<SEC-DOCUMENT>0001019687-14-001810.txt : 20140513
<SEC-HEADER>0001019687-14-001810.hdr.sgml : 20140513
<ACCEPTANCE-DATETIME>20140513170754
ACCESSION NUMBER:		0001019687-14-001810
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20140509
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140513
DATE AS OF CHANGE:		20140513

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21467
		FILM NUMBER:		14838238

	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>8-K
<SEQUENCE>1
<FILENAME>peix_8k-050914.htm
<DESCRIPTION>FORM 8-K
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</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: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURSUANT TO SECTION 13 OR 15(d) OF</B><BR>
<B>THE SECURITIES EXCHANGE ACT OF 1934</B></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: 51%; padding-right: 5.4pt; padding-left: 0pt; text-align: justify; text-indent: 0in; font-size: 10pt">Date of Report (Date of earliest event reported)</TD>
    <TD STYLE="width: 49%; padding-right: 5.4pt; padding-left: 0pt; text-align: center; text-indent: 0in; font-size: 10pt; border-bottom: Black 1pt solid"><B>May 9, 2014</B></TD></TR>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PACIFIC ETHANOL, INC.</P>

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

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

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<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">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>000-21467</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission File Number)</P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>41-2170618</B></P>

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<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">(IRS Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="vertical-align: top; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>400 Capitol Mall, Suite 2060</B></P>
        <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sacramento, California</B></P></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 49%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; border-bottom: Black 1pt solid"><B>95814</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Address of principal executive offices)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt">(Zip Code)</TD></TR>
</TABLE>

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

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<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font-size: 10pt; width: 49%"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s telephone number, including area code:</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt; width: 49%; border-bottom: Black 1pt solid"><B>&nbsp;(916) 403-2123</B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">________________________________________________________</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">(Former name or former address, if changed since last report)</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: left; text-indent: 0.25in">Check the appropriate
box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (<I>see </I>General Instruction A.2. 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: left; text-indent: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT>  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> <FONT STYLE="font-family: Wingdings">o</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> <FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in"> <FONT STYLE="font-family: Wingdings">o</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>Item 8.01.&#9;Other
Events.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">On May 9, 2014, Pacific
Ethanol, Inc. (the &ldquo;Company&rdquo;) filed a prospectus supplement to its <FONT STYLE="font-size: 10pt">Registration
Statement on Form S-3 (File No. 333-</FONT>195364<FONT STYLE="font-size: 10pt">) with the Securities and Exchange Commission (as
supplemented, the &ldquo;Registration Statement&rdquo;) in connection with the proposed offer and sale by the Company of 1,346,852
shares of the Company&rsquo;s common stock, $0.001 par value (the &ldquo;Common Stock&rdquo;), consisting of 295,651 shares of
Common Stock (&ldquo;Series A Warrant Shares&rdquo;) that are issuable from time to time upon exercise of the Company&rsquo;s Series
A Warrants issued on March 28, 2013 (&ldquo;Series A Warrants&rdquo;) and 1,051,201 shares of Common Stock (&ldquo;Series B Warrant
Shares&rdquo; and together with the Series A Warrant Shares, the &ldquo;Warrant Shares&rdquo;) that are issuable from time to time
upon exercise of the Company&rsquo;s Series B Warrants issued on March 28, 2013 (&ldquo;Series B Warrants&rdquo;, and together
with the Series A Warrants, the &ldquo;Warrants&rdquo;), as described in the Registration Statement. </FONT>In connection with
the offering pursuant to the Registration Statement, the legal opinion letter of Troutman Sanders LLP, counsel to the Company,
regarding the validity of the Warrant Shares is filed as Exhibit&nbsp;5.1 to this Current Report on Form&nbsp;8-K.&nbsp; The legal
opinion letter is also filed with reference to, and is hereby incorporated by reference into, the Registration Statement.</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"></P>

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    <TD STYLE="padding-left: 0pt">Item 9.01.</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 0pt">Financial Statements and Exhibits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt; width: 8%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; width: 10%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; width: 79%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 22pt">(d)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><U>Exhibits</U>.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><U>Number</U></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt">Opinion of Troutman Sanders LLP</TD></TR>
</TABLE>


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<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"></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

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    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">Date:&nbsp;&nbsp;May 9, 2014</TD>
    <TD STYLE="width: 38%; padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">PACIFIC ETHANOL, INC.</TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt; border-bottom: Black 1pt solid">By: /S/ CHRISTOPHER W. WRIGHT</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">Christopher W. Wright</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">Vice President, General Counsel and Secretary</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
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<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>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-align: center; text-indent: -3in"><B>EXHIBITS FILED
WITH THIS REPORT</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in"><U>Number</U></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in"><U>Description</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in">5.1</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 0pt; text-align: left; text-indent: 0in">Opinion of Troutman Sanders LLP</TD></TR>
</TABLE>
<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"><B>&nbsp;</B></P>



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

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

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<FILENAME>peix_8k-ex0501.htm
<DESCRIPTION>OPINION LETTER
<TEXT>
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<P STYLE="margin: 0">Exhibit 5.1</P>

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

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 34%; text-align: left; font-size: 10pt">&nbsp;</td>
    <TD STYLE="width: 33%; text-align: center; vertical-align: middle">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P></td>
    <TD STYLE="width: 33%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">TROUTMAN SANDERS LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Attorneys at Law</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">5 Park Plaza, Suite 1400</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Irvine, CA 92614-2545</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">949.622.2700 telephone</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">troutmansanders.com</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P></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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May 9, 2014</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-indent: 0.5in"></P>

<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">400 Capital Mall, Suite 2060</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sacramento, California 95814</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 0.5in">Re:&#9;<U>Registration Statement on Form S-3</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</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"><FONT STYLE="font-size: 10pt">We have acted
as counsel to Pacific Ethanol, Inc., a Delaware corporation (the &ldquo;Company&rdquo;), in connection with the proposed offer
and sale by the Company of 1,346,852 shares of the Company&rsquo;s common stock, $0.001 par value (the &ldquo;Common Stock&rdquo;),
consisting of 295,651 shares of Common Stock (&ldquo;Series A Warrant Shares&rdquo;) that are issuable from time to time upon exercise
of the Company&rsquo;s Series A Warrants issued on March 28, 2013 (&ldquo;Series A Warrants&rdquo;) and 1,051,201 shares of Common
Stock (&ldquo;Series B Warrant Shares&rdquo; and together with the Series A Warrant Shares, the &ldquo;Warrant Shares&rdquo;) that
are issuable from time to time upon exercise of the Company&rsquo;s Series B Warrants issued on March 28, 2013 (&ldquo;Series B
Warrants&rdquo;, and together with the Series A Warrants, the &ldquo;Warrants&rdquo;), as described in the Company&rsquo;s Registration
Statement on Form S-3 (File No. 333-</FONT>195364<FONT STYLE="font-size: 10pt">) filed with the Securities and Exchange Commission
(the &ldquo;Commission&rdquo;) under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;) (as amended and
supplemented through and including the date hereof, including by the prospectus supplement (the &ldquo;Prospectus&rdquo;) dated
May 9, 2014 (the &ldquo;Registration Statement&rdquo;)).</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">This opinion letter is being furnished in
connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein
as to any matter pertaining to the contents of the Registration Statement, other than as expressly stated herein with respect to
the issuance of the 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">As such counsel and for purposes of our
opinions set forth herein, we have examined and relied upon the original or copies, certified or otherwise identified to our satisfaction,
of such documents, resolutions, certificates and instruments of the Company, and have reviewed certificates of public officials,
statutes, records and such other instruments and documents and have made such investigations of law as we have considered necessary
or appropriate as a basis for the opinions set forth in this opinion letter. In such examination, we have assumed (i) the genuineness
of all signatures on all agreements, instruments and other documents submitted to us; (ii) the legal capacity and authority of
all persons or entities executing all agreements, instruments and other documents submitted to us; (iii) the authenticity and completeness
of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iv) that all
agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile,
conformed, photostatic or other copies conform to authentic originals thereof, and that such originals are authentic and complete;
(v) the due authorization, execution and delivery of all agreements, instruments and other documents by all parties thereto; (vi)
that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us; (vii)
that the statements contained in the certificates and comparable documents of public officials, officers and representatives of
the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; and (viii)
that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions
of fact material to this opinion letter and as to the materiality of any fact or other matter referred to herein, we have relied
(without independent investigation) upon certificates or comparable documents of officers and representatives of the Company. In
addition, with your consent, we have assumed that choice of law provisions are legally enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps">Atlanta&nbsp;&nbsp;&nbsp;BEIJING&nbsp;&nbsp;&nbsp;Chicago&nbsp;&nbsp;&nbsp;Hong&nbsp;Kong&nbsp;&nbsp;&nbsp;New&nbsp;York&nbsp;&nbsp;&nbsp;Newark&nbsp;&nbsp;&nbsp;Norfolk&nbsp;&nbsp;&nbsp;Orange&nbsp;County&nbsp;&nbsp;&nbsp;Portland</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-variant: small-caps">Raleigh&nbsp;&nbsp;&nbsp;Richmond&nbsp;&nbsp;&nbsp;San&nbsp;Diego&nbsp;&nbsp;&nbsp;Shanghai&nbsp;&nbsp;&nbsp;Tysons&nbsp;Corner&nbsp;&nbsp;&nbsp;Virginia
Beach&nbsp;&nbsp;&nbsp;Washington,&nbsp;DC</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">&nbsp;</P>

<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">Page 2</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">Subject to the foregoing and the other matters
set forth herein, it is our opinion that, as of the date hereof, the Warrant Shares have been duly authorized by the Company and,
when and to the extent issued in accordance with the terms of, and in the manner contemplated by, the Warrants, including the due
and proper exercise of the Warrants and payment in full to the Company of the exercise price for the Warrant Shares as required
thereunder, and as described in the Registration Statement, the Warrant Shares will be validly issued, fully paid and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 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 opinions are subject to (i) the effect
of any bankruptcy, insolvency, reorganization, moratorium or similar laws and principles affecting creditors&rsquo; rights generally
(including, without limitation, fraudulent transfer or fraudulent conveyance laws); and (ii) the effect of general principles of
equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing) and the availability
of equitable remedies (including, without limitation, specific performance and equitable relief), regardless of whether considered
in a proceeding in equity or at 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: 0.5in">We express no opinion with regard to the
applicability or effect of the law of any jurisdiction other than the General Corporation Law of the State of Delaware as in effect
on the date 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">This opinion letter is prepared for your
use in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant
to the applicable provisions of the Securities Act solely for such purpose. We hereby consent to the filing of this opinion as
an exhibit to the Company&rsquo;s Current Report on Form 8-K dated May 9, 2014, the incorporation of this opinion by reference
in the Registration Statement and to the use of our name under the caption &ldquo;Legal Matters&rdquo; in the Prospectus and Registration
Statement.&nbsp; In giving this consent, we do not hereby admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Securities Act, or the rules or regulations of the Commission 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"><U>/s/ Troutman Sanders LLP</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-indent: 0.5in">&nbsp;</P>



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

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
