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Holly Announces Record Date And Meeting Date For Special Meeting Of Stockholders In Connection With Merger

DALLAS, May 11, 2011 /PRNewswire/ -- Holly Corporation (NYSE: HOC) ("Holly") today announced that it has established a record date and a meeting date for the special meeting of its stockholders to consider and vote upon, among other things, the proposal to approve the issuance of shares of Holly common stock to the shareholders of Frontier Oil Corporation ("Frontier") in connection with the merger contemplated by the Agreement and Plan of Merger, dated as of February 21, 2011, among Holly, Frontier and North Acquisition, Inc., and the proposal to approve and adopt Holly's amended and restated certificate of incorporation to, among other things, increase the number of authorized shares of Holly capital stock and change the name of Holly to "HollyFrontier Corporation."  

Holly stockholders of record at the close of business on Friday, May 20, 2011, will be entitled to notice of the special meeting and to vote at the special meeting.  The special meeting will be held on Tuesday, June 28, 2011, at 3:00 p.m. local time.

Holly stockholders are encouraged to read the proxy materials in their entirety as they provide, among other things, a discussion of the reasons behind the recommendation of the Holly board of directors that Holly stockholders vote "FOR" the proposal to approve the issuance of shares of Holly common stock to Frontier shareholders in connection with the merger and "FOR" the proposal to approve and adopt Holly's amended and restated certificate of incorporation.  Holly stockholders should contact Georgeson, Inc., the proxy solicitor for Holly, at (866) 482-4943, if they have any questions about the merger, including how to vote their shares.

Important Information for Investors and Shareholders

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. The issuance of Holly common stock in connection with the proposed merger will be submitted to Holly stockholders for their consideration, and the proposed merger will be submitted to shareholders of Frontier for their consideration. Holly has filed with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 that includes a joint proxy statement to be used by Holly and Frontier to solicit the required approval of their shareholders in connection with the proposed merger and constituted a prospectus of Holly. Holly and Frontier may also file other documents with the SEC concerning the proposed merger. INVESTORS AND SECURITY HOLDERS OF HOLLY AND FRONTIER ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders may obtain a free copy of the joint proxy statement/prospectus and other documents containing important information about Holly and Frontier through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Holly will be available free of charge on Holly's website at www.hollycorp.com under the tab "Investors" or by contacting Holly's Investor Relations Department at (214) 871-3555. Copies of documents filed with the SEC by Frontier will be available free of charge on Frontier's website at www.frontieroil.com under the tab "Investor Relations" and then under the tab "SEC Filings" or by contacting Frontier's Investor Relations Department at (713) 688-9600.

Holly, Frontier and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Holly and shareholders of Frontier in connection with the proposed transaction. Information about the directors and executive officers of Holly is set forth in its proxy statement for its 2011 annual meeting of stockholders, which was filed with the SEC on March 31, 2011. Information about the directors and executive officers of Frontier is set forth in its proxy statement for its 2011 annual meeting of shareholders, which was filed with the SEC on March 21, 2011. These documents can be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, are contained in the joint proxy statement/prospectus and other relevant materials to be filed with the SEC.

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