FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * NOVELLY PAUL A   2. Issuer Name and Ticker or Trading Symbol FutureFuel Corp. [FTFL.OB] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Exec. Chair. of the Board (Last) (First) (Middle) 3920 N. A-1-A, UNIT 301 3. Date of Earliest Transaction (Month/Day/Year) 07/14/2008 (Street) FORT PIERCE, FL 34949 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/14/2008   M   100,000 A (1) $ 4 100,000 (2) (3) D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (Right to Buy)

$ 4

07/14/2008

M

100,000

04/07/2008

04/07/2013

Common Stock

100,000

$ 0

0

D (1)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
NOVELLY PAUL A 3920 N. A-1-A, UNIT 301 FORT PIERCE, FL 34949	X	X	Exec. Chair. of the Board

Signatures

/s/ Douglas D. Hommert, Attorney in fact for the Reporting Person, Paul A. Novelly		07/15/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Exercise of stock options under the issuer's 2007 Omnibus Incentive Plan; exempt under Rules 16b-3(d) and 16b-6(b).
(2)	Does not include 625,000 shares of common stock and 625,000 warrants owned by Apex Holding Co., a Missouri corporation ("Holding"), as to which Mr. Novelly is the sole director and chief executive officer, but he disclaims beneficial ownership of all shares and warrants owned by Holding except to the extent of a minor pecuniary interest.
(3)	Does not include 8,306,350 shares of common stock and 6,168,850 warrants owned by St. Albans Global Management Limited Partnership, LLLP, a Delaware limited liability limited partnership ("Global"), as to which Mr. Novelly is the chief executive officer, but he disclaims beneficial ownership of all shares and warrants owned by Global except to the extent of a minor pecuniary interest.

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