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, CA 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)
04/19/2006
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)
Code V Amount (A) or (D) Price
Common Stock 04/19/2006 S 5,000 D $30.2112 995,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $30.4767 985,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 15,000 D $30.5002 970,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $30.5396 965,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 15,000 D $30.9173 950,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $31.0367 940,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 25,000 D $31.2939 915,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 25,000 D $31.3991 890,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $31.4083 885,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 6,500 D $31.419 878,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $31.4303 868,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 7,200 D $31.5139 861,300 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 17,800 D $31.5795 843,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $31.7104 838,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $31.7715 833,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $31.9113 823,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 25,000 D $31.925 798,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 20,000 D $31.9367 778,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $32.2154 768,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 15,000 D $32.218 753,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $32.2509 748,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 15,000 D $32.2634 733,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $32.2986 728,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 25,000 D $32.3227 703,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $32.3298 693,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 15,000 D $32.4542 678,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 5,000 D $32.4826 673,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $32.4853 663,500 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 3,500 D $32.5139 660,000 I by Greinke Personal Living Trust
Common Stock 04/19/2006 S 10,000 D $32.5392 650,000 I by Greinke Personal Living Trust
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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
Remarks:
This is Part 1 of 2. There are more than 30 transactions to report.
/s/ Frank P. Greinke 04/20/2006
** 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.