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| Contact: | Kelly      G. Maguire               | For      more information: |
|----------|-------------------------------------|----------------------------|
|     | Vice      President - Finance & | www.bfenergy.com           |
|     | Chief      Financial Officer        |                       |
|     | (303)      640.6500                 |                       |
|     | kmaguire@bfenergy.com               |                       |

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|                                                                                                  |   | Three Months      Ended December 31, |       |    | Years Ended      December 31, |   |
|-------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|---------|-------------------------------|--------|
| Summary Income      Statement                                                                         |   | 2008                                 |       |    | 2009                          |   |   | 2008 |   |   | 2009 |   |
| Net sales                                                                                        |   | $                                    | 89,026     |    |                          | $      | 120,418 |   |   | $ | 179,867 |   |   | $ | 415,514 |   |
| Cost of goods sold                                                                               |   |                                 | 95,143     |    |                          |   | 105,839 |   |   |   | 199,163 |   |   |   | 404,750 |   |
| Gross profit (loss)                                                                              |   |                                 | (6,117     | )  |                          |   | 14,579 |   |   |   | (19,296 | )  |   |   | 10,764 |   |
| General and administrative      expenses:                                                        |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Compensation expense                                                                             |   |                                 | 1,503      |    |                          |   | 1,609 |   |   |   | 8,063 |   |   |   | 6,160 |   |
| Other                                                                                            |   |                                 | 574        |    |                          |   | 1,267 |   |   |   | 8,981 |   |   |   | 9,327 |   |
| Other operating      expense                                                                     |   |                                 | 5          |    |                          |   | - |   |   |   | 1,350 |   |   |   | 150 |   |
| Operating income      (loss)                                                                     |   |                                 | (8,199     | )  |                          |   | 11,703 |   |   |   | (37,690 | )  |   |   | (4,873 | )  |
| Interest income                                                                                  |   |                                 | 101        |    |                          |   | 4 |   |   |   | 1,087 |   |   |   | 78 |   |
| Interest expense                                                                                 |   |                                 | (4,199     | )  |                          |   | (2,870 | )  |   |   | (5,831 | )  |   |   | (14,906 | )  |
| Other non-operating income      (expense)                                                        |   |                                 | 4          |    |                          |   | - |   |   |   | (1,781 | )  |   |   | (1 | )  |
| Loss on derivative financial      instruments                                                    |   |                                 | -          |    |                          |   | - |   |   |   | (39,912 | )  |   |   | - |   |
| Net income (loss)                                                                                |   |                                 | (12,293    | )  |                          |   | 8,837 |   |   |   | (84,127 | )  |   |   | (19,702 | )  |
| Less: Net (income) loss      attributable to the noncontrolling interest                         |   |                                 | 5,406      |    |                          |   | (1,989 | )  |   |   | 43,262 |   |   |   | 6,072 |   |
| Net income (loss) attributable to      BioFuel Energy Corp. common shareholders                  |   | $                                    | (6,887     | )       |                          | $      | 6,848 |   |   | $ | (40,865 | ) |   | $ | (13,630 | ) |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) per share - basic      attributable to BioFuel Energy Corp. common shareholders    |   | $                                    | (0.43      | )       |                          | $      | 0.27 |   |   | $ | (2.65 | ) |   | $ | (0.57 | ) |
| Income (loss) per share - diluted      attributable to BioFuel Energy Corp. common shareholders  |   | $                                    | (0.43      | )       |                          | $      | 0.21 |   |   |   |   |   |   |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares      outstanding:                                                        |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                            |   |                                 | 15,920     |    |                          |   | 24,902 |   |   |   | 15,419 |   |   |   | 23,792 |   |
| Diluted                                                                                          |   |                                 | 15,920     |    |                          |   | 32,593 |   |   |   | - |   |   |   | - |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Additional      operational data                                                                      |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Ethanol sold (gallons, in      thousands)                                                        |   |                                 | 46,983     |    |                          |   | 55,821 |   |   |   | 82,582 |   |   |   | 218,389 |   |
| Dry distillers grain sold (tons,      in thousands)                                              |   |                                 | 102.3      |    |                          |   | 123.8 |   |   |   | 170.9 |   |   |   | 484.6 |   |
| Wet distillers grain sold (tons,      in thousands)                                              |   |                                 | 96.3       |    |                          |   | 87.7 |   |   |   | 185.8 |   |   |   | 370.8 |   |
| Average FOB price of ethanol sold      (per gallon)                                              |   | $                                    | 1.58       |    |                          | $      | 1.91 |   |   | $ | 1.85 |   |   | $ | 1.64 |   |
| Average FOB price of dry      distillers grain sold (per ton)                                    |   | $                                    | 123.14     |    |                          | $      | 101.78 |   |   | $ | 133.68 |   |   | $ | 106.45 |   |
| Average FOB price of wet      distillers grain sold (per ton)                                    |   | $                                    | 34.79      |    |                          | $      | 29.44 |   |   | $ | 37.21 |   |   | $ | 33.18 |   |
| Average corn cost (per      bushel)                                                              |   | $                                    | 3.66       |    |                          | $      | 3.67 |   |   | $ | 4.54 |   |   | $ | 3.61 |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   | December      31,                    |       |    | December      31,             |   |   |   |   |   |   |   |   |   |
| Summary      Balance Sheet                                                                            |   | 2008                                 |       |    | 2009                          |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Cash and equivalents                                                                             |   | $                                    | 12,299     |    |                          | $      | 6,109 |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                              |   |                                 | 16,669     |    |                          |   | 23,745 |   |   |   |   |   |   |   |   |   |
| Inventories                                                                                      |   |                                 | 14,929     |    |                          |   | 20,885 |   |   |   |   |   |   |   |   |   |
| Prepaid expenses                                                                                 |   |                                 | 2,153      |    |                          |   | 2,529 |   |   |   |   |   |   |   |   |   |
| Restricted cash -      current                                                                   |   |                                 | 612        |    |                          |   | - |   |   |   |   |   |   |   |   |   |
| Other current assets                                                                             |   |                                 | 203        |    |                          |   | 325 |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment,      net                                                          |   |                                 | 305,350    |    |                          |   | 284,362 |   |   |   |   |   |   |   |   |   |
| Certificates of deposit -      non-current                                                       |   |                                 | 4,015      |    |                          |   | - |   |   |   |   |   |   |   |   |   |
| Debt issuance costs,      net                                                                    |   |                                 | 7,917      |    |                          |   | 6,472 |   |   |   |   |   |   |   |   |   |
| Restricted cash -      non-current                                                               |   |                                 | 1,003      |    |                          |   | - |   |   |   |   |   |   |   |   |   |
| Other non-current      assets                                                                    |   |                                 | 574        |    |                          |   | 2,348 |   |   |   |   |   |   |   |   |   |
| Total assets                                                                                     |   | $                                    | 365,724    |    |                          | $      | 346,775 |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Total current      liabilities                                                                   |   | $                                    | 38,157     |    |                          | $      | 40,830 |   |   |   |   |   |   |   |   |   |
| Long-term debt, net of current      portion                                                      |   |                                 | 226,351    |    |                          |   | 220,754 |   |   |   |   |   |   |   |   |   |
| Tax increment financing, net of      current portion                                             |   |                                 | 5,887      |    |                          |   | 5,591 |   |   |   |   |   |   |   |   |   |
| Derivative financial instrument,      net of current portion                                     |   |                                 | 83         |    |                          |   | - |   |   |   |   |   |   |   |   |   |
| Other non-current      liabilities                                                               |   |                                 | 487        |    |                          |   | 1,705 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                                                |   |                                 | 270,965    |    |                          |   | 268,880 |   |   |   |   |   |   |   |   |   |
| BioFuel Energy Corp.      stockholders' equity                                                   |   |                                 | 80,690     |    |                          |   | 72,235 |   |   |   |   |   |   |   |   |   |
| Noncontrolling      interest                                                                     |   |                                 | 14,069     |    |                          |   | 5,660 |   |   |   |   |   |   |   |   |   |
| Total equity                                                                                     |   |                                 | 94,759     |    |                          |   | 77,895 |   |   |   |   |   |   |   |   |   |
| Total liabilities and      stockholders' equity                                                  |   | $                                    | 365,724    |    |                          | $      | 346,775 |   |   |   |   |   |   |   |   |   |
|                                                                                                  |   |                                 |       |    |                          |   |   |   |   |   |   |   |   |   |   |   |
| Total shares outstanding at March      25, 2010 (a)                                              |   |                                 | 32,571,720 |    |                          |   |   |   |   |   |   |   |   |   |   |   |

| (a)  | Includes common shares and class      B common shares, net of 809,606 shares held in treasury.  |
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