| 
               Date
                of Report (Date of earliest event reported) 
             | 
            
               June
                8, 2007 
             | 
          ||||
| 
               PACIFIC
                ETHANOL, INC. 
             | 
          |||||
| 
               (Exact
                name of registrant as specified in its charter) 
             | 
          |||||
| 
               Delaware
                
                 
              (State
                or other jurisdiction 
              of
                incorporation) 
             | 
            
               000-21467
                
                 
              (Commission
                File Number) 
             | 
            
               41-2170618
                
                 
              (IRS
                Employer 
              Identification
                No.) 
             | 
          |||
| 
               400
                Capitol Mall, Suite 2060, Sacramento, CA 
             | 
            
               95814 
             | 
          ||||
| 
               (Address
                of principal executive offices) 
             | 
            
               (Zip
                Code) 
             | 
          ||||
| 
               Registrant’s
                telephone number, including area code: 
             | 
            
               (916)
                403-2123 
             | 
          ||||
| 
               (Former
                name or former address, if changed since last
                report) 
             | 
          |||||
| 
               Number 
             | 
            
               Description 
             | 
          
| 99.1 | 
               Description
                of Capital Stock Updated June 8,
                2007 
             | 
          
| PACIFIC ETHANOL, INC. | ||
|   | 
              | 
              | 
          
| Date: June 8, 2007 | By: | /s/ CHRISTOPHER W. WRIGHT | 
| 
               | 
          ||
| 
               Christopher
                W.
                Wright, 
              Vice President, General Counsel &
                Secretary 
             | 
          ||
| 
                     | 
                  
| 
               Number 
             | 
            
               Description 
             | 
          
| 99.1 | 
               Description
                of Capital Stock Updated June 8,
                2007 
             |