HOUSTON, March 1 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) today announced that James R. Gibbs, Chairman of the Board,
President and Chief Executive Officer has entered into a contract for a
"Variable Delivery Forward Transaction" ("VDFT") with Bear, Stearns
International Limited. The VDFT is essentially a forward sale of a portion of
Mr. Gibbs' stock holdings (approximately 380,000 shares).
The stock trading plan enables Mr. Gibbs to lock in the value of a portion
of his Frontier stock and diversify his holdings, while retaining his rights
of ownership of the shares, including voting rights and dividends throughout
the approximate 2 1/2 year term of the forward contract. At the same time,
the plan permits Mr. Gibbs to participate in the upside potential of the
Frontier stock up to an agreed upon amount.
Mr. Gibbs commented, "This contract does not reflect my outlook for
Frontier or the refining industry, but rather allows me to plan for my
family's future. I want to reiterate that I continue to have a substantial
equity interest in the Company and assure the shareholders of my dedication to
Frontier."
Frontier operates a 110,000 barrel-per-day refinery located in El Dorado,
Kansas, and a 46,000 barrel-per-day refinery located in Cheyenne, Wyoming, and
markets its refined products principally along the eastern slope of the Rocky
Mountains and in other neighboring plains states. Information about the
Company may be found on its web site http://www.frontieroil.com .
This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission. Such statements are those concerning
strategic plans, expectations and objectives for future operations. All
statements, other than statements of historical facts, included in this press
release that address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future are forward-
looking statements. These statements are based on certain assumptions made by
the Company based on its experience and perception of historical trends,
current conditions, expected future developments and other factors it believes
are appropriate in the circumstances. Such statements are subject to a number
of assumptions, risks and uncertainties, many of which are beyond the control
of the Company. Investors are cautioned that any such statements are not
guarantees of future performance and that actual results or developments may
differ materially from those projected in the forward-looking statements.
SOURCE Frontier Oil Corporation
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Related links:
http://www.frontieroil.com
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600, ext. 145
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