SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C.  20549

                                    FORM 10-K

                        For Annual and Transition Reports
                    Pursuant to Sections 13 or 15(d) of the
                        Securities Exchange Act of 1934


(Mark One)

[X]  Annual report pursuant to Section 13 or 15(d) of the 
     Securities Exchange Act of 1934 (No Fee Required).
     For the fiscal year ended June 30, 1997 or

[ ]  Transition report pursuant to Section 13 or 15(d) of the 
     Securities Exchange Act of 1934 (No Fee Required)
     For the transition period from ___________to __________.

Commission File No. 1-8680


                          HIGH PLAINS CORPORATION
           (Exact name of registrant as specified in its charter)


           Kansas                                   48-0901658    
(State or other jurisdiction of                  (I.R.S. Employer
 incorporation or organization)                   Identification No.)

             200 W. Douglas, Suite #820,  Wichita, Kansas  67202
             (Address and zip code of principal executive offices)
                             (316) 269-4310
              (Registrant's telephone number, including area code)

Securities Registered Pursuant to Section 12 (b) of the Act: 

                                   NONE

Securities Registered Pursuant to Section 12 (g) of the Act: 

                       Common Stock, $0.10 par value
                              (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all 
reports required to be filed by Section 13 or 15(d) of the 
Securities Exchange Act of 1934 during the preceding twelve (12) 
months (or for such shorter period that the Registrant was 
required to file such reports), and (2) has been subject to such 
filing requirements for the past ninety (90) days.

                               YES  X     NO


<PAGE>

Indicate by check mark if disclosure of delinquent filers pursuant 
to Item 405 of Regulation S-K is not contained herein, and will 
not be contained, to the best of the Registrant's knowledge, in 
definitive proxy or information statements incorporated by 
reference in Part III of this Form 10-K or any amendment to this 
Form 10-K [ ].

As of June 30, 1997, there were 15,985,444 outstanding common 
shares of the Registrant.  As of June 30, 1997, the aggregate 
market value of voting stock of High Plains Corporation held by 
nonaffiliates was approximately $63,514,287.
                  


                   Documents Incorporated by Reference:

Portions of the Registrant's definitive Proxy Statement for the 
1997 Annual Meeting of Stockholders (the "Proxy Statement"), which 
is anticipated to be filed with the Securities and Exchange 
Commission within 120 days after the end of the Registrant's 
fiscal year end, are incorporated by reference in Part III.

Portions of the Registrant's 1997 Annual Report to Stockholders 
for the fiscal year ended June 30, 1997 (the "Annual Report") 
which is anticipated to be filed with the Securities and Exchange 
Commission within 120 days after the end of the Registrant's 
fiscal year end, are incorporated by reference in Parts I, II and IV.


<PAGE>  


PART I

Item 1                               BUSINESS


High Plains Corporation (the "Company") was incorporated under the 
laws of the State of Kansas on February 28, 1980.  The Company's 
principal offices are located at 200 W. Douglas, Suite 820, 
Wichita, Kansas 67202  and its telephone number is (316) 269-4310. 
(Financial information concerning the Company's operations is 
incorporated by reference from Management's Discussion and 
Analysis of Financial Condition and Results of Operations 
(Management's Discussion and Analysis) and the Financial 
Statements and Notes thereto in the Company's Annual Report.)

The Company manufactures and sells ethanol for blending with 
gasoline as a motor fuel.  The Company believes it is currently 
the sixth largest ethanol producer in the United States.  Ethanol 
increases the oxygen level in gasoline and reduces pollutants, 
including carbon monoxide and hydrocarbon particulate emissions.  
Industry sources estimate that 1.1 billion gallons of ethanol were 
used to oxygenate United States fuel supplies in 1996.  In 
addition, the Company sells distiller's grain (DDG), the primary 
by-product of ethanol production.  Selling prices of DDG generally 
vary with sorghum and corn prices.  The primary markets for the 
Company's DDG continues to be manufacturers of animal and pet 
foods, and direct consumers such as feedlots and dairies.

The Company operated two ethanol production facilities, one 
located in Colwich, Kansas and the other in York, Nebraska.  The 
Company's ethanol production capacity at the Colwich plant exceeds 
18 million gallons per year and production capacity at the York 
facility is approximately 35-40 million gallons per year.  Actual 
ethanol production in fiscal 1996 and 1997, was below capacity due 
to the temporary shutdown of the plants in May 1996 through 
September 1996 for the Colwich plant and May 1996 through October 
1996 for the York facility.  (For information regarding the 
temporary shutdown of the Company's plants see "Temporary Shutdown 
of Plant Operations" discussion in Management's Discussion and 
Analysis in the Company's Annual Report which is incorporated 
herein by reference.) 

During fiscal 1997 and in prior years, the Company has typically 
maintained sufficient on-site grain storage for three to five days 
of continuous production. During fiscal 1997, the Company entered 
into an exclusive grain supply agreement with Centennial Trading, 
LLC for the procurement of all its grain requirements. The Company 
believes this agreement eliminates the need to buy and store grain 
offsite.  (Also see the discussion of raw materials in 
Management's Discussion and Analysis in the Company's Annual 
Report, which is incorporated by reference herein.)  

<PAGE>

The Company's production process depends upon a substantial 
uninterrupted supply of natural gas.  The Company has contracted 
with one natural gas provider to supply both its Colwich and York 
plants and the Company believes these supplies will be sufficient 
for its production needs.  If this source of natural gas supply is 
interrupted, the Company believes alternative supplies could be 
contracted with little or no interruption to the Company's normal 
operations due to the competitive nature of the natural gas 
market.  Other materials used in the production of ethanol are 
readily available from numerous suppliers.
    
In addition, the Company is dependent on rail transportation to 
ship its ethanol and DDG to its customers.  Any interruption of 
rail transportation due to a rail strike or any other circumstance 
would have a significant detrimental effect on the Company's 
operations.  During the latter part of fiscal 1997 the Company 
experienced a slow down in railcar movement as a result of a 
merger between two major railroad companies.  This slow down has 
created some minor delays in deliveries of product.  However, 
these delays are believed to be temporary and symptomatic of the 
railway system for all shippers, at this time.

Historically, the maximum finished ethanol inventory which the 
Company has attempted to keep in stock has equaled approximately 
four to five days of production.  Also, typical payment terms in 
the industry are "Net 10 days from delivery".  These low 
inventories of finished goods and quick payment terms from 
customers generally help to minimize the working capital needs of 
the Company.  At June 30, 1997, the Company's ethanol inventory 
levels met or exceeded its normal inventory maximum levels, due to 
accumulation of inventory resulting from a slowdown in railcar 
deliveries. 

The market price of ethanol is not related to grain prices, but 
has historically been determined by gasoline, octane enhancers and 
oxygenates prices plus federal tax incentives.  Therefore, High 
Plains is generally not able to compensate for increases in the 
cost of grain feedstock through upward adjustments in prices 
charged for its ethanol. (For information regarding the 
seasonality of the Company's business see "Seasonality" discussion 
in Management's Discussion and Analysis in the Company's Annual 
Report which is incorporated herein by reference.)   
  
For the fiscal year ended June 30, 1997, the Company's sales to 
three customers represented in the aggregate approximately 43.8% 
of the Company's total product sales and revenues.  The Company's 
DDG production is brokered under an exclusive agreement with 
ConAgra, Inc.  This exclusive agreement automatically renews for 
successive one-year terms unless written notice of termination is 
issued 90 days prior to the end of a term.
  
The Company is in direct competition with other ethanol producers, 
many of which have greater resources than the Company.  The 
largest ethanol producers include Archer Daniels Midland, Cargill, 
Minnesota Corn Processors and New Energy Co. of Indiana which are 


<PAGE>


capable of producing approximately 700 million, 100 million, 115
million and 75 million gallons of ethanol per year, respectively. 
In addition, there are several other competitors of a similar 
size and with similar resources to the Company.  Recent estimates 
place total domestic ethanol production capacity at 1.5 billion 
gallons per year.  Additionally, industrial grade ethanol 
production has increased in recent years.  This is a result of 
Archer Daniels Midland, other producers, and the Company diverting 
a portion of existing production capacity from fuel grade 
production to industrial grade products.  The Company is unable to 
predict what effect these changes in production will have on the 
demand and price of fuel grade or industrial grade ethanol.  (Also 
see the discussion of ethanol production in Management's 
Discussion and Analysis in the Company's Annual Report, which is 
incorporated herein by reference.)

The Company competes with the other ethanol producers on the basis 
of price and, to a lesser extent, delivery and service.  High 
Plains believes that it is able to compete favorably with other 
ethanol producers due to its proximity to ample grain supplies and 
due to the efficiencies of its plants.  The Company also believes 
that its locations offer an advantage over other ethanol producers 
in that the Company has ready access by rail to growing ethanol 
markets, which reduces its cost of sales.

The Company is also in competition with producers of MTBE, a 
petrochemical derived from methanol which costs less to produce 
than ethanol.  Many major oil companies produce MTBE, and because 
it is petroleum based, its use is strongly supported by such oil 
companies.  These companies have significant resources to market 
MTBE and to influence legislation and public perception of MTBE.  
These companies also have sufficient resources to begin production 
of ethanol should they choose to do so.

The Company is subject to extensive environmental regulation at 
the federal, state and local levels.  Air quality at the Colwich 
plant is regulated by the Environmental Protection Agency and the 
Division of Environment of the Kansas Department of Health and 
Environment (the "KDHE").  The KDHE regulates emission of volatile 
organic compounds into the air.  Volatile organic compound 
emissions are tested on a monthly basis at the Colwich plant, and 
the Company must submit semi-annual reports to the KDHE regarding 
these emissions tests.  The Company is required to obtain an air 
operating permit from the KDHE and must obtain KDHE approval to 
make plant alterations that could change the emission levels.  The 
KDHE also regulates the water usage, waste water discharge and 
hazardous waste at the Colwich plant under Kansas water pollution 
control and hazardous waste laws.  Water usage and waste water 
effluent quality are tested daily.  Monthly reports regarding 
water usage and quality are filed with the KDHE.  The Company is 
also required to submit periodic reports pursuant to the Kansas 
and Federal Emergency Planning Community Right-to-Know Act.  At 
the local level, the Company files semi-annual reports with the 
Sedgwick County Community Health Department regarding air quality 
at the Colwich plant.


<PAGE>


The York facility is subject to similar environmental regulations 
at the federal, state and local level.  Air quality at the York 
plant is regulated by the Environmental Protection Agency and the 
Nebraska Department of Environmental Quality (the "NDEQ").  The 
Company submits various reports throughout the year concerning 
emissions of volatile compounds.  The Company was required to 
obtain an air operating permit from the NDEQ and must obtain 
approval to make any plant alterations that could change the 
emission levels.  The NDEQ also regulates waste water discharge at 
the York Plant.  Waste water effluent quality is tested daily, and 
monthly reports are filed with NDEQ.  The York facility is also 
required to submit periodic reports pursuant to the Nebraska and 
Federal Emergency Planning Community Right-to-Know Act.  The 
Company has air quality permits, water discharge permits, and all 
other environmental permits required for operations at the York 
location.

At June 30, 1997, the Company employed 104 persons.  These 
included 42 employees at the Colwich, Kansas plant, 55 employees 
at the York, Nebraska plant, and 7 employees in the Wichita, 
Kansas corporate office.  The total number of employees is 
significantly higher compared to the prior year due to employees 
furloughed during the temporary shutdown of both of the Company's 
production facilities in May, 1996.  (For information regarding 
the temporary shutdown of the Company's plants see "Temporary 
Shutdown of Plant Operations" discussion in Management's 
Discussion and Analysis in the Company's Annual Report which is 
incorporated by reference herein.) 
  


Item 2                         PROPERTIES

The Company's principal executive offices at 200 W. Douglas, Suite 
820, Wichita, Kansas are leased and cover approximately 2,800 
square feet.

The Company presently owns the approximately 70 acres of land and 
the improvements thereon which comprise its Colwich, Kansas plant.

The Company also owns approximately 142 acres of land and the 
improvements thereon which comprise its York, Nebraska facility.  
The Company's primary lender holds a mortgage on approximately 59 
acres of land where the York facility is situated and on the 
ethanol production plant itself, as security for a loan to the 
Company.


Item 3                         LEGAL PROCEEDINGS

Commodity Specialist Company, (CSC) is a distributor of 
agricultural products which, from 1988 until April 1994, marketed 
and sold DDG produced by the Company.  A dispute developed between 
the Company and CSC after the termination of the contract under 
which CSC sold the Company's DDG.  In early September 1995, the 


<PAGE>


Company filed suit in the U.S. District Court for the District of
Kansas, against CSC in an attempt to collect approximately 
$110,000 which the Company believes it is owed by CSC for DDG sold 
but not paid for by CSC.  Subsequently, CSC filed a suit in the 
U.S. District Court for the District of Minnesota, Fourth 
Division, against the Company claiming damages in excess of $1.2 
million for lost profits, costs and expenses allegedly resulting 
from the termination of the contract and from the Company's 
alleged delivery of contaminated DDG to CSC for re-sale.  The two 
cases have now been consolidated for trial in the Minnesota Court. 
No reserves have been made for fiscal years 1995, 1996, or 1997 
for any amounts which may be payable to CSC; although for 
accounting purposes, a receivable of approximately $100,000 due 
from CSC to the Company was written down in fiscal 1994.  The 
Company's product liability insurance carrier has taken the 
position that its policy does not cover the claims made by CSC.  
Currently, the Company is vigorously defending the action filed by 
CSC.  The Company believes that the ultimate resolution of this 
dispute will not have a material adverse effect on the Company's 
financial condition.

On March 22, 1996, the Company filed suit against Summit Resource 
Management, Inc., Commodity Trading Incorporated, and Abbott 
Laboratories, in the United States District Court for the District 
of Kansas, as Civil Action No. 96-1105-FGT.  The suit alleges that 
the defendants are liable to the Company for damages suffered as a 
result of their sale to the Company of contaminated alcohol, which 
was processed into the Company's DDG by-product, and which caused 
damage to certain of the Company's customers who purchased this 
DDG for cattle feed.  All damage claims with the Company's DDG 
customers have now been settled (except for the CSC litigation 
described above).  As a result of this incident, the Company 
recorded expenses totaling $967,848 through fiscal 1995. The 
current suit by the Company against the providers of the 
contaminated alcohol seeks to recover these damages, as well as 
other losses and expenses incurred by the Company in connection 
with this incident.  No affirmative claims have been made against 
the Company by the defendants in this lawsuit.  At June 30, 1997 
the Company had reached a compromise settlement with one of the 
defendants, Abbott Laboratories, who has now been dismissed as a 
defendant in the suit.

The Company is also involved in one other pending lawsuit which 
has arisen in the course of normal business operations, but which 
is not expected to have a material adverse effect on the Company's 
financial condition.


Item 4                     SUBMISSION OF MATTERS TO A VOTE
                           OF SECURITY HOLDERS

No matters were submitted to a vote of the stockholders of the 
Company during the fourth quarter of the fiscal year ended June 
30, 1997.


<PAGE>


PART II

Item 5                     MARKET FOR THE REGISTRANT'S COMMON EQUITY
                           AND RELATED SECURITY HOLDER MATTERS

The Company's Common Stock is traded on the NASDAQ National Market 
System under the symbol HIPC.
  
The number of holders of record of the Company's common stock as 
of September 22, 1997, was approximately 8,683 determined by an 
examination of the Company's transfer book and through broker 
search.

The Company has not declared or paid any cash dividends on its 
Common Stock since its organization in 1980.  

The Company has no current plans to declare or pay any cash 
dividends in the foreseeable future.  The payment and rate of 
future cash dividends on the Company's Common Stock, if any, would 
be subject to review by the Board of Directors in light of the 
Company's financial condition, results of operations, capital 
requirements and other factors deemed relevant at that time.

Additional information  relating to this item, including 
historical market prices for the Company's Common Stock, is hereby 
incorporated by reference from the "Market For Registrant's Common 
Equity" section of the 1997 High Plains Corporation Annual Report 
to Stockholders for the year ended June 30, 1997 which is 
anticipated to be filed with the Securities and Exchange 
Commission within 120 days after the end of the Company's fiscal 
year ended June 30, 1997.



Item 6                     SELECTED FINANCIAL DATA

The information  relating to this item is hereby incorporated by 
reference from the "Five Year Summary of Selected Financial Data" 
in the 1997 High Plains Corporation Annual Report to Stockholders 
for the year ended June 30, 1997 which is anticipated to be filed 
with the Securities and Exchange Commission within 120 days after 
the end of the Company's fiscal year ended June 30, 1997.


Item 7                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                           FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The information relating to this item is hereby incorporated by 
reference from the "Management's Discussion and Analysis" in the 
1997 High Plains Corporation Annual Report to Stockholders for the 
year ended June 30, 1997 which is anticipated to be filed with the 
Securities and Exchange Commission within 120 days after the end 
of the Company's fiscal year ended June 30, 1997.


<PAGE>


Item 8                     FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The information relating to this item is hereby incorporated by 
reference from the Financial Statements and Notes thereto in the 
1997 High Plains Corporation Annual Report to Stockholders for the 
year ended June 30, 1997 which is anticipated to be filed with the 
Securities and Exchange Commission within 120 days after the end 
of the Company's fiscal year ended June 30, 1997.

Item 9                     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
                           ACCOUNTING AND FINANCIAL DISCLOSURE

None.



PART III

Item 10                    DIRECTORS AND EXECUTIVE OFFICERS OF 
                           THE REGISTRANT

Under the securities laws of the United States, the Company's 
directors, executive officers, and any persons holding more than 
ten percent of the Company's securities are required to report to 
the Securities and Exchange Commission and to the NASDAQ National 
Market System by a specified date his or her ownership of or 
transactions in the Company's securities.  To the Company's 
knowledge, based solely on information filed with the Company, all 
of these requirements have been satisfied, except as noted below 
Ronald D. Offutt and Arthur Greenberg each failed to timely file 
one Form 4,  reflecting a total of one transaction each for the 
month of June 1997.  The transactions involved the issuance of 
stock options to each of the individuals as new directors of the 
Company.  The Form 4 reflecting these transactions was filed in 
September, 1997.  Also, Gregory Heuer and Daniel Allison, 
management personnel of the Company, failed to file one Form 4 
each reflecting a total of two transactions each for the month of 
January 1997.  The transactions involved the purchase of stock 
through an employee stock purchase plan.  The Form 4's listing 
these transactions were filed in March 1997.
  
The balance of information relating to this item is hereby 
incorporated by reference from the "Directors and Executive 
Officers" section of the High Plains Corporation definitive Proxy 
Statement for the  1997 Annual Meeting of Stockholders, which is 
anticipated to be filed with the Securities and Exchange 
Commission within 120 days after the end of the Company's fiscal 
year ended June 30, 1997.


Item 11                     EXECUTIVE COMPENSATION

The information relating to this item is hereby incorporated by 
reference from the "Executive Compensation" section of the High 
Plains Corporation definitive Proxy Statement for the 1997 Annual 
Meeting of Stockholders, which is anticipated to be filed with the 
Securities and Exchange Commission within 120 days after the end 
of the Company's fiscal year ended June 30, 1997.


<PAGE>


Item 12                     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
                            OWNERS AND MANAGEMENT

The information relating to this item is hereby incorporated by 
reference from the "Security Ownership of Certain Beneficial 
Owners and Management" section of the High Plains Corporation 
definitive Proxy Statement for the 1997 Annual Meeting of 
Stockholders, which is anticipated to be filed with the Securities 
and Exchange Commission within 120 days after the end of the 
Company's fiscal year ended June 30, 1997.


Item 13                     CERTAIN RELATIONSHIPS AND RELATED
                            TRANSACTIONS

The information relating to this item is hereby incorporated by 
reference from the "Certain Relationships and Related 
Transactions" section of the High Plains Corporation definitive 
Proxy Statement for the 1997 Annual Meeting of Stockholders, which 
is anticipated to be filed with the Securities and Exchange 
Commission within 120 days after the end of the Company's fiscal 
year ended June 30, 1997.



PART IV

Item 14                     EXHIBITS, FINANCIAL STATEMENT SCHEDULES, 
                            AND REPORTS ON FORM 8-K

(a)  Documents Filed as a Part of This Report

     (1)  Financial Statements
    
          Statements of Income - Years Ended
          June 30, 1997, 1996, and 1995 *
  
          Statements of Stockholders' Equity - Years
          Ended June 30, 1997, 1996, and 1995 *

          Balance Sheets - June 30, 1997 and 1996 *

          Statements of Cash Flows - Years
          Ended June 30, 1997, 1996, and 1995 *

          Notes to Financial Statements *
  
          Independent Auditors' Report on Financial Statements *

          *Incorporated by reference from the Company's 1997 Annual     
          Report for the year ended June 30, 1997 which is 
          anticipated to be filled with the Securities and 
          Exchange Commission within 120 days after the end of 
          the Company's fiscal year ended June 30, 1997.


<PAGE>

     (2)  Financial Statement Schedules

          None.      


     (3)  Exhibits

          See Index to Exhibits attached hereto and incorporated by     
          reference herein.


(b)  Reports on Form 8-K

     During the quarter for which this report is filed, these   
     reports on Form 8-K have been filed.

       May 14, 1997    Disclosure of delay in production of          
                       industrial grade ethanol and extension of
                       time granted to meet sales contract for
                       same.

       May 14, 1997    Company disclosed appointment of Raymond      
                       G. Friend, President to the Board of
                       Directors, along with two new outside
                       directors, Ronald D. Offutt and Arthur
                       Greenberg.

       May 15, 1997    Announced the retirement of then Chairman     
                       and President Stanley E. Larson, election
                       of Daniel O. Skolness as Chairman of the
                       Board and promotion of Raymond G. Friend
                       as President. Additionally, Company
                       announces cancellation of industrial grade
                       contract by customer for reasons of force
                       majeure.

       May 22, 1997    Disclosure of earnings per share for the      
                       quarter ending March 31, 1997.

  
(c)  Exhibits

     Exhibits are listed in Item 14(a)(3) and filed as part of     
     this report.
  


<PAGE>
          

                              SIGNATURES


    Pursuant to the requirements of Section 13 or 15(d) of the 
Securities Exchange Act of 1934, the Registrant has duly caused 
this report to be signed on its behalf by the undersigned, 
thereunto duly authorized in Wichita, Kansas on the 24th day of 
September, 1997.

                              HIGH PLAINS CORPORATION


                              By:/Raymond G. Friend/             
                                  Director/President

  Pursuant to the requirements of the Securities Exchange Act 
of 1934, this report has been signed below by the following 
persons on the behalf of the Registrant and in the capacities 
and on the date indicated.

  Signature                    Title                      Date


                               Chairman of the
                               Board and a
/ Daniel O. Skolness   /       Director                   September 24, 1997



/ Raymond G. Friend    /       Director/President         September 24, 1997



/ H.T. Ritchie         /       Director/Secretary         September 24, 1997



/ Roger D. Skaer       /       Director/Treasurer         September 24, 1997



/ John F. Chivers      /       Director                   September 24, 1997



/ Donald M. Wright     /       Director                   September 24, 1997



/ Arthur Greenberg     /       Director                   September 24, 1997


 
/ Ronald Offutt        /       Director                   September 24, 1997



<PAGE>


                                                                Page 1 of 3
       Index to Exhibits

3-1    Articles of Incorporation, as amended, of the Company, 
       (incorporated herein by reference to Exhibits 3.1 
       through 3.10 to the Company's Registration Statement on 
       Form S-1, dated February 9, 1993).

3-2    Bylaws of the Company, as amended, of the Company 
       (incorporated herein by reference to Exhibits 3.5 and 3.6 to 
       the Company's Registration Statement on Form S-1, dated 
       April 18, 1988).

3-3    Certificate of Amendment to Articles of Incorporation 
       of the Company, dated October 14, 1994 (incorporated herein 
       by reference to Exhibit 3-7 to the Company's Annual Report 
       on Form 10-K for the fiscal year ended June 30, 1995).

3-4    Certificate of Amendment of Articles of Incorporation 
       of the Company, dated November 22, 1994 (incorporated herein 
       by reference to Exhibit 3-8 to the Company's Annual Report 
       on Form 10-K for the fiscal year ended June 30, 1995).

3-5    Certificate of Correction of Certificate of Amendment 
       to Articles of Incorporation of the Company, dated March 22, 
       1993, (incorporated herein by reference from Exhibit 4-2 to 
       the Company's Registration Statement on Form S-8, dated 
       January 16, 1996).

4-1    Form of Common Stock Certificate (incorporated herein 
       by reference from Exhibit 4-1 to the Company's Registration 
       Statement on Form S-1, dated April 18, 1988).
    
10-1   Ethanol production credit agreement with the State of 
       Nebraska Department of Revenue dated October 9, 1992 
       (incorporated by reference from Exhibit 10-7 to the 
       Company's annual filing on Form 10-K, dated June 30, 1994).



<PAGE>


                                                                Page 2 of 3

10-2   High Plains Corporation 1990 Stock Option Plan 
       (incorporated by reference from Exhibit 10-8 to the 
       Company's Registration Statement on Form S-1, dated February 
       9, 1993).

10-3   High Plains Corporation 1992 Stock Option Plan 
       (incorporated by reference from Exhibit 10-14 to the 
       Company's Registration Statement on Form S-1, dated February 
       9, 1993).
    
10-4   Lease dated April 12, 1993 between High Plains 
       Corporation and Garvey Center L.C. (incorporated by 
       reference from Exhibit 10-8 to the Company's annual filing 
       on Form 10-K, dated June 30, 1994).

10-5   Exchange and Release Agreements dated October 18, 
       1994, providing conversion rights for the 11 1/2% Cumulative 
       Preferred Stock to Common Stock (incorporated by reference 
       from Exhibit 10-2 to the Company's quarterly filing on Form 
       10-Q, dated September 30, 1994).

10-6   Amendment to the Company's 1990 Stock Option Plan, dated 
       November 18, 1994, increasing the number of shares 
       available under the plan and granting of additional 
       options to replace certain options when exercised 
       (incorporated by reference from Exhibit 10-11 to the 
       Company's annual filing on Form 10-K dated June 30, 
       1995).

10-7   Amendment to the Company's 1992 Stock Option Plan, 
       dated November 18, 1994, increasing the number of shares 
       available under the plan and granting of additional options 
       to replace certain options when exercised (incorporated by 
       reference from Exhibit 10-12 to the Company's annual filing 
       on Form 10-K dated June 30, 1995).
   
10-8   Real Estate Installment Agreement dated January 19, 
       1995, between David J. Vander Griend and the Company, 
       regarding sale of certain real estate (incorporated by 
       reference from Exhibit 10-5 to the Company's filing on Form 
       8-K dated January 19, 1995).  
        


<PAGE>


                                                                Page 3 of 3
      

10-9   Asset Purchase Agreement dated January 19, 1995, between  
       ICM, Inc. and the Company, regarding sale of various   
       tangible and intangible property (incorporated by   
       reference from Exhibit 10-6 to the Company's filing on   
       Form 8-K dated January 19, 1995).
  
10-10  Employment Agreement dated April 1, 1995, between the     
       Company and Raymond G. Friend, for the continuation of     
       employment through July 1, 2000 (incorporated by reference 
       from Exhibit 10-18 to the Company's annual filing on Form 10-K 
       dated June 30, 1995).

10-11  High Plains Corporation 1995 Employee Stock Purchase Plan  
       (incorporated herein by reference from Exhibit 4-14 to the 
       Company's Registration statement on Form S-8, dated January 
       22, 1996).

10-12  High Plains Corporation 1995 Key Management Employee     
       Stock Purchase Plan (incorporated herein by reference from 
       Exhibit 4-15 to the Company's Registration Statement on Form 
       S-8, dated January 22, 1996).

10-13  Agreement between the Company and ConAgra, Inc., for sale 
       of Dried Distiller's Grains and Wet Distiller's Grains 
       (incorporated herein by reference from Exhibit 10-14 to 
       the Company's annual filing on Form 10-K dated June 30, 
       1996).

10-14  Stanley E. Larson Retirement and Consulting Agreement,     
       dated April 11, 1997 attached hereto.

10-15  Agreement between Centennial Trading, LLC, Michael Rowan 
       and the Company, dated January 7, 1997, for the 
       exclusive supply of grain to the Company, attached 
       hereto.

11-1   Statement on Computation of Per Share Earnings 
       (incorporated herein by reference from the Company's 1997 
       Annual Report to Stockholders for the fiscal year ended June 
       30, 1997 which is anticipated to be filed with the 
       Securities and Exchange Commission within 120 days after the 
       end of the Company's fiscal year ended June 30, 1997).

24-1   Consent of Allen, Gibbs, and Houlik, L.C., independent 
       certified public accountants.

27-1   Financial Data Schedule.



<PAGE>