HollyFrontier Corporation Announces Redemption of 8.5% Senior Notes Due 2016

  HollyFrontier Corporation Announces Redemption of 8.5% Senior Notes Due 2016

Business Wire

DALLAS -- August 16, 2012

HollyFrontier Corporation (as successor-in-interest to Frontier Oil
Corporation) (the “Company”) (NYSE: HFC) today announced that it will redeem
all of its outstanding 8.5% Senior Notes due 2016. The aggregate principal
amount outstanding of the notes is $199,985,000. The redemption price for the
notes will be equal to 104.250% of the principal amount thereof for a total
payment to holders of the notes of approximately $208,484,000 in aggregate.
The redemption of the notes is scheduled to occur on September 15, 2012. The
Company intends to fund the redemption with cash on hand. On and after the
redemption date, the notes will no longer be deemed outstanding, interest will
cease to accrue thereon and all rights of the holders of the notes will cease,
except for the right to receive the redemption price.

Wells Fargo Bank, National Association is the trustee for the notes and is
serving as the paying agent for this transaction. Copies of the Notice of
Redemption and additional information relating to the redemption of the notes
may be obtained from Wells Fargo Bank, National Association, Corporate Trust
Operations, MAC N9303-121, 6^th St. & Marquette Avenue, Minneapolis, MN 55479,
telephone: 1-800-344-5128.

About HollyFrontier Corporation

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent
petroleum refiner and marketer that produces high value light products such as
gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier
operates through its subsidiaries a 135,000 barrels per stream day (“bpsd”)
refinery located in El Dorado, Kansas, a 125,000 bpsd refinery in Tulsa,
Oklahoma, a 100,000 bpsd refinery located in Artesia, New Mexico, a 52,000
bpsd refinery located in Cheyenne, Wyoming and a 31,000 bpsd refinery in Woods
Cross, Utah. HollyFrontier markets its refined products principally in the
Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and
in other neighboring Plains states. A subsidiary of HollyFrontier also owns a
44% interest (including the 2% general partner interest) in Holly Energy
Partners, L.P.

Information about HollyFrontier may be found on its website at
http://www.hollyfrontier.com.

Contact:

HollyFrontier Corporation
Investor Relations
Neale Hickerson, 214-871-3555
or
Julia Heidenreich, 214-871-3555