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Holly Energy Partners, L.P. Announces Public Offering Of 1,400,000 Common Units

DALLAS, Nov. 30, 2011 /PRNewswire/ -- Holly Energy Partners, L.P. (NYSE: HEP) (the " Partnership") announced today that it intends to offer 1,400,000 common units representing limited partner interests in the Partnership in a public offering. In connection with the offering, the Partnership expects to grant the underwriters a 30-day option to purchase up to 210,000 additional common units.

The Partnership intends to use the net proceeds from the offering to pay a portion of the principal of the two promissory notes with an aggregate original principal amount of $150 million that the Partnership issued to wholly-owned subsidiaries of HollyFrontier Corporation in connection with the Partnership's acquisition of certain pipeline, tankage, loading rack and crude receiving assets located at HollyFrontier Corporation's El Dorado and Cheyenne refineries.  The Partnership expects to use any remaining net proceeds to repay indebtedness incurred under its credit agreement and for general corporate purposes.  

Citigroup, BofA Merrill Lynch and Wells Fargo Securities are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained, when available, by sending a request to:

CitigroupAttn: Prospectus DepartmentBrooklyn Army Terminal140 58th Street, 8th Floor Brooklyn, New York 11220Telephone: +1-800-831-9146Email: batprospectusdept@citi.com

BofA Merill LynchAttn: Prospectus Department 4 World Financial Center, New York, New York 10080 E-mail: dg.prospectus_requests@baml.com

Wells Fargo SecuritiesAttn: Equity Syndicate Dept 375 Park Avenue, New York, New York 10152 Telephone: +1-800-326-5897E-mail: cmclientsupport@wellsfargo.com

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities described herein, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

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