NEWS RELEASE

BIOFUEL ANNOUNCES EARNINGS RELEASE
AND CONFERENCE CALL

DENVER, COLORADO – OCTOBER 23, 2008 – BIOFUEL ENERGY CORP. (NASDAQ:BIOF) announced today that it will be releasing third quarter 2008 earnings on Thursday, November 13, 2008, after the market closes.

The Company plans to host a conference call on Friday, November 14, 2008 beginning at 11:00 a.m. (EDT) to discuss the third quarter results. To participate, please dial (800) 944.8766. The participant code for the call is 42537. This call will be available immediately for phone playback for 30 days by dialing (866) 281.6782. The access code for the replay is 159564.

BioFuel Energy currently has two 115 million gallons a year ethanol plants operating in the Midwestern corn belt. The Company’s goal is to become a leading ethanol producer in the United States by acquiring, developing, owning and operating ethanol production facilities.

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Contact:          
Kelly G. Maguire
Vice President - Finance and Chief Financial Officer
(303) 592-8110
kmaguire@bfenergy.com

For more information:
www.bfenergy.com

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