Frontier: $100 Million Share Repurchase Authorization

The Board of Directors of Frontier Oil Corporation approved a $100 million share repurchase authorization. Frontier completed its repurchase of $300 million of stock (approximately 8 million shares or 7.7% of the common shares outstanding) from January 2007 to February 27, 2008, under previously approved authorizations.

The Board of Directors also declared a regular quarterly cash dividend on the Company's common stock of $0.05 per share ($0.20 annualized). The dividend is payable April 16, 2008 to shareholders of record on March 28, 2008.