A corn oil extraction process is disclosed. The process includes the recovery of corn oil and other co-products, including but not limited to steam, electric power and chemicals, from an ethanol production process and in particular, a process that involves dry corn milling methods. The process involves extraction of oil from milled corn and residues from the fermentation step, including thick stillage, distillers wet grain, distillers dry grain and distillers dry grains with solubles, by the application of an alkyl acetate, phase separation and recovery of the separated matter. A process of drying wet co-product using ethanol and carbon dioxide from the production facility is also disclosed.