SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

GREINKE FRANK P

(Last)

(First)

(Middle)

5711 N. WEST AVENUE

(Street)

FRESNO

93711

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Pacific Ethanol, Inc. [ PEIX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/20/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/20/2006		S		5,000	D	$28.4356	495,000	D
Common Stock	04/20/2006		S		5,000	D	$28.4558	490,000	D
Common Stock	04/20/2006		S		5,000	D	$28.4755	485,000	D
Common Stock	04/20/2006		S		5,000	D	$28.4756	480,000	D
Common Stock	04/20/2006		S		5,000	D	$28.4905	475,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5008	470,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5096	465,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5419	460,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5586	455,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5629	450,000	D
Common Stock	04/20/2006		S		10,000	D	$28.5669	440,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5768	435,000	D
Common Stock	04/20/2006		S		2,500	D	$28.5845	432,500	D
Common Stock	04/20/2006		S		2,500	D	$28.5917	430,000	D
Common Stock	04/20/2006		S		5,000	D	$28.5996	425,000	D
Common Stock	04/20/2006		S		5,000	D	$28.6044	420,000	D
Common Stock	04/20/2006		S		5,000	D	$28.6143	415,000	D
Common Stock	04/20/2006		S		5,000	D	$28.6246	410,000	D
Common Stock	04/20/2006		S		5,000	D	$28.637	405,000	D
Common Stock	04/20/2006		S		10,000	D	$28.6409	395,000	D
Common Stock	04/20/2006		S		5,000	D	$28.6522	390,000	D
Common Stock	06/20/2006		S		5,000	D	$28.6528	385,000	D
Common Stock	06/20/2006		S		2,500	D	$28.7105	382,500	D
Common Stock	04/20/2006		S		5,000	D	$28.7358	377,500	D
Common Stock	04/20/2006		S		7,500	D	$28.7476	370,000	D
Common Stock	04/20/2006		S		5,000	D	$28.7489	365,000	D
Common Stock	04/20/2006		S		5,000	D	$28.7752	360,000	D
Common Stock	04/20/2006		S		2,500	D	$28.8199	357,500	D
Common Stock	04/20/2006		S		5,000	D	$28.8629	352,500	D
Common Stock	04/20/2006		S		10,000	D	$29	342,500	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

Remarks:

This is part 1 of 2. There are more than 30 transactions to report.

	/s/ Frank P. Greinke	04/21/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.