##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-KSB
 
 þ
    
    Annual report under Section 13 or 15(d) of the Securities Exchange Act of 1934.
 For the fiscal year ended September 30, 2006
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 Commission file number 333-128902
 E ENERGY ADAMS, LLC
  Nebraska
    
    22-2627531(State or other jurisdiction of 
incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 510 Main Street, P.O. Box 49
Adams, NE 68301
 (402) 988-4655
  None
  None
 o þ
 o þ
 þ o
 þ
 o þ
 None
    o þ




---



TABLE OF CONTENTS  PART IItem 1. DESCRIPTION OF BUSINESSITEM 1A. RISK FACTORSItem 2. DESCRIPTION OF PROPERTYItem 3. LEGAL PROCEEDINGSItem 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERSPART IIItem 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERSItem 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONSItem 7. FINANCIAL STATEMENTSItem 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSUREItem 8A. CONTROLS AND PROCEDURESItem 8B. OTHER INFORMATIONPART IIIItem 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION 16(A) OF THE EXCHANGE ACTItem 10. EXECUTIVE COMPENSATIONItem 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERSItem 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSItem 13. EXHIBITSItem 14. PRINCIPAL ACCOUNTANT FEES AND SERVICESSIGNATURESCredit AgreementPromissory Note, dated August 25, 2006Promissory Note, dated August 25, 2006Promissory Note, dated August 25, 2006Trust Deed and Assignment of RentsAgreement Regarding Facilities NeccassaryDesign-Build AgreementEthanol Marketing AgreementAuger Cast Piling AgreementPipeline Protection AgreementEJCDC Standard Form of AgreementAgreement for Purchase of PowerBNSF Railway Company Lease of LandEmployment Agreement - Grain ManagerEmployment Agreement - Plant ManagerExhibit 10.18Memorandum of UnderstandingCertificateCertificateSection 1350 CertificationSection 1350 Certification    Table of Contents  
 PART I
 
 Item 1. DESCRIPTION OF BUSINESS.
 Business Development
    2




---



##### Table of Contents



Principal Products and Markets
  Ethanol
    3




---



##### Table of Contents



Distillers Grains
  Local Ethanol and Distillers Grains Markets
 Distribution of Principal Products
 Regional Ethanol Markets
    National Ethanol Markets
   4




---



##### Table of Contents



Distribution of Principal Products
     5




---



##### Table of Contents



Ethanol Distribution
    Distillers Grains Distribution
  New Products and Services
  General Ethanol Demand and Supply
   6




---



##### Table of Contents



Federal Ethanol Supports
 National Ethanol Markets.
    7




---



##### Table of Contents



8




---



##### Table of Contents



Effect of Governmental Regulation
   Competition
     9




---



##### Table of Contents



million gallons per year (mmgy)
 Current
    
    
    Under Construction/Capacity
    
    
    ExpansionsCompany
    
    Location
    
    Feedstock
    
    (mgy)
    
    
    (mgy)Abengoa Bioenergy Corp.
    
    York, NE
    
    Corn/milo
    
    
    55Colwich, KS
    
    
    
    
    25Portales, NM
    
    
    
    
    30Ravenna, NE
    
    
    
    
    
    
    
    
    88Aberdeen Energy*
    
    Mina, SD
    
    Corn
    
    
    
    
    
    
    100Absolute Energy, LLC*
    
    St. Ansgar, IA
    
    Corn
    
    
    
    
    
    
    100ACE Ethanol, LLC
    
    Stanley, WI
    
    Corn
    
    
    41Adkins Energy, LLC*
    
    Lena, IL
    
    Corn
    
    
    40Advanced Bioenergy
    
    Fairmont, NE
    
    Corn
    
    
    
    
    
    
    100AGP*
    
    Hastings, NE
    
    Corn
    
    
    52Agra Resources Coop. d.b.a. EXOL*
    
    Albert Lea, MN
    
    Corn
    
    
    40
    
    
    
    8Agri-Energy, LLC*
    
    Luverne, MN
    
    Corn
    
    
    21Alchem Ltd. LLLP
    
    Grafton, ND
    
    Corn
    
    
    10.5Al-Corn Clean Fuel*
    
    Claremont, MN
    
    Corn
    
    
    35
    
    
    
    15Amaizing Energy, LLC*
    
    Denison, IA
    
    Corn
    
    
    40Archer Daniels Midland
    
    Decatur, IL
    
    Corn
    
    
    1,070Cedar Rapids, IA
    
    CornClinton, IA
    
    CornColumbus, NE
    
    CornMarshall, MN
    
    CornPeoria, IL
    
    CornWallhalla, ND
    
    Corn/barleyASAlliances Biofuels, LLC
    
    Albion, NE
    
    Corn
    
    
    
    
    
    
    100Linden, IN
    
    Corn
    
    
    
    
    
    
    100Bloomingburg, OH
    
    Corn
    
    
    
    
    
    
    100Aventine Renewable Energy, LLC
    
    Pekin, IL
    
    Corn
    
    
    100
    
    
    
    57Aurora, NE
    
    Corn
    
    
    50Badger State Ethanol, LLC*
    
    Monroe, WI
    
    Corn
    
    
    48Big River Resources, LLC*
    
    West Burlington, IA
    
    Corn
    
    
    52Blue Flint Ethanol
    
    Underwood, ND
    
    Corn
    
    
    
    
    
    
    50Broin Enterprises, Inc.*
    
    Scotland, SD
    
    Corn
    
    
    1Bushmills Ethanol, Inc.*
    
    Atwater, MN
    
    Corn
    
    
    40Cardinal Ethanol
    
    Harrisville, IN
    
    Corn
    
    
    
    
    
    
    100Cargill, Inc.
    
    Blair, NE
    
    Corn
    
    
    85Eddyville, IA
    
    Corn
    
    
    35Cascade Grain
    
    Clatskanie, OR
    
    Corn
    
    
    
    
    
    
    108Center Ethanol Company
    
    Sauget, IL
    
    Corn
    
    
    
    
    
    
    54Central Indiana Ethanol, LLC
    
    Marion, IN
    
    Corn
    
    
    
    
    
    
    40Central MN Ethanol Coop*
    
    Little Falls, MN
    
    Corn
    
    
    21.5Central Wisconsin Alcohol
    
    Plover, WI
    
    Seed corn
    
    
    4Chief Ethanol
    
    Hastings, NE
    
    Corn
    
    
    62
 10




---



##### Table of Contents



Current
    
    
    Under Construction/Capacity
    
    
    ExpansionsCompany
    
    Location
    
    Feedstock
    
    (mgy)
    
    
    (mgy)Chippewa Valley Ethanol Co.*
    
    Benson, MN
    
    Corn
    
    
    45Commonwealth Agri-Energy, LLC*
    
    Hopkinsville, KY
    
    Corn
    
    
    33Conestoga Energy Partners
    
    Garden City, KS
    
    Corn/milo
    
    
    
    
    
    
    55Corn, LP*
    
    Goldfield, IA
    
    Corn
    
    
    50Cornhusker Energy Lexington, LLC
    
    Lexington, NE
    
    Corn
    
    
    40Corn Plus, LLP*
    
    Winnebago, MN
    
    Corn
    
    
    44Dakota Ethanol, LLC*
    
    Wentworth, SD
    
    Corn
    
    
    50DENCO, LLC
    
    Morris, MN
    
    Corn
    
    
    21.5E3 Biofuels
    
    Mead, NE
    
    Corn
    
    
    
    
    
    
    24East Kansas Agri-Energy, LLC*
    
    Garnett, KS
    
    Corn
    
    
    35ESE Alcohol Inc.
    
    Leoti, KS
    
    Seed corn
    
    
    1.5Ethanol2000, LLP*
    
    Bingham Lake, MN
    
    Corn
    
    
    32Frontier Ethanol, LLC
    
    Gowrie, IA
    
    Corn
    
    
    60Front Range Energy, LLC
    
    Windsor, CO
    
    Corn
    
    
    40Glacial Lakes Energy, LLC*
    
    Watertown, SD
    
    Corn
    
    
    50
    
    
    
    50Global Ethanol/Midwest Grain Processors
    
    Lakota, IA
    
    Corn
    
    
    95Riga, MI
    
    Corn
    
    
    
    
    
    
    57Golden Cheese Company of California*
    
    Corona, CA
    
    Cheese whey
    
    
    5Golden Grain Energy, LLC*
    
    Mason City, IA
    
    Corn
    
    
    60
    
    
    
    50Golden Triangle Energy, LLC*
    
    Craig, MO
    
    Corn
    
    
    20Grain Processing Corp.
    
    Muscatine, IA
    
    Corn
    
    
    20Granite Falls Energy, LLC*
    
    Granite Falls, MN
    
    Corn
    
    
    52Great Plains Ethanol, LLC*
    
    Chancellor, SD
    
    Corn
    
    
    50Green Plains Renewable Energy
    
    Shenandoah, IA
    
    Corn
    
    
    
    
    
    
    50Superior, IA
    
    Corn
    
    
    
    
    
    
    50Hawkeye Renewables, LLC
    
    Iowa Falls, IA
    
    Corn
    
    
    105Fairbank, IA
    
    Corn
    
    
    115Heartland Corn Products*
    
    Winthrop, MN
    
    Corn
    
    
    35Heartland Grain Fuels, LP*
    
    Aberdeen, SD
    
    Corn
    
    
    9Huron, SD
    
    Corn
    
    
    12
    
    
    
    18Heron Lake BioEnergy, LLC
    
    Heron Lake, MN
    
    Corn
    
    
    
    
    
    
    50Holt County Ethanol
    
    O'Neill, NE
    
    Corn
    
    
    
    
    
    
    100Horizon Ethanol, LLC
    
    Jewell, IA
    
    Corn
    
    
    60Husker Ag, LLC*
    
    Plainview, NE
    
    Corn
    
    
    26.5Illinois River Energy, LLC
    
    Rochelle, IL
    
    Corn
    
    
    
    
    
    
    50Indiana Bio-Energy
    
    Bluffton, IN
    
    Corn
    
    
    
    
    
    
    101Iowa Ethanol, LLC*
    
    Hanlontown, IA
    
    Corn
    
    
    50Iroquois Bio-Energy Company, LLC
    
    Rensselaer, IN
    
    Corn
    
    
    
    
    
    
    40James Valley Ethanol, LLC
    
    Groton, SD
    
    Corn
    
    
    50KAAPA Ethanol, LLC*
    
    Minden, NE
    
    Corn
    
    
    40Land O Lakes*
    
    Melrose, MN
    
    Cheese whey
    
    
    2.6Levelland/Hockley County Ethanol, LLC
    
    Levelland, TX
    
    Corn
    
    
    
    
    
    
    40Lincolnland Agri-Energy, LLC*
    
    Palestine, IL
    
    Corn
    
    
    48Lincolnway Energy, LLC*
    
    Nevada, IA
    
    Corn
    
    
    50Liquid Resources of Ohio
    
    Medina, OH
    
    Waste Beverage
    
    
    3
 11




---



##### Table of Contents



Current
    
    
    Under Construction/Capacity
    
    
    ExpansionsCompany
    
    Location
    
    Feedstock
    
    (mgy)
    
    
    (mgy)Little Sioux Corn Processors, LP*
    
    Marcus, IA
    
    Corn
    
    
    52Merrick & Company
    
    Golden, CO
    
    Waste beer
    
    
    3MGP Ingredients, Inc.
    
    Pekin, IL
    
    Corn/wheat starch
    
    
    78Atchison, KSMichigan Ethanol, LLC
    
    Caro, MI
    
    Corn
    
    
    50Mid America Agri Products/Wheatland
    
    Madrid, NE
    
    Corn
    
    
    
    
    
    
    44Mid-Missouri Energy, Inc.*
    
    Malta Bend, MO
    
    Corn
    
    
    45Midwest Renewable Energy, LLC
    
    Sutherland, NE
    
    Corn
    
    
    25Millennium Ethanol
    
    Marion, SD
    
    Corn
    
    
    
    
    
    
    100Minnesota Energy*
    
    Buffalo Lake, MN
    
    Corn
    
    
    18Missouri Ethanol
    
    Laddonia, MO
    
    Corn
    
    
    45Missouri Valley Renewable Energy, LLC*
    
    Meckling, SD
    
    Corn
    
    
    
    
    
    
    60NEDAK Ethanol
    
    Atkinson, NE
    
    Corn
    
    
    
    
    
    
    44New Energy Corp.
    
    South Bend, IN
    
    Corn
    
    
    102North Country Ethanol, LLC*
    
    Rosholt, SD
    
    Corn
    
    
    20Northeast Biofuels
    
    Volney, NY
    
    Corn
    
    
    
    
    
    
    114Northeast Missouri Grain, LLC*
    
    Macon, MO
    
    Corn
    
    
    45Northern Lights Ethanol, LLC*
    
    Big Stone City, SD
    
    Corn
    
    
    50Northstar Ethanol, LLC
    
    Lake Crystal, MN
    
    Corn
    
    
    52Northwest Renewable, LLC
    
    Longview, WA
    
    Corn
    
    
    
    
    
    
    55Otter Creek Ethanol, LLC*
    
    Ashton, IA
    
    Corn
    
    
    55Otter Tail Ag Enterprises
    
    Fergus Falls, MN
    
    Corn
    
    
    
    
    
    
    57.5Pacific Ethanol
    
    Madera, CA
    
    Corn
    
    
    35Boardman, OR
    
    Corn
    
    
    
    
    
    
    35Panda Energy
    
    Hereford, TX
    
    Corn/milo
    
    
    
    
    
    
    100Panhandle Energies of Dumas, LP
    
    Dumas, TX
    
    Corn/Grain Sorghum
    
    
    
    
    
    
    30Parallel Products
    
    Louisville, KY
    
    Beverage waste
    
    
    5.4R. Cucamonga, CAPatriot Renewable Fuels, LLC
    
    Annawan, IL
    
    Corn
    
    
    
    
    
    
    100Permeate Refining
    
    Hopkinton, IA
    
    Sugars & starches
    
    
    1.5Phoenix Biofuels
    
    Goshen, CA
    
    Corn
    
    
    25Pinal Energy, LLC
    
    Maricopa, AZ
    
    Corn
    
    
    
    
    
    
    55Pine Lake Corn Processors, LLC*
    
    Steamboat Rock, IA
    
    Corn
    
    
    20Pinnacle Ethanol, LLC
    
    Corning, IA
    
    Corn
    
    
    
    
    
    
    60Prairie Ethanol, LLC
    
    Loomis, SD
    
    Corn
    
    
    60Prairie Horizon Agri-Energy, LLC
    
    Phillipsburg, KS
    
    Corn
    
    
    40Premier Ethanol
    
    Portland, IN
    
    Corn
    
    
    
    
    
    
    60Pro-Corn, LLC*
    
    Preston, MN
    
    Corn
    
    
    42Quad-County Corn Processors*
    
    Galva, IA
    
    Corn
    
    
    27Red Trail Energy, LLC
    
    Richardton, ND
    
    Corn
    
    
    
    
    
    
    50Redfield Energy, LLC *
    
    Redfield, SD
    
    Corn
    
    
    
    
    
    
    50Reeve Agri-Energy
    
    Garden City, KS
    
    Corn/milo
    
    
    12Renew Energy
    
    Jefferson Junction, WI
    
    Corn
    
    
    
    
    
    
    130
 12




---



##### Table of Contents



Current
    
    
    Under Construction/Capacity
    
    
    ExpansionsCompany
    
    Location
    
    Feedstock
    
    (mgy)
    
    
    (mgy)Siouxland Energy & Livestock Coop*
    
    Sioux Center, IA
    
    Corn
    
    
    25
    
    
    
    10Siouxland Ethanol, LLC
    
    Jackson, NE
    
    Corn
    
    
    
    
    
    
    50Sioux River Ethanol, LLC*
    
    Hudson, SD
    
    Corn
    
    
    50Southwest Iowa Renewable Energy, LLC *
    
    Council Bluffs, IA
    
    Corn
    
    
    
    
    
    
    110Sterling Ethanol, LLC
    
    Sterling, CO
    
    Corn
    
    
    42Summit Ethanol
    
    Leipsic, OH
    
    Corn
    
    
    
    
    
    
    60Tall Corn Ethanol, LLC*
    
    Coon Rapids, IA
    
    Corn
    
    
    49Tate & Lyle
    
    Loudon, TN
    
    Corn
    
    
    67
    
    
    
    38Ft. Dodge, IA
    
    Corn
    
    
    
    
    
    
    105The Andersons Albion Ethanol LLC
    
    Albion, MI
    
    Corn
    
    
    55The Andersons Clymers Ethanol, LLC
    
    Clymers, IN
    
    Corn
    
    
    
    
    
    
    110The Andersons Marathon Ethanol, LLC
    
    Greenville, OH
    
    Corn
    
    
    
    
    
    
    110Trenton Agri Products, LLC
    
    Trenton, NE
    
    Corn
    
    
    40United WI Grain Producers, LLC*
    
    Friesland, WI
    
    Corn
    
    
    49US Bio Albert City
    
    Albert City, IA
    
    Corn
    
    
    
    
    
    
    100US Bio Woodbury
    
    Woodbury, MI
    
    Corn
    
    
    45US Bio Hankinson
    
    Hankinson, ND
    
    Corn
    
    
    
    
    
    
    100US Bio Ord
    
    Ord, NE
    
    
    
    
    
    
    
    
    50US Bio Platte Valley
    
    Central City , NE
    
    
    
    
    100US Bio Dyersville
    
    Dyersville, IA
    
    
    
    
    
    
    
    
    100U.S. Energy Partners, LLC (White Energy)
    
    Russell, KS
    
    Milo/wheat starch
    
    
    48Utica Energy, LLC
    
    Oshkosh, WI
    
    Corn
    
    
    48VeraSun Energy Corporation
    
    Aurora, SD
    
    Corn
    
    
    230
    
    
    
    330Ft. Dodge, IA
    
    CornCharles City, IA
    
    CornWelcome, MN
    
    CornHartely, IA
    
    CornVoyager Ethanol, LLC*
    
    Emmetsburg, IA
    
    Corn
    
    
    52Western Plains Energy, LLC*
    
    Campus, KS
    
    Corn
    
    
    45Western Wisconsin Renewable Energy, LLC*
    
    Boyceville, WI
    
    Corn
    
    
    40White Energy
    
    Hereford, TX
    
    Corn/Milo
    
    
    
    
    
    
    100Wind Gap Farms
    
    Baconton, GA
    
    Brewery waste
    
    
    0.4
    
    
    
    38Renova Energy
    
    Torrington, WY
    
    Corn
    
    
    5Xethanol BioFuels, LLC
    
    Blairstown, IA
    
    Corn
    
    
    5
    
    
    
    35Yuma Ethanol
    
    Yuma, CO
    
    Corn
    
    
    
    
    
    
    40Total Current Capacity at
109 ethanol biorefineries
    
    
    
    
    
    
    5,281.4Total Under Construction (56)/Expansions (7)
    
    
    
    
    
    
    
    
    
    
    4,404.5Total Capacity
    
    
    
    
    
    
    9,685.9
 
 *
    
    locally-ownedUpdated: December 8, 2006 13




---



##### Table of Contents



Competition from Alternative Fuels
    14




---



##### Table of Contents



Distillers Grains Competition
   Sources and Availability of Raw Materials
 Corn Supply
  2004 Corn
    
    2003 Corn
    
    2002 Corn
    
    2001 CornProduction
    
    Production
    
    Production
    
    ProductionCounty
    
    (bushels)
    
    (bushels)
    
    (bushels)
    
    (bushels)Cass, NE
    
    
    20,585,810
    
    
    
    11,492,000
    
    
    
    6,139,000
    
    
    
    13,987,000Gage, NE
    
    
    17,319,000
    
    
    
    10,695,000
    
    
    
    10,065,810
    
    
    
    14,898,000Jefferson, NE
    
    
    12,312,000
    
    
    
    9,411,000
    
    
    
    7,358,000
    
    
    
    10,264,000Johnson, NE
    
    
    5,812,000
    
    
    
    3,598,000
    
    
    
    1,447,000
    
    
    
    4,125,810Lancaster, NE
    
    
    19,523,000
    
    
    
    11,425,810
    
    
    
    7,970,000
    
    
    
    13,602,000Nemaha, NE
    
    
    12,732,000
    
    
    
    6,752,000
    
    
    
    3,485,810
    
    
    
    9,823,000Otoe, NE
    
    
    18,922,000
    
    
    
    8,664,000
    
    
    
    3,195,810
    
    
    
    12,760,000Pawnee, NE
    
    
    5,571,000
    
    
    
    2,388,000
    
    
    
    1,788,000
    
    
    
    4,728,000Saline, NE
    
    
    16,447,000
    
    
    
    13,228,000
    
    
    
    12,044,000
    
    
    
    13,192,000Total
    
    
    129,224,000
    
    
    
    77,654,000
    
    
    
    53,494,000
    
    
    
    97,380,000
  15




---



##### Table of Contents



10-Year AverageCounty
    
    Corn Price ($/Bu.)Cass, NE
    
    $
    2.32Gage, NE
    
    $
    2.36Jefferson, NE
    
    $
    2.35Johnson, NE
    
    $
    2.32Lancaster, NE
    
    $
    2.33Nemaha, NE
    
    $
    2.35Otoe, NE
    
    $
    2.32Pawnee, NE
    
    $
    2.35Saline, NE
    
    $
    2.36Total / Avg.
    
    $
    2.34
   Grain origination and risk management
   16




---



##### Table of Contents



Utilities
  Natural gas
      17




---



##### Table of Contents



Electricity
  Water
   Research and Development
  Dependence on One or a Few Major Customers
  18




---



##### Table of Contents



Costs and Effects of Compliance with Environmental Laws
    Employees
 CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS.
 19




---



##### Table of Contents



# Full-TimePosition
    
    PersonnelCEO
    
    
    1General Manager
    
    
    1Plant Manager
    
    
    1Grain Manager
    
    
    1Controller
    
    
    1Lab Manager
    
    
    1Lab Technician
    
    
    2Secretary/Clerical
    
    
    2Shift Supervisors
    
    
    4Office Manager
    
    
    1Maintenance Supervisor
    
    
    1Maintenance Craftsmen
    
    
    4Plant Operators
    
    
    12TOTAL
    
    
    32
 
 ITEM 1A. RISK FACTORS
 You should carefully read and consider the risks and uncertainties below and the other information
contained in this report. The risks and uncertainties described below are not the only ones we may
face. The following risks, together with additional risks and uncertainties not currently known to
us or that we currently deem immaterial, could impair our financial condition and results of
operation.
 Risks Relating to Our Business
 We have no operating history and our business may not be as successful as we anticipate.
 Our business is not diversified.
 Our financial performance is significantly dependent on corn and natural gas prices and
generally we cannot pass on increases in input prices to our customers.
  20




---



##### Table of Contents



Risks Relating to Our Business  We expect to engage in hedging transactions which
involve risks that can harm our business
 The spread between ethanol and corn prices can vary significantly and we do not expect the
spread to remain at the high levels recently experienced by the ethanol industry.
 We do not intend to enter into an agreement with a third party for the procurement of our corn
and will be relying on our Grain Manager, so if that manager is unable to locate a sufficient corn
supply we will have to find an alternative method of sourcing our corn.
 Our revenues will be greatly affected by the price at which we can sell our ethanol and
distillers grains.
  We expect to sell most of the ethanol we produce to Aventine Renewable Energy, Inc., and if
Aventine fails to competitively market our ethanol or breaches the ethanol marketing agreement, we
could experience a
 21




---



##### Table of Contents



material loss.
 We expect to engage in hedging transactions which involve risks that can harm our business.
  Changes and advances in ethanol production technology could require us to incur costs to
update our plant or could otherwise hinder our ability to compete in the ethanol industry or
operate profitably.
 Risks Related to Ethanol Industry
 Overcapacity within the ethanol industry could cause an oversupply of ethanol and a decline in
ethanol prices.
 We expect to operate in a competitive industry and compete with larger, better financed
entities which could impact our ability to operate profitably.
 22




---



##### Table of Contents



Competition from the advancement of alternative fuels may lessen the demand for ethanol.
 Corn-based ethanol may compete with cellulose-based ethanol in the future, which could make it
more difficult for us to produce ethanol on a cost-effective basis .
 C ompetition from ethanol imported from Caribbean basin countries may be a less expensive
alternative to our ethanol.
 Competition from ethanol imported from Brazil may be a less expensive alternative to our
ethanol.
 23




---



##### Table of Contents



Consumer resistance to the use of ethanol based on the belief that ethanol is expensive, adds
to air pollution, harms engines and takes more energy to produce than it contributes may reduce the
demand for ethanol.
 Risks Related to Regulation and Governmental Action
 A change in government policies favorable to ethanol may cause demand for ethanol to decline.
 Government incentives for ethanol production, including federal tax incentives, may be
eliminated in the future, which could hinder our ability to operate at a profit.
    Changes in environmental regulations or violations of the regulations could be expensive and
reduce our profitability.
 24




---



##### Table of Contents



Item 2. DESCRIPTION OF PROPERTY.
   Item 6  MANAGEMENTS DISCUSSION AND ANALYSIS
OR PLAN OF OPERATIONS.
 
 Item 3. LEGAL PROCEEDINGS.
  
 Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
  
 PART II
 
 Item 5. MARKET FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.
   25




---



##### Table of Contents



Item 6  MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF
OPERATIONS.
      Amount
    
    Aggregate price of the amount
    
    
    
    
    
    Aggregate price of theRegistered
    
    registered
    
    Amount Sold
    
    amount sold5,800
    
    $
    58,000,000
    
    
    
    4,939
    
    
    $
    49,390,000
 approximate
 26




---



##### Table of Contents



Plant Construction(1)
    
    $
    15,064,000Financing Costs(2)
    
    $
    374,000Real Estate Purchases(3)
    
    $
    1,100,000Repayment of Indebtedness(4)
    
    $
    2,000,000Operating Expenses(5)
    
    $
    775,000Total
    
    $
    19,313,000
 
 (1)
    
    This includes approximate expenses incurred as of September 30, 2006 for plant
construction, rail infrastructure construction, and natural gas pipeline construction and
maintenance and other miscellaneous construction costs.(2)
    
    We incurred approximately $374,000 in a bank commitment fee for our senior debt
financing.(3)
    
    We paid approximately $1,100,000 to purchase the real estate for our plant site.(4)
    
    We incurred approximately $2,000,000 for the repayment of our bridge loan.(5)
    
    The Operating Expenses includes payments to directors Bill Riechers and Jack Alderman,
and former director Everett Larson. See CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.  
 Item 6. MANAGEMENTS DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS.
 Forward Looking Statements
  
    
    Changes in our business strategy, capital improvements or development plans;
    
    Construction delays and technical difficulties in constructing the plant;
    
    Changes in the environmental regulations that apply to our plant site and operations;
    
    Ability to secure marketing services;
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or automobile industries;
    
    Changes in the availability and price of natural gas and corn, and the market for
distillers grains;
    
    Changes in federal and/or state laws (including the elimination of any federal
and/or state ethanol tax incentives);
    
    Overcapacity within the ethanol industry;
    
    Changes and advances in ethanol production technology; and
    
    Competition from alternative fuel additives.
  27




---



##### Table of Contents



Overview
      Plan of Operations for the Next 12 Months
  28




---



##### Table of Contents



Project Capitalization
 Seed Capital Offering
  Registered Offering
  Bridge Loan
  Senior Debt Financing
     29




---



##### Table of Contents













Tax Increment Financing (TIF)




Nebraska Department of Economic Development Community Development Block Grant




1.
    
    We must create at least 26 new permanent jobs on a full-time basis at our
facility in Adams, Nebraska within 18 months from September 1, 2006, and 51% or more
of all of these jobs must be held by or at least made available to low-to-moderate
income persons;2.
    
    We must maintain the 26 jobs for 12 months from the date of hire for each
respective job; and3.
    
    We must pay all of our employees a minimum hourly rate of $9.50 per hour, and
provide all employees with an appropriate employee benefits package.




Plant Construction Activities


Construction of the Plant






30



---



##### Table of Contents



Real Estate
   Permitting and Regulatory Activities
   31




---



##### Table of Contents



Minor construction permit for air emissions
  Construction Storm Water Discharge Permit and Storm Water Pollution Prevention Program (General
NPDES Permits)
  State Archeological and Endangered Species Research
  Above Ground Storage Tank Permit
  32




---



##### Table of Contents



Air pollution standard
  Waste Water National Pollutant Discharge Elimination System Permits (NPDES Permit)
   Industrial Storm Water Discharge Permit and Storm Water Pollution Prevention Program (General NPDES
Permits)
  New source performance standards
  Spill prevention, control, and countermeasures plan
  33




---



##### Table of Contents



Alcohol and Tobacco Tax and Trade Bureau,Requirements
  Risk management plan
  Environmental Protection Agency
  Trends and Uncertainties Impacting the Ethanol Industry and Our Future Operations
    34




---



##### Table of Contents



Technology Developments
  35




---



##### Table of Contents



Trends and Uncertainties Impacting the Corn and Natural Gas Markets and Our Future Cost of Goods
Sold
     Liquidity and Capital Resources
 Estimated Sources of Funds
  Sources of Funds
    
    
    
    
    
    PercentOffering Proceeds (1)
    
    $
    49,390,000
    
    
    
    47.90
    %Seed Capital Proceeds (2)
    
    $
    970,000
    
    
    
    0.94
    %Senior Debt Financing (3)
    
    $
    49,500,000
    
    
    
    48.01
    %Tax Increment Financing (4)
    
    $
    3,000,000
    
    
    
    2.91
    %Interest Income (5)
    
    
    244,000
    
    
    
    0.24
    %Total Sources of Funds
    
    $
    103,104,000
    
    
    
    100.00
    %
 
 (1)
    
    We currently have funds from investors for approximately $49,390,000. 36




---



##### Table of Contents



(2)
    
    We have issued a total of 194 units to our seed capital investors at a price of
$5,000 per unit in our private placement in exchange for proceeds of $970,000.(3)
    
    We currently have entered into a definitive loan agreement with a senior lender
for debt financing in the amount of $49,500,000.(4)
    
    We have entered into a Redevelopment Contract with the Village of Adams for the
redevelopment of our plant site. The Village will issue some form of TIF indebtedness to
assist the Company in the costs of redeveloping the site. The maximum amount of TIF real
estate valuation will be $20,000,000 with interest to be determined by the Company (but
not to exceed ten%).(5)
    
    As of September 30, 2006, we had earned approximately $244,000 in interest on our
offering proceeds. Estimated Use of Proceeds
    Use of Proceeds
    
    Amount
    
    Percent of TotalPlant construction
    
    $
    65,900,000
    (1)
    
    
    63.92
    %Road and ditch construction costs
    
    
    750,000
    
    
    
    0.73
    %Land cost
    
    
    1,100,000
    
    
    
    1.06
    %Site development costs
    
    
    5,278,000
    
    
    
    5.12
    %Construction contingency
    
    
    3,600,000
    
    
    
    3.50
    %Construction performance bond
    
    
    500,000
    
    
    
    0.48
    %Construction insurance costs
    
    
    120,000
    
    
    
    0.12
    %Administrative building
    
    
    400,000
    
    
    
    0.39
    %Office equipment
    
    
    75,000
    
    
    
    0.07
    %Computers, Software, Network
    
    
    150,000
    
    
    
    0.15
    %Rail infrastructure
    
    
    3,594,750
    
    
    
    3.49
    %Rolling stock
    
    
    515,000
    
    
    
    0.50
    %Fire Protection / Water Supply
    
    
    3,180,000
    
    
    
    3.08
    %Water treatment system
    
    
    1,500,000
    
    
    
    1.45
    %Capitalized interest
    
    
    2,000,000
    
    
    
    1.94
    %Grain Storage Facility
    
    
    3,000,000
    
    
    
    2.91
    %
 37




---



##### Table of Contents



Use of Proceeds
    
    Amount
    
    Percent of TotalStart up costs:Financing costs
    
    
    506,250
    
    
    
    0.49
    %Organization costs
    
    
    1,300,000
    
    
    
    1.26
    %Pre production period costs
    
    
    1,345,000
    
    
    
    1.30
    %Inventory  working capital
    
    
    3,000,000
    
    
    
    2.91
    %Inventory  corn
    
    
    2,000,000
    
    
    
    1.94
    %Inventory  chemicals and ingredients
    
    
    150,000
    
    
    
    0.15
    %Inventory  work in process  Ethanol
    
    
    1,500,000
    
    
    
    1.45
    %Inventory  work in process  DDGS
    
    
    500,000
    
    
    
    0.48
    %Inventory spare parts  process equipment
    
    
    750,000
    
    
    
    0.73
    %Operating costs:Office labor, expense and equipment
    
    
    165,000
    
    
    
    0.16
    %Telephone, Internet, Postage service
    
    
    25,500
    
    
    
    0.03
    %Directors Expense
    
    
    30,000
    
    
    
    0.03
    %Payroll Tax
    
    
    17,000
    
    
    
    0.02
    %Accounting and Legal Fees
    
    
    55,000
    
    
    
    0.05
    %Insurance D & O and Operations
    
    
    70,000
    
    
    
    0.07
    %Miscellaneous
    
    
    23,500
    
    
    
    0.02
    %Total
    
    $
    103,100,000
    
    
    
    100.00
    %
 
 (1)
    
    Our original Contract Price with Fagen, Inc. was approximately $65,900,000. This was
increased in October, 2006, to approximately $67,500,000, based on the increase in the
Construction Cost Index (CCI) as of October 2006 compared to our baseline index as of
April 2006. We anticipate that our Construction Contingency estimate will cover the
increase of approximately $1,600,000. Debt Financing Covenants
  Annual Financial Results
  38




---



##### Table of Contents



Critical Accounting Estimates
  Employees
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
 # Full-TimePosition
    
    PersonnelCEO
    
    
    1General Manager
    
    
    1Plant Manager
    
    
    1Grain Manager
    
    
    1Controller
    
    
    1Lab Manager
    
    
    1Lab Technician
    
    
    2Secretary/Clerical
    
    
    2Shift Supervisors
    
    
    4Office Manager
    
    
    1Maintenance Supervisor
    
    
    1Maintenance Craftsmen
    
    
    4Plant Operators
    
    
    12TOTAL
    
    
    32
 Off-Balance Sheet Arrangements
  39




---



##### Table of Contents



Item 7. FINANCIAL STATEMENTS.
  
    /s/
Boulay, Heutmaker, Zibell & Co., P.L.L.P.Certified Public Accountants 
 40




---



##### Table of Contents



E ENERGY ADAMS, LLC
  September 30,2006ASSETSCurrent AssetsCash and equivalents
    
    $
    40,916,036Prepaid and other
    
    
    232,628Total current assets
    
    
    41,148,664Property and EquipmentLand
    
    
    1,100,881Computers and office equipment
    
    
    12,607Leasehold improvements
    
    
    4,408Construction in progress
    
    
    15,063,808Total property and equipment
    
    
    16,181,704Less accumulated depreciation
    
    
    3,375Net property and equipment
    
    
    16,178,329Other AssetsDebt issuance costs
    
    
    373,750Total other assets
    
    
    373,750Total Assets
    
    $
    57,700,743LIABILITIES AND MEMBERS EQUITYCurrent LiabilitiesAccounts payable
    
    $
    106,179Accrued expenses
    
    
    2,970Construction payable
    
    
    8,450,209Total current liabilities
    
    
    8,559,358Commitments and ContingenciesMembers EquityMember contributions, net of costs related to capital contributions,
5,133 units outstanding at September 30, 2006
    
    
    49,957,383Deficit accumulated during development stage
    
    
    (815,998
    )Total members equity
    
    
    49,141,385Total Liabilities and Members Equity
    
    $
    57,700,743
  41




---



##### Table of Contents



E ENERGY ADAMS, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30,
    
    
    September 30,
    
    
    (March 25, 2005) to2006
    
    
    2005
    
    
    September 30, 2006Revenues
    
    $
    
    
    
    $
    
    
    
    $
    Operating ExpensesProfessional and consulting fees
    
    
    552,144
    
    
    
    128,468
    
    
    
    680,612Project coordinator
    
    
    208,258
    
    
    
    23,531
    
    
    
    231,789General and administrative
    
    
    376,302
    
    
    
    69,813
    
    
    
    446,115Total operating expenses
    
    
    1,136,704
    
    
    
    221,812
    
    
    
    1,358,516Operating Loss
    
    
    (1,136,704
    )
    
    
    (221,812
    )
    
    
    (1,358,516
    )Other Income (Expense)Other income
    
    
    
    
    
    
    5,000
    
    
    
    5,000Interest income
    
    
    566,598
    
    
    
    6,961
    
    
    
    573,559Interest expense
    
    
    (36,041
    )
    
    
    
    
    
    
    (36,041
    )Total other
income (expense), net
    
    
    530,557
    
    
    
    11,961
    
    
    
    542,518Net Loss
    
    $
    (606,147
    )
    
    $
    (209,851
    )
    
    $
    (815,998
    )Weighted Average Units Outstanding
    
    
    884
    
    
    
    139
    
    
    
    629Net Loss Per Unit
    
    $
    (686
    )
    
    $
    (1,510
    )
    
    $
    (1,297
    )
  42




---



##### Table of Contents



E ENERGY ADAMS, LLC
  Member
    
    
    DeficitContributions
    
    
    AccumulatedBalance  Inception March 25, 2005
    
    $
    
    
    
    $
    Capital contributions  80 units, $5,000 per unit, April, 2005
    
    
    400,000Capital contributions  114 units, $5,000 per unit, May, 2005
    
    
    570,000Cost of raising capital
    
    
    (17,192
    )Net loss for the period ended September 30, 2005
    
    
    
    
    
    
    (209,851
    )Balance  September 30, 2005
    
    
    952,808
    
    
    
    (209,851
    )Capital contributions  4,939 units, $10,000 per unit, August
2006
    
    
    49,390,000Cost of raising capital
    
    
    (385,425
    )Net loss for the period ended September 30, 2006
    
    
    
    
    
    
    (606,147
    )Balance  September 30, 2006
    
    $
    49,957,383
    
    
    $
    (815,998
    )
  43




---



##### Table of Contents



E ENERGY ADAMS, LLC
  Year Ended
    
    
    Year Ended
    
    
    From InceptionSeptember 30,
    
    
    September 30,
    
    
    (March 25, 2005) to2006
    
    
    2005
    
    
    September 30, 2006Cash Flows from Operating ActivitiesNet loss
    
    $
    (606,147
    )
    
    $
    (209,851
    )
    
    $
    (815,998
    )Adjustments to reconcile net loss to net cash
used in operating activities:Depreciation
    
    
    2,962
    
    
    
    413
    
    
    
    3,375Assignment of land option
    
    
    
    
    
    
    (5,000
    )
    
    
    Changes in assets and liabilitiesPrepaid and other
    
    
    (219,607
    )
    
    
    (13,021
    )
    
    
    (232,628
    )Accounts payable
    
    
    1,082
    
    
    
    43,577
    
    
    
    106,179Accrued expenses
    
    
    2,970
    
    
    
    
    
    
    
    2,970Net cash used in operating activities
    
    
    (818,740
    )
    
    
    (183,882
    )
    
    
    (936,102
    )Cash Flows from Investing ActivitiesPayment for land options
    
    
    
    
    
    
    (2,000
    )
    
    
    Capital expenditures
    
    
    (7,718,042
    )
    
    
    (6,453
    )
    
    
    (7,731,495
    )Net cash used in investing activities
    
    
    (7,718,042
    )
    
    
    (8,453
    )
    
    
    (7,731,495
    )Cash Flows from Financing ActivitiesDebt issuance costs
    
    
    (373,750
    )
    
    
    
    
    
    
    (373,750
    )Member contributions
    
    
    49,390,000
    
    
    
    970,000
    
    
    
    50,360,000Payments for cost of raising capital
    
    
    (300,485
    )
    
    
    (40,612
    )
    
    
    (402,617
    )Net cash provided by financing activities
    
    
    48,715,765
    
    
    
    929,388
    
    
    
    49,583,633Net Increase in Cash and Equivalents
    
    
    40,178,983
    
    
    
    737,053
    
    
    
    40,916,036Cash and
Equivalents  Beginning of Period
    
    
    737,053
    
    
    
    
    
    
    
    Cash and
Equivalents  End of Period
    
    $
    40,916,036
    
    
    $
    737,053
    
    
    $
    40,916,036Supplemental Cash Flow InformationCash paid during the period for:Interest
    
    $
    36,041
    
    
    $
    
    
    
    $
    36,041Supplemental Disclosure of Noncash Investing and
Financing ActivitiesAssignment of land option
    
    $
    
    
    
    $
    5,000
    
    
    $
    Land options exercised for land purchased
    
    $
    7,000
    
    
    $
    
    
    
    $
    7,000Deferred offering costs in accounts payable
    
    $
    
    
    
    $
    61,520
    
    
    $
    Construction in progress in construction payable
    
    $
    8,450,209
    
    
    $
    
    
    
    $
    8,450,209Deferred
offering costs offset against equity
    
    $
    385,425
    
    
    $
    17,192
    
    
    $
    402,617
  44




---



##### Table of Contents



1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Nature of Business
  Fiscal Reporting Period
  Accounting
Estimates
  Cash and Equivalents
  Property and Equipment
   Deferred Offering Costs
  45




---



##### Table of Contents



Debt Issuance Costs
  Income Taxes
  Fair Value of Financial Instruments
  Recently Issued Accounting Pronouncements
  2. DEVELOPMENT STAGE ENTERPRISE
   3. MEMBERS EQUITY
  46




---



##### Table of Contents



4. INCOME TAXES
 
 September 30,2006Financial statement basis of total assets
    
    $
    57,700,743Organizational costs expensed for financial
reporting purposes
    
    
    1,358,516Taxable income tax basis of total assets
    
    $
    59,059,2594
  5. FINANCING
    47




---



##### Table of Contents



6. BRIDGE LOAN
  7. COMMITMENTS AND CONTINGENCIES
 Design build letter of intent
  Construction contracts
   48




---



##### Table of Contents



Land contracts
    49




---



##### Table of Contents



Consulting contracts
      50




---



##### Table of Contents



Financing Contracts
  Utility Contracts
  Leases
   Marketing Agreement
  54




---



##### Table of Contents



Item 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
  
 Item 8A. CONTROLS AND PROCEDURES.
   
 Item 8B. OTHER INFORMATION.
  
 PART III
 
 Item 9. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS; COMPLIANCE WITH SECTION
16(A) OF THE EXCHANGE ACT.
 Identification of Directors, Executive Officers and Significant Employees
  Sam Sacco, Chief Executive Officer,
  Jack L. Alderman, Chairman and Director,
    52




---



##### Table of Contents



Duane H. Wollenburg, Vice Chairman and Director,
    Nicholas J. Cusick, Treasurer and Director,
    Dennis L. Boesiger, Secretary and Director,
    William L. Riechers, Director,
  53




---



##### Table of Contents



Vinson W. VanEngen, Director,
    Kenneth S. Brinkman, Director,
    Mark O. Weber, Director,
    Steven L. Dean, Director,
    58




---



##### Table of Contents



Amy J. Johnston, Director,
    Gary R. Bentzinger, Director,
    Ron L. Miller, Director,
    Tom Roode, Director,
    Adoption of Code of Ethics
   55




---



##### Table of Contents



Item 10. EXECUTIVE COMPENSATION.
 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
  CERTAIN RELATIONSHIPS AND
RELATED TRANSACTIONS.
 CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS.
 
 Item 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER
MATTERS.
 Security Ownership of Certain Beneficial Owners
  Amount andNature ofName and Address of
    
    BeneficialTitle of Class
    
    Beneficial Owner
    
    Ownership
    
    Percent of ClassMembership Units
    
    Ethanol Capital Partners LP Series G
Rockefeller Center
    
    
    400
    
    
    
    8.10
    %1230 Avenue of the Americas, 7th FloorNew York, New York 10020
 Security Ownership of Management
  56




---



##### Table of Contents



Amount andNature ofName and Address of Beneficial
    
    Beneficial
    
    Percent ofTitle of Class
    
    Owner(1)
    
    Owner
    
    ClassMembership Units
    
    Jack L. Alderman
    
    80 units
    
    
    1.55
    %Membership Units
    
    Nicholas J. Cusick(2)
    
    8 units
    
    
    0.16
    %Membership Units
    
    Dennis L. Boesiger(3)
    
    23 units
    
    
    0.45
    %Membership Units
    
    William L. Riechers
    
    8 units
    
    
    0.16
    %Membership Units
    
    Vinson W. VanEngen
    
    20 units
    
    
    0.40
    %Membership Units
    
    Duane H. Wollenburg
    
    10 units
    
    
    0.19
    %Membership Units
    
    Kenneth S. Brinkman
    
    12 units
    
    
    0.23
    %Membership Units
    
    Mark O. Weber
    
    27 units
    
    
    0.53
    %Membership Units
    
    Steven L. Dean
    
    25 units
    
    
    0.50
    %MembershipUnits
    
    Amy J. Johnston
    
    5 units
    
    
    0.10
    %Membership Units
    
    Gary R. Bentzinger
    
    7 units
    
    
    0.14
    %Membership Units
    
    Ron L. Miller(4)
    
    11 units
    
    
    0.21
    %Membership Units
    
    Tom Roode
    
    28 units
    
    
    0.55
    %Totals:
    
    264 units
    
    
    5.17
    %
 
 (1)
    
    The address of the beneficial owner is deemed to be the same address as the Company.(2)
    
    Mr. Cusick beneficially owns 2 units individually and 6 units through A & N Energy
Investments, LLC.(3)
    
    Mr. Boesiger benefically owns 5 units individually and 18 units through Allegro
Holdings, LLC.(4)
    
    Mr. Miller beneficially owns 6 units individually and 5 units through Miller Livestock,
Inc.  
 Item 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
  Transaction with Director, Bill Riechers
  Transaction with Director, Jack L. Alderman
  57




---



##### Table of Contents



Transaction with Former Director, Everett W. Larson
  Employment Agreements
 CEO Employment Agreement
      Plant Manager Employment Agreement
   58




---



##### Table of Contents



Grain Manager Employment Agreement
     59




---



##### Table of Contents



Item 13. EXHIBITS.
 Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing3.1
    
    Articles of Organization of E Energy Adams, LLC
    
    
    13.2
    
    Operating Agreement of E Energy Adams, LLC
    
    
    14.1
    
    Form of Membership Unit Certificate
    
    
    14.2
    
    Form of Subscription Agreement of E Energy Adams, LLC
    
    
    14.3
    
    Escrow Agreement
    
    
    110.1
    
    Credit Agreement, dated
August 25, 2006, between E Energy Adams, LLC and Farm Credit
Services of America
    
    
    *10.2
    
    Promissory Note, dated August 25, 2006, between E Energy Adams, LLC and Farm Credit
Services of America
    
    
    *10.3
    
    Promissory Note, dated August 25, 2006, between E Energy Adams, LLC and Farm Credit
Services of America
    
    
    *10.4
    
    Promissory Note, dated August 25, 2006, between E Energy Adams, LLC and Farm Credit
Services of America
    
    
    *10.5
    
    Trust Deed and Assignment of Rents, dated August 25, 2006, between E Energy Adams and Farm Credit
Services of America
    
    
    *10.6
    
    Agreement Regarding Facilities Necessary for Natural Gas Pipeline Company of America,
dated October 11, 2006
    
    
    *10.7
    
    Design-Build Agreement, dated
August 1, 2006, between E Energy Adams, LLC and Fagen, Inc.
    
    
    +10.8
    
    Ethanol Marketing Agreement, dated
October 9, 2006, between E Energy Adams and Aventine Renewable
Energy, Inc.
    
    
    *10.9
    
    Auger Cast Piling Agreement, dated
September 14, 2006, between E Energy Adams, LLC and McCormick
Construction Co., Inc.
    
    
    *10.10
    
    Pipeline Protection Agreement, dated October 5, 2006
    
    
    *10.11
    
    EJCDC Standard Form of Agreement
Between E Energy Adams, LLC and Longfellow Foundations, Inc. on the Basis of a
Stipulated Price, dated August 17, 2006
    
    
    *10.12
    
    Agreement for Purchase of Power with Norris Public Power District, dated March 20, 2006
    
    
    *10.13
    
    BNSF Railway Company Lease of Land for Construction/Rehabilitation of Track, dated
June 22, 2006
    
    
    *10.14
    
    BNSF Industry Track Agreement dated
June 22, 2006
    
    
    *10.15
    
    Employment Agreement  Grain Manager, dated December 22, 2006
    
    
    *10.16
    
    Employment Agreement  Plant Manager, dated December 22, 2006
    
    
    *10.17
    
    License Agreement, dated August 14, 2006
    
    
    210.18
    
    Memorandum of Understanding between the NE Dept. of Economic Development, the Village of Adams and E Energy Adams, LLC
    
    
    *14.1
    
    Code of Ethics
    
    
    *31.1
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *31.2
    
    Certificate pursuant to 17 CFR 240 15d-14(a)
    
    
    *
 60




---



##### Table of Contents



Exhibit
    
    
    
    Method ofNo.
    
    Description
    
    Filing32.1
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *32.2
    
    Certificate pursuant to 18 U.S.C. Section 1350
    
    
    *
 
 (1)
    
    Incorporated by reference to the exhibit of the same number on our Registration Statement on
Form SB-2, No. 333-128902, originally filed on October 7, 2005.(2)
    
    Incorporated by reference, and contained therein, to the Design-Build Agreement filed
herewith as Exhibit 10.7.(*)
    
    Filed herewith.(+)
    
    Material has been omitted pursuant to a request for confidential treatment and such materials
have been filed separately with the Securities and Exchange Commission. 
 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
  Category
    
    Year
    
    FeesAudit Fees (1)
    
    
    2006
    
    
    $
    79,4802005
    
    
    $
    34,080Audit-Related Fees
    
    
    2006
    
    
    
    2005
    
    
    
    Tax Fees
    
    
    2006
    
    
    
    2005
    
    
    
    All Other Fees
    
    
    2006
    
    
    
    2005
    
    
    
    
 
 (1)
    
    Audit fees consist of fees for services rendered related to the Companys fiscal year end
audits, quarterly reviews, registration statement and related amendments.   
 SIGNATURES
  E ENERGY ADAMS, LLCDate: December 22, 2006
    /s/ Sam SaccoSam SaccoChief Executive Officer 61




---



##### Table of Contents



Date: December 22, 2006
    /s/ Nicholas J. CusickNicholas J. CusickTreasurer and Director(Principal Financial
and Accounting Officer)  Date: December 22, 2006
    /s/ Sam SaccoSam Sacco,Chief Executive Officer Date: December 22, 2006
    /s/ Nicholas J. CusickNicholas J. Cusick, Treasurer, Director(Principal Financial and Accounting Officer) Date: December 22, 2006
    /s/ Jack L. AldermanJack L. Alderman,Chairman, Director Date: December 22, 2006
    /s/ Duane H. WollenburgDuane H. Wollenburg,Vice-Chairman, Director Date: December 22, 2006
    /s/ Vinson W. VanEngenVinson W. VanEngen,Director Date: December 22, 2006
    /s/ Dennis L. BoesigerDennis L. Boesiger,Director Date: December 22, 2006
    /s/ Kenneth S. BrinkmanKenneth S. Brinkman,Director Date: December 22, 2006
    /s/ Mark O. WeberMark O. Weber,Director Date: December 22, 2006
    /s/ Steven L. DeanSteven L. Dean,Director Date: December 22, 2006
    /s/ Ron L. MillerRon L. Miller,Director Date: December 22, 2006
    /s/ William R. RiechersWilliam R. Riechers,Director Date: December 22, 2006
    /s/ Amy J. JohnstonAmy J. Johnston,Director Date: December 22, 2006
    /s/ Gary R. BentzingerGary R. Bentzinger,Director Date: December 22, 2006
    /s/ Tom RoodeTom Roode,Director 62