Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^*

Koehler Paul

2. Date of Event Requiring Statement (MM/DD/YYYY) 3/27/2014

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 /

(Street)

SACRAMENTO, CA 95814

(City) (State) (Zip)

5. If Amendment, Date Original Filed (MM/DD/YYYY)

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 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	32525	D

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		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)
1. Title of Derivate Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series B Cumulative Convertible Preferred Stock	⁽¹⁾ ⁽²⁾ ⁽³⁾	⁽¹⁾ ⁽²⁾ ⁽³⁾	Common Stock	8486	⁽¹⁾ ⁽²⁾	D
Common Stock Warrant (Right to Buy)	11/23/2008	5/22/2018	Common Stock	184	$735	D
Common Stock Option (Right ot Buy)	⁽⁴⁾	8/1/2021	Common Stock	798	$12.90	D
Common Stock Option (Right to Buy)	⁽⁵⁾	6/24/2023	Common Stock	10204	$3.74	D

Explanation of Responses:
( 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.

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

Signatures
/s/ Paul P. Koehler		4/1/2014
^** 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 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).
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 control number.