Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Koehler Paul
 2. Date of Event Requiring Statement (Month/Day/Year)
03/27/2014		 3. Issuer Name and Ticker or Trading Symbol
Pacific Ethanol, Inc. [PEIX]
(Last)
(First)
(Middle)
400 CAPITOL MALL, SUITE 2060		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
VP of Corporate Development
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

SACRAMENTO, CA 95814		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 32,525
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Series B Cumulative Convertible Preferred Stock   (1)(2)(3)   (1)(2)(3) Common Stock 8,486 $ (1) (2) D  
Common Stock Warrant (Right to Buy) 11/23/2008 05/22/2018 Common Stock 184 $ 735 D  
Common Stock Option (Right ot Buy)   (4) 08/01/2021 Common Stock 798 $ 12.9 D  
Common Stock Option (Right to Buy)   (5) 06/24/2023 Common Stock 10,204 $ 3.74 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Koehler Paul
400 CAPITOL MALL, SUITE 2060
SACRAMENTO, CA 95814		       VP of Corporate Development  

Signatures

/s/ Paul P. Koehler 04/01/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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).
(1) On May 22, 2008, Paul P. Koehler, acquired 12,820 shares of the issuer's Series B Cumulative Convertible Preferred Stock (the "Series B Preferred Stock") and a Warrant to purchase 184 shares of the issuer's Common Stock for an aggregate purchase price of $250,000. Each share of Series B Preferred Stock is convertible at Mr. Koehler's option into that number of shares of the issuer's Common Stock equal to: (i) $19.50, divided by (ii) the conversion price in effect at the time of conversion. The conversion price of the Series B Preferred Stock is currently $29.46, but is subject to certain anti-dilution adjustments as set forth in the Certificate of Designations, Powers, Preferences and Rights of the Series B Preferred Stock (the "Certificate of Designations"); provided, that the anti-dilution adjustments set forth in the Certificate of Designations are subject to certain limitations as set forth in a related Securities Purchase Agreement.
(2) Using the current conversion price, Mr. Koehler's 12,820 shares of Series B Preferred Stock are convertible into 8,486 shares of the issuer's Common Stock. Mr. Koehler's right to convert the Series B Preferred Stock does not expire.
(3) The Series B Preferred Stock shall, upon the occurrence of certain events, automatically convert into Common Stock pursuant to the terms of the Certificate of Designations.
(4) The option vested 33%, 33% and 34% on April 1, 2012, 2013 and 2014, respectively.
(5) The option vests 33%, 33% and 34% on April 1, 2014, 2015 and 2016, respectively.

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