The sequential extraction process (SEP) uses ethanol to extract oil and protein from cracked, flaked, and dried corn, and the dried corn simultaneously dehydrates the ethanol. Value-added co-products are possible, potentially making production of fuel ethanol more economical. The effects of solvent-to-corn (S/C) ratio, corn moisture content (MC), and number of extraction stages on ethanol drying, oil recovery, and protein loss during the simultaneous oil extraction/water adsorption step of SEP were evaluated. Extractions were carried out by using both aqueous ethanol and ethanol/hexane blends at 56degreesC. The S/C ratios tested were 3:1, 2:1 (control), 1.5:1, and 1:1 (w/w). More anhydrous ethanol, greater oil yields, and less co-extracted protein were obtained with higher S/C ratios. Less anhydrous ethanol and lower moisture adsorption capacities were obtained when the corn MC was greater than or equal to1.12%. Oil yields gradually decreased with drier corn, whereas protein loss increased when corn MC was <1.12%. Reducing the number of extraction stages from seven (original SEP) to five did not affect ethanol drying capability, oil yields, and protein co-extracted with oil. Using ethanol/hexane blends resulted in more anhydrous ethanol, higher oil yields, and less protein co-extracted with oil.