) --

Holly Corp.



Frontier Oil


agreed to merge in an all-stock deal forming an oil refining company with an enterprise value of $7 billion.

The new company will be named HollyFrontier Corp.

Frontier shareholders will receive 0.4811 a Holly share for each share of Frontier common stock under the deal.

Holly shareholders are expected to own about 51% of the new company once the transaction closes, and Frontier shareholders will own about 49%.

The deal is expected to close in the third quarter of 2011.

-- Written by Joseph Woelfel

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Joseph Woelfel

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