##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-QSB
 þ
    
    Quarterly report under Section 13 or 15(d) of the Securities
Exchange Act of 1934.
 For the fiscal quarter ended September 30, 2007.
 OR
 o
    
    Transition report under Section 13 or 15(d) of the Exchange Act.
 For
the transition period from to.
 COMMISSION FILE NUMBER 00051277
 WESTERN IOWA ENERGY, LLC
  Iowa
(State or other jurisdiction of 
incorporation or organization)
    
    41-2143913
(I.R.S. Employer Identification No.)
 1220 S. Center Street, P.O. Box 399
Wall Lake, Iowa 51466
 (712) 664-2173
 þ o
 o þ
  o þ




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##### 



INDEX
 PART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Item 2. Managements Discussion and Analysis or Plan of Operation
    
    
    13Item 3. Controls and Procedures
    
    
    25PART II  OTHER INFORMATION
    
    
    26Item 1. Legal Proceedings
    
    
    26Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    26Item 3. Defaults Upon Senior Securities
    
    
    26Item 4. Submission of Matters to a Vote of Security Holders
    
    
    26Item 5. Other Information
    
    
    26Item 6. Exhibits
    
    
    27Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements.
 Western Iowa Energy, LLC
Balance Sheet
 ASSETSCURRENT ASSETSCash
    
    $
    28,093Margin deposits
    
    
    1,088,109Trade accounts receivable  related party, net of allowance for doubtful accounts
    
    
    8,354,691Other receivables
    
    
    2,771Incentive receivable
    
    
    1,058,785Inventory
    
    
    7,091,501Prepaid expenses and other assets
    
    
    182,083Total current assets
    
    
    17,806,033PROPERTY, PLANT AND EQUIPMENTLand and land improvements
    
    
    1,364,842Office building and equipment
    
    
    643,705Plant and process equipment
    
    
    33,169,956Construction in progress
    
    
    108,842Total, at cost
    
    
    35,287,345Less accumulated depreciation
    
    
    2,717,850Total property, plant and equipment
    
    
    32,569,495OTHER ASSETSLand options
    
    
    596Other investments
    
    
    33,810Loan origination fees, net of amortization
    
    
    110,071Total other assets
    
    
    144,477TOTAL ASSETS
    
    $
    50,520,005LIABILITIES AND MEMBERS EQUITYCURRENT LIABILITIESAccounts payable:Trade
    
    $
    3,658,549Related party
    
    
    253,399Revolving line of credit
    
    
    3,200,000Current portion of long-term debt
    
    
    2,046,411Derivative instruments
    
    
    719,482Accrued interest
    
    
    108,817Accrued wages and benefits
    
    
    68,077Accrued payroll taxes
    
    
    4,388Accrued expenses  related party
    
    
    3,250Other current liabilities
    
    
    6,431Total current liabilities
    
    
    10,068,804LONG-TERM LIABILITIESLong-term debt, less current portion above
    
    
    12,708,033Total liabilities
    
    
    22,776,837MEMBERS EQUITYContributed capital
    
    
    23,516,376Retained earnings
    
    
    4,226,792Total members equity
    
    
    27,743,168TOTAL LIABILITIES AND MEMBERS EQUITY
    
    $
    50,520,005
   3




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Western Iowa Energy, LLC
Statements of Operations
 Three Months
    
    
    Nine Months
    
    
    Three Months
    
    
    Nine MonthsEnded
    
    
    Ended
    
    
    Ended
    
    
    EndedSeptember 30, 2007
    
    
    September 30, 2007
    
    
    September 30, 2006
    
    
    September 30, 2006REVENUESRelated parties
    
    $
    18,325,608
    
    
    $
    52,410,486
    
    
    $
    14,378,525
    
    
    $
    14,867,487Incentive funds
    
    
    2,937,251
    
    
    
    7,907,563
    
    
    
    3,629,710
    
    
    
    3,774,33321,262,859
    
    
    
    60,318,049
    
    
    
    18,008,235
    
    
    
    18,641,820COST OF SALES
    
    
    21,997,574
    
    
    
    57,920,639
    
    
    
    13,227,358
    
    
    
    13,718,939Gross profit (loss)
    
    
    (734,715
    )
    
    
    2,397,410
    
    
    
    4,780,877
    
    
    
    4,922,881OPERATING EXPENSESConsulting and professional fees
    
    
    38,810
    
    
    
    246,282
    
    
    
    114,567
    
    
    
    204,270Office and administrative expenses
    
    
    326,186
    
    
    
    1,132,263
    
    
    
    602,373
    
    
    
    843,180Total operating expenses
    
    
    364,996
    
    
    
    1,378,545
    
    
    
    716,940
    
    
    
    1,047,450OTHER INCOME (EXPENSE)Interest income
    
    
    1,419
    
    
    
    13,504
    
    
    
    5,497
    
    
    
    44,997Interest expense
    
    
    (337,772
    )
    
    
    (1,087,321
    )
    
    
    (117,345
    )
    
    
    (117,530
    )Patronage dividends
    
    
    
    
    
    
    105,866
    
    
    
    
    
    
    
    Gain on sale of asset
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,800Other income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,300Total other income (expense)
    
    
    (336,353
    )
    
    
    (967,951
    )
    
    
    (111,848
    )
    
    
    (54,433
    )NET INCOME (LOSS)
    
    $
    (1,436,064
    )
    
    $
    50,914
    
    
    $
    3,952,089
    
    
    $
    3,820,998BASIC AND
DILUTED EARNINGS (LOSS) PER UNIT
    
    $
    (54.30
    )
    
    $
    1.93
    
    
    $
    152.89
    
    
    $
    149.36WEIGHTED AVERAGE UNITS
OUTSTANDING, BASIC
AND DILUTED
    
    
    26,447
    
    
    
    26,447
    
    
    
    25,849
    
    
    
    25,583
   4




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Western Iowa Energy, LLC
Statements of Cash Flows
 Nine Months
    
    
    Nine MonthsEnded
    
    
    EndedSeptember 30, 2007
    
    
    September 30, 2006CASH FLOWS FROM OPERATING ACTIVITIESNet income
    
    $
    50,914
    
    
    $
    3,820,998Adjustments
to reconcile net income to net cash provided by (used in) operating activitiesDepreciation and amortization
    
    
    1,635,884
    
    
    
    634,692Provision for bad debts
    
    
    24,028
    
    
    
    Gain on sale of asset
    
    
    
    
    
    
    (2,800
    )Non cash portion of patronage dividends
    
    
    (31,810
    )
    
    
    Effects of changes in operating assets and liabilitiesMargin deposits
    
    
    (820,849
    )
    
    
    (256,260
    )Trade accounts receivable  related party
    
    
    (4,047,370
    )
    
    
    (4,256,063
    )Other receivables
    
    
    (2,771
    )
    
    
    Incentive receivables
    
    
    (460,907
    )
    
    
    (1,183,042
    )Inventory
    
    
    704,682
    
    
    
    (4,170,430
    )Derivative instruments
    
    
    1,987,231
    
    
    
    (918,080
    )Prepaid expenses and other assets
    
    
    (148,875
    )
    
    
    (35,184
    )Accounts payable
    
    
    2,569,292
    
    
    
    2,735,171Accrued interest
    
    
    (7,147
    )
    
    
    120,628Accrued wages and benefits
    
    
    21,516
    
    
    
    30,535Accrued payroll taxes
    
    
    (29,131
    )
    
    
    23,433Accrued expenses  related party
    
    
    (389,401
    )
    
    
    232,340Other current liabilities
    
    
    6,431
    
    
    
    Net cash provided by (used in) operating activities
    
    
    1,061,717
    
    
    
    (3,224,062
    )CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property, plant and equipment, including
construction in progress
    
    
    (1,100,582
    )
    
    
    (15,750,402
    )Sales tax refund received on plant construciton costs
    
    
    443,535
    
    
    
    Proceeds from sale of asset
    
    
    
    
    
    
    33,600Net cash used in investing activities
    
    
    (657,047
    )
    
    
    (15,716,802
    )CASH FLOWS FROM FINANCING ACTIVITIESLoan origination fees
    
    
    
    
    
    
    (2,307
    )Proceeds from revolving line of credit
    
    
    3,200,000
    
    
    
    Proceeds from long-term debt
    
    
    10,109,472
    
    
    
    16,990,528Payments on long-term debt
    
    
    (11,593,056
    )
    
    
    (1,519,775
    )Distributions to members
    
    
    (2,121,315
    )
    
    
    Net cash provided by (used in) financing activities
    
    
    (404,899
    )
    
    
    15,468,446NET DECREASE IN CASH AND CASH EQUIVALENTS
    
    
    (229
    )
    
    
    (3,472,418
    )CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
    
    
    28,322
    
    
    
    4,935,695CASH AND CASH EQUIVALENTS, END OF PERIOD
    
    $
    28,093
    
    
    $
    1,463,277
   5




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WESTERN IOWA ENERGY, LLC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
September 30, 2007
  USE OF ESTIMATES IN PREPARING FINANCIAL STATEMENTS
  BASIS OF ACCOUNTING
    REVENUE RECOGNITION
  CASH AND CASH EQUIVALENTS
  ACCOUNTS RECEIVABLE
   DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
   6




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WESTERN IOWA ENERGY, LLC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
September 30, 2007
    INVENTORIES
  PROPERTY, PLANT, AND EQUIPMENT
   YearsLand improvements
    
    
    20-40Office building
    
    
    5-40Office equipment
    
    
    5-20Plant and process equipment
    
    
    10-40
    7




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WESTERN IOWA ENERGY, LLC
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
September 30, 2007
 LOAN ORIGINATION FEES
  OTHER INVESTMENTS
  OTHER INCOME
  INCOME TAXES
  EARNINGS PER UNIT
  COST OF SALES
  SHIPPING AND HANDLING COSTS
  ENVIROMENTAL LIABILITIES
   8




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WESTERN IOWA ENERGY, LLC
Notes to Unaudited Financial Statements
September 30, 2007
 NOTE 1  INCENTIVE PAYMENTS AND RECEIVABLE
  NOTE 2  INVENTORY
  Raw material
    
    $
    1,036,300Work in progress
    
    
    1,452,169Finished goods
    
    
    4,603,032Total
    
    $
    7,091,501
 NOTE 3  LAND OPTION
  NOTE 4  DEBT AND FINANCING
 Revolving line of credit
  Long-term debt
  Note payable to Farm Credit Services of America and
CoBank under term note agreement  see details
below
    
    $
    6,400,000Note payable to Farm Credit Services of America and
CoBank under reducing revolving credit note  see
details below
    
    
    7,260,000Note payable to the Iowa Department of Economic Development  see details below
    
    
    375,000Note payable to Glidden Rural Electric Cooperative  see details below
    
    
    719,444Total
    
    
    14,754,444Less current portion
    
    
    2,046,411Long-term portion
    
    $
    12,708,033
  9




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WESTERN IOWA ENERGY, LLC
Notes to Unaudited Financial Statements
September 30, 2007
  2008
    
    $
    2,046,4112009
    
    
    1,926,6782010
    
    
    1,930,0892011
    
    
    1,894,9802012
    
    
    1,908,387Thereafter
    
    
    5,047,899Total
    
    $
    14,754,444
    10




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WESTERN IOWA ENERGY, LLC
Notes to Unaudited Financial Statements
September 30, 2007
  NOTE 5  MEMBERS EQUITY
   NOTE 6  CONCENTRATION OF CREDIT RISK
  NOTE
7  CASH FLOW DISCLOSURES
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2007
    
    
    September 30, 2006Cash paid for interest
    
    $
    1,095,010
    
    
    $
    Units issued in exchange for reduction
in construction payable
    
    $
    
    
    
    $
    500,000
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2007
    
    
    September 30, 2006Construction in progress in accounts payable
    
    $
    
    
    
    $
    1,243,229
  11




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WESTERN IOWA ENERGY, LLC
Notes to Unaudited Financial Statements
September 30, 2007
 NOTE 8  RELATED PARTY TRANSACTIONS
    NOTE 9  LEASE COMMITMENTS
  2008
    
    $
    35,6272009
    
    
    35,6272010
    
    
    35,6272011
    
    
    35,627Total
    
    $
    142,508
  NOTE 10  RETIREMENT AND SAVINGS PLAN
  NOTE 11  FAIR VALUE OF FINANCIAL INSTRUMENTS
   12




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Item 2. Managements Discussion and Analysis or Plan of Operation.
 Cautionary Statements Regarding Forward Looking Statements
  
    
    Competition with other manufacturers in the biodiesel industry;
    
    Overcapacity within the biodiesel industry;
    
    Decrease in the demand for biodiesel;
    
    Actual biodiesel and glycerin production varying from expectations;
    
    Availability and cost of products and raw materials, particularly soybean oil and
animal fats;
    
    Changes in the price and market for biodiesel and its co-products;
    
    Our ability to market and our reliance on third parties to market our products;
    
    Fluctuations in petroleum prices;
    
    Changes in our business strategy, capital improvement or development plans;
    
    Changes in general economic conditions or the occurrence of certain events causing
an economic impact in the agriculture, oil or automobile industry;
    
    Changes in plant production capacity or technical difficulties in operating the
plant;
    
    Changes in the environmental regulations or in our ability to comply with the
environmental regulations that apply to our plant operations;
    
    Changes and advances in biodiesel production technology; and
    
    Other factors described elsewhere in this report.
   13




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Overview
      Results of Operations for the Three Months Ended September 30, 2007 and 2006
  Three Months Ended
    
    
    Three Months EndedSeptember 30, 2007
    
    
    September 30, 2006(Unaudited)
    
    
    (Unaudited)Statement of Operations Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    21,262,859
    
    
    
    100
    %
    
    $
    18,008,235
    
    
    
    100
    %Cost of Sales
    
    $
    21,997,574
    
    
    
    103
    %
    
    $
    13,227,358
    
    
    
    73.45
    %Gross Profit (Loss)
    
    $
    (734,715
    )
    
    
    3.45
    %
    
    $
    4,780,877
    
    
    
    26.55
    %Operating Expenses
    
    $
    364,996
    
    
    
    1.72
    %
    
    $
    716,940
    
    
    
    3.98
    %Other Income (Expense)
    
    $
    (336,353
    )
    
    
    1.58
    %
    
    $
    (111,848
    )
    
    
    0.62
    %Net Income (Loss)
    
    $
    (1,436,064
    )
    
    
    6.75
    %
    
    $
    3,952,089
    
    
    
    21.95
    %
  14




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Revenues
  September 30, 2007
    
    
    September 30, 2006% of
    
    
    
    
    
    
    % ofRevenue Sources
    
    Amount
    
    
    Revenues
    
    
    Amount
    
    
    RevenuesBiodiesel Sales
    
    $
    20,972,927
    
    
    
    98.64
    %
    
    $
    17,844,444
    
    
    
    99.09
    %Glycerin Sales
    
    $
    307,817
    
    
    
    1.45
    %
    
    $
    94,130
    
    
    
    0.52
    %Fatty Acid Sales
    
    $
    56,306
    
    
    
    0.26
    %
    
    $
    -0-
    
    
    
    0
    %Sales Fee
    
    $
    (74,191
    )
    
    
    0.35
    %
    
    $
    (69,661
    )
    
    
    0.39
    %Total Revenues
    
    $
    21,262,859
    
    
    
    100.0
    %
    
    $
    18,008,235
    
    
    
    100.0
    %
   Cost of Sales
    15




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Operating Expense
  Other Income (Expense)
   16




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Results of Operations for the Nine Months Ended September 30, 2007 and 2006
  Nine Months Ended
    
    
    Nine Months EndedSeptember 30, 2007
    
    
    September 30, 2006(Unaudited)
    
    
    (Unaudited)Income Statement Data
    
    Amount
    
    
    %
    
    
    Amount
    
    
    %Revenues
    
    $
    60,318,049
    
    
    
    100
    %
    
    $
    18,641,820
    
    
    
    100
    %Cost of Sales
    
    $
    57,920,639
    
    
    
    96.03
    %
    
    $
    13,718,939
    
    
    
    73.5
    %Gross Profit
    
    $
    2,397,410
    
    
    
    3.97
    %
    
    $
    4,922,881
    
    
    
    26.41
    %Operating Expenses
    
    $
    1,378,545
    
    
    
    2.29
    %
    
    $
    1,047,450
    
    
    
    5.62
    %Other Income (Expense)
    
    $
    (967,951
    )
    
    
    1.60
    %
    
    $
    (54,433
    )
    
    
    0.29
    %Net Income (Loss)
    
    $
    50,914
    
    
    
    0.08
    %
    
    $
    3,820,998
    
    
    
    20.50
    %
 Revenues .
  Cost of Sales
    17




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Operating Expenses
  Other Income (Expense) .
  Changes in Financial Condition for the Nine Months Ended September 30, 2007
  September 30,
    
    
    December 31,2007
    
    
    2006Current Assets
    
    $
    17,806,033
    
    
    $
    14,321,948Current Liabilities
    
    $
    10,068,804
    
    
    $
    6,166,566Long-Term Debt
    
    $
    12,708,033
    
    
    $
    12,851,239Members Equity
    
    $
    27,743,168
    
    
    $
    29,813,568
 Current Assets
 Current Liabilities
 Long-Term Debt
 Members Equity
  18




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Trends and Uncertainties Impacting the Biodiesel Industry and Our Future Revenues
 Growth and Increased Competition in the Biodiesel Industry
 If biodiesel production
capacity continues to expand at its current pace, and demand does not grow to meet the available
supply, excess production capacity will result.
   
    
    there were 165 active plants with an annual production capacity of 1.85 billion
gallons annually;
    
    another 80 plants are currently under construction and an additional 4 plants
are expanding their existing operations;
    
    the additional combined capacity of these plants under construction is
estimated at 1.37 billion gallons per year;
    
    biodiesel plants are operating or have been proposed in at least 46 states; and
    
    currently, there are 13 operating biodiesel plants in Iowa.
    19




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Increased Prices and Decreased Production of Feedstock
  Plan of Operations for the Next 12 Months
  Plant Operations
     20




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Completion of Construction
   Operating Budget and Financing of Plant Operations
  Commodity Price Risk Protection
      21




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Permitting and Regulatory Activities
  Employees
  Critical Accounting Estimates
  Liquidity and Capital Resources
  Sources of Funds
  Short-Term and Long-Term Debt Sources
   22




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
    
    During the fiscal year ending 2007, the Company cannot expend in the aggregate, more
than $2,600,000, and each year thereafter, in the aggregate, more than $500,000, for
the acquisition of fixed or capital assets;
    
    The Company cannot declare or pay any dividends or make any distribution of assets
to the members/owners, or purchase, redeem retire or otherwise acquire for value any of
its membership units, or allocate or otherwise set apart any sum for any of the
foregoing, except that in any fiscal year of the Company, a distribution may be made to
the Companys members/owners of up to 40% of the net profit for each fiscal year after
receipt of the audited financial statements for the pertinent fiscal year;
    
    Unless otherwise agreed in writing, the Company will not create, incur, assume or
permit to exist any obligation as lessee under operating leases or leases which should
be capitalized in accordance with GAAP for the rental or hire of any real personal
property, except leases which do not in the aggregate require the Company to make
scheduled payments to the lessors in any fiscal year of the Company in excess of
$100,000;
    
    Unless otherwise agreed in writing, the Company will have at the end of each period
for which financial statements are required to be furnished an excess of current assets
over current liabilities of not less than $6,000,000, except that in determining
assets, any amount available under the Construction and Revolving Term Loan Supplement
hereto may be included; and
    
    The Company will have at the end of each period for which financial statements are
required to be furnished an excess of total assets over total liabilities of not less
than $26,000,000.
  
    
    The Company promises to repay the loans as follows: (i) in 20 equal, consecutive,
quarterly installments of $450,000 with the first installment due on December 20, 2006
and the last such installment due on September 20, 2011; and (ii) followed by a final
installment in an amount equal to the remaining unpaid principal balance of loans on
December 20, 2011.
    
    For each fiscal year end, beginning with the fiscal year ending in 2006, and ending
with the fiscal year ending in 2012, the Company shall also, within 120 days after the
end of each fiscal year, make a special payment of an amount equal to 50% of the Free
Cash Flow of the Company; provided, however, that: (i) if such payment would result in
a covenant default under the Construction and Term Loan Supplement or Master Loan
Agreement, the amount of the payment shall be reduced to an amount which would not
result in a covenant default; (ii) if such payment would result in a breakage of a
fixed interest rate, the applicable broken funding surcharges would still apply; and
(iii) the aggregate of such payments shall not exceed $6,000,000.
    
    In the event that all outstanding principal balances under the Construction and Term
Loan Supplement are paid in full prior to the end of fiscal year 2012, Free Cash Flow
payments shall nevertheless continue, and the amount thereof (including any remaining
portion in the event that part of such payment is applied to the remaining balance
under the Construction and Term Loan Supplement) shall be applied to the Construction
and Revolving Term Loan Supplement dated June 6, 2005.
   23




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Grants and Government Programs
  
    
    Authority to receive a property tax abatement from the City of Wall Lake at
85% of the tax on the property without the abatement for 10 years followed by
an abatement at 75% of the tax on the property with the abatement for 5 years;
    
    An investment tax credit equal to $2,990,400 (this Iowa tax credit may be
passed through to unit holders and carried forward for up to 7 years by them
until depleted);
    
    Funding for training new employees through a supplemental new jobs
withholding credit equal to one and one-half percent (1.5%) of the gross wages
of the new jobs created by the project; and
    
    A refund of one hundred percent (100%) of the sales, service and use taxes
paid to contractors and subcontractors during the construction phase of the
project (excluding local option sales taxes on intangible property, furniture
and furnishings). In April 2007, we received a sales tax refund of
$443,535.49.
  
    
    Create and maintain a certain number of new jobs for at least five years;
    
    Pay a median wage for new production jobs of at least $11.96 per hour or 130
percent of the average county wage for new jobs, whichever is higher;
    
    Make a capital investment of at least $10.87 million; and
    
    Provide and pay at least 80 percent of health and dental insurance costs for all
full-time employees at the new facility.
  
    
    Offer a pension or profit-sharing plan; or
    
    Produce/manufacture value-added goods or services; or
    
    Belong to one of Iowas target business segments; or
    
    Make daycare services available; or
    
    Annually invest no less than one percent of the Iowa facilitys pretax profits
in research and development; or
    
    Have a productivity and safety improvement program in place; or
    
    Annually invest no less than one percent of Iowa facilitys pretax profits in
worker training and skills enhancement; or
    
    Occupy an existing vacant facility of at least 20,000 sq. ft.
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
    
    The business must make a minimum capital investment of $3 million.
    
    The business must create at least 15 full-time production positions at a facility which
has located or expanded in Iowa.
    Off-Balance Sheet Arrangements
  
 Item 3. Controls and Procedures.
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PART
II  OTHER INFORMATION
 
 Item 1. Legal Proceedings.
  Item 1A. Risk Factors
  The decreasing availability and increasing price of soybean oil may hinder our ability to
profitably produce biodiesel and may result in plant shut downs and decreased revenues.
  
 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
  
 Item 3. Defaults Upon Senior Securities.
  
 Item 4. Submission of Matters to a Vote of Security Holders.
  
 Item 5. Other Information.
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Item 6. Exhibits.
  Exhibit No.
    
    Exhibit31.1
    
    Certificate Pursuant to 17 CFR 240.15d-14(a).31.2
    
    Certificate Pursuant to 17 CFR 240.15d-14(a).32.1
    
    Certificate Pursuant to 18 U.S.C. § 1350.32.2
    
    Certificate Pursuant to 18 U.S.C. § 1350.
 
 SIGNATURES
  WESTERN IOWA ENERGY, LLCNovember 14, 2007
    
    /s/ William J. Horan

William J. HoranChairman, President and Director(Principal Executive Officer)November 14, 2007
    
    /s/ Denny Mauser

Denny MauserTreasurer and Director(Principal Financial and Accounting Officer)
  27