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Press release from Business Wire

Frontier Oil Corporation Shareholder Investigation by Briscoe Law Firm Concerning Acquisition By Holly Corporation

Tuesday, February 22, 2011

Frontier Oil Corporation Shareholder Investigation by Briscoe Law Firm Concerning Acquisition By Holly Corporation13:11 EST Tuesday, February 22, 2011 DALLAS (Business Wire) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Frontier Oil Corporation (“Frontier Oil” or “FTO”) (NYSE: FTO) related to the proposed merger of Frontier Oil with Holly Corporation (NYSE: HOC). The definitive acquisition agreement, which was announced on February 22, 2011, involves a total transaction valued at approximately $2.85 billion in which Frontier Oil shareholders will receive a fixed ratio of 0.4811 shares of Holly common stock for each share of Frontier Oil/FTO common stock they hold. The investigation relates to the fairness of the proposed transaction to Frontier Oil shareholders, possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Frontier Oil for approving this transaction, and whether Frontier Oil's Board of Directors acted in the shareholders' best interests. Excluding a special dividend as part of the acquisition, the acquisition value to Frontier Oil shareholders is approximately $26.99 per share. However, this stock-for-stock transaction represents a substantial discount to Frontier Oil's closing price the day before the merger announcement, and Frontier Oil shares closed as high as $28.94 per share just days before the merger announcement. Further, at least one analyst has reportedly set a target price for Frontier Oil stock at $33.00 per share. Based on these and other factors, the firms believe that the acquisition price may not be fair for Frontier Oil shareholders. If you currently own shares of Frontier Oil/FTO and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions. Powers Taylor, LLPPatrick Powers, 877-728-9607patrick@powerstaylor.comorThe Briscoe Law Firm, PLLCWillie Briscoe,