<SEC-DOCUMENT>0001019687-14-001243.txt : 20140402
<SEC-HEADER>0001019687-14-001243.hdr.sgml : 20140402
<ACCEPTANCE-DATETIME>20140402214908
ACCESSION NUMBER:		0001019687-14-001243
CONFORMED SUBMISSION TYPE:	S-3MEF
PUBLIC DOCUMENT COUNT:		5
<REFERENCE-462B>333-180731
FILED AS OF DATE:		20140402
DATE AS OF CHANGE:		20140402
EFFECTIVENESS DATE:		20140402

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-3MEF
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-195001
		FILM NUMBER:		14740285

	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-3MEF
<SEQUENCE>1
<FILENAME>peix_s3mef.htm
<DESCRIPTION>FORMM S-3 REGISTRATION STATEMENT PURSUANT TO RULE 462(B)
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>As filed with the Securities Exchange Commission
on April 3, 2014</B></P>

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



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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM S-3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>REGISTRATION STATEMENT UNDER THE</B><BR>
<B>SECURITIES ACT OF 1933</B></P>

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

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

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



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Neil Koehler<BR>
President and Chief Executive Officer<BR>
Pacific Ethanol, Inc.<BR>
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"></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 de Silva, 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, 14<SUP>th</SUP> Floor<BR>
Irvine, California 92614<BR>
(949) 622-2700 / (949) 622-2739 (fax)</B></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"><FONT STYLE="font-size: 9pt"><B>Approximate date of proposed sale
to the public:</B> From time to time after this Registration Statement becomes effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If the only securities
being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">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, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box. <FONT STYLE="font-family: Wingdings 2">S</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">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">S</FONT> Registration No. 333-180731</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">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></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">If this Form
is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. <FONT STYLE="font-family: Wingdings 2">&pound;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"><FONT STYLE="font-size: 9pt">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting
company&rdquo; in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

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<tr style="vertical-align: top">
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&#111;</FONT></FONT></td>
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&#111;</FONT></FONT></td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">&#111;
    </FONT>(Do not check if a smaller reporting company)</FONT></td>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 9pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"><BR>
<B>CALCULATION OF REGISTRATION FEE</B></FONT></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: 45%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Title
    of Each Class of Securities</B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>to be Registered (1)</B></FONT></FONT></td>
    <td style="width: 30%; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Proposed
    Maximum </B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Offering Price (2)</B></FONT></FONT></td>
    <td style="width: 25%; border-top: Black 1.5pt double; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif"><B>Amount
    of </B></FONT><FONT STYLE="font-size: 9pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Registration Fee (3)</B></FONT></FONT></td></tr>
<tr>
    <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">Common
    stock, $0.001 par value per share</FONT></td>
    <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$4,561,174</FONT></td>
    <td style="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 9pt Times New Roman, Times, Serif">$587.48</FONT></td></tr>
</table>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">This
                                         registration statement relates to the registration statement on Form S-3 (File No. 333-180731)
                                         of Pacific Ethanol, Inc. (the &ldquo;Company&rdquo;) declared effective on May 17, 2012
                                         (the &ldquo;Prior Registration Statement&rdquo;), pursuant to which the Company registered
                                         up to $100,000,000 of the Company&rsquo;s securities, including debt securities, shares
                                         of the Company&rsquo;s common stock, $0.001 par value per share, shares of the Company&rsquo;s
                                         preferred stock, $0.001 par value per share, warrants and units. This registration statement
                                         is being filed to register an additional amount of the Company&rsquo;s common stock pursuant
                                         to Rule 462(b) under the Securities Act of 1933, as amended (&ldquo;Securities Act&rdquo;).
                                         There are being registered hereunder by the registrant such indeterminate number of shares
                                         of common stock, $0.001 par value per share, of the Company as will have an aggregate
                                         initial offering price not to exceed $4,561,174.</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">As
                                         of the date of this registration statement, the maximum aggregate offering price of securities
                                         which remain to be offered pursuant to the Prior Registration Statement is $23,438,826.
                                         The maximum aggregate offering price of the additional securities being registered hereby
                                         pursuant to Rule 462(b) under the Securities Act is $4,561,174, which represents approximately
                                         20% of the maximum aggregate offering price of securities remaining on the Prior Registration
                                         Statement.</FONT></TD>
</TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 9pt">(3)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 9pt">Calculated
                                         pursuant to Rule 457(o) under the Securities Act.</FONT></TD>
</TR></TABLE>



<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></B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: white">This registration
statement is being filed with respect to the registration of additional amount of common stock, par value $0.001 per share, of
Pacific Ethanol, Inc., a Delaware corporation, pursuant to Rule 462(b) under the Securities Act. Pacific Ethanol, Inc. is filing
this registration statement for the sole purpose of increasing the aggregate amount of common stock offered by Pacific Ethanol,
Inc. by </FONT>$4,561,174.</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"><FONT STYLE="background-color: white">This registration
statement relates to a prior registration statement on Form S-3 (Registration&nbsp;No.&nbsp;333-180731) of Pacific Ethanol, Inc.,
which was declared effective by the Securities and Exchange Commission on May 17, 2012. Pursuant to Rule 462(b), the contents of
the earlier registration statement on Form S-3 (Registration&nbsp;No.&nbsp;333-180731), which was declared effective by the Securities
and Exchange Commission on May 17, 2012, are incorporated in this registration statement by reference.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="background-color: white">This registration
statement will become effective upon filing with the Securities and Exchange Commission in accordance with Rule 462(b) of the Securities
Act.</FONT></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">&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">&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">&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">&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">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART II<BR>
<BR>
INFORMATION NOT REQUIRED IN PROSPECTUS</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"><B>ITEM 16.&#9;EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>(a)&#9;Exhibits.</B></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">The following exhibits are filed as part of this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</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; width: 20%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center">&nbsp;</td>
    <td style="vertical-align: bottom; width: 60%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>&nbsp;</b></font></td>
    <td style="width: 20%">&nbsp;</td></tr>
<tr style="vertical-align: bottom">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Exhibit<br>
        Number</b></P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Description</b></P></td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Filed Herewith</b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">5.1</font></td>
    <td style="vertical-align: bottom; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Opinion of Troutman Sanders LLP</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">X</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">23.1</font></td>
    <td style="vertical-align: bottom; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Consent of Troutman Sanders LLP (included in Exhibit 5.1)</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">X</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">23.2</font></td>
    <td style="vertical-align: bottom; padding-top: 5.75pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</font></td>
    <td style="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">X</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</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">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and 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 2<SUP>nd</SUP> day of April, 2014.</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-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 4in">Pacific Ethanol, Inc.,<BR>
a Delaware corporation<BR>
<BR>
By: <U>&#9;/s/ NEIL M. KOEHLER</U><BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Neil M. Koehler<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;President and Chief Executive Officer</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">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: 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <td style="width: 41%; padding-right: 0.7pt; padding-left: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Signature</b></P></td>
    <td style="vertical-align: bottom; width: 36%; padding-right: 0.7pt; padding-left: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Title</b></P></td>
    <td style="vertical-align: bottom; width: 23%; padding-right: 0.7pt; padding-left: 0.7pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Date</b></P></td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">William L. Jones</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">Chairman of the Board and Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">Neil M. Koehler</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">President, Chief Executive Officer (principal executive officer) and Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">Bryon T. McGregor</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">Chief Financial Officer (principal financial and accounting officer)</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">Michael D. Kandris</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Chief Operating Officer and Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">Terry L. Stone</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">John L. Prince</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; border-bottom: Black 0.5pt solid">/s/ DOUGLAS
        L. KIETA</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Douglas L. Kieta</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.75pt; padding-left: 5.75pt">&nbsp;</TD></TR>
<tr style="vertical-align: top">
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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: 0">Larry D. Layne</P></td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">Director</td>
    <td style="padding-right: 5.75pt; padding-left: 5.75pt">April 2, 2014</td></tr>
</table>
<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">&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">&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">&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"></P>

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

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

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

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Exhibit</b></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><b>Number</b></P></td>
    <td style="width: 88%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><b>Description</b></P></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">5.1</font></td>
    <td style="vertical-align: bottom; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Opinion of Troutman Sanders LLP</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">23.1</font></td>
    <td style="vertical-align: bottom; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Consent of Troutman Sanders LLP (included in Exhibit 5.1)</font></td></tr>
<tr>
    <TD STYLE="vertical-align: top; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">23.2</font></td>
    <td style="vertical-align: bottom; padding-top: 0.1in; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Consent of Independent Registered Public Accounting Firm</font></td></tr>
</table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>peix_s3-ex0501.htm
<DESCRIPTION>LEGAL OPINION
<TEXT>
<HTML>
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<P STYLE="margin: 0">Exhibit 5.1</P>

<P STYLE="margin: 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 50%; text-align: center">&nbsp;<IMG SRC="ts_logo.jpg" ALT=""></TD>
    <TD STYLE="width: 25%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">TROUTMAN
                           SANDERS LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">Attorneys at Law</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">5 Park Plaza, Suite
1400</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">Irvine, CA 92614-2545</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">949.622.2700 telephone</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-size: 6.5">troutmansanders.com</FONT></P>



</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</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">April 3, 2014</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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">400 Capital Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Sacramento, California 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">Re:&#9;<U>Registration Statement on Form S-3</U></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">Ladies and Gentlemen:</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-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">We have acted as counsel to Pacific Ethanol,
Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the filing by the Company of a registration statement
on Form S-3 (the &ldquo;Additional Registration Statement&rdquo;) with the Securities and Exchange Commission (&ldquo;SEC&rdquo;)
pursuant to Rule 462(b) of the Securities Act of 1933, as amended (the &ldquo;Act&rdquo;). The Additional Registration Statement
relates to the proposed offer and sale by the Company of up to $4,561,174 in shares (the &ldquo;Shares&rdquo;) of the Company&rsquo;s
common stock, par value $0.001 per share (the &ldquo;Common Stock&rdquo;). The Additional Registration Statement incorporates by
reference the Registration Statement on Form S-3 (File No. 333-180731) (the &ldquo;Original Registration Statement&rdquo; and,
together with the Additional Registration Statement, the &ldquo;Registration Statement&rdquo;), which was declared effective on
May 17, 2012, including the prospectus which forms a part of the Registration Statement (the &ldquo;Prospectus&rdquo;).</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-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">This opinion letter is being furnished in connection
with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining
to the contents of the Registration Statement, the Prospectus or any Prospectus Supplement, other than as expressly stated herein
with respect to the issuance of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">In connection with this opinion letter, we
have examined originals, or copies certified or otherwise identified to our satisfaction, of the Registration Statement, the Prospectus,
the Certificate of Incorporation, as amended, and the Bylaws, as amended, of the Company and such other documents, records and
other instruments as we have deemed appropriate for purposes of the opinions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">We have assumed the genuineness of all signatures,
the legal capacity of all natural persons, the authenticity of the documents submitted to us as originals, the conformity with
the originals of all documents submitted to us as certified, facsimile or photostatic copies and the authenticity of the originals
of all documents submitted to us as copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">We have assumed that, at the time of issuance
and sale, a sufficient number of shares of Common Stock will be authorized and available for issuance and that the consideration
for the issuance and sale of the Shares will be in an amount that is not less than the par value of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-size: 7.5">Atlanta&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;Hong
Kong &nbsp;&nbsp;New York &nbsp;&nbsp;Newark&nbsp;&nbsp;&nbsp;Norfolk&nbsp;&nbsp;&nbsp;Orange County&nbsp;&nbsp;&nbsp; Portland<BR> Raleigh&nbsp;&nbsp;&nbsp;Richmond&nbsp;&nbsp;&nbsp;San Diego&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;Tysons Corner&nbsp;&nbsp;&nbsp;Virginia Beach&nbsp;&nbsp;&nbsp;Washington, DC</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt"></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-top: 0; text-align: left; margin-bottom: 12pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 12pt"><IMG SRC="ts_logo2.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">April 3, 2014</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0">Page 2</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, with respect to the Shares offered under the Registration Statement, provided that (i)
the Registration Statement and any required post-effective amendment thereto have all become effective under the Act and the Prospectus
and any and all prospectus supplement(s) required by applicable laws have been delivered and filed as required by such laws, (ii)
the issuance of the Shares has been duly authorized by all necessary corporate action on the part of the Company, and (iii) the
issuance and sale of the Shares does not violate any applicable law, are in conformity with the Company&rsquo;s Certificate of
Incorporation, as amended, and Bylaws, as amended, do not result in a default under or breach of any agreement or instrument binding
upon the Company, then the Shares, when issued and sold as contemplated in the Registration Statement, the Prospectus and the related
prospectus supplement(s) and in accordance with any applicable duly authorized, executed and delivered purchase, underwriting or
similar agreement, will be duly authorized, validly issued, fully paid and nonassessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">The opinions expressed herein are limited
to the General Corporation Law of the State of Delaware and we express no opinion with respect to the laws of any other state or
jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 48.95pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; text-align: left; margin-bottom: 0; text-indent: 40pt">We hereby consent to the use of this opinion
as an exhibit to the Registration Statement and to the reference to us under the caption &ldquo;Legal Matters&rdquo; in the Prospectus
and the related prospectus supplement(s). In giving such consent, we do not hereby admit that we are acting within the category
of persons whose consent is required under Section 7 of the Act or the rules or regulations of the SEC thereunder.</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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Very truly yours,</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">/s/ Troutman Sanders LLP</P>
</TD></TR>
</TABLE>

<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"></P>



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

</BODY>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>peix_s3-ex2302.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<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: 0; text-align: right"><B>Exhibit 23.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</B></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: justify">We consent to the incorporation by reference
in this Registration Statement on Form S-3 of Pacific Ethanol, Inc. of our report dated March 31, 2014, relating to our audits
of the consolidated financial statements, which appear in the Annual Report on Form 10-K of Pacific Ethanol, Inc. for the year
ended December 31, 2013.</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">We also consent to the reference to our firm
under the caption &quot;Experts&quot; in the Registration Statement.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>/s/ HEIN &amp; ASSOCIATES LLP</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">April 2, 2014</P>



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

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