AVENTINE RENEWABLE ENERGY HOLDINGS INC

Aventine Renewable Energy Holdings, Inc. (the “Company”) is filing this amendment (the “Form 10-Q/A”) to its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2012 (the “Form 10-Q”), filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 9, 2012, to correct a calculation error in the amount disclosed for both the basic and diluted weighted-average number of common and common equivalent shares outstanding as well as both the basic and diluted loss per common share amounts for the three month period ended March 31, 2012.  These errors occurred in the Company’s Condensed Consolidated Statement of Operations as well as in Note 3 of the Notes to the Condensed Consolidated Financial Statements.  The calculation error resulted in the amount disclosed for both the basic and diluted weighted-average number of common and common equivalent shares outstanding to be overstated by approximately 1.1 million shares, thus causing both the basic and diluted loss per common share amounts to be understated by approximately ($0.29) for the three months ended March 31, 2012.  The Condensed Consolidated Statement of Operations and Note 3 of the Notes to the Condensed Consolidated Financial Statements disclosed in this Form 10-Q/A are presented with the correct amounts.

This error was also reflected in the Company’s earnings release that was issued on May 9, 2012 and furnished to the SEC on that date.  The calculation error had no impact on the Company’s Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Cash Flows or any disclosures included in the Notes to the Condensed Consolidated Financial Statements (other than Note 3) and Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Subsequent to the Company’s filing of its Form 10-Q with the SEC on May 9, 2012, management determined that the weighted average shares and share equivalents disclosed in its quarterly and annual reports from June 30, 2011 through March 31, 2012 had been improperly calculated, resulting in the amount of shares previously disclosed being overstated and causing the Company’s basic and diluted loss per share to be understated.  The only period that was materially impacted by the improper calculations was the three month period ended March 31, 2012.  In the Company’s Form 10-Q filed with the SEC on May 9, 2012, the Company disclosed weighted average shares and share equivalents outstanding of approximately 9.89 million shares and basic and diluted loss per share of $2.28.  The Company has restated its Consolidated Statement of Operations for the three months ended March 31, 2012 to correct the error.  The corrected weighted average shares and share equivalents outstanding was approximately 8.76 million shares and basic and diluted loss per share is $2.57.

The Company initiated a civil action against E-Biofuels, LLC (“E-Biofuels”) in 2009 related to breach of agreement, and asked for not less than $3 million in compensation.  This suit was later transferred

to the Bankruptcy Court and subsequently settled in the Company’s favor on July 6, 2011.  Under the terms of the settlement, the Company received $0.2 million in cash and 425,000 shares of Imperial (E-Biofuels’ parent company) stock.   The stock was valued at $0.7 million on the date of receipt of July 6, 2011 and $0.1 million at March 31, 2012.  The Company also had previously recorded a liability related to tax credits of $0.7 million which was relieved by the settlement.  The stock was booked as available for sale securities which are classified as short-term investments on the condensed consolidated balance sheet.  For the quarter ended March 31, 2012, the Company recorded a loss on available for sale securities of $0.1 million related to the decrease in the current trading price of the stock, which is included in other non-operating income (expense) on the condensed consolidated statement of operations, as the amount is considered an other than temporary impairment.

In an effort to remediate the identified material weakness and enhance our internal controls, we have added an additional internal control in 2012 to specifically review the basic and diluted earnings per share calculations each quarter to ensure the calculations are performed correctly.  Management believes that adding the additional internal control will remediate the error that caused the material weakness.