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;

&lt;table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;December 31,&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;2011&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 46%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Kinergy&amp;#146;s operating line of credit&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,711&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%; color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;20,432&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Note payable to related party&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;750&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; term debt&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;54,821&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;51,279&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="color: black; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Plant Owners&amp;#146; operating
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    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;46,000&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;21,978&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;121,282&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;94,439&lt;/font&gt;&lt;/td&gt;&lt;td style="color: black; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="color: black; text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Less current portion&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,029&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(750&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="color: black; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Long-term debt&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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                                                                               Ended&lt;/font&gt;&lt;/p&gt;
                                                                               &lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;font style="font-size: 8pt"&gt;December
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right; padding-right: 20pt"&gt;&lt;font style="font-size: 8pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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 -Name Accounting Standards Codification

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 -SubTopic 10

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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>13. INCOME TAXES<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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      <tr>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">13. INCOME TAXES</a></td>
        <td class="text"><p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The asset
and liability method is used to account for income taxes. Under this method, deferred tax assets and liabilities are recognized
for tax credits and for the future tax consequences attributable to differences between the financial statement carrying amounts
of existing assets and liabilities and their tax bases. Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that
those assets will be realized.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
files a consolidated federal income tax return. This return includes all entities 80% or more owned by the Company as well as
the Company&#146;s pro-rata share of taxable income from pass-through entities in which the Company holds an ownership interest.
State tax returns are filed on a consolidated, combined or separate basis depending on the applicable laws relating to the Company
and its subsidiaries.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">The Company
recorded no provision for income taxes for the years ended December 31, 2012 and 2011.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">A reconciliation
of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated
statements of operations is as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="6" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Years Ended December
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<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">2012</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">Change in valuation allowance</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">Section 382 reduction to loss carryover</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: center"><font style="font-size: 8pt">5.5</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: center"><font style="font-size: 8pt">(1.9)</font></td><td style="text-align: left"></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: center"></td><td style="text-align: center"><font style="font-size: 8pt">(16.8)</font></td><td style="text-align: left"></td></tr>
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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: center"><font style="font-size: 8pt">(1.1)</font></td><td style="text-align: left"></td></tr>
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    <td style="padding-bottom: 1pt"><font style="font-size: 8pt">Other</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="border-bottom: Black 2.5pt double; text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: center"><font style="font-size: 8pt">0.0%</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Deferred
income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement
carrying amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred
income taxes included in the consolidated balance sheets were as follows (in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

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<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">278</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">417</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="text-align: left; text-indent: 10pt"><font style="font-size: 8pt">Deferred income tax benefit (current assets)</font></td><td><font style="font-size: 8pt">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: White">
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<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">A portion
of the Company&#146;s net operating loss carryforwards will be subject to provisions of the tax law that limit the use of losses
incurred by a company prior to the date certain ownership changes occur. The amount of the Company&#146;s net operating loss
carryforwards that would be subject to these limitations was approximately $399,000,000 at December 31, 2012.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">Due to the
limitation, a significant portion of these net operating loss carryforwards will expire regardless of whether the Company generates
future taxable income. After reducing these net operating loss carryforwards for the amount which will expire, the Company had
federal net operating loss carryforwards of approximately $45,424,000 and $16,272,000, and state net operating loss carryforwards
of approximately $48,291,000 and $21,492,000, at December 31, 2012 and 2011, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">These net
operating loss carryforwards expire at various dates beginning in 2013. The deferred tax asset for the Company&#146;s net operating
loss carryforwards at December&#160;31, 2012 does not include $662,000 which relates to the tax benefits associated with warrants
and non-statutory options exercised by employees, members of the board and others under the various incentive plans. These tax
benefits will be recognized in stockholders&#146; equity rather than in the statements of operations but not until the period
in which these amounts decrease taxes payable.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">In assessing
whether the deferred tax assets are realizable, a more likely than not standard is applied. If it is determined that it is more
likely than not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred
tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the
periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred
tax liabilities, projected future taxable income and tax planning strategies in making this assessment.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">A valuation
allowance has been established in the amount of $11,555,000 and $35,352,000 at December&#160;31, 2012 and 2011, respectively,
based on the Company&#146;s assessment of the future realizability of certain deferred tax assets. For the years ended December
31, 2012 and 2011, the Company recorded a decrease in the valuation allowance of $23,797,000 and $123,361,000, respectively, attributable
almost exclusively to the expected expiration of net operating loss carryforwards due to limitations caused by ownership changes
as previously discussed. The valuation allowance on deferred tax assets is related to future deductible temporary differences
and net operating loss carryforwards (exclusive of net operating losses associated with items recorded directly to equity) for
which the Company has concluded it is more likely than not that these items will not be realized in the ordinary course of operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">At
December 31, 2012, the Company had no increase or decrease in unrecognized income tax benefits for the year as a result of uncertain
tax positions taken in a prior or current period. There was no accrued interest or penalties relating to tax uncertainties at
December 31, 2012. Unrecognized tax benefits are not expected to increase or decrease within the next twelve months.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">The
Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified
its federal tax return and tax returns in state jurisdictions below as &#147;major&#148; tax filings. These jurisdictions, along
with the years still open to audit under the applicable statutes of limitation, are as follows:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<table cellspacing="0" cellpadding="0" align="center" style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 25%; text-align: justify"><font style="font-size: 8pt"><u>Jurisdiction</u></font></td>
    <td style="width: 12%; text-align: justify"></td>
    <td style="width: 13%; text-align: justify"><font style="font-size: 8pt"><u>Tax Years</u></font></td></tr>
<tr style="vertical-align: top; background-color: rgb(238,238,238)">
    <td style="text-align: justify"><font style="font-size: 8pt">Federal</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><font style="font-size: 8pt">Arizona</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(238,238,238)">
    <td style="text-align: justify"><font style="font-size: 8pt">California</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2008 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><font style="font-size: 8pt">Colorado</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2008 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(238,238,238)">
    <td style="text-align: justify"><font style="font-size: 8pt">Idaho</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: White">
    <td style="text-align: justify"><font style="font-size: 8pt">Oregon</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2009 &#150; 2011</font></td></tr>
<tr style="vertical-align: top; background-color: rgb(238,238,238)">
    <td style="text-align: justify"><font style="font-size: 8pt">Wisconsin</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: justify"><font style="font-size: 8pt">2008</font></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-size: 8pt">&#160;&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-size: 8pt">However,
because the Company had net operating losses and credits carried forward in several of the jurisdictions, including the United
States federal and California jurisdictions, certain items attributable to closed tax years are still subject to adjustment by
applicable taxing authorities through an adjustment to tax attributes carried forward to open years.</font></p><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ELE">
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          <div style="width: 200px;"><strong>9. EARNINGS PER SHARE<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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          <div>Mar. 31, 2013</div>
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        <td class="text">&#xA0;<span></span></td>
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        <td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt; background-color: White">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: White">&#160;</font></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    March&#160;31, 2013</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss <br />Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 49%; text-align: justify; padding-left: 0pt"><font style="font-size: 8pt">Net loss attributed to Pacific
    Ethanol, Inc.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(5,454</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Less: Preferred stock
    dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(312</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"><font style="font-size: 8pt">Basic
    and diluted loss per share:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"><font style="font-size: 8pt">Loss
    available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,766</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">10,060</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.57</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 8pt; background-color: White">&#160;</font></p>

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    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Three Months Ended
    March&#160;31, 2012</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Loss <br />Numerator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Shares Denominator</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 8pt">Per-Share Amount</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="width: 49%; text-align: justify; padding-left: 0pt"><font style="font-size: 8pt">Net loss attributed to Pacific
    Ethanol, Inc.</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">$</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">(4,953</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">)</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 2%"><font style="font-size: 8pt">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="width: 13%; text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="width: 1%; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
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    <td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"><font style="font-size: 8pt">Less: Preferred stock
    dividends</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 1pt solid; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 1pt solid; text-align: right"><font style="font-size: 8pt">(315</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 1pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(238,238,238)">
    <td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"><font style="font-size: 8pt">Basic
    and diluted loss per share:</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td><font style="font-size: 8pt">&#160;</font></td>
    <td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: right"><font style="font-size: 8pt">&#160;</font></td><td style="text-align: left"><font style="font-size: 8pt">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"><font style="font-size: 8pt">Loss
    available to common stockholders</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(5,268</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">5,748</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">&#160;</font></td><td style="padding-bottom: 2.5pt"><font style="font-size: 8pt">&#160;</font></td>
    <td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font-size: 8pt">$</font></td><td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font-size: 8pt">(0.92</font></td><td style="padding-bottom: 2.5pt; text-align: left"><font style="font-size: 8pt">)</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify"><font style="font-size: 8pt">There
were an aggregate of 427,000 and 214,000 potentially dilutive weighted-average shares from convertible securities outstanding
as of March 31, 2013 and 2012, respectively. These convertible securities were not considered in calculating diluted net loss
per share for the three months ended March 31, 2013 and 2012, as their effect would have been anti-dilutive.</font></p><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for earnings per share.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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&lt;table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;
&lt;tr style="vertical-align: bottom"&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom"&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
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&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td style="width: 70%"&gt;&lt;font style="font-size: 8pt"&gt;Facilities and plant equipment&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;2,570&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;Other equipment, vehicles and furniture&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,918&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;4,014&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;3,328&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;181,093&lt;/font&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;178,852&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(30,684&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid"&gt;&amp;#160;&lt;/td&gt;
    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(19,235&lt;/font&gt;&lt;/td&gt;
    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EROAE">
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          <div style="width: 200px;"><strong>12. INTANGIBLE ASSETS (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
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        <th class="th" colspan="1"></th>
        <th class="th" colspan="1">12 Months Ended</th>
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        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Mar. 31, 2013</div>
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          <div>Dec. 31, 2012</div>
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        <th class="th">
          <div>Dec. 31, 2011

</div>
          <div>Kinergy Tradename [Member]</div>
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        <th class="th">
          <div>Dec. 31, 2012

</div>
          <div>Customer Relationships [Member]</div>
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          <div>Dec. 31, 2011

</div>
          <div>Customer Relationships [Member]</div>
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          <div>Dec. 31, 2012

</div>
          <div>Pacific Ethanol Tradename [Member]</div>
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          <div>Dec. 31, 2011

</div>
          <div>Pacific Ethanol Tradename [Member]</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Useful Life (Years)</a></td>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">10 years<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">2 years<span></span></td>
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        <td class="nump">$ 8,219<span></span></td>
        <td class="nump">$ 8,219<span></span></td>
        <td class="nump">$ 2,678<span></span></td>
        <td class="nump">$ 2,678<span></span></td>
        <td class="nump">$ 4,741<span></span></td>
        <td class="nump">$ 4,741<span></span></td>
        <td class="nump">$ 800<span></span></td>
        <td class="nump">$ 800<span></span></td>
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        <td class="num">(4,485)<span></span></td>
        <td class="num">(3,761)<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="num">(3,685)<span></span></td>
        <td class="num">(3,211)<span></span></td>
        <td class="num">(800)<span></span></td>
        <td class="num">(550)<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IntangibleAssetsNetExcludingGoodwill', window );">Net Book Value</a></td>
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        <td class="nump">$ 3,734<span></span></td>
        <td class="nump">$ 4,458<span></span></td>
        <td class="nump">$ 2,678<span></span></td>
        <td class="nump">$ 2,678<span></span></td>
        <td class="nump">$ 1,056<span></span></td>
        <td class="nump">$ 1,530<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="nump">$ 250<span></span></td>
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                <p>Accumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
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                <p>Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.</p>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0ERG">
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          <div style="width: 200px;"><strong>16. SUBSEQUENT EVENT<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
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          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_SubsequentEventAbstract', window );"><strong>Subsequent Event</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">16.SUBSEQUENT EVENT</a></td>
        <td class="text"><table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
    <td style="width: 0px">&#160;</td>
    <td style="width: 24px; padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">11.</font></td>
    <td style="padding-top: 12pt; font: 7pt Times New Roman, Times, Serif"><font style="font-size: 7pt">SUBSEQUENT EVENTS.</font></td></tr>
</table>
<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Reverse Stock Split</u></i> &#150; On
May 14, 2013, the Company effected a one-for-fifteen reverse stock split. All share and per share information has been restated
to retroactively show the effect of this stock split.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Payments on Series A Notes</u></i> &#150;
From April 1, 2013 through June 26, 2013, the Company made three installment payments and received various holder conversion notices.
In the aggregate, the Company issued 1,032,000 shares of its common stock in payment of principal and interest in an aggregate
amount of $3,748,000 in respect of the Series A Notes.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Series B Subordinated Convertible Notes</u></i>
&#150; On June 20, 2013, the Company issued $8.0 million in Series B Subordinated Convertible Notes (&#147;Series B Notes&#148;).
Unless converted or redeemed earlier, the Series B Notes will mature on March 28, 2014, together with the Series A Notes. The terms
of the Series B Notes are substantially similar to those of the Series A Notes.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Acquisition of Plant Debt and Additional
Interests in New PE Holdco</u></i> &#150; On June 21, 2013, the Company used the proceeds from the sale of the Series B Notes,
to acquire $4.1 million of the Plant Owners&#146; combined term and revolving debt for a purchase price of $3.0 million and 19.7
units of limited liability company interests of New PE Holdco for a purchase price of $197,000, increasing the Company&#146;s
ownership in New PE Holdco to 85%. As a result of the purchases of debt on June 21, 2013, $1.2 million of the Plant Owners&#146;
revolving debt was retired and the maturity date applicable to approximately $2.9 million of the Plant Owners&#146; term debt
was extended from June 25, 2013 to June 30, 2016.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>2006 Stock Incentive Plan</u></i> &#150;
On April 1, 2013, the Company granted 16,667 shares of restricted common stock that vest in equal installments on each of April
1, 2014 and 2015 and had a grant date fair value of $4.65 per share.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 12, 2013, the Company&#146;s Board
approved an increase in the number of shares of common stock authorized for issuance under its 2006 Stock Incentive Plan from 414,286
to 914,286. The Company&#146;s stockholders approved the amendment to the 2006 Stock Incentive Plan on June 18, 2013.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 18, 2013, the Company granted to its
management 256,665 shares of restricted common stock that vest in equal installments on each of April 1, 2014, 2015 and 2016, and
had a grant date fair value of $3.74 per share. On June 18, 2013, the Company granted to its non-management board members 71,110
shares of restricted common stock that vest on the earlier of (i) the date of the Company&#146;s 2014 Annual Meeting of Stockholders
and (ii) July 1, 2014, and had a grant date fair value of $3.74 per share.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 18, 2013, the Company granted to its
management 229,025 shares of stock options, with an exercise price of $3.74 per share, which vest in equal installments on each
of April 1, 2014, 2015 and 2016, and had a grant date fair value of $1.68 per share.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i></p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Capital Lease</u></i> &#150; In May 2013,
upon completion of the Company&#146;s corn oil separation project at its Magic Valley Plant, the Company initially recorded a
capital lease in the amount of approximately $5,675,000.</p>

<p style="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font-size: 7pt"><i><u>Litigation</u></i>
</font><font style="font-size: 8pt">&#150; On May 24, 2013, GS CleanTech Corporation (&#147;GS CleanTech&#148;), filed suit
in the United States District Court for the Eastern District of California, Sacramento Division, naming Pacific Ethanol, Inc. as
a defendant. The suit alleges patent infringement by virtue of certain corn oil separation technology in use at one or more of
the Company&#146;s ethanol production facilities, including the plant located in Stockton, California. The complaint seeks preliminary
and permanent injunctions prohibiting future infringement on the patent owned by GS CleanTech and damages in an unspecified amount
adequate to compensate GS CleanTech for the alleged patent infringement, but in any event no less than a reasonable royalty for
the use made of the inventions of the patent, plus attorneys fees. The Company strongly disagrees that its use of corn oil separation
technology infringes the patent owned by GS CleanTech and intends to vigorously defend against GS CeanTech&#146;s claims. As of
the date of this report, discovery has not commenced and a trial date has not been set. In addition, GS CleanTech has advised the
Company that it is in the process of amending its complaint.</font></p><span></span></td>
        <td class="text"><p style="margin: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>January 2013 Financing Transaction </u></i>&#150;
On January 11, 2013, under the terms of a Securities Purchase Agreement (the &#147;Purchase Agreement&#148;) dated December 19,
2012 among the Company and five accredited investors, the Company issued and sold to the investors in a private offering $22,192,491
in aggregate principal amount of its senior unsecured notes (the &#147;January 2013 Notes&#148;) and warrants (the &#147;January
2013 Warrants&#148;) to purchase an aggregate of 1,708,687 shares of the Company&#146;s common stock (the &#147;January 2013
Financing Transaction&#148;) for aggregate gross proceeds of $22,192,491. The January 2013 Warrants have an exercise price of
$7.80 per share and expire in January 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i>January 2013 Notes</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The January 2013 Notes mature on March 30,
2016 and bear interest at the rate of 5% per annum, subject to adjustment. If the aggregate outstanding principal balance of the
January 2013 Notes is not less than $10,769,298 by January 15, 2014, the interest rate will increase commencing on January 15,
2014 by 1% per annum on each of January 15, April 15, July 15 and October 15 until the aggregate outstanding principal balance
of the January 2013 Notes is less than $10,769,298.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If at any time the Company receives net cash
proceeds from an issuance of equity or equity-linked securities of the Company, certain sales of assets or as a result of incurring
certain indebtedness, then the Company will be obligated to prepay the January 2013 Notes using 100% of all such net cash proceeds,
provided that proceeds received in connection with an equity-linked issuance must be used to either prepay the January 2013 Notes
or purchase certain outstanding debt issued by the Plant Owners.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest on the January 2013 Notes is payable
in cash in arrears on the fifteenth calendar day of each month beginning on March 15, 2013 (each, an &#147;Interest Payment Date&#148;).
Subject to the satisfaction of certain equity conditions, at the option of the Company, the Company may elect to pay interest due
and payable in shares of common stock, provided that the interest rate applicable to any outstanding amounts the Company pays in
shares shall increase by 2% per annum from the then applicable interest rate for the period for which such interest is paid. The
number of shares to be issued on any particular Interest Payment Date shall equal to the quotient of (x) the amount of interest
payable (assuming payment in shares) on such Interest Payment Date, divided by (y) the product of (i) the weighted average price
of the Company&#146;s common stock for the thirty trading days immediately preceding (but excluding) the Interest Payment Date,
and (ii) 0.95.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Restrictive Covenants</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The January 2013 Notes prohibit the Company
from engaging in various activities, including (i) payments due under the January 2013 Notes rank senior to all other indebtedness
of the Company and its subsidiaries, other than certain permitted senior indebtedness; (ii) the Company and its subsidiaries will
not incur other indebtedness, except for certain permitted indebtedness; (iii) the Company and its subsidiaries will not incur
any liens, except for certain permitted liens; (iv) the Company and its subsidiaries will not, directly or indirectly, redeem or
repay all or any portion of any indebtedness (except for certain permitted indebtedness) if at the time such payment is due or
is made or, after giving effect to such payment, an event constituting, or that with the passage of time and without being cured
would constitute, an event of default has occurred and is continuing; (v)the Company and its subsidiaries will not redeem, repurchase
or pay any dividend or distribution on its respective capital stock without the prior consent of the holders of the January 2013
Notes, other than certain permitted distributions; and (vi) the Company and its subsidiaries will not sell, lease, assign, transfer
or otherwise dispose of any assets of the Company or any subsidiary, except for certain permitted dispositions (including the sales
of inventory or receivables in the ordinary course of business).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Acquisition of Plant Debt</u></i> &#150;
On January 11, 2013, the Company used $21,538,596 of the gross proceeds of the January 2013 Financing Transaction to purchase from
certain of the Investors an aggregate principal amount of $21,538,596 of the Plant Owners&#146; tranche A-2 term loans (the &#147;Purchased
Debt&#148;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Extension of Maturity of Plant Debt</u></i>
&#150; On January 11, 2013, immediately prior to the closing of the January 2013 Financing Transaction, the maturity date of the
Purchased Debt was extended from June 30, 2013 to June 30, 2016. On January 11, 2013, immediately prior to the closing of the January
2013 Financing Transaction, the maturity date of the Company&#146;s new $10,000,000 revolving line of credit secured on October
29, 2012 was extended from June 25, 2013 to June 25, 2015.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Acquisition of New PE Holdco Membership
Interests</u></i> &#150; On January 11, 2013, the Company purchased 13% of New PE Holdco for an aggregate purchase price of $1,308,030
using $653,895 of the gross proceeds of the January 2013 Financing Transaction and $654,135 of the Company&#146;s cash on hand.
The Company also acquired an additional 3% of New PE Holdco in March 2013 as discussed below. As of the filing of this report,
<font style="color: black">the Company owns approximately 83% of the outstanding membership interests of New PE Holdco. For the
years ended December 31, 2012 and 2011, had the Company held an 83% ownership interest in New PE Holdco, the Company&#146;s reported
results would have had the following pro forma impact: net loss available to common stockholders would have been $36,526,000 and
$3,774,000, respectively, and loss per share would have been $5.10 and $1.65, respectively.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>March 2013 Financing Transaction</u></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 28, 2013, the Company issued $6,000,000
in subordinated convertible notes and 1,839,600 two year warrants with an exercise price of $7.80 per share. The net proceeds of
the offering were used to (i) purchase $2,600,000 of Plant Owners&#146; debt maturing in June 2013, the maturity of which was
also extended at the time from June 2013 to June 2016; (ii) acquire a 3% ownership interest in New PE Holdco; and (iii) purchase
and immediately retire $3,500,000 of the Plant Owners&#146; term debt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Increase in Availability under Plant
Owners&#146; New Revolving Credit Facility</u></i> &#150; On March 28, 2013, the lenders under the Plant Owners&#146; new revolving
credit facility approved $5,000,000 in additional availability for a maximum total credit limit of $15,000,000 under the facility.
As of March 28, 2013, the Plant Owners had $5,000,000 in unused availability under the new credit facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Grants of stock</u> </i>&#150;In January
2013, the Company granted 53,333 shares of restricted stock that vest on the earlier of (i) the date of the Company&#146;s 2013
annual meeting of stockholders, or (ii) July 31, 2013, and had a grant date fair value of $5.40 per share. In January 2013, the
Company granted an additional 104,167 shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and
2015 and had a grant date fair value of $5.40 per share. In March 2013, the Company granted an additional 130,000 shares of restricted
common stock that vest in equal installments on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of $5.70 per
share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Warrant exercises</u></i> &#150; During
February 2013, certain holders exercised warrants and received 267,733 shares of the Company&#146;s common stock upon payment
of an aggregate of $2,060,000 in cash. The Company paid approximately $755,800 in cash to the warrant holders as an inducement
for such exercises.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Payment of Preferred Stock Dividends</u></i>
&#150; On March 27, 2013, the Company entered into an agreement with the holders of its Series B Preferred Stock under which the
Company issued approximately 139,333 shares of its common stock in payment of $732,000 of the total $5,851,000 of accrued and unpaid
dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B Preferred Stock agreed to further
forebear from exercising any rights they may have with respect to accrued and unpaid dividends until September 30, 2014.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Note Payable to Related Party</u></i>
&#150; On February 7, 2013, the Company entered into an amendment to the note payable to its Chief Executive Officer totaling
$750,000, extending the maturity date to March 31, 2014.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Employment agreement</u></i> &#150;
On January 6, 2013, the Company entered into an Executive Employment Agreement with Michael D. Kandris that provides for at-will
employment as the Company&#146;s Chief Operating Officer. Mr. Kandris shall initially receive a base salary of $246,000 per year,
subject to annual review and increase in the sole discretion of the Company&#146;s board of directors. Mr. Kandris is also eligible
to receive an annual discretionary cash bonus of up to 50% of his base salary, to be paid based upon performance criteria set by
the Company&#146;s board of directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>



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<DESCRIPTION>IDEA: 9. EARNINGS PER SHARE
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    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
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    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific
    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,454&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic
    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss
    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,766&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;10,060&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.57&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;/table&gt;

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    &lt;td colspan="10" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Three Months Ended
    March&amp;#160;31, 2012&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Loss &lt;br /&gt;Numerator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Shares Denominator&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td colspan="2" style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 8pt"&gt;Per-Share Amount&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="width: 49%; text-align: justify; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Net loss attributed to Pacific
    Ethanol, Inc.&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(4,953&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: justify; padding-bottom: 1pt; padding-left: 0pt"&gt;&lt;font style="font-size: 8pt"&gt;Less: Preferred stock
    dividends&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(315&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="font-weight: bold; text-align: left; text-indent: -8.05pt; padding-left: 8.05pt"&gt;&lt;font style="font-size: 8pt"&gt;Basic
    and diluted loss per share:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -7.75pt; padding-left: 7.75pt"&gt;&lt;font style="font-size: 8pt"&gt;Loss
    available to common stockholders&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,268&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;5,748&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(0.92&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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          <div style="width: 200px;"><strong>14. PREFERRED STOCK<br></strong></div>
        </th>
        <th class="th" colspan="1">12 Months Ended</th>
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          <div>Dec. 31, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_PreferredStockAbstract', window );"><strong>PreferredStockAbstract</strong></a></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockTextBlock', window );">14. PREFERRED STOCK</a></td>
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has 6,734,835 undesignated
shares of authorized and unissued preferred stock, which may be designated and issued in the future on the authority of the Company&#146;s
Board of Directors. As of December 31, 2012, the Company had the following designated preferred stock:</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Series A Preferred Stock</u></i>
&#150; The Company has authorized 1,684,375 shares of Series A Cumulative Redeemable Convertible Preferred Stock (&#147;Series
A Preferred Stock&#148;), with none outstanding at December 31, 2012 and 2011. Shares of Series A Preferred Stock that are converted
into shares of the Company&#146;s common stock revert to undesignated shares of authorized and unissued preferred stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">Upon any issuance, the Series A Preferred
Stock would rank senior in liquidation and dividend preferences to the Company&#146;s common stock. Holders of Series A Preferred
Stock would be entitled to quarterly cumulative dividends payable in arrears in cash in an amount equal to 5% per annum of the
purchase price per share of the Series A Preferred Stock. The holders of the Series A Preferred Stock would have conversion rights
initially equivalent to two shares of common stock for each share of Series A Preferred Stock, subject to customary antidilution
adjustments. Certain specified issuances will not result in antidilution adjustments. The shares of Series A Preferred Stock would
also be subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return to the
holders of the Series A Preferred Stock of 25% or more. Accrued but unpaid dividends on the Series A Preferred Stock are to be
paid in cash upon any conversion of the Series A Preferred Stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of Series A Preferred Stock
would have a liquidation preference over the holders of the Company&#146;s common stock equivalent to the purchase price per share
of the Series A Preferred Stock plus any accrued and unpaid dividends on the Series A Preferred Stock. A liquidation would be deemed
to occur upon the happening of customary events, including transfer of all or substantially all of the Company&#146;s capital
stock or assets or a merger, consolidation, share exchange, reorganization or other transaction or series of related transactions,
unless holders of 66 2/3% of the Series A Preferred Stock vote affirmatively in favor of or otherwise consent to such transaction.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Series B Preferred Stock</u></i>
&#150; The Company has authorized 1,580,790 shares of Series B Preferred Stock, with 926,942 outstanding at December 31, 2012
and 2011. Shares of Series B Preferred Stock that are converted into shares of the Company&#146;s common stock revert to undesignated
shares of authorized and unissued preferred stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series B Preferred Stock ranks senior
in liquidation and dividend preferences to the Company&#146;s common stock. Holders of Series B Preferred Stock are entitled to
quarterly cumulative dividends payable in arrears in cash in an amount equal to 7.00% per annum of the purchase price per share
of the Series B Preferred Stock; however, subject to the provisions of the Letter Agreement described below, such dividends may,
at the option of the Company, be paid in additional shares of Series B Preferred Stock based initially on the liquidation value
of the Series B Preferred Stock. The holders of Series B Preferred Stock have a liquidation preference over the holders of the
Company&#146;s common stock initially equivalent to $19.50 per share of the Series B Preferred Stock plus any accrued and unpaid
dividends on the Series B Preferred Stock. A liquidation will be deemed to occur upon the happening of customary events, including
the transfer of all or substantially all of the capital stock or assets of the Company or a merger, consolidation, share exchange,
reorganization or other transaction or series of related transaction, unless holders of 66 2/3% of the Series B Preferred Stock
vote affirmatively in favor of or otherwise consent that such transaction shall not be treated as a liquidation. The Company believes
that such liquidation events are within its control and therefore has classified the Series B Preferred Stock in stockholders&#146;
equity<i>.</i></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><i>&#160;</i>&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of the Series B Preferred
Stock have conversion rights initially equivalent to approximately 0.03 shares of common stock for each share of Series B Preferred
Stock. The conversion ratio is subject to customary antidilution adjustments. In addition, antidilution adjustments are to occur
in the event that the Company issues equity securities, including derivative securities convertible into equity securities (on
an as-converted or as-exercised basis), at a price less than the conversion price then in effect. The shares of Series B Preferred
Stock are also subject to forced conversion upon the occurrence of a transaction that would result in an internal rate of return
to the holders of the Series B Preferred Stock of 25% or more. The forced conversion is to be based upon the conversion ratio as
last adjusted. Accrued but unpaid dividends on the Series B Preferred Stock are to be paid in cash upon any conversion of the Series
B Preferred Stock.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The holders of Series B Preferred Stock
vote together as a single class with the holders of the Company&#146;s common stock on all actions to be taken by the Company&#146;s
stockholders. Each share of Series B Preferred Stock entitles the holder to approximately 0.03 votes per share on all matters to
be voted on by the stockholders of the Company. Notwithstanding the foregoing, the holders of Series B Preferred Stock are afforded
numerous customary protective provisions with respect to certain actions that may only be approved by holders of a majority of
the shares of Series B Preferred Stock.<i> </i></p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2008, the Company entered into Letter
Agreements with Lyles United LLC (&#147;Lyles United&#148;) and other purchasers under which the Company expressly waived its
rights under the Certificate of Designations relating to the Series B Preferred Stock to make dividend payments in additional shares
of Series B Preferred Stock in lieu of cash dividend payments without the prior written consent of Lyles United and the other purchasers.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Registration Rights Agreement</u>
</i>&#150; In connection with the sale of its Series B Preferred Stock, the Company entered into a registration rights agreement
with Lyles United. The registration rights agreement is to be effective until the holders of the Series B Preferred Stock, and
their affiliates, as a group, own less than 10% for each of the series issued, including common stock into which such Series B
Preferred Stock has been converted. The registration rights agreement provides that holders of a majority of the Series B Preferred
Stock, including common stock into which such Series B Preferred Stock has been converted, may demand and cause the Company to
register on their behalf the shares of common stock issued, issuable or that may be issuable upon conversion of the Preferred Stock
and as payment of dividends thereon, and upon exercise of the related warrants (collectively, the &#147;Registrable Securities&#148;).
The Company is required to keep such registration statement effective until such time as all of the Registrable Securities are
sold or until such holders may avail themselves of Rule 144 for sales of Registrable Securities without registration under the
Securities Act of 1933, as amended. The holders are entitled to two demand registrations on Form S-1 and unlimited demand registrations
on Form S-3; provided, however, that the Company is not obligated to effect more than one demand registration on Form S-3 in any
calendar year. In addition to the demand registration rights afforded the holders under the registration rights agreement, the
holders are entitled to unlimited &#147;piggyback&#148; registration rights. These rights entitle the holders who so elect to
be included in registration statements to be filed by the Company with respect to other registrations of equity securities. The
Company is responsible for all costs of registration, plus reasonable fees of one legal counsel for the holders, which fees are
not to exceed $25,000 per registration. The registration rights agreement includes customary representations and warranties on
the part of both the Company and the holders and other customary terms and conditions.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recorded preferred stock
dividends of $1,268,000 and $1,265,000 for the years ended December 31, 2012 and 2011, respectively. For the years ended December
31, 2009, 2010 and 2011, the Company accrued but did not pay any preferred stock dividends. For the year ended December 31, 2012,
however, the Company did pay its accrued dividends of $1,268,000 in cash.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">On August 12, 2012, the Company entered
into an agreement with the Series B Preferred Stock holders under which the Company issued approximately 157,000 shares of its
common stock in payment of $732,000 of the total $7,315,000 of accrued and unpaid dividends in respect of the Series B Preferred
Stock. On December 26, 2012, the Company entered into an agreement with the Series B Preferred Stock holders under which the Company
issued approximately 145,000 shares of its common stock in payment of $732,000 of the total $6,583,000 of accrued and unpaid dividends
in respect of the Series B Preferred Stock. On March 27, 2013, the Company entered into an agreement with the Series B Preferred
Stock holders under which the Company issued approximately 139,000 shares of its common stock in payment of $732,000 of the total
$5,851,000 of accrued and unpaid dividends in respect of the Series B Preferred Stock. In addition, the holders of the Series B
Preferred Stock agreed to forebear from exercising any rights they may have with respect to accrued unpaid dividends until September
30, 2014. The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $5,851,000 as of December
31, 2012.</p>

<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax assets:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; width: 46%; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Net operating loss carryforwards&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;17,818&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 2%"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;30,681&lt;/font&gt;&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Capital loss carryover&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;840&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;8,013&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Stock-based compensation&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;278&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;417&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;201&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other accrued liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;156&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;123&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Fixed assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;157&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Other&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;207&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;167&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax assets&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;19,466&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;39,759&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Deferred tax liabilities:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Investment in New PE Holdco&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(7,480&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(3,792&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Intangibles&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,513&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,706&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; text-indent: 10pt"&gt;&lt;font style="font-size: 8pt"&gt;Derivative instruments mark-to-market&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#150;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Total deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(9,002&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(5,498&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: rgb(238,238,238)"&gt;
    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;Valuation allowance&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(11,555&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 1pt solid; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 1pt solid; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(35,352&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: White"&gt;
    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;Net deferred tax liabilities&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="border-bottom: Black 2.5pt double; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;$&lt;/font&gt;&lt;/td&gt;&lt;td style="border-bottom: Black 2.5pt double; text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;(1,091&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;Classified in balance sheet as:&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
    &lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: right"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: left"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;
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    &lt;td style="padding-bottom: 2.5pt; text-indent: 13.7pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 8pt"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;p style="margin: 0pt"&gt;&lt;/p&gt;</NonNumbericText><FootnoteIndexer /><CurrencyCode /><CurrencySymbol /><IsIndependantCurrency>false</IsIndependantCurrency><ShowCurrencySymbol>false</ShowCurrencySymbol><DisplayDateInUSFormat>false</DisplayDateInUSFormat></Cell></Cells><ElementDataType>nonnum:textBlockItemType</ElementDataType><SimpleDataType>na</SimpleDataType><ElementDefenition>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</ElementDefenition><ElementReferences>Reference 1: http://www.xbrl.org/2003/role/presentationRef

 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 740

 -SubTopic 10

 -Section 50

 -Paragraph 2

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    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;California&lt;/font&gt;&lt;/td&gt;
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&lt;tr style="vertical-align: top"&gt;
    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Colorado&lt;/font&gt;&lt;/td&gt;
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    &lt;td style="padding-right: -100.3pt; padding-left: 58.75pt; text-align: justify; line-height: 115%"&gt;&lt;font style="font: 8pt Times New Roman, Times, Serif"&gt;Oregon&lt;/font&gt;&lt;/td&gt;
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 -Publisher FASB

 -Name Accounting Standards Codification

 -Topic 946

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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
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                <p>No definition available.</p>
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                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
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                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
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                <p>No definition available.</p>
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                    <td><strong> Name:</strong></td>
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                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
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                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
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                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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          <div style="width: 200px;"><strong>15. STOCK-BASED COMPENSATION<br></strong></div>
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          <div>Dec. 31, 2012</div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has two equity incentive compensation
plans: a 2004 Stock Option Plan and a 2006 Stock Incentive Plan.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>2004 Stock Option Plan</u></i> &#150;
The 2004 Stock Option Plan authorized the issuance of incentive stock options (&#147;ISOs&#148;) and non-qualified stock options
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for up to an aggregate of 23,810 shares of common stock. On September 7, 2006, the Company terminated the 2004 Stock Option Plan,
except to the extent of issued and outstanding options then existing under the plan. The Company had 762 stock options outstanding
under its 2004 Stock Option Plan at December&#160;31, 2012 and 2011.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>2006 Stock Incentive Plan</u></i> &#150;
The 2006 Stock Incentive Plan authorizes the issuance of ISOs, NQOs, restricted stock, restricted stock units, stock appreciation
rights, direct stock issuances and other stock-based awards to the Company&#146;s officers, directors or key employees or to consultants
that do business with the Company for up to an aggregate of 414,286 shares of common stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Stock Options</u></i> &#150; On August
1, 2011 and August 25, 2011, the Company granted options to purchase an aggregate of 12,867 and 1,067 shares of the Company&#146;s
common stock at exercise prices of $12.90 and $5.25 per share, which were the respective closing prices per share of the Company&#146;s
common stock on the dates of grant, with estimated fair values of $6.60 and $2.70, respectively. The options vested as to 33% on
April 2, 2012 and vest as to 33% on each of April 1, 2013 and April 1, 2014. The options expire in 10 years from the date of grant.
Fair value was determined using the Black-Scholes Option Pricing Model. For the August 1, 2011 grants, the inputs to estimating
fair value were: exercise price of $12.90; estimated life of 5.0 years; expected volatility of 56.7%; and risk free interest rate
of 2.50%. For the August 25, 2011 grants, the inputs to estimating fair value were: exercise price of $5.25; estimated life of
5.0 years; expected volatility of 56.7% and risk free interest rate of 2.50%. The Company estimates expected volatility using peer
companies within its industry.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Summaries of the status of Company&#146;s
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those years are as follows (shares in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 12pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i><u>Restricted Stock </u></i>&#150; The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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shares of restricted stock that vest in equal amounts on each of April 1, 2013, 2014 and 2015 and had a grant date fair value of
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EDBAG">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details 4) (Level 3 [Member], USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Beginning Balance</a></td>
        <td class="nump">$ 4,892<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue', window );">Warrant exercises</a></td>
        <td class="num">(260)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements', window );">Adjustments to fair value for the period</a></td>
        <td class="num">(93)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Ending Balance</a></td>
        <td class="nump">8,079<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants [Member] | Issuance In January [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Issuance of warrants</a></td>
        <td class="nump">2,657<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants [Member] | Issuance In March [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Issuance of warrants</a></td>
        <td class="nump">883<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Conversion Feature [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Beginning Balance</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue', window );">Warrant exercises</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements', window );">Adjustments to fair value for the period</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue', window );">Ending Balance</a></td>
        <td class="nump">1,401<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Conversion Feature [Member] | Issuance In January [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Issuance of warrants</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Conversion Feature [Member] | Issuance In March [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems', window );"><strong>Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Issuance of warrants</a></td>
        <td class="nump">$ 1,401<span></span></td>
      </tr>
    </table>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fair Value Measurement With Unobservable Inputs Warranty Exercises Liability Value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>peix_FairValueMeasurementWithUnobservableInputsWarrantyExercisesLiabilityValue</nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems</nobr></td>
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                    <td>duration</td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Settlements that have taken place during the period in relation to liabilities measured at fair value and categorized within Level 3 of the fair value hierarchy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents a liability measured at fair value using significant unobservable inputs (Level 3) which is required for reconciliation purposes of beginning and ending balances.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section B<br><br> -Paragraph 11A<br><br> -Chapter 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedDuringPeriodValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
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  <body><span style="display: none;">v2.4.0.8</span><table class="report" border="0" cellspacing="2" id="ID0EAUAK">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>8. FAIR VALUE MEASUREMENTS (Details 3) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="nump">$ 205<span></span></td>
        <td class="nump">$ 189<span></span></td>
        <td class="nump">$ 244<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">9,595<span></span></td>
        <td class="nump">5,059<span></span></td>
        <td class="nump">2,421<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Commodity Contracts [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="nump">205<span></span></td>
        <td class="nump">189<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">115<span></span></td>
        <td class="nump">167<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Warrants [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">8,079<span></span></td>
        <td class="nump">4,892<span></span></td>
        <td class="nump">1,921<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Conversion Feature [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">1,401<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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          <div class="a">Commodity Contracts [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">244<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">500<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 1 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="nump">205<span></span></td>
        <td class="nump">189<span></span></td>
        <td class="nump">244<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">115<span></span></td>
        <td class="nump">167<span></span></td>
        <td class="nump">500<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 1 [Member] | Commodity Contracts [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="nump">205<span></span></td>
        <td class="nump">189<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="nump">115<span></span></td>
        <td class="nump">167<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 1 [Member] | Warrants [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 1 [Member] | Conversion Feature [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 1 [Member] | Commodity Contracts [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">244<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">500<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 2 [Member]</div>
        </td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Assets:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Assets</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Liabilities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosure', window );">Liabilities</a></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
        <td class="text">&nbsp;&nbsp;<span></span></td>
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      <tr class="rh">
        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 2 [Member] | Commodity Contracts [Member]</div>
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        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
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        <td class="text">&#xA0;<span></span></td>
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          <div class="a">Level 3 [Member] | Commodity Contracts [Member]</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top">
          <div class="a">Level 3 [Member] | Commodity Contracts [Member]</div>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the aggregate of the assets reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This element represents the aggregate of the liabilities reported on the balance sheet at period end measured at fair value by the entity. This element is intended to be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 820<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7578670&amp;loc=d3e19207-110258<br><br><br><br></p>
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