Document:

<Page>

                                                                    EXHIBIT 10.4

                             FINDER'S FEE AGREEMENT

        This Finder's Fee Agreement (this "Agreement") is entered into by and
among Illinois River Energy, LLC ("Illinois River"), a Delaware limited
liability company, and Producers Alliance ("Producers Alliance"), an Illinois
cooperative association, on this 5th day of July, 2002.

                            1. MUTUAL UNDERSTANDINGS

1.1     ILLINOIS RIVER'S PURPOSE. Illinois River was formed to develop, own and
operate a dry mill, ethanol plant in the State of Illinois, to process corn into
ethanol, distillers grains, CO2, and other by-products (the "Project").
Feedstocks will be primarily corn and farmers will be the primary intended
beneficiaries.

1.2     PRODUCERS ALLIANCE'S PURPOSE. Producers Alliance's membership consists
primarily of farmers and other agribusiness people and its purpose is to
facilitate the development of value-added agricultural ventures.

1.3     CONFIDENTIALITY. Both Illinois River and Producers Alliance agree to
treat as confidential any information that the other party expressly identifies
as confidential. Producers Alliance further agrees to treat as confidential any
information it receives regarding the Project, and to use such information for
the sole purposes provided herein.

                      2. OBLIGATIONS OF PRODUCERS ALLIANCE

2.1     FINDER'S SERVICES. Producers Alliance shall assist Illinois River in
attempting to locate a person or persons (a "Potential Investor") who may be
interested in making an investment in limited liability company units of
Illinois River (the "Units") by: (i) providing to Illinois River a list of all
members of Producers Alliance who are in good standing as of June 1, 2002, who
may thereafter be contacted by Illinois River regarding a potential investment
in the Units; (ii) introducing Illinois River to 21st Century Alliance, an
agricultural cooperative with which Producers Alliance maintains a pre-existing
relationship; and (iii) introducing Illinois River to Growmark and its
affiliates, with which Producers Alliance maintains a pre-existing relationship.
Producers Alliance shall not provide, and is not authorized by Illinois River to
provide, any services to Illinois River or Potential Investors other than those
set forth in this SECTION 2.1, in connection with the issuance and sale of the
Units. The right of Illinois River to use the list of Producers Alliance's
members shall terminate on the Investment Date (as hereinafter defined).

2.2     PROHIBITED CONDUCT. Notwithstanding any terms to the contrary set forth
herein, Producers Alliance shall not, and shall not allow any third party
(whether a representative, consultant, advisor or otherwise) acting on its
behalf to:

                                        1
<Page>

        (a)    Discuss with any Potential Investor the advantages or
        disadvantages of investments in general or of an investment in the
        Units;

        (b)    Provide any advice or analyses or make any recommendations to
        Potential Investors with respect to an investment in the Units;

        (c)    Take part in any negotiations between Illinois River and a
        Potential Investor or such Potential Investor's representative;

        (d)    Assist any Potential Investor in making a decision whether to
        purchase Units;

        (e)    Deliver any offering document of Illinois River to a Potential
        Investor;

        (f)    Receive or handle any Potential Investor's subscription agreement
        or any funds used by a Potential Investor in purchasing Units;

        (g)    Maintain any discretion with respect to the Illinois River's
        acceptance or rejection of a Potential Investor's subscription to
        purchase Units;

        (h)    Participate in any advertisement, endorsement or general
        solicitation regarding an investment in the Units;

        (i)    Participate in the preparation of materials (including financial
        data or sales literature) relating to the sale or purchase of Units or
        in the distribution of these materials to any Potential Investor;

        (j)    Perform any independent analysis of the sale of Units by Illinois
        River or engage in any due diligence activities;

        (k)    Engage in any other communication with a Potential Investor
        regarding a possible investment in Units.

2.3     NO AGENCY. Producers Alliance is not and shall not be an agent of
Illinois River. Unless specifically authorized to do so in writing, Producers
Alliance shall not have the power to act on behalf of Illinois River or to bind
Illinois River by any representation, promise or commitment, and Producers
Alliance shall make no representation to the contrary to any third party. The
relationship which Producers Alliance holds as to Illinois River is that of an
independent contractor, and this agreement is not intended to create, and shall
not be construed as creating, between Producers Alliance and Illinois River the
relationship of principal and agent, joint venturer, copartners, or any other
similar relationship, the existence of which is hereby expressly denied.

2.4     COMPLIANCE WITH LAWS. Producers Alliance shall comply with all
applicable laws and regulations in the performance of its obligations under this
Agreement.

                                        2
<Page>

2.5     EXCLUSIVITY. Other than the Project, Producers Alliance or its
affiliates and its officers and directors will not discuss, solicit, negotiate,
promote or enter into any discussion or agreement in connection with any ethanol
project or facility or plant for the period from the date of this Agreement
until April 30, 2003.

                  3. OBLIGATIONS OF ILLINOIS RIVER ENERGY, LLC

3.1     FINDER'S FEES. For purposes of this Agreement, the term "Prospective
Member" shall mean and shall be limited to 21st Century Alliance and to those
members in good standing of Producers Alliance listed on its membership roster
as of June 1, 2002. As consideration for the services provided by Producers
Alliance herein, Illinois River agrees to pay Producers Alliance:

        (a)    a fee in an amount equal to 4.0% of the amounts received by
        Illinois River from any Prospective Member's initial purchase of Units
        (the "Initial Finder's Fee"), which Initial Finder's Fee shall be due
        and payable on or before the date (the "Investment Date") that is 30
        days after the Financial Closing Date (as hereinafter defined);

        (b)    an annual finder's fee payable on or before the first day of the
        calendar month immediately following each of the first five (5) yearly
        anniversaries of the Investment Date (each, an "Annual Finder's Fee
        Payment"), each of which Annual Finder's Fee Payments shall be in an
        amount equal to 0.8% of the amounts received by Illinois River from all
        Prospective Members' initial purchases of Units; PROVIDED, HOWEVER, that
        the Annual Finder's Fee Payment shall not exceed Fifty Thousand Dollars
        ($50,000.00); and

        (c)    a fee equal to 2.0% of the amounts received by Illinois River
        from Growmark's initial purchase of Units ("Growmark Finder's Fee"),
        which Growmark Finder's Fee shall be due and payable on or before the
        Investment Date.

Producers Alliance understands and agrees that no fee of any kind shall be owing
under the foregoing provisions on any amount received by Illinois River from any
initial purchase of Units unless and until such amounts become or are available
to Illinois River for expenditure on the Project (i.e., become "at-risk"
capital). For purposes of this Agreement, "Financial Closing Date" shall mean
the date upon which Illinois River secures an executed commitment letter from a
lender for debt financing which, together with the available net proceeds from
the closing on Illinois River's issuance and sale of Units prior to such date,
will be sufficient to finance the Project.

3.2     PAYMENT OF FEES. Subject to the provisions of this SECTION 3.2, in lieu
of receiving a cash payment of the Initial Finder's Fee and the Growmark
Finder's Fee under SECTIONS 3.1(a) and (b) hereof (but not any Annual Finder's
Fee Payment), Producers Alliance may elect at its discretion to receive all or a
part of such Initial Finder's Fee and Growmark Finder's Fee, if any, owing to it
in the form of Illinois River Class A Common Units,

                                        3
<Page>

provided that Producers Alliance meets the membership eligibility criteria
established in or pursuant to Illinois River's organic documents and limited
liability company agreement. Producers Alliance shall receive one (1) Illinois
River Class A Unit for every $1.00 in Initial Finder's Fees and Growmark
Finder's Fees it elects to receive in the form of Illinois River Class A Units.
The minimum number of Illinois River Class A Units that Producers Alliance may
elect to receive in lieu of a cash payment of the Initial Finder's Fee and the
Growmark Finder's Fee is Twenty-Five Thousand (25,000), and Producers Alliance
may only elect to forego cash payment of the Initial Finder's Fee and Growmark
Finder's Fee in favor of Illinois River Class A Units in increments of one
thousand dollars. In the event that Producers Alliance elects to receive all or
a part of the Initial Finder's Fee and the Growmark Finder's Fee owing to it
hereunder in the form of Illinois River Class A Units, Producers Alliance must
notify Illinois River of such election prior to the Financial Closing Date and
must execute and deliver to Illinois River, on or before the Financial Closing
Date, such subscription agreements and other agreements as Illinois River deems
necessary or desirable for membership in Illinois River and purchase of the
Illinois River Class A Units. Producers Alliance understands that Illinois River
will issue Producers Alliance a Form 1099 for the payment of fees to Producers
Alliance under this Agreement regardless of whether such fees are paid in cash
or by the issuance of Illinois River Class A Units. Producers Alliance further
understands that its ownership of Illinois River Class A Units may from time to
time require it to make filings with the Securities and Exchange Commission.

3.3     NO SOLICITATION OF SUBSCRIBERS. Illinois River will retain sole
responsibility and authority to solicit potential subscribers and members. In
addition, any negotiation between Illinois River and Potential Investors is the
sole responsibility of Illinois River and its authorized officers and directors.
Producers Alliance is not authorized to provide or distribute any information
regarding Illinois River. Producers Alliance is not authorized to give any
information or to make any oral or written statements or representations with
respect to Illinois River or participation in Illinois River. Producers Alliance
and its officers, directors and representatives (i) may not solicit potential
subscribers for membership or participation in Illinois River, (ii) may not
handle funds in connection with any subscription for membership or participation
in Illinois River, (iii) may not extend credit or other financial accommodations
necessary to allow any prospective subscriber or member to participate in
Illinois River; and (iv) may not make any recommendations to any party regarding
the advisability of participating in Illinois River or subscribing to acquire
any interest in Illinois River. Instead, Producers Alliance's authorized scope
of activity includes only those actions intended to introduce Illinois River to
Prospective Members residing in the area in which Producers Alliance conducts
its operations. Producers Alliance will not be actively involved in any
negotiations between Illinois River and prospective members or subscribers.
Producers Alliance shall send all Potential Investors' questions concerning a
purchase or potential purchase of Units, and all requests for information, to
Illinois River. When introducing Illinois River to Potential Investors,
Producers Alliance shall inform the Potential Investors that such introduction
is being done pursuant to a finder's agreement and that Illinois River will be
the provider of any and all securities services.

                                        4
<Page>

3.4     MUTUAL INDEMNIFICATION. Illinois River hereby agrees to indemnify
Producers Alliance and hold Producers Alliance harmless with respect to the
costs and expenses of any third party claims, demands, or actions arising from
or relating to any offering of Illinois River securities or any project or
operation of Illinois River, except any claim, demand, or action which occurs as
a result of or is caused by statements, action or other activities of Producers
Alliance or its representatives that are a breach of this agreement. If a claim,
demand or suit is made against Illinois River as a result of a breach by
Producers Alliance of this agreement, Producers Alliance shall indemnify
Illinois River for any costs or expenses of third party claims, demands, or
actions arising from or relating to Producers Alliance's breach of this
agreement. Cost and expenses of third party claims, demands or actions include,
but are not limited to, costs and attorneys fees related to the claim, demand or
action.

3.5     NO OTHER AGREEMENTS. Producers Alliance has not entered into any
agreement with any third party or made arrangements with any third party to
assist Producers Alliance in performing its duties and obligations hereunder,
and Producers Alliance shall not enter into any such agreement or make any such
arrangement following the date hereof.

                                 4. TERMINATION

4.1     TERMINATION OF THIS AGREEMENT. This agreement may be terminated by
either party upon [ninety] days' written notice to the other party. Termination
shall not void any financial or other obligations accruing or arising prior to
the date of termination, or any obligations of confidentiality as described
elsewhere in this agreement or any other agreement of confidentiality entered
into by the parties.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first written above.

ILLINOIS RIVER ENERGY, LLC               PRODUCERS ALLIANCE

By   /s/ Jay Fillman                     By   /s/ Stanley Blunier
  ----------------------------------       -----------------------------------
Its  Vice President                      Its  President
   ---------------------------------        ----------------------------------
Date  7/5/02                             Date  7/5/02
    --------------------------------         ---------------------------------

                                        5<Page>

                                                                    EXHIBIT 10.5

[U.S. ENERGY SERVICES, INC. LOGO]

April 22, 2002

Illinois River Energy
c/o Gerald Bachmeier
DENCO
Hwy 59 South
P.O. Box 173
Morris, MN 55267

Dear Mr. Bachmeier:

The purpose of this letter is to set forth the understanding and agreement
between U.S. Energy Services, Inc. ("U.S. Energy") and Illinois River Energy
("IRE").

PROJECT DESCRIPTION: IRE is developing an 80 million gallon per year ethanol
plant (the "Plant") in central Illinois. The Plant will use approximately 8 MW
of electricity and 8,000 MMBtu per day of natural gas. Production is scheduled
to begin during the 1st quarter of 2004.

U.S. ENERGY RESPONSIBILITIES: U.S. Energy will provide consulting and project
management services for supplies of natural gas and electricity for the Plant.
These services will be provided during the construction of the Plant and after
the Plant has been placed in service. These services will include but not be
limited to the following:

A.  ENERGY INFRASTRUCTURE ADVISORY SERVICES

1.    Provide a detailed analysis of natural gas distribution service options.
      Options evaluated will include direct service from an Interstate
      pipeline(s) or service from a Local Distribution Company (LDC).

2.    Determine whether firm, interruptible, or a blend of interstate
      transportation entitlement will provide the lowest burnertip cost. Factors
      that will be considered include the cost of an alternate fuel system, and
      availability of specific receipt point capacity.

3.    Develop and implement a natural gas supply procurement plan. Natural gas
      supplies will be solicited and purchased from qualified natural gas
      producers who own and control natural gas production and have sufficient
      financial capability to provide reliable service.

4.    Provide advisory services to IRE regarding the purchase electricity. U.S.
      Energy will conduct a competitive procurement for the Plant which will
      include, but is not limited to, the following services:

              a.     Develop a Request for Proposal that addresses IRE's
                     short-term and long-term electric pricing and reliability
                     requirements.

              b.     Identify and obtain competitive service proposals from
                     qualified suppliers.

<Page>

CONFIDENTIAL INFORMATION                            IRE ENERGY INITIALS______
                                                      U.S. ENERGY INITIALS______

              c.     Negotiate final electric service agreements that meet the
                     pricing and reliability requirements of IRE.

5.    Evaluate the proposed electric distribution infrastructure (substation)
      for reliability, future growth potential and determination of the division
      of ownership of facilities between the utility and the Plant.

6.    Investigate economic development rates, utility grants, equipment rebates
      and other utility programs that may be available.

B.  ON-GOING ENERGY MANAGEMENT SERVICES

1.    Provide natural gas supply information to minimize the cost of natural gas
      purchased by IRE. This will include acquiring multiple supply quotes and
      reporting to IRE the various supply index and fixed prices. U.S. Energy
      will not take title to IRE gas supplies, but will communicate supply
      prices and potential buying strategies.

2.    Negotiate with interstate pipelines, other shippers, to provide
      transportation, balancing, and supply agreements that meet IRE's
      performance criteria at the lowest possible cost.

3.    Develop and implement a price management plan that is consistent with
      IRE's pricing objectives and risk profile.

4.    Provide daily nominations to the suppliers, interstate pipeline(s) and
      other applicable shippers for natural gas deliveries to the Plant. This
      will include daily electronic confirmations to IRE of all nominations and
      actual daily usage. U.S. Energy will utilize customer or utility supplied
      telemetering to obtain actual usage data.

5.    Review and renegotiate electric service costs as required. This may
      include:

      a) Identifying new service tariffs or opportunities to renegotiate the
         service agreement to provide lower costs.

      b) Identifying operating changes that would lower the total cost of
         electricity while maintaining production performance of the Plant.

7.    Provide a monthly projection of energy (natural gas and electricity) and
      annual summaries.

8.    Provide natural gas and electric energy operating budgets for the Plant.

9.    Provide a consolidated monthly invoice that reflects all applicable
      natural gas and electric energy costs. U.S. Energy will be responsible for
      reviewing, reconciling and paying all shipper, supplier and utility
      invoices.

FEES: U.S. Energy's fee for services described above during the initial term of
this agreement shall be $3,000 per month, plus pre-approved travel expenses not
to exceed $3,500 during the initial term of this Agreement. All fees, except for
out-of-pocket travel expenses, will be deferred and collected only when

[U.S. ENERGY SERVICES, INC. LOGO]

                                        2
<Page>

CONFIDENTIAL INFORMATION                            IRE ENERGY INITIALS______
                                                      U.S. ENERGY INITIALS______

and if the plant is financed. In the event the plant is not financed, this
Agreement shall become null and void and both parties will be relieved of
professional and/or financial obligations due the other party, including the
accrued monthly charges.

TERM: The initial term of this Agreement shall be from March 1, 2002 through
June 30, 2003, and thereafter for successive one year terms unless and until
terminated by either party with sixty (60) days notice.

BILLING AND PAYMENT: On the first of the month, U.S. Energy shall invoice IRE
for the work to be completed that month. IRE shall pay U.S. Energy within ten
(10) days of receipt of invoice.

INDEPENDENT CONTRACTOR: U.S. Energy shall be and remain an independent
contractor-consultant during the term of this Agreement, and U.S. Energy, its
directors, officers and employees, shall not act for, or bind IRE in any manner,
unless specifically authorized to do so by IRE.

CONFIDENTIALITY: U.S. Energy shall not divulge to any other person or party any
information developed by U.S. Energy hereunder or revealed to U.S. Energy
pursuant to this Agreement, unless such information is (a) already in U.S.
Energy's possession and such information is not known by U.S. Energy to be
subject to another Confidentiality Agreement, or (b) is or becomes generally
available to the public other than as a result of an unauthorized disclosure by
U.S. Energy, its officers, employees, directors, agents or its advisors, or (c)
becomes available to U.S. Energy on a non-confidential basis from a source which
is not known to be prohibited from disclosing such information to U.S. Energy by
legal, contractual or fiduciary obligation to the supplier, or (d) is required
by U.S. Energy to be disclosed by court order, or (e) is permitted by IRE. All
such information shall be and remain the property of IRE unless such information
is subject to another Confidentiality Agreement, and upon the termination of
this Agreement, U.S. Energy shall return all such information upon IRE's
request. Notwithstanding anything to the contrary herein, U.S. Energy shall not
disclose any information which is in any way related to this Agreement or U.S.
Energy's services hereunder without first discussing such proposed disclosure
with IRE.

CONFLICT OF INTEREST: U.S. Energy will not, directly or indirectly, engage in
any activities which would result in any conflict of interest with IRE, or
enable U.S. Energy to benefit from its relationship with IRE, except as provided
in this Agreement or approved by IRE.

NOTICES: Any formal notice, request or demand which a party hereto may desire to
give to the other respecting this Agreement shall be in writing and shall be
considered as duly delivered as of the postmark date when mailed by ordinary,
registered or certified mail by said party to the following addresses:

IRE:                            Illinois River Energy
                                Vince McCabe
                                4000 North Division
                                Morris, ILL 60450

U.S. Energy:                    U.S. Energy Services, Inc.
        (Payment)               c/o US Bank SDS 12-1449
                                Account #: 173100561153
                                P.O. Box 86
                                Minneapolis, MN 55486

[U.S. ENERGY SERVICES, INC. LOGO]

                                        3
<Page>

CONFIDENTIAL INFORMATION                            IRE ENERGY INITIALS______
                                                      U.S. ENERGY INITIALS______
        (Notices):              U.S. Energy Services, Inc.
                                1000 Superior Blvd, Suite 201
                                Wayzata, MN 55391
                                Attn: Casey Whelan

ASSIGNMENT OR AMENDMENT: The Agreement may not be assigned or amended without
the written consent of U.S. Energy and IRE.

APPLICABLE LAW: The Agreement shall be construed in accordance with the laws of
the State of Minnesota.

ENTIRE AGREEMENT: This Agreement constitutes the entire Agreement among the
parties pertaining to the subject matter hereof and supersedes all prior
Agreements and understanding pertaining hereto.

If the above correctly sets forth IRE Energy's understanding of the Agreement,
please so indicate in the spaces below and return one copy to U.S. Energy,
Attention: Casey Whelan.

Sincerely,

U.S. ENERGY SERVICES, INC.

BY:      /s/ Casey Whelan                        (Sign)
       -------------------------------------------------

NAME:    Casey Whelan                            (Print)
       -------------------------------------------------

TITLE:   Vice President
       -------------------------------------------

DATE:    5/29/02
       -------------------------------------------

ACCEPTED AND DATED TO THIS 29TH
DAY OF APRIL, 2002.

ILLINOIS RIVER ENERGY

BY:      /s/ Floyd Schultz                        (Sign)
       -------------------------------------------------

NAME:    Floyd Schultz                           (Print)
       -------------------------------------------------

TITLE:   President
       -------------------------------------------

DATE:    5/14/02
       -------------------------------------------

[U.S. ENERGY SERVICES, INC. LOGO]

                                        4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]