HOUSTON, Nov. 20 /PRNewswire-FirstCall/ -- Frontier Oil Corporation
(NYSE: FTO) has commenced the redemption of all remaining $39.475 million of
its 9 1/8% Senior Notes due 2006. The Company intends to fund the redemption
with existing cash. The notes will be redeemed at a price of 103.042% plus
accrued interest to the redemption date of December 22, 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO )
Additionally, Frontier's Board of Directors voted at yesterday's board
meeting to increase the shares authorized under the Company's existing share
repurchase program by two million shares. Including the newly authorized
shares, approximately 3.6 million shares are available for repurchase.
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 include those concerning
contemplated transactions, 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
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20010411/FTOLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
Company News On-Call:
http://www.prnewswire.com/comp/118801.html
CONTACT:
Doug Aron of Frontier Oil Corporation,
+1-713-688-9600 x145
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