Exhibit 99.1

Aventine Renewable Energy Holdings, Inc. Reports First Quarter 2011 Financial Results

DALLAS, TX, May 9, 2011 (GLOBE NEWSWIRE) — Aventine Renewable Energy Holdings, Inc. (OTCBB:AVRW) (“Aventine”), a leading producer of clean renewable energy, announced today its results for the first quarter 2011.

Net loss for the three months ended March 31, 2011 was $19.3 million, or $2.24 per diluted share, compared to a net loss of $7.1 million, or $0.82 per diluted share for the one month ended March 31, 2010 and a net loss of $266.3 million, or $6.14 per diluted share for the two months ended February 28, 2010.  Revenues were $198.1 million for the three months ended March 31, 2011, compared to $37.0 million and $77.7 million, respectively, for the one month ended March 31, 2010 and the two months ended February 28, 2010.

Q1 2011 Significant Events

On January 21, 2011, we redeemed our $155.0 million 13% senior secured notes due 2015 at a redemption price of 105% of the principal amount, plus accrued and unpaid interest.

On February 28, 2011, we amended our revolving credit facility with PNC Bank National Association (“PNC”), which increased our maximum loan amount from $20.0 million to $30.0 million.  The amendment requires us to provide cash as security for all outstanding and undrawn letters of credit but allows us to utilize the existing $5.0 million pledged to PNC as part of the cash required to secure our letters of credit.

On April 7, 2011, we entered into an incremental amendment with Citibank, N.A., as administrative agent for the lenders under our December 22, 2010 term loan agreement, and Macquarie Bank Limited, as lender (“Macquarie”), to our term loan agreement.  Pursuant to the incremental amendment, Macquarie loaned us an aggregate principal amount equal to $25.0 million, net of $1.3 million in fees.  The loan under the incremental amendment has substantially the same terms as the existing loans under the term loan agreement, including seniority ranking in right of payment and of security, maturity date, applicable margin and interest rate floor.  We continue to be subject to all other terms and restrictions contained in the original term loan agreement.

On April 27, 2011, we temporarily shut down our dry mill plant in Aurora, Nebraska to make some improvements to the fermentation process at the facility.  We expect this work to be completed by the third week of May 2011.  After completing the improvements, we will evaluate the margin environment to determine the timing of restarting operations.

First Quarter Conference Call

We will hold a conference call at 9:00 am central time (10:00 am eastern time) on Wednesday, May 11, 2011 to discuss the contents of this press release. Dial in to the conference call at (877) 312-5514 (U.S.) or (253) 237-1137 (International), access code: 59546337, ten minutes prior to the scheduled start time. A link to the broadcast can be found on our website at http://www.aventinerei.com/ in the Investor Relations section under the “Conference Calls” link. If you are unable to participate at this time, a replay will be available through May 17, 2011 on this website or by dialing (800) 642-1687 (U.S.) or, (706) 645-9291 (International) access code: 59546337. Should you have any problems accessing the call or the replay, please contact Aventine at (214) 451-6750.

About Aventine Renewable Energy

Aventine is a leading producer of ethanol. Through our production facilities, we market and distribute ethanol to many of the leading energy companies in the U.S. In addition to producing ethanol, our facilities also produce several by-products, such as distillers grain, corn gluten meal and feed, corn germ and grain distillers dried yeast, which generate revenue and allow us to help offset a significant portion of our corn costs.

Forward Looking Statements

Certain information included in this press release may be deemed to be “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In some cases, you can identify these statements by forward-looking words such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” and the negatives of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.

Some of the factors that may cause Aventine’s actual results, developments and business decisions to differ materially from those contemplated by such forward looking statements include our ability to obtain and maintain normal terms with vendors and service providers, our estimates of allowed general unsecured claims, unliquidated and contingent claims and estimations of future distributions of securities and allocations of securities among various

categories of claim holders, our ability to maintain contracts that are critical to our operations, our ability to attract and retain customers, our ability to fund and execute our business plan and any ethanol plant expansion or completion projects, our ability to receive or renew permits to construct or commence operations of our proposed capacity additions in a timely manner, or at all, laws, tariffs, trade or other controls or enforcement practices applicable to our operations, changes in weather and general economic conditions, overcapacity within the ethanol, biodiesel and petroleum refining industries, availability and costs of products and raw materials, particularly corn, coal and natural gas and the subsequent impact on margins, our ability to raise additional capital and secure additional financing, our ability to service our debt or comply with our debt covenants, our ability to attract, motivate and retain key employees, liability resulting from actual or potential future litigation or the outcome of any litigation with respect to our auction rate securities or otherwise, and plant shutdowns or disruptions.

Consolidated Financial Results

On March 15, 2010, Aventine emerged from bankruptcy and implemented fresh start accounting using a convenience date of February 28, 2010. The condensed consolidated financial statements prior to March 1, 2010 reflect results based upon our historical cost basis while the post-emergence consolidated financial statements reflect the new basis of accounting incorporating the fair value adjustments made in recording the effects of fresh start reporting. Therefore, the post-emergence periods are not comparable to the pre-emergence periods. As a result of the application of fresh start accounting, our condensed consolidated financial statements prior to and including February 28, 2010 represent the operations of our pre-reorganization predecessor company and are presented separately from the condensed consolidated financial statements of our post-reorganization successor company.

Summary Statement of Operations

Aventine Renewable Energy Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

Net sales were generated from the following products:

The overall increase in net sales from the one month ended March 31, 2010 and two months ended February 28, 2010 to the three months ended March 31, 2011 is primarily the result of increased production and increased sales, as well as an increase in the sales price per gallon of ethanol.  During the first quarter of 2011, we produced 61.8 million gallons of ethanol compared to 16.1 million gallons and 32.0 million gallons of ethanol, respectively, during the one month ended March 31, 2010 and two months ended February 28, 2010.  We marketed and sold 63.6 million gallons of ethanol during the three months ended March 31, 2011 for an average sales price of $2.38 per gallon compared to 17.6 million gallons at an average sales price of $1.66 per gallon during the one month ended March 31, 2010 and 31.5 million gallons at an average sales price of $1.91 per gallon during the two months ended February 28, 2010.

The increase in by-product revenues is primarily a result of an increase in the volume sold, as well as an increase in the price per ton.  We sold 290 thousand tons during the three months ended March 31, 2011 for an average price of $161.92 per ton compared to 89 thousand tons during the one month ended March 31, 2010 for an average price of $86.91 per ton and 154 thousand tons during the two months ended February 28, 2010 for an average price of $114.12 per ton. By-product revenues, as a percentage of corn costs, fell to 30.9% during the three months ended March 31, 2011 compared to 34.8% and 39.8%, respectively, during the one month ended March 31, 2010 and two months ended February 28, 2010.  Co-products produced by the dry mill process have less value historically than those produced by the wet mill process.  As a result of the addition of the Mt. Vernon dry mill, our overall product mix between wet and dry co-products produced changed from 61% higher value wet mill products and 39% lower value dry mill products during the first quarter of 2010, to roughly 45% higher value wet mill products and 55% lower value dry mill products during the first quarter of 2011.

Cost of goods sold consists of production costs (the cost to produce ethanol at our own facilities), the cost of purchased ethanol, the cost changes in our inventory, freight and logistics to ship ethanol and co-products and motor fuel taxes which have been billed to customers, which are discussed in detail below.

The increase in cost of goods sold from the one month ended March 31, 2010 and two months ended February 28, 2010 compared to the three months ended March 31, 2011 is principally the result of higher volumes of ethanol produced during the first quarter of 2011, as well as an increase in corn costs. The increase in cost of goods sold as a percentage of net sales is principally the result of increased corn costs, freight costs and depreciation (discussed below).

Production costs include corn costs, conversion costs, and depreciation and amortization, which are discussed below.

Corn costs for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010 were $151.9 million, $22.3 million, and $44.2 million, respectively.  The increase in corn costs is due to an increase in the number of bushels used in production, as well as an increase in the price per bushel.  We used 23.4 million bushels of corn in production during the first quarter of 2011 compared to 6.0 million bushels and 12.1 million bushels, respectively, used during the one month ended March 31, 2010 and two months ended February 28, 2010. Additionally, during the three months ended March 31, 2011, corn used in production was approximately $6.48 per bushel compared to $3.71 per bushel for the one month ended March 31, 2010 and $3.66 per bushel for the two months ended February 28, 2010.

Conversion costs for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010 were as follows:

The increase in utilities, materials and supplies, and outside services is primarily attributable to the start-up of our Mt. Vernon facility during late 2010.  Conversion costs per gallon were $0.53 for the three months ended March 31, 2011, $0.52 for the one month ended March 31, 2010, and $0.52 for the two months ended February 28, 2010.

Depreciation and amortization expense for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010 was $5.1 million, $0.9 million and $2.3 million, respectively.  Depreciation expense increased primarily as a result of the start-up of the Mt. Vernon facility.

Purchased ethanol is included in our cost of goods sold.  For the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010, we purchased 725 thousand gallons, 210 thousand gallons and 210 thousand gallons, respectively.  Purchased ethanol totaled $1.8 million, $0.4 million, and $0.4 million, respectively, for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010.  The cost per gallon purchased was $2.44 during the three months ended March 31, 2011 compared to $1.88 during both the one month ended March 31, 2010 and two months ended February 28, 2010.  This increase is consistent with the overall increase in ethanol spot prices using OPIS indices to an average price of $2.42 per gallon during the first three months of 2011 from an average of $1.71 per gallon during the first three months of 2010.

During the three months ended March 31, 2011, changes in inventory resulted in a cost of goods sold reduction of $7.2 million compared to an expense of $3.9 million in the one month ended March 31, 2010 and a reduction in cost of goods sold of $0.2 million in the two months ended February 28, 2010.  The reduction in cost of goods sold for the three months ended March 31, 2011 was primarily the result of a change in both the volume and price of finished goods and work-in-process inventory.  The average inventory cost of ethanol was $2.35 per gallon at the end of the first quarter of 2011 compared to $1.84 per gallon at December 31, 2010.  Additionally, the average cost of dried distillers grains inventory was $224.13 per ton at March 31, 2011 compared to $180.31 per ton at December 31, 2010.

Freight and logistics costs for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010 were $8.3 million, $1.6 million, and $3.4 million, respectively.  The increase is due to higher volumes shipped.  During the first quarter of 2011, we marketed and distributed approximately 63.6 million gallons of ethanol compared to 17.6 million gallons and 31.5 million gallons, respectively, during the one month ended March 31, 2010 and two months ended February 28, 2010.  On a per gallon basis, freight and logistics costs were $0.13 per gallon, $0.09 per gallon and $0.11 per gallon, respectively, for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010. The increase in total dollars per gallon during the first quarter of 2011 compared to the one month ended March 31, 2010 and two months ended February 28, 2010 is the result of selling more by-products under contract to be delivered during 2011 compared to 2010, where we sold more by-products under contract to be picked up at our facilities.

Commodity spread, defined as gross ethanol selling price per gallon less net corn cost per gallon, was $0.68, $0.76 and $1.08, respectively, for the three months ended March 31, 2011, one month

ended March 31, 2010 and two months ended February 28, 2010. The industry-wide decrease in commodity spread was due to an increase in the average sales price per gallon of ethanol being less than the increase in the average corn cost per bushel, as well as a decrease in co-product revenue as a percentage of corn costs in each period as follows:

Selling, general and administrative (“SG&A”) expenses were $9.4 million, $5.2 million, and $4.6 million, respectively, for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010.  SG&A expenses in the three months ended March 31, 2011 were primarily comprised of $2.8 million of salary and benefits expense, $1.7 million of stock compensation expense, $1.7 million of outside services expenses, $0.5 million of depreciation expense, $0.5 million of expense related to materials and supplies and $2.2 million of other expenses.  SG&A expenses for the one month ended March 31, 2010 were primarily comprised of $1.6 million of salary and benefits expense, $1.7 million of stock compensation expense, $1.1 million of outside services expenses, and $0.8 million of other expenses. SG&A expenses in the two months ended February 28, 2010 were primarily comprised of $0.8 million of salary and benefits expense, $0.2 million of stock compensation expense, $1.7 million of outside services expenses, and $1.9 million of other expenses.

Interest expense for the three months ended March 31, 2011, one month ended March 31, 2010 and two months ended February 28, 2010 was $5.3 million, $0.7 million, and $1.4 million, respectively.  Interest expense for the three months ended March 31, 2011 includes $5.3 million related to the aggregate principal amount $200.0 million term loan facility (the “Term Loan Facility”), $1.1 million related to the Notes, $0.2 million of other interest expense, and $0.6 million of amortization of deferred financing fees, reduced by capitalized interest of $1.9 million. Interest expense for the one month ended March 31, 2010 includes $0.6 million of interest expense related to the Notes and $0.1 million of other interest expense. Interest expense for the two months ended February 28, 2010 includes pre-petition amended secured revolving credit facility interest expense of $0.6 million, interest expense on our debtor-in-possession debt facility of $0.5 million, and $0.3 million of amortization of deferred financing fees.

Gain on derivative transactions, net for the three months ended March 31, 2011 includes $890 thousand of net realized and unrealized gains on corn and ethanol derivative contracts versus net realized and unrealized gains in the one month ended March 31, 2010 of $0.2 million. We recorded no realized or unrealized gains or losses on derivative contracts during the two months

ended February 28, 2010. We do not mark to market forward physical contracts to purchase corn or sell ethanol as we account for these transactions as normal purchases and sales under Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging (“ASC 815”).

On January 21, 2011, we redeemed our $155.0 million Notes at a redemption price of 105% of the principal amount, plus accrued and unpaid interest.  In connection with the redemption, we recognized a $9.4 million loss on the early extinguishment of debt.

During the two months ended February 28, 2010, we recognized reorganization expenses of $20.3 million, of which $9.6 million related to provision for rejected executory contracts and other accruals, $8.8 million related to professional fees directly related to reorganization and $1.9 million related to other expenses.

The loss due to fresh start accounting adjustments of $387.7 million in the two months ended February 28, 2010 consisted of adjustments required to report assets and liabilities upon emergence from bankruptcy at fair value.  See our discussion of fresh start accounting above.  Gain due to plan effects in the two months ended February 28, 2010 of $136.6 million related to implementation of our First Amended Joint Plan of Reorganization under Chapter 11 of Title 11 of the United States Code (as modified, the “Plan”) consisted of $193.5 million of liabilities subject to compromise which were discharged upon emergence less $5.8 million of unamortized debt issuance costs on our pre-petition notes, $1.6 million related to the write-off of predecessor prepaid directors and officers insurance, $5.3 million of successor-based professional fees awarded under the Plan, $42.6 million related to loss on shares granted in connection with the Notes and $1.6 million of other miscellaneous costs.

Our tax expense rate for the three months ended March 31, 2011 was 1.0% of pre-tax loss compared to a tax benefit rate for the one month ended March 31, 2010 and two months ended February 28, 2010 of 0.0% and 0.2%, respectively, of pre-tax loss.  At March 31, 2011 and December 31, 2010, Aventine had recorded a valuation allowance of $207.2 million and $191.7 million, respectively, on its deferred tax assets to reduce the deferred tax assets to the amount that management believes is more likely than not to be realized.

EBITDA

We have included EBITDA and Adjusted EBITDA primarily as performance measures because management uses them as key measures of our performance. EBITDA is defined as earnings before interest expense, interest income, income tax expense, and depreciation. EBITDA is not a measure of financial performance under accounting principles generally accepted in the U.S. (“GAAP”) and should not be considered an alternative to net earnings or any other measure of performance under GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity (particularly since, in the latter case, management views EBITDA as a performance measure rather than a liquidity measure). EBITDA has its limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under generally accepted accounting principles. Some of the limitations of EBITDA are:

·            EBITDA does not reflect our cash used for capital expenditures;

·            Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will have to be replaced and EBITDA does not reflect the cash requirements for such replacements;

·            EBITDA does not reflect changes in, or cash requirements for, our working capital requirements;

·            EBITDA does not reflect the cash necessary to make payments of interest or principal on our indebtedness; and

·            EBITDA includes non-recurring loss items which are reflected in other income (expense).

In order to emphasize the effects of certain income and loss items in our financial statements, we also report a second computation referred to as Adjusted EBITDA, which adjusts EBITDA for certain items. Our adjusted EBITDA is adjusted for (i) reorganization items, (ii) gain due to plan effects, (iii) loss due to the application of fresh start accounting adjustments, (iv) stock-based compensation, (v) loss on available for sale securities and (vi) gain on resolution of bankruptcy issues. Previously presented calculations have been modified to reflect the current definition of Adjusted EBITDA.

Management believes EBITDA and Adjusted EBITDA are meaningful supplemental measures of operating performance and so highlights trends in our core business that may not otherwise be apparently when relying solely on GAAP financial measures.  We also believe that securities analysts, investors, and other interested parties frequently use EBITDA in the evaluation of companies, many of which present EBITDA when reporting their results.  Additionally, management provides an Adjusted EBITDA measure so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing our performance on a year-over-year and quarter-over-quarter basis.  Our management and external users of our financial statements, such as investors, commercial banks, research analysts, and others, use EBITDA and Adjusted EBITDA to assess:

·            the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;

·            our operating performance and return capital as compared to those of other companies in our industry, without regard to financing or capital structure; and

·            the feasibility of acquisitions and capital expenditure projects and the overall rate on alternative investment opportunities.

Reconciliation of Income (Loss) to Adjusted EBITDA

(a)                Interest capitalized was $1.9 million for the three months ended March 31, 2011. There was no capitalized interest during the one month ended March 31, 2010 and two months ended February 28, 2010.

(b)               Contractual interest expense not recorded was $5.0 million for the two months ended February 28, 2010.

Summary Balance Sheets

Aventine Renewable Energy Holdings, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

Summary Cash Flows

Aventine Renewable Energy Holdings, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Liquidity and Capital Resources

The following table sets forth selected information concerning our financial condition:

(1)       Concurrent with the closing of our term loan agreement in December 2010, we irrevocably deposited in trust with the trustee for the 13% senior secured notes due 2015, $164.8 million of the proceeds from the term loan facility, funds sufficient to pay the redemption price for all $155.0 million aggregate principal amount of the notes. We redeemed such notes on January 21, 2011.