| Contact: | Kelly G. Maguire               |               | For more information: |
|----------|--------------------------------|--------------------|-----------------------|
|     | Executive Vice President & |               | 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                                                         |   | 2009                                                |        |   | 2010                                    |   |   | 2009 |   |   | 2010 |   |
| Net sales                                                                                  |   | $                                                   | 120,418     |   |                                    | $      | 141,383 |   |   | $ | 415,514 |   |   | $ | 453,415 |   |
| Cost of goods sold                                                                         |   |                                                | 105,839     |   |                                    |   | 136,301 |   |   |   | 404,750 |   |   |   | 454,638 |   |
| Gross profit (loss)                                                                        |   |                                                | 14,579      |   |                                    |   | 5,082 |   |   |   | 10,764 |   |   |   | (1,223 | ) |
| General and administrative expenses:                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Compensation expense                                                                       |   |                                                | 1,609       |   |                                    |   | 1,678 |   |   |   | 6,160 |   |   |   | 6,830 |   |
| Other                                                                                      |   |                                                | 1,267       |   |                                    |   | 923 |   |   |   | 9,327 |   |   |   | 5,565 |   |
| Other operating expense                                                                    |   |                                                | -           |   |                                    |   | - |   |   |   | 150 |   |   |   | - |   |
| Operating income (loss)                                                                    |   |                                                | 11,703      |   |                                    |   | 2,481 |   |   |   | (4,873 | ) |   |   | (13,618 | ) |
| Interest income                                                                            |   |                                                | 4           |   |                                    |   | - |   |   |   | 78 |   |   |   | - |   |
| Interest expense                                                                           |   |                                                | (2,870      | )      |                                    |   | (3,544 | ) |   |   | (14,906 | ) |   |   | (11,605 | ) |
| Other non-operating expense                                                                |   |                                                | -           |   |                                    |   | - |   |   |   | (1 | ) |   |   | - |   |
| Net income (loss)                                                                          |   |                                                | 8,837       |   |                                    |   | (1,063 | ) |   |   | (19,702 | ) |   |   | (25,223 | ) |
| Less: Net (income) loss attributable to the noncontrolling interest                        |   |                                                | (1,989      | )      |                                    |   | 16 |   |   |   | 6,072 |   |   |   | 5,240 |   |
| Net income (loss) attributable to BioFuel Energy Corp. common shareholders                 |   | $                                                   | 6,848       |   |                                    | $      | (1,047 | ) |   | $ | (13,630 | ) |   | $ | (19,983 | ) |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) per share - basic attributable to BioFuel Energy Corp. common shareholders   |   | $                                                   | 0.27        |   |                                    | $      | (0.04 | ) |   | $ | (0.57 | ) |   | $ | (0.79 | ) |
| Income (loss) per share - diluted attributable to BioFuel Energy Corp. common shareholders |   | $                                                   | 0.21        |   |                                    | $      | (0.04 | ) |   | $ | (0.57 | ) |   | $ | (0.79 | ) |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average shares outstanding:                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                                                      |   |                                                | 24,902      |   |                                    |   | 25,449 |   |   |   | 23,792 |   |   |   | 25,421 |   |
| Diluted                                                                                    |   |                                                | 32,593      |   |                                    |   | 25,449 |   |   |   | 23,792 |   |   |   | 25,421 |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Additional operational data                                                                |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Ethanol sold (gallons, in thousands)                                                       |   |                                                | 55,821      |   |                                    |   | 56,511 |   |   |   | 218,389 |   |   |   | 224,187 |   |
| Dry distillers grain sold (tons, in thousands)                                             |   |                                                | 123.8       |   |                                    |   | 120.7 |   |   |   | 484.6 |   |   |   | 498.1 |   |
| Wet distillers grain sold (tons, in thousands)                                             |   |                                                | 87.7        |   |                                    |   | 95.8 |   |   |   | 370.8 |   |   |   | 362.1 |   |
| Average FOB price of ethanol sold (per gallon)                                             |   | $                                                   | 1.91        |   |                                    | $      | 2.16 |   |   | $ | 1.64 |   |   | $ | 1.77 |   |
| Average FOB price of dry distillers grain sold (per ton)                                   |   | $                                                   | 101.78      |   |                                    | $      | 132.57 |   |   | $ | 106.45 |   |   | $ | 102.38 |   |
| Average FOB price of wet distillers grain sold (per ton)                                   |   | $                                                   | 29.44       |   |                                    | $      | 44.76 |   |   | $ | 33.18 |   |   | $ | 28.61 |   |
| Average corn cost (per bushel)                                                             |   | $                                                   | 3.67        |   |                                    | $      | 5.06 |   |   | $ | 3.61 |   |   | $ | 4.02 |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   | December 31,                                   |        |   | December 31,                       |   |   |   |   |   |   |   |   |   |
| Summary Balance Sheet                                                            |   | 2009                                                |        |   | 2010                                    |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Cash and equivalents                                                                       |   | $                                                   | 6,109       |   |                                    | $      | 7,428 |   |   |   |   |   |   |   |   |   |
| Accounts receivable                                                                        |   |                                                | 23,745      |   |                                    |   | 27,802 |   |   |   |   |   |   |   |   |   |
| Inventories                                                                                |   |                                                | 20,885      |   |                                    |   | 23,689 |   |   |   |   |   |   |   |   |   |
| Prepaid expenses                                                                           |   |                                                | 2,529       |   |                                    |   | 1,561 |   |   |   |   |   |   |   |   |   |
| Other current assets                                                                       |   |                                                | 325         |   |                                    |   | 3,330 |   |   |   |   |   |   |   |   |   |
| Property, plant and equipment, net                                                         |   |                                                | 284,362     |   |                                    |   | 260,078 |   |   |   |   |   |   |   |   |   |
| Debt issuance costs, net                                                                   |   |                                                | 6,472       |   |                                    |   | 4,979 |   |   |   |   |   |   |   |   |   |
| Other non-current assets                                                                   |   |                                                | 2,348       |   |                                    |   | 2,844 |   |   |   |   |   |   |   |   |   |
| Total assets                                                                               |   | $                                                   | 346,775     |   |                                    | $      | 331,711 |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Total current liabilities                                                                  |   | $                                                   | 40,830      |   |                                    | $      | 52,238 |   |   |   |   |   |   |   |   |   |
| Long-term debt, net of current portion                                                     |   |                                                | 220,754     |   |                                    |   | 215,479 |   |   |   |   |   |   |   |   |   |
| Tax increment financing, net of current portion                                            |   |                                                | 5,591       |   |                                    |   | 5,245 |   |   |   |   |   |   |   |   |   |
| Other non-current liabilities                                                              |   |                                                | 1,705       |   |                                    |   | 4,327 |   |   |   |   |   |   |   |   |   |
| Total liabilities                                                                          |   |                                                | 268,880     |   |                                    |   | 277,289 |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| BioFuel Energy Corp. stockholders' equity                                                  |   |                                                | 72,235      |   |                                    |   | 54,170 |   |   |   |   |   |   |   |   |   |
| Noncontrolling interest                                                                    |   |                                                | 5,660       |   |                                    |   | 252 |   |   |   |   |   |   |   |   |   |
| Total equity                                                                               |   |                                                | 77,895      |   |                                    |   | 54,422 |   |   |   |   |   |   |   |   |   |
| Total liabilities and stockholders' equity                                                 |   | $                                                   | 346,775     |   |                                    | $      | 331,711 |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |                                                |        |   |                                    |   |   |   |   |   |   |   |   |   |   |   |
| Total shares outstanding at March 22, 2011 (a)                                             |   |                                                | 123,064,368 |   |                                    |   |   |   |   |   |   |   |   |   |   |   |

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