| **UNITED                STATES**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **SECURITIES                AND EXCHANGE COMMISSION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Washington,                D.C. 20549                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **FORM                10-K**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| ANNUAL                REPORT PURSUANT TO SECTION 13 OR 15(d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| þ OF                THE SECURITIES EXCHANGE                ACT OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| **For                the Fiscal Year Ended: December 31, 2005**                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| OR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| o OF                THE SECURITIES EXCHANGE                ACT OF 1934                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| For                the transition period from . . . . to . . . .                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Commission                File Number: 1-7627                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **FRONTIER                OIL CORPORATION**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (Exact                name of registrant as specified in its charter)                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **Wyoming**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | **74-1895085** |
| (State                or other jurisdiction of                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | (I.R.S.                Employer |
| incorporation                or organization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Identification                No.) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **10000                Memorial Drive, Suite 600**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | **77024-3411** |
| **Houston,                Texas**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (Zip                Code) |
| (Address                of principal executive offices)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Registrant’s                telephone number, including area code: **(713)                688-9600**                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Securities                registered pursuant to Section 12(b) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Name                of Each Exchange |
| Title                of Each Class                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | on                Which Registered |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Common                Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | New                York Stock Exchange |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Securities                registered pursuant to Section 12(g) of the Act:                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| None                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark if the registrant is a well-known seasoned issuer,                as                defined in Rule 405 of the Securities Act.  Yes                þ                 No ¨                                                                                                                                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark if the registrant is not required to file reports pursuant                to Section 13 or Section 15(d) of the Act. Yes                ¨                 No                þ                                                                                                                                                                                                                                                                                                  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark whether the registrant (1) has filed all reports required                to                be filed by Section 13 or 15(d) of the Securities Exchange Act of                1934                during the preceding 12 months (or for such shorter period that the                registrant was required to file such reports), and (2) has been subject                to                such filing requirements for the past 90 days.Yes                þ                 No ¨ |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark if disclosure of delinquent filers pursuant to rule                405 of                Regulation S-K is not contained herein, and will not be contained,                to the                best of registrant’s knowledge, in definitive proxy or information                statements incorporated by reference in Part III of this Form 10-K                or any                amendment to this Form 10-K. ü                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark whether the registrant is a large accelerated filer,                an                accelerated filer, or a non-accelerated filer. See definition of                “accelerated filer and large accelerated filer” in Rule 12b-2 of the                Exchange Act. (Check one)                                                                                                                                                                                                    |
| Large                accelerated filer þ                  Accelerated filer  ¨                 Non-accelerated filer ¨                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Indicate                by check mark whether the registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act).                                                                                                                                                                                                                                                                                                                                                                            |
| Yes                ¨                 No þ                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| The                aggregate market value of the voting and non-voting common equity                held by                non-affiliates computed by reference to the price at which the common                equity was last sold as of June 30, 2005 was $1.6                billion.                                                                                                                                                                                                                                                |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| The                number of shares of common stock outstanding as of February 22, 2006                was                56,195,790.                                                                                                                                                                                                                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **DOCUMENTS                INCORPORATED BY REFERENCE**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Portions                of the Annual Proxy Statement for the registrant’s 2006 annual meeting of                shareholders are incorporated by reference into Items 10 through                14 of                Part III.                                                                                                                                                                                                                                                                                                    |

----

**TABLE      OF CONTENTS**

|  **Part              I**   |                                                                                                                                                             |
|---------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  Item 1.                   |  Business                                                                                                                                                   |
|                            |  Summary                and                Overview                                                                                                         |
|                            |  Refining                Operations                                                                                                                         |
|                            |  Marketing                and Distribution                                                                                                                  |
|                            |  Competition                                                                                                                                                |
|                            |  Crude                Oil                Supply                                                                                                             |
|                            |  Safety                                                                                                                                                     |
|                            |  Government                Regulation                                                                                                                       |
|                            |  Employees                                                                                                                                                  |
|  Item              1A.     |  Risk Factors              Relating to Our Business                                                                                                         |
|  Item              1B.     |  Unresolved Staff              Comments                                                                                                                     |
|  Item 2.                   |  Properties                                                                                                                                                 |
|  Item 3.                   |  Legal              Proceedings                                                                                                                             |
|  Item 4.                   |  Submission of Matters              to a Vote of Security Holders                                                                                           |
|                            |  **Available                Information**                                                                                                              |
|  **Part II**               |                                                                                                                                                             |
|  Item 5.                   |  Market              for Registrant’s Common Equity, Related              Stockholder Matters and Issuer Purchasers of Equity              Securities |
|  Item 6.                   |  Selected Financial              Data                                                                                                                       |
|  Item 7.                   |  Management’s              Discussion and Analysis of Financial              Condition and Results of Operations                                      |
|  Item              7A.     |  Quantitative and              Qualitative Disclosures About Market Risk                                                                                    |
|  Item 8.                   |  Financial Statements              and Supplementary Data                                                                                                   |
|  Item              9.      |  Changes              in and Disagreements with Accountants on              Accounting and Financial Disclosure                                             |
|  Item              9A.     |  Controls and              Procedures                                                                                                                       |
|  Item              9B.     |  Other              Information                                                                                                                             |
|  **Part              III** |                                                                                                                                                             |
|  **Part              IV**  |                                                                                                                                                             |
|  Item              15.     |  Exhibits              and Financial Statement              Schedules                                                                                       |

----

**Forward-Looking      Statements**

| ·   | statements,                other than statements of historical fact, that address activities,                events                or developments that we expect, believe or anticipate will or may                occur in                the future; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | statements                relating to future financial performance, future capital sources                and other                matters; and |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | any                other statements preceded by, followed by or that include the words                “anticipates,” “believes,” “expects,” “plans,” “intends,” “estimates,”                “projects,” “could,” “should,” “may,” or similar                expressions. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

**PART      I**

**Item      1.   ****Business**

**Summary**

**Overview**

**Cheyenne      Refinery.**

**El      Dorado Refinery.**

**Other      Assets.**

**Refining      Operations**

**Varieties      of Crude Oil and Products.**

| ·   | sweet                (low sulfur content), |
|--------------------|--------------------------------------------|

| ·   | sour                (high sulfur content), |
|--------------------|--------------------------------------------|

| ·   | light                (high gravity), |
|--------------------|--------------------------------------|

| ·   | heavy                (low gravity) and |
|--------------------|----------------------------------------|

| ·   | intermediate                (if gravity or sulfur content is in between). |
|--------------------|---------------------------------------------------------------------------|

**Refinery      Maintenance.**

**Marketing      and Distribution**

**Cheyenne      Refinery.**

**El      Dorado Refinery.**

**Competition**

**Cheyenne      Refinery.**

**El      Dorado Refinery. **

**Crude      Oil Supply**

**Cheyenne      Refinery.**

**El      Dorado Refinery.**

**Saf****e****ty**

| (1)   | an                award for Meritorious Safety Performance for achieving a recordable                incidence rate of 1.2 or less, |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | the                Gold Award for a 25% or greater reduction in the recordable rate                as                compared to the three-year average, |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | the                Award for Safety Achievement in Hours for 1.9 million hours worked                without                a lost time accident, and |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | the                Award for Safety Achievement in Years for 3.25 years worked without                a lost                time accident. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| (1)   | an                award for Meritorious Safety Performance for achieving the recordable                incidence rate of 1.2 or less, |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | the                Gold Award for a 25% or greater reduction in the recordable rate                as                compared to the three-year average,                and |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | the                Award for Safety Achievement in Years for one or more years worked                without                a lost time accident. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

**Government      Regulation**

**Environmental      Matters.**

**Centennial      Pipeline Regulation.**

**Employees**

**Item      1A.**
**         Risk Factors Relating to Our Business**

**Crude      oil prices and refining margins significantly impact our cash flow and have      fluctuated substantially in the past.**

| ·   | overall                demand for crude oil and refined                products; |
|--------------------|----------------------------------------------------------------------------------|

| ·   | general                economic conditions; |
|--------------------|---------------------------------------------|

| ·   | the                level of foreign and domestic production of crude oil and refined                products; |
|--------------------|---------------------------------------------------------------------------------------------------------------|

| ·   | the                availability of imports of crude oil and refined                products; |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | the                marketing of alternative and competing fuels; |
|--------------------|------------------------------------------------------------------|

| ·   | the                extent of government regulation; |
|--------------------|-----------------------------------------------------|

| ·   | global                market dynamics; |
|--------------------|----------------------------------------|

| ·   | product                pipeline capacity; |
|--------------------|-------------------------------------------|

| ·   | local                market conditions; and |
|--------------------|---------------------------------------------|

| ·   | the                level of operations of competing refineries. |
|--------------------|-----------------------------------------------------------------|

| ·   | major                oil companies; |
|--------------------|-------------------------------------|

| ·   | crude                oil marketing companies; |
|--------------------|-----------------------------------------------|

| ·   | large                independent producers; and |
|--------------------|-------------------------------------------------|

| ·   | smaller                local producers. |
|--------------------|-----------------------------------------|

**Our      profitability is affected by crude oil differentials, which increased      significantly in 2005 over 2004 levels. **

**External      factors beyond our control can cause fluctuations in demand for our products,      our prices and margins, which may negatively affect income and cash      flow.**

| ·   | general                economic conditions; |
|--------------------|---------------------------------------------|

| ·   | competitor                actions; |
|--------------------|------------------------------------|

| ·   | availability                of raw materials; |
|--------------------|-----------------------------------------------|

| ·   | international                events and circumstances; and |
|--------------------|------------------------------------------------------------|

| ·   | governmental                regulation in the United States and abroad, including changes in                policies                of the Organization of Petroleum Exporting Countries                (“OPEC”). |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**We      are dependent on others to supply us with substantial quantities of raw      materials.**

**Our      Refineries face operating hazards,**
*** ***
**and      the potential limits on insurance coverage could expose us to significant      liability costs.**

**We      face substantial competition from other refining and pipeline companies, and      an      increase in competition in the markets in which we sell refined product could      adversely affect our sales and profitability. **

**Our      operating results are seasonal and generally lower in the first and fourth      quarters of the year.**

**Our      operations involve environmental risks that may require us to make substantial      capital expenditures to remain in compliance or that could give rise to material      liabilities.**

**We      could incur substantial costs or disruptions in our business if we cannot obtain      or maintain necessary permits and authorizations. **

**Hurricanes      along the Gulf Coast could disrupt our supply of crude oil and our ability      to      complete capital improvement projects in a timely manner.**

**We      may have labor relations difficulties with some of our employees represented      by      unions.**

**Terrorist      attacks and threats or actual war may negatively impact our      business.**

**Item      1B.**
**         Unresolved Staff Comments**

**Item      2.**
**    Properties**

**Refining      Operations**

**Other      Properties**

**Item      3.   ****Legal      Proceedings**

**Item      4.   ****Submission      of Matters to a Vote of Security Holders**

**Available      Information**

**PART      II**

**Item      5.**
**         Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer      Purchases of Equity Securities**

| **2005**                                                                                                           | **High**                                                                                                                             | **Low**                                                                                                                                                    |
|--------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Fourth                quarterThird                quarterSecond                quarterFirst                quarter | $                45.87                  46.18                  29.82                  18.45            | $                31.54                  26.55                  18.45                  11.95                                  |
| **2004**                                                                                                           | **High**                                                                                                                             | **Low**                                                                                                                                                    |
| Fourth                quarterThird                quarterSecond                quarterFirst                quarter | $                13.47                  11.86                  10.60                    9.93 | $                11.12                    9.12                    8.50                    8.04 |

| **Period**                                                                | **Total                Number of Shares Purchased** |   | **Average****Price                Paid Per Share** |   | **Total                Number of Shares Purchased as Part of Publicly Announced Plans or                Programs                (1)** |   | **Maximum                Number of Shares that May Yet Be Purchased Under the Plans or Programs                (2)** |
|---------------------------------------------------------------------------|-----------------------------------------------------|--------|----------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------|
| October                1, 2005 to October                31, 2005         | -                                                   |   | -                                                  |   | -                                                                                                                                     |   | 7,165,268                                                                                                            |
| November                1, 2005 to  November                30, 2005 | 425,000                                             |   | $                32.9141                           |   | 425,000                                                                                                                               |   | 6,740,268                                                                                                            |
| December                1, 2005 to  December                31, 2005 | 195,800                                             |   |                     38.9405    |   | 195,800                                                                                                                               |   | 6,544,468                                                                                                            |
| Total                fourth quarter                                       | 620,800                                             |   |                  $ 34.8148                    |   | 620,800                                                                                                                               |   | 6,544,468                                                                                                            |

**Item      6.    Selected Financial      Data**

| **Five                Year Financial Data**                                              |   |
|------------------------------------------------------------------------------------------|--------|
|                                                                                     |   |  **Years                Ended December 31,** |
|                                                                                     |   |   | **2005**  |   |   | **2004**  |   |   | **2003**  |   |   | **2002**  |   | **2001**  |
|                                                                                     |   |  *(Dollars                in thousands, except per share amounts)* |
| Revenues                                                                                 |   |   | $                 4,001,162 |   |   | $                 2,861,716 |   |   | $                 2,170,503 |   | $ | $                 1,813,750 |   | $                 1,888,401 |
| Operating                income                                                          |   |   | 446,009 |   |   | 143,549 |   |   | 51,864 |   |   | 27,899 |   |  164,100 |
| Cumulative                effect of accountingchange,                net of income taxes |   |   | (2,503 | ) |   | - |   |   | - |   |   | - |   |  - |
| Net                income                                                                |   |   | 272,532 |   |   | 69,764 |   |   | 3,232 |   |   | 1,028 |   |  107,653 |
| **Basic                earnings per share:**                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |    |
| Before                cumulative effect ofaccounting                change               |   |   | 4.97 |   |   | 1.31 |   |   | 0.06 |   |   | 0.02 |   |  2.06 |
| Cumulative                effect of accountingchange                                     |   |   | (.05 | ) |   | - |   |   | - |   |   | - |   |  - |
| Net                income                                                                |   |   | 4.92 |   |   | 1.31 |   |   | 0.06 |   |   | 0.02 |   |  2.06 |
| **Diluted                earnings per share:**                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |    |
| Before                cumulative effect ofaccounting                change               |   |   | 4.84 |   |   | 1.27 |   |   | 0.06 |   |   | 0.02 |   |  2.00 |
| Cumulative                effect of accountingchange                                     |   |   | (.04 | ) |   | - |   |   | - |   |   | - |   |  - |
| Net                income                                                                |   |   | 4.80 |   |   | 1.27 |   |   | 0.06 |   |   | 0.02 |   |  2.00 |
| Working                capital                                                           |   |   | 262,264 |   |   | 97,261 |   |   | 38,621 |   |   | 108,253 |   |  109,064 |
| Total                assets                                                              |   |   | 1,201,509 |   |   | 754,400 |   |   | 642,297 |   |   | 628,877 |   |  581,746 |
| Long-term                debt                                                            |   |   | 150,000 |   |   | 150,000 |   |   | 168,689 |   |   | 207,966 |   |  208,880 |
| Shareholders’                equity                                                |   |   | 445,059 |   |   | 240,113 |   |   | 169,277 |   |   | 168,258 |   |  169,204 |
| Dividends                declared per common                share                        |   |   | 1.15 |   |   | 0.11 |   |   | 0.10 |   |   | 0.10 |   |  0.075 |
| Adjusted                EBITDA (1)                                                       |   |   | 481,222 |   |   | 180,168 |   |   | 80,696 |   |   | 55,231 |   |  189,110 |

| (1) | Adjusted                EBITDA represents income before cumulative effect of accounting change,                interest expense, interest and investment income, merger financing                termination costs (includes both interest expense and income), income                tax,                and depreciation and amortization. Adjusted EBITDA is not a calculation                based upon generally accepted accounting principles; however, the                amounts                included in the adjusted EBITDA calculation are derived from amounts                set                forth in our consolidated financial statements included in Item 8                of this                Form 10-K. Adjusted EBITDA should not be considered as an alternative                to                net income or operating income, as an indication of our operating                performance, or as an alternative to operating cash flow as a measure                of                liquidity. Adjusted EBITDA is not necessarily comparable to similarly                titled measures of other companies. Adjusted EBITDA is presented                here                because we believe that it enhances an investor’s understanding of our                ability to satisfy principal and interest obligations with respect                to our                indebtedness and to use cash for other purposes, including capital                expenditures. Adjusted EBITDA is also used for internal analysis                and as a                basis for financial covenants. Our adjusted EBITDA is reconciled                to net                income as follows: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                         |   | **2005**                              |    | **2004** |   | **2003** |   | **2002** |   | **2001** |   |
|----------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|----------|--------|----------|--------|----------|--------|----------|--------|
|                                                                                         |   | *(in                thousands)*  |    |
| Net                income                                                                    |   | $                                     | 272,532 |     | $      | 69,764   |   | $        | 3,232  |     | $      | 1,028 |   | $ | 107,653 |   |
| Add                cumulative effect of accountingchange,                net of income taxes |   |                                  | 2,503   |     |   | -        |   |     | -      |     |   | - |   |   | - |   |
| Add                provision for income taxes                                                |   |                                  | 168,216 |     |   | 42,339   |   |     | 2,956  |     |   | 1,060 |   |   | 28,073 |   |
| Add                interest expense and otherfinancing                costs                  |   |                                  | 10,341  |     |   | 37,573   |   |     | 28,746 |     |   | 27,613 |   |   | 31,146 |   |
| Subtract                interest and investmentincome                                        |   |                                  | (7,583  | )        |   | (1,716   | )      |     | (1,109 | )        |   | (1,802 | ) |   | (2,772 | ) |
| Add                merger financing terminationcosts,                net                     |   |                                  | -       |     |   | -        |   |     | 18,039 |     |   | - |   |   | - |   |
| Add                depreciation andamortization                                              |   |                                  | 35,213  |     |   | 32,208   |   |     | 28,832 |     |   | 27,332 |   |   | 25,010 |   |
| Adjusted                EBITDA                                                               |   | $                                     | 481,222 |     | $      | 180,168  |   | $        | 80,696 |     | $      | 55,231 |   | $ | 189,110 |   |

** Item      7.    Management’s Discussion and Analysis      of Financial Condition and **
**Results      of Operations**

**General**

**Results      of Operations**

**Overview**

**2005      Compared with 2004**

**Overview      of Results**

**Specific      Variances**

**Refined      product revenues.**

**Manufactured      product yields.**

**Other      revenues.**

**Raw      material, freight and other costs.**

**Refinery      operating expenses.**

**Selling      and general expenses.**

**Merger      termination and legal costs. **

**Depreciation      and amortization. **

**Interest      expense and other financing costs.**

**Interest      and investment income.**

**Provision      for income taxes.**

**2004      Compared with 2003**

**Overview      of Results**

**Specific      Variances**

**Refined      product revenues**

**Manufactured      product yields.**

**Other      revenues.**

**Raw      material, freight and other costs.**

**Refinery      operating expenses.**

**Selling      and general expenses.**

**Merger      termination and legal costs.**

**Depreciation      and amortization.**

**Interest      expense and other financing costs.**

**Interest      and investment income.**

**Gain      on involuntary conversion of assets.**

**Merger      financing termination costs, net.**

**Provision      for income taxes.**

**Liquidity      and Capital Resources**

**Cash      flows from operating activities.**

**Cash      flows used in investing activities.**

**Cash      flows used in financing activities.**

**Future      capital expenditures.**

**Contractual      Cash Obligations**

| **Contractual                Cash Obligations**                                 |   | **Payments                Due by Period** |      |
|---------------------------------------------------------------------------------|--------|-------------------------------------------|-----------|
|                                                                            |   | **Total**                                 |      | **Within****1                Year** |   | **Within****2-3                years** |   | **Within****4-5                years** |   | **After****5                years** |   |
|                                                                            |   | *(in                thousands)*      |      |
| Long-term                debt (1)                                               |   | $                                         | 150,000   |   | $ | - |   | $ | - |   | $ | - |   | $ | 150,000 |   |
| Operating                leases                                                 |   |                                      | 93,673    |   |   | 13,371 |   |   | 21,990 |   |   | 21,356 |   |   | 36,956 |   |
| Purchase                obligations:                                            |   |                                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Baytex                crude supply (2)                                          |   |                                      | 675,741   |   |   | 336,863 |   |   | 338,878 |   |   | - |   |   | - |   |
| Other                crude supply, feedstocks andnatural                gas (2) |   |                                      | 404,545   |   |   | 404,084 |   |   | 461 |   |   | - |   |   | - |   |
| Transportation,                terminalling and storage                         |   |                                      | 159,537   |   |   | 22,860 |   |   | 34,206 |   |   | 36,679 |   |   | 65,792 |   |
| Ultra                low sulfur diesel refinery projects (3)                    |   |                                      | 11,636    |   |   | 11,636 |   |   | - |   |   | - |   |   | - |   |
| Other                goods and services                                         |   |                                      | 9,869     |   |   | 7,443 |   |   | 1,523 |   |   | 903 |   |   | - |   |
| Total                purchase obligations (4)                                   |   |                                      | 1,261,328 |   |   | 782,886 |   |   | 375,068 |   |   | 37,582 |   |   | 65,792 |   |
| Long-term                accrued turnaround cost                                |   |                                      | 15,122    |   |   | - |   |   | 11,621 |   |   | 3,501 |   |   | - |   |
| Pension                funding requirement (5)                                  |   |                                      | 1,173     |   |   | 1,173 |   |   | - |   |   | - |   |   | - |   |
| Other                long-term liabilities                                      |   |                                      | 8,079     |   |   | - |   |   | 2,912 |   |   | 575 |   |   | 4,592 |   |
| Total                contractual cash                                           |   | $                                         | 1,529,375 |   | $ | 797,430 |   | $ | 411,591 |   | $ | 63,014 |   | $ | 257,340 |   |

| (1) | Cash                requirements for interest on the long-term debt are approximately                $9.9                million per year. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Baytex                crude supply and other crude supply, feedstocks and natural gas future                obligations were calculated using current market prices and/or prices                established in applicable contracts. Of these obligations, $422.1                million                relate to January and February 2006 feedstock and natural gas requirements                of the Refineries. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)                | The                amounts for ultra low sulfur diesel refinery projects reflected here                relate to our current commitments as of December 31, 2005, not the                total                estimated costs of the projects. See Note 8 in the “Notes to Consolidated                Financial Statements” for total estimated costs of the                projects. |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | In                the fourth quarter of 2005, we entered into various contracts for                future                expansion and revamp construction at our Refineries. See “-Future capital                expenditures” above for total estimated cost and completion dates for                these projects. We signed a contract in December 2005 for $86.8 million                of                the $150 million total cost of the El Dorado Refinery crude unit                and                vacuum tower expansion. At December 31, 2005, we had no current                obligations associated with this contract. At December 31, 2005,                we had                accrued approximately $1.5 million for costs incurred for the Cheyenne                Refinery coker expansion and revamp project. The agreements are not                included in the above table because they were cancellable at December                31,                2005 without penalty, except for the amounts accrued at year                end. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Includes                the estimated pension funding requirement in 2006 for our cash balance                pension plan. Funding requirements for remaining years will be based                on                actuarial estimates and actual experience. Our retiree health care                plan is                unfunded. Future payments for retiree health care benefits are estimated                for the next ten years in Note 7 “Employee Benefit Plans” in the “Notes to                Consolidated Financial Statements.” |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Off-Balance      Sheet Arrangements**

**Environmental**

**Application      of Critical Accounting Policies**

**Turnarounds.**

**Inventories.**

**Asset      Retirement Obligations.**

**Environmental      Expenditures.**

**Pension      and Other Post-retirement Benefit Obligations.**

**New      Accounting Pronouncements**

**Market      Risks**

**Item      7A.    Quantitative and Qualitative Disclosure      About Market Risk**

**Impact      of Changing Prices.**

**Price      Risk Management Activities.**
** **

**Operating      Data**

| ·   | Charges                - the quantity of crude oil and other feedstock processed through                Refinery                units on a bpd basis. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Manufactured                product yields - the volumes of specific materials that are obtained                through the distilling of crude oil and the operations of other refinery                process units on a bpd basis. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Gasoline                and diesel crack spreads - The average non-oxygenated gasoline and                diesel                net sales prices that we receive for each product less the average                WTI                crude oil price at Cushing,                Oklahoma. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Light/heavy                crude oil differential - the average differential between the benchmark                WTI crude oil priced at Cushing, Oklahoma and the heavy crude oil                delivered to the Cheyenne Refinery. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | WTI/WTS                crude oil differential - the average differential between benchmark                WTI                crude oil priced at Cushing, Oklahoma and the West Texas sour crude                oil                priced at Midland, Texas. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **Consolidated:**                                                                               |   |     |    |     |   |     |   |
|-------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
|                                                                                            |   |     |    |     |   |     |   |
| **Year****s                Ended December 31,**                                                 |   | **2005** |    | **2004** |   | **2003** |   |
| Charges                (bpd)                                                                    |   |     |    |     |   |     |   |
| Light                crude                                                                      |   |     | 39,210  |     |   | 37,486   |   |   | 31,314 |   |
| Heavy                and intermediate crude                                                     |   |     | 113,439 |     |   | 110,662  |   |   | 115,907 |   |
| Other                feed and blend stocks                                                      |   |     | 15,955  |     |   | 16,609   |   |   | 18,407 |   |
| Total                                                                                           |   |     | 168,604 |     |   | 164,757  |   |   | 165,628 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Manufactured                product yields (bpd)                                                |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   |     | 83,574  |     |   | 82,944   |   |   | 83,449 |   |
| Diesel                and jet fuel                                                              |   |     | 55,151  |     |   | 53,093   |   |   | 53,156 |   |
| Asphalt                                                                                         |   |     | 7,434   |     |   | 7,475    |   |   | 7,530 |   |
| Chemicals                                                                                       |   |     | 884     |     |   | 939      |   |   | 842 |   |
| Other                                                                                           |   |     | 16,623  |     |   | 16,112   |   |   | 16,536 |   |
| Total                                                                                           |   |     | 163,666 |     |   | 160,563  |   |   | 161,513 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Total                product sales (bpd)                                                        |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   |     | 90,372  |     |   | 90,698   |   |   | 89,842 |   |
| Diesel                and jet fuel                                                              |   |     | 54,350  |     |   | 52,818   |   |   | 53,606 |   |
| Asphalt                                                                                         |   |     | 7,526   |     |   | 7,427    |   |   | 7,260 |   |
| Chemicals                                                                                       |   |     | 864     |     |   | 841      |   |   | 842 |   |
| Other                                                                                           |   |     | 17,268  |     |   | 14,205   |   |   | 14,117 |   |
| Total                                                                                           |   |     | 170,380 |     |   | 165,989  |   |   | 165,667 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Refinery                operating margin information (per sales barrel)                         |   |     |    |     |   |     |   |   |   |   |
| Refined                products revenue                                                         |   | $        | 64.32   |     | $      | 47.27    |   | $ | 35.88 |   |
| Raw                material, freight and other costs (FIFO                inventory accounting) |   |     | 52.22   |     |   | 40.04    |   |   | 30.77 |   |
| Refinery                operating expenses, excluding depreciation                              |   |     | 3.95    |     |   | 3.62     |   |   | 3.31 |   |
| Depreciation                and amortization                                                    |   |     | 0.56    |     |   | 0.53     |   |   | 0.47 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                WTI crude oil price at Cushing, OK (per barrel)                          |   | $        | 55.77   |     | $      | 41.85    |   | $ | 31.89 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                gasoline crack spread (per barrel)                                       |   | $        | 11.67   |     | $      | 8.61     |   | $ | 7.00 |   |
| Average                diesel crack spread (per barrel)                                         |   |     | 17.13   |     |   | 7.35     |   |   | 5.05 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                sales price (per sales barrel)                                           |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   | $        | 69.09   |     | $      | 51.70    |   | $ | 39.72 |   |
| Diesel                and jet fuel                                                              |   |     | 73.61   |     |   | 49.81    |   |   | 36.91 |   |
| Asphalt                                                                                         |   |     | 26.72   |     |   | 24.11    |   |   | 24.68 |   |
| Chemicals                                                                                       |   |     | 112.62  |     |   | 115.45   |   |   | 53.90 |   |
| Other                                                                                           |   |     | 24.07   |     |   | 17.63    |   |   | 12.24 |   |

| **Cheyenne                Refinery:**                                                          |   |     |   |     |   |     |   |
|------------------------------------------------------------------------------------------------|--------|----------|--------|----------|--------|----------|--------|
|                                                                                           |   |     |   |     |   |     |   |
| **Year****s                Ended December 31,**                                                |   | **2005** |   | **2004** |   | **2003** |   |
| Charges                (bpd)                                                                   |   |     |   |     |   |     |   |
| Light                crude                                                                     |   |     | 8,575  |     |   | 6,645    |   |   | 5,405 |   |
| Heavy                crude                                                                     |   |     | 38,347 |     |   | 38,408   |   |   | 40,284 |   |
| Other                feed and blend stocks                                                     |   |     | 4,399  |     |   | 4,392    |   |   | 5,966 |   |
| Total                                                                                          |   |     | 51,321 |     |   | 49,445   |   |   | 51,655 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Manufactured                product yields (bpd)                                               |   |     |   |     |   |     |   |   |   |   |
| Gasoline                                                                                       |   |     | 21,035 |     |   | 20,039   |   |   | 20,518 |   |
| Diesel                                                                                         |   |     | 14,580 |     |   | 14,387   |   |   | 15,044 |   |
| Asphalt                                                                                        |   |     | 7,434  |     |   | 7,475    |   |   | 7,530 |   |
| Other                                                                                          |   |     | 6,285  |     |   | 5,839    |   |   | 6,822 |   |
| Total                                                                                          |   |     | 49,334 |     |   | 47,740   |   |   | 49,914 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Total                product sales (bpd)                                                       |   |     |   |     |   |     |   |   |   |   |
| Gasoline                                                                                       |   |     | 27,186 |     |   | 26,744   |   |   | 26,836 |   |
| Diesel                                                                                         |   |     | 14,428 |     |   | 14,581   |   |   | 15,091 |   |
| Asphalt                                                                                        |   |     | 7,526  |     |   | 7,427    |   |   | 7,260 |   |
| Other                                                                                          |   |     | 6,124  |     |   | 5,044    |   |   | 4,708 |   |
| Total                                                                                          |   |     | 55,264 |     |   | 53,796   |   |   | 53,895 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Refinery                operating margin information (per sales barrel)                        |   |     |   |     |   |     |   |   |   |   |
| Refined                products revenue                                                        |   | $        | 61.16  |     | $      | 45.50    |   | $ | 35.61 |   |
| Raw                material, freight and other costs(FIFO                inventory accounting) |   |     | 48.49  |     |   | 38.08    |   |   | 29.40 |   |
| Refinery                operating expenses, excluding depreciation                             |   |     | 4.02   |     |   | 3.68     |   |   | 3.12 |   |
| Depreciation                and amortization                                                   |   |     | 0.90   |     |   | 0.90     |   |   | 0.79 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Average                light/heavy crude oil differential (per barrel)                         |   | $        | 15.32  |     | $      | 9.90     |   | $ | 7.10 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Average                gasoline crack spread (per barrel)                                      |   | $        | 13.17  |     | $      | 9.33     |   | $ | 7.32 |   |
| Average                diesel crack spread (per barrel)                                        |   |     | 19.40  |     |   | 9.34     |   |   | 6.57 |   |
|                                                                                           |   |     |   |     |   |     |   |   |   |   |
| Average                sales price (per sales barrel)                                          |   |     |   |     |   |     |   |   |   |   |
| Gasoline                                                                                       |   | $        | 71.14  |     | $      | 53.28    |   | $ | 41.42 |   |
| Diesel                                                                                         |   |     | 75.57  |     |   | 52.35    |   |   | 39.00 |   |
| Asphalt                                                                                        |   |     | 26.72  |     |   | 24.11    |   |   | 24.68 |   |
| Other                                                                                          |   |     | 25.29  |     |   | 15.98    |   |   | 8.44 |   |

| **El                Dorado Refinery:**                                                          |   |     |    |     |   |     |   |
|-------------------------------------------------------------------------------------------------|--------|----------|---------|----------|--------|----------|--------|
|                                                                                            |   |     |    |     |   |     |   |
| **Year****s                Ended December 31,**                                                 |   | **2005** |    | **2004** |   | **2003** |   |
| Charges                (bpd)                                                                    |   |     |    |     |   |     |   |
| Light                crude                                                                      |   |     | 30,635  |     |   | 30,841   |   |   | 25,909 |   |
| Heavy                and intermediate crude                                                     |   |     | 75,092  |     |   | 72,254   |   |   | 75,623 |   |
| Other                feed and blend stocks                                                      |   |     | 11,556  |     |   | 12,218   |   |   | 12,440 |   |
| Total                                                                                           |   |     | 117,283 |     |   | 115,313  |   |   | 113,972 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Manufactured                product yields (bpd)                                                |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   |     | 62,539  |     |   | 62,905   |   |   | 63,931 |   |
| Diesel                and jet fuel                                                              |   |     | 40,572  |     |   | 38,706   |   |   | 38,111 |   |
| Chemicals                                                                                       |   |     | 884     |     |   | 939      |   |   | 842 |   |
| Other                                                                                           |   |     | 10,338  |     |   | 10,273   |   |   | 9,715 |   |
| Total                                                                                           |   |     | 114,333 |     |   | 112,823  |   |   | 112,599 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Total                product sales (bpd)                                                        |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   |     | 63,186  |     |   | 63,954   |   |   | 63,006 |   |
| Diesel                and jet fuel                                                              |   |     | 39,922  |     |   | 38,237   |   |   | 38,516 |   |
| Chemicals                                                                                       |   |     | 864     |     |   | 841      |   |   | 842 |   |
| Other                                                                                           |   |     | 11,145  |     |   | 9,161    |   |   | 9,410 |   |
| Total                                                                                           |   |     | 115,117 |     |   | 112,193  |   |   | 111,774 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Refinery                operating margin information (per sales barrel)                         |   |     |    |     |   |     |   |   |   |   |
| Refined                products revenue                                                         |   | $        | 65.83   |     | $      | 48.12    |   | $ | 36.01 |   |
| Raw                material, freight and other costs (FIFO                inventory accounting) |   |     | 54.01   |     |   | 40.98    |   |   | 31.43 |   |
| Refinery                operating expenses, excluding depreciation                              |   |     | 3.91    |     |   | 3.59     |   |   | 3.41 |   |
| Depreciation                and amortization                                                    |   |     | 0.40    |     |   | 0.35     |   |   | 0.32 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                WTI/WTS crude oil differential (per barrel)                              |   | $        | 4.51    |     | $      | 3.74     |   | $ | 2.68 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                gasoline crack spread (per barrel)                                       |   | $        | 11.02   |     | $      | 8.31     |   | $ | 6.86 |   |
| Average                diesel crack spread (per barrel)                                         |   |     | 16.31   |     |   | 6.59     |   |   | 4.45 |   |
|                                                                                            |   |     |    |     |   |     |   |   |   |   |
| Average                sales price (per sales barrel)                                           |   |     |    |     |   |     |   |   |   |   |
| Gasoline                                                                                        |   | $        | 68.21   |     | $      | 51.03    |   | $ | 38.99 |   |
| Diesel                and jet fuel                                                              |   |     | 72.90   |     |   | 48.84    |   |   | 36.09 |   |
| Chemicals                                                                                       |   |     | 112.62  |     |   | 115.45   |   |   | 53.90 |   |
| Other                                                                                           |   |     | 23.40   |     |   | 18.53    |   |   | 14.13 |   |

**Item      8.   ****Financial      Statements and Supplementary Data**

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING      FIRM**

**To      the Board of Directors and Shareholders of Frontier Oil      Corporation:**

*Accounting      for Conditional Asset Retirement Obligations*

**MANAGEMENT’S      REPORT ON INTERNAL **

**CONTROL      OVER FINANCIAL REPORTING**

**James      R. Gibbs**

**Michael      C. Jennings**

**Nancy      J. Zupan**

**REPORT      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING      FIRM**

**To      the Board of Directors and Shareholders of Frontier Oil      Corporation:**

*Accounting      for Conditional Asset Retirement Obligations*

----

|  **FRONTIER                OIL CORPORATION AND                SUBSIDIAIRES**                                     |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                Statements of Income**                                                                  |   |
|                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                  |   | **Years                Ended December 31,** |   |
|                                                                                                                  |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                  |   | *(in                thousands, except per share data)*  |   |
| **Revenues:**                                                                                                         |   |   |   |   |   |   |   |
| Refined                products                                                                                       |   | $ | 3,999,935 |   | $ | 2,871,592 |   | $ | 2,169,551 |   |
| Other                                                                                                                 |   |   | 1,227 |   |   | (9,876 | ) |   | 952 |   |
|                                                                                                                  |   |   | 4,001,162 |   |   | 2,861,716 |   |   | 2,170,503 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                                                                |   |   |   |   |   |   |   |   |   |   |
| Raw                material, freight and other costs                                                                  |   |   | 3,247,372 |   |   | 2,432,461 |   |   | 1,860,795 |   |
| Refinery                operating expenses, excluding depreciation                                                    |   |   | 245,449 |   |   | 219,781 |   |   | 200,383 |   |
| Selling                and general expenses, excluding depreciation                                                   |   |   | 30,715 |   |   | 29,893 |   |   | 19,890 |   |
| Merger                termination and legal costs                                                                     |   |   | 48 |   |   | 3,824 |   |   | 8,739 |   |
| Depreciation                and amortization                                                                          |   |   | 35,213 |   |   | 32,208 |   |   | 28,832 |   |
| Gains                on sales of assets                                                                               |   |   | (3,644 | ) |   | - |   |   | - |   |
|                                                                                                                  |   |   | 3,555,153 |   |   | 2,718,167 |   |   | 2,118,639 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Operating                income**                                                                                   |   |   | 446,009 |   |   | 143,549 |   |   | 51,864 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| Interest                expense and other financing costs                                                             |   |   | 10,341 |   |   | 37,573 |   |   | 28,746 |   |
| Interest                and investment income                                                                         |   |   | (7,583 | ) |   | (1,716 | ) |   | (1,109 | ) |
| Gain                on involuntary conversion of assets                                                               |   |   | - |   |   | (4,411 | ) |   | - |   |
| Merger                financing termination costs, net                                                                |   |   | - |   |   | - |   |   | 18,039 |   |
|                                                                                                                  |   |   | 2,758 |   |   | 31,446 |   |   | 45,676 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Income                before income taxes**                                                                         |   |   | 443,251 |   |   | 112,103 |   |   | 6,188 |   |
| Provision                for income taxes                                                                             |   |   | 168,216 |   |   | 42,339 |   |   | 2,956 |   |
| **Income                before cumulative effect of accounting change**                                               |   |   | 275,035 |   |   | 69,764 |   |   | 3,232 |   |
| **Cumulative                effect of accounting change, net of****income                taxes of $1,530**            |   |   | (2,503 | ) |   | - |   |   | - |   |
| **Net                income**                                                                                         |   | $ | 272,532 |   | $ | 69,764 |   | $ | 3,232 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Basic                earnings per share of common stock:**                                                          |   |   |   |   |   |   |   |   |   |   |
| Before                cumulative effect of accounting change                                                          |   | $ | 4.97 |   | $ | 1.31 |   | $ | 0.06 |   |
| Cumulative                effect of accounting change                                                                 |   |   | (.05 | ) |   | - |   |   | - |   |
| Net                income                                                                                             |   | $ | 4.92 |   | $ | 1.31 |   | $ | 0.06 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Diluted                earnings per share of common stock:**                                                        |   |   |   |   |   |   |   |   |   |   |
| Before                cumulative effect of accounting change                                                          |   | $ | 4.84 |   | $ | 1.27 |   | $ | 0.06 |   |
| Cumulative                effect of accounting change                                                                 |   |   | (.04 | ) |   | - |   |   | - |   |
| Net                income                                                                                             |   | $ | 4.80 |   | $ | 1.27 |   | $ | 0.06 |   |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| The                accompanying notes are an integral part of these consolidated financial                statements. |

----

| **FRONTIER                OIL CORPORATION AND                SUBSIDIAIRES**                                              |   |
|--------------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                Balance Sheets**                                                                           |   |
|                                                                                                                     |   | **December                31,** |   |
|                                                                                                                     |   | **2005** |   | **2004** |   |
|                                                                                                                     |   | *(in                thousands, except share data)* |   |
| **ASSETS**                                                                                                               |   |   |   |   |   |
| Current                assets:                                                                                           |   |   |   |   |   |
| Cash                and cash equivalents                                                                                 |   | $ | 356,065 |   | $ | 124,389 |   |
| Trade                receivables, net of allowance of $500 in both years                                                 |   |   | 122,051 |   |   | 78,733 |   |
| Other                receivables                                                                                         |   |   | 7,584 |   |   | 9,531 |   |
| Inventory                of crude oil, products and other                                                                |   |   | 247,621 |   |   | 156,934 |   |
| Deferred                tax assets                                                                                       |   |   | 6,819 |   |   | 6,748 |   |
| Other                current assets                                                                                      |   |   | 7,935 |   |   | 2,344 |   |
| Total                current assets                                                                                      |   |   | 748,075 |   |   | 378,679 |   |
| Property,                plant and equipment, at cost:                                                                   |   |   |   |   |   |   |   |
| Refineries,                terminal equipment and pipelines                                                              |   |   | 657,612 |   |   | 542,356 |   |
| Furniture,                fixtures and other equipment                                                                   |   |   | 10,510 |   |   | 8,755 |   |
|                                                                                                                     |   |   | 668,122 |   |   | 551,111 |   |
| Less                - accumulated depreciation and amortization                                                          |   |   | 238,184 |   |   | 204,348 |   |
|                                                                                                                     |   |   | 429,938 |   |   | 346,763 |   |
| Deferred                financing costs, net of amortization                                                             |   |   |   |   |   |   |   |
| of                $945 and $594 in 2005 and 2004, respectively                                                           |   |   | 3,549 |   |   | 4,328 |   |
| Commutation                account                                                                                       |   |   | 12,606 |   |   | 16,438 |   |
| Prepaid                insurance, net of amortization                                                                    |   |   | 3,331 |   |   | 4,542 |   |
| Other                intangible asset, net of amortization                                                               |   |   |   |   |   |   |   |
| of                $158 and $53 in 2005 and 2004, respectively $158                and $53 in 2005 and 2004, respectively |   |   | 1,422 |   |   | 1,527 |   |
| Other                assets                                                                                              |   |   | 2,588 |   |   | 2,123 |   |
| Total                assets                                                                                              |   | $ | 1,201,509 |   | $ | 754,400 |   |
|                                                                                                                     |   |   |   |   |   |   |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                                                            |   |   |   |   |   |   |   |
| Current                liabilities:                                                                                      |   |   |   |   |   |   |   |
| Accounts                payable                                                                                          |   | $ | 359,577 |   | $ | 238,991 |   |
| Accrued                dividends                                                                                         |   |   | 58,726 |   |   | 1,652 |   |
| Accrued                turnaround cost                                                                                   |   |   | 12,696 |   |   | 15,373 |   |
| Accrued                interest                                                                                          |   |   | 2,485 |   |   | 2,487 |   |
| Accrued                El Dorado Refinery contingent earn-out payment                                                    |   |   | 7,500 |   |   | 7,500 |   |
| Accrued                liabilities and other                                                                             |   |   | 44,827 |   |   | 15,415 |   |
| Total                current liabilities                                                                                 |   |   | 485,811 |   |   | 281,418 |   |
|                                                                                                                     |   |   |   |   |   |   |   |
| Long-term                debt                                                                                            |   |   | 150,000 |   |   | 150,000 |   |
| Long-term                accrued turnaround cost                                                                         |   |   | 15,122 |   |   | 13,153 |   |
| Post-retirement                employee liabilities                                                                      |   |   | 24,497 |   |   | 23,139 |   |
| Other                long-term liabilities                                                                               |   |   | 8,079 |   |   | 2,511 |   |
| Deferred                compensation liability                                                                           |   |   | 2,214 |   |   | 1,516 |   |
| Deferred                income taxes                                                                                     |   |   | 70,727 |   |   | 42,550 |   |
|                                                                                                                     |   |   |   |   |   |   |   |
| Commitments                and contingencies                                                                             |   |   |   |   |   |   |   |
|                                                                                                                     |   |   |   |   |   |   |   |
| Shareholders’                equity:                                                                               |   |   |   |   |   |   |   |
| Preferred                stock, $100 par value, 500,000 shares authorized,                                               |   |   |   |   |   |   |   |
| No                shares issued                                                                                          |   |   | - |   |   | - |   |
| Common                stock, no par, 90,000,000 shares authorized, 66,814,698                and                         |   |   |   |   |   |   |   |
| 63,339,048                shares issued in 2005 and 2004, respectively                                                   |   |   | 57,780 |   |   | 57,607 |   |
| Paid-in                capital                                                                                           |   |   | 157,910 |   |   | 119,525 |   |
| Retained                earnings                                                                                         |   |   | 319,150 |   |   | 111,468 |   |
| Accumulated                other comprehensive income (loss)                                                             |   |   | 27 |   |   | (1,197 | ) |
| Treasury                stock, at cost, 10,465,414 and 9,276,934                                                         |   |   |   |   |   |   |   |
| shares                at December 31, 2005 and 2004, respectively                                                        |   |   | (86,870 | ) |   | (47,024 | ) |
| Deferred                employee compensation                                                                            |   |   | (2,938 | ) |   | (266 | ) |
| Total                shareholders’ equity                                                                          |   |   | 445,059 |   |   | 240,113 |   |
| Total                liabilities and shareholders’ equity                                                          |   | $ | 1,201,509 |   | $ | 754,400 |   |
|                                                                                                                     |   |   |   |   |   |   |   |
| The                accompanying notes are an integral part of these consolidated financial                statements.    |

----

| **FRONTIER                OIL CORPORATION AND                SUBSIDIAIRES**                                           |   |
|-----------------------------------------------------------------------------------------------------------------------|--------|
| **Consolidated                Statements of Cash Flows**                                                              |   |
|                                                                                                                  |   |   |   |   |   |   |   |
|                                                                                                                  |   | **Years                Ended December 31,** |   |
|                                                                                                                  |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                                  |   | *(in                thousands)*  |   |
| **Cash                flows from operating activities:**                                                              |   |   |   |   |   |   |   |
| Net                income                                                                                             |   | $ | 272,532 |   | $ | 69,764 |   | $ | 3,232 |   |
| Adjustments                to reconcile net income to net cash from                operating activities:              |   |   |   |   |   |   |   |   |   |   |
| Cumulative                effect of accounting change, net of income taxes                                            |   |   | 2,503 |   |   | - |   |   | - |   |
| Depreciation                and amortization                                                                          |   |   | 35,213 |   |   | 32,208 |   |   | 28,832 |   |
| Deferred                income taxes                                                                                  |   |   | 28,881 |   |   | 25,005 |   |   | 2,655 |   |
| Income                tax benefits of stock compensation                                                              |   |   | 7,792 |   |   | 5,168 |   |   | - |   |
| Deferred                financing cost and bond discount amortization                                                 |   |   | 785 |   |   | 5,484 |   |   | 10,642 |   |
| Deferred                compensation amortization                                                                     |   |   | 1,363 |   |   | 1,180 |   |   | 1,386 |   |
| Gains                on sales of assets                                                                               |   |   | (3,644 | ) |   | - |   |   | - |   |
| Gain                on involuntary conversion of assets                                                               |   |   | - |   |   | (4,411 | ) |   | - |   |
| Long-term                commutation account and prepaid insurance                                                    |   |   | 3,832 |   |   | 3,712 |   |   | (26,566 | ) |
| Amortization                of long-term prepaid insurance                                                            |   |   | 1,211 |   |   | 1,451 |   |   | 423 |   |
| Decrease                in allowance for doubtful receivables                                                         |   |   | - |   |   | - |   |   | (186 | ) |
| Other                                                                                                                 |   |   | 427 |   |   | (281 | ) |   | (501 | ) |
| Changes                in components of working capital from operations:                                              |   |   |   |   |   |   |   |   |   |   |
| Decrease                (increase) in derivative assets                                                               |   |   | 354 |   |   | (354 | ) |   | - |   |
| Decrease                (increase) in trade, note and other receivables                                               |   |   | (43,707 | ) |   | 2,231 |   |   | (4,577 | ) |
| Increase                in inventory                                                                                  |   |   | (90,687 | ) |   | (32,935 | ) |   | (18,839 | ) |
| (Increase)                decrease in other current assets                                                            |   |   | (5,945 | ) |   | (16 | ) |   | 536 |   |
| Increase                (decrease) in accounts payable                                                                |   |   | 117,275 |   |   | 58,138 |   |   | (4,282 | ) |
| Increase                in accrued liabilities and other                                                              |   |   | 32,152 |   |   | 11,555 |   |   | 1,240 |   |
| Net                cash provided by (used in) operating activities                                                    |   |   | 360,337 |   |   | 177,899 |   |   | (6,005 | ) |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                              |   |   |   |   |   |   |   |   |   |   |
| Additions                to property, plant and equipment                                                             |   |   | (109,710 | ) |   | (46,502 | ) |   | (33,677 | ) |
| Net                proceeds from insurance - involuntary conversion claim                                             |   |   | 2,142 |   |   | 3,395 |   |   | - |   |
| Proceeds                from sale of assets                                                                           |   |   | 5,500 |   |   | - |   |   | 304 |   |
| El                Dorado Refinery contingent earn-out payment                                                         |   |   | (7,500 | ) |   | - |   |   | - |   |
| Other                investments                                                                                      |   |   | - |   |   | - |   |   | (927 | ) |
| Net                cash used in investing activities                                                                  |   |   | (109,568 | ) |   | (43,107 | ) |   | (34,300 | ) |
|                                                                                                                  |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                              |   |   |   |   |   |   |   |   |   |   |
| Purchase                of treasury stock                                                                             |   |   | (34,819 | ) |   | (3,029 | ) |   | (1,075 | ) |
| Proceeds                from issuance of common stock                                                                 |   |   | 23,616 |   |   | 3,923 |   |   | 1,441 |   |
| Dividends                paid                                                                                         |   |   | (7,776 | ) |   | (5,664 | ) |   | (5,187 | ) |
| Debt                issue costs and other                                                                             |   |   | (114 | ) |   | (3,954 | ) |   | (7,136 | ) |
| (Repayments)                proceeds of revolving credit facility, net                                                |   |   | - |   |   | (45,750 | ) |   | 45,750 |   |
| Proceeds                from issuance of 6.625% Senior Notes                                                          |   |   | - |   |   | 150,000 |   |   | - |   |
| Repurchases                of debt:                                                                                   |   |   |   |   |   |   |   |   |   |   |
| 11.75%                Senior Notes                                                                                    |   |   | - |   |   | (170,449 | ) |   | - |   |
| 8%                Senior Notes                                                                                        |   |   | - |   |   | - |   |   | (220,000 | ) |
| 9.125%                Senior Notes                                                                                    |   |   | - |   |   | - |   |   | (39,475 | ) |
| Proceeds                from issuance of 8% Senior Notes, net of discount                                             |   |   | - |   |   | - |   |   | 218,143 |   |
| Net                cash used in financing activities                                                                  |   |   | (19,093 | ) |   | (74,923 | ) |   | (7,539 | ) |
| Increase                (decrease) in cash and cash equivalents                                                       |   |   | 231,676 |   |   | 59,869 |   |   | (47,844 | ) |
| Cash                and cash equivalents, beginning of period                                                         |   |   | 124,389 |   |   | 64,520 |   |   | 112,364 |   |
| Cash                and cash equivalents, end of period                                                               |   | $ | 356,065 |   | $ | 124,389 |   | $ | 64,520 |   |
|                                                                                                                  |
| The                accompanying notes are an integral part of these consolidated financial                statements. |

----

| **FRONTIER                  OIL CORPORATION AND                  SUBSIDIARIES**                                                               |
|-----------------------------------------------------------------------------------------------------------------------------------------------|
| **Consolidated                  Statements of Changes in Shareholders’ Equity and Statements of                  Comprehensive Income** |
| ***(in                  thousands, except share data)***                                                                                      |
|                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                          |   | **Common                  Stock** |   |   |   |   |   |   |   | **Treasury                  Stock** |   |   |   |   |   | **Total** |   |
|                                                                                                                                          |   | **Number                  of Shares Issued** |   | **Amount** |   | **Paid-in                  Capital** |   | **Comprehensive                  Income** |   | **Retained                  Earnings** |   | **Number                  of Shares** |   | **Amount** |   | **Deferred                  Compensation** |   | **Accumulated                  Other Comprehensive Income (Loss)** |   | **Number                  of Shares** |   | **Amount** |   |
| **December                  31, 2002**                                                                                                        |   |   | **30,290,324** |   | **$** | **57,469** |   | **$** | **102,557** |   |   |   |   | **$** | **49,621** |   | **$** | **(4,151,210** | **)** | **$** | **(37,959** | **)** | **$** | **(2,832** | **)** | **$** | **(598** | **)** | **$** | **26,139,114** |   | **$** | **168,258** |   |
| Shares                  issued under:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  option plans                                                                                                           |   |   | 353,225 |   |   | 35 |   |   | 2,286 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 353,225 |   |   | 2,321 |   |
| Shares                  received under:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  option plans                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (88,638 | ) |   | (1,527 | ) |   | - |   |   | - |   |   | (88,638 | ) |   | (1,527 | ) |
| Restricted                  stock plan                                                                                                        |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (24,825 | ) |   | (428 | ) |   | - |   |   | - |   |   | (24,825 | ) |   | (428 | ) |
| Comprehensive                  income:                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                                                   |   |   | - |   |   | - |   |   | - |   | $ | 3,232 |   |   | 3,232 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 3,232 |   |
| Other                  comprehensive income:                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum                  pension liability, net of tax of $201                                                                                |   |   |   |   |   |   |   |   |   |   |   | (326 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                  comprehensive income                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | (326 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   | (326 | ) |   |   |   |   | (326 | ) |
| Comprehensive                  income                                                                                                         |   |   |   |   |   |   |   |   |   |   | $ | 2,906 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax benefits of stock compensation                                                                                    |   |   | - |   |   | - |   |   | 1,600 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,600 |   |
| Deferred                  employee compensation:                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization/vested                  shares                                                                                                   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   | 1,386 |   |   | - |   |   | - |   |   | 1,386 |   |
| Dividends                  declared                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | (5,239 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (5,239 | ) |
| **December                  31, 2003**                                                                                                        |   |   | **30,643,549** |   | **$** | **57,504** |   | **$** | **106,443** |   |   |   |   | **$** | **47,614** |   | **$** | **(4,264,673** | **)** | **$** | **(39,914** | **)** | **$** | **(1,446** | **)** | **$** | **(924** | **)** | **$** | **26,378,876** |   | **$** | **169,277** |   |
| Shares                  issued under:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  option plans                                                                                                           |   |   | 1,025,975 |   |   | 103 |   |   | 7,914 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 1,025,975 |   |   | 8,017 |   |
| Directors                  stock plan                                                                                                         |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | 3,000 |   |   | 13 |   |   | - |   |   | - |   |   | 3,000 |   |   | 13 |   |
| Shares                  received under:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  option plans                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (328,351 | ) |   | (6,222 | ) |   | - |   |   | - |   |   | (328,351 | ) |   | (6,222 | ) |
| Restricted                  stock plan                                                                                                        |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (48,443 | ) |   | (901 | ) |   | - |   |   | - |   |   | (48,443 | ) |   | (901 | ) |
| Comprehensive                  income:                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                                                   |   |   | - |   |   | - |   |   | - |   | $ | 69,764 |   |   | 69,764 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 69,764 |   |
| Other                  comprehensive income:                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum                  pension liability, net of tax of $166                                                                                |   |   |   |   |   |   |   |   |   |   |   | (273 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                  comprehensive income                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | (273 | ) |   |   |   |   |   |   |   |   |   |   |   |   |   | (273 | ) |   | - |   |   | (273 | ) |
| Comprehensive                  income                                                                                                         |   |   |   |   |   |   |   |   |   |   | $ | 69,491 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax benefits of stock compensation                                                                                    |   |   | - |   |   | - |   |   | 5,168 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 5,168 |   |
| Deferred                  employee compensation:                                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization/vested                  shares                                                                                                   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   | 1,180 |   |   | - |   |   | - |   |   | 1,180 |   |
| Dividends                  declared                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | (5,910 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (5,910 | ) |
| **December                  31, 2004**                                                                                                        |   |   | **31,669,524** |   | **$** | **57,607** |   | **$** | **119,525** |   |   |   |   | **$** | **111,468** |   | **$** | **(4,638,467** | **)** | **$** | **(47,024** | **)** | **$** | **(266** | **)** | **$** | **(1,197** | **)** | **$** | **27,031,057** |   | **$** | **240,113** |   |
| Effect                  of 6/17/05 stock split on shares                                                                                      |   |   | 31,669,524 |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (4,638,467 | ) |   | - |   |   | - |   |   | - |   |   | 27,031,057 |   |   | - |   |
| Shares                  issued under:                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  option plans                                                                                                           |   |   | 3,475,650 |   |   | 173 |   |   | 27,009 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 3,475,650 |   |   | 27,182 |   |
| Restricted                  stock plan, net of forfeits                                                                                       |   |   | - |   |   | - |   |   | 2,360 |   |   |   |   |   | - |   |   | 169,798 |   |   | 450 |   |   | (2,810 | ) |   | - |   |   | 169,798 |   |   | - |   |
| Issue                  of restricted stock units to directors                                                                                 |   |   | - |   |   | - |   |   | 1,224 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | (1,224 | ) |   | - |   |   | - |   |   | - |   |
| Shares                  received under:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  repurchase plan                                                                                                        |   |   | - |   |   | - |   |   | - |   |   |   |   |   |   |   |   | (720,800 | ) |   | (24,596 | ) |   | - |   |   | - |   |   | (720,800 | ) |   | (24,596 | ) |
| Stock                  option plans                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (600,114 | ) |   | (15,085 | ) |   | - |   |   | - |   |   | (600,114 | ) |   | (15,085 | ) |
| Restricted                  stock plan                                                                                                        |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | (37,364 | ) |   | (615 | ) |   | - |   |   | - |   |   | (37,364 | ) |   | (615 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive                  income:                                                                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income                                                                                                                   |   |   | - |   |   | - |   |   | - |   | $ | 272,532 |   |   | 272,532 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 272,532 |   |
| Other                  comprehensive income:                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Minimum                  pension liability, net of tax of $755                                                                                |   |   |   |   |   |   |   |   |   |   |   | 1,224 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other                  comprehensive income                                                                                                   |   |   |   |   |   |   |   |   |   |   |   | 1,224 |   |   |   |   |   |   |   |   |   |   |   |   |   |   | 1,224 |   |   | - |   |   | 1,224 |   |
| Comprehensive                  income                                                                                                         |   |   |   |   |   |   |   |   |   |   | $ | 273,756 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Income                  tax benefits of stock compensation                                                                                    |   |   | - |   |   | - |   |   | 7,792 |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 7,792 |   |
| Deferred                  compensation:                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Amortization/vested                  shares                                                                                                   |   |   | - |   |   | - |   |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   | 1,362 |   |   | - |   |   | - |   |   | 1,362 |   |
| Dividends                  declared                                                                                                           |   |   | - |   |   | - |   |   | - |   |   |   |   |   | (64,850 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (64,850 | ) |
| **December                  31, 2005**                                                                                                        |   |   | **66,814,698** |   | **$** | **57,780** |   | **$** | **157,910** |   |   |   |   | **$** | **319,150** |   | **$** | **(10,465,414** | **)** | **$** | **(86,870** | **)** | **$** | **(2,938** | **)** | **$** | **27** |   | **$** | **56,349,284** |   | **$** | **445,059** |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| The                  accompanying notes are an integral part of these consolidated financial                  statements.                     |

----

**FRONTIER      OIL CORPORATION AND      SUBSIDIARIES**

**Notes      To Consolidated Financial Statements**

**For      The Years Ended December 31, 2005, 2004 and 2003**

**1.  **
**Nature        of Operations**

**2.  **
**Significant        Accounting Policies**

**Revenue**
**      Recognition**

**Property,      Plant and Equipment**

|   |  Refinery buildings and equipment                  |  5              to 50 years |
|--------|--------------------------------------------------------------|----------------------------------|
|   |  Pipelines and pipeline              improvements  |  5 to 20 years              |
|   |  Furniture, fixtures and other                          |  3 to 10              years |

**Turnarounds**

**Inventories**

| **Components                of Inventory**                |   |
|-----------------------------------------------------------|--------|
|                                                      |   | **December                31,** |   |
|                                                      |   | **2005** |   | **2004** |   |
|                                                      |   | *(in                thousands)* |   |
| Crude                oil                                  |   | $ | 97,766 |   | $ | 52,643 |   |
| Unfinished                products                        |   |   | 53,200 |   |   | 45,957 |   |
| Finished                products                          |   |   | 75,790 |   |   | 40,835 |   |
| Process                chemicals                          |   |   | 5,441 |   |   | 3,210 |   |
| Repairs                and maintenance supplies and other |   |   | 15,424 |   |   | 14,289 |   |
|                                                      |   | $ | 247,621 |   | $ | 156,934 |   |

**Prepaid      Insurance**

**Income      Taxes**

**Environmental      Expenditures**

**Price      Risk Management Activities**

**Stock-based      Compensation**

|                                                      |   | **2005**                                                  |    | **2004** |   | **2003** |   |
|-----------------------------------------------------------|--------|-----------------------------------------------------------|---------|----------|--------|----------|--------|
|                                                      |   | *(in                thousands, except per share amounts)* |    |
| Net                income as reported                     |   | $                                                         | 272,532 |     | $      | 69,764   |   | $ | 3,232 |   |
| Pro                forma compensation expense, net of tax |   |                                                      | (1,255  | )        |   | (2,029   | )      |   | (3,070 | ) |
| Pro                forma net income                       |   | $                                                         | 271,277 |     | $      | 67,735   |   | $ | 162 |   |
| **Basic                EPS:**                             |   |                                                      |    |     |   |     |   |   |   |   |
| As                reported                                |   | $                                                         | 4.92    |     | $      | 1.31     |   | $ | 0.06 |   |
| Pro                Forma                                  |   |                                                      | 4.90    |     |   | 1.27     |   |   | - |   |
| **Diluted                EPS:**                           |   |                                                      |    |     |   |     |   |   |   |   |
| As                reported                                |   | $                                                         | 4.80    |     | $      | 1.27     |   | $ | 0.06 |   |
| Pro                Forma                                  |   |                                                      | 4.77    |     |   | 1.24     |   |   | - |   |

**Asset      Retirement Obligations**

|                                                                                             |   | **2005**                                                  |    | **2004** |   | **2003** |   |
|--------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------|---------|----------|--------|----------|--------|
|                                                                                             |   | *(in                thousands, except per share amounts)* |    |
| Net                income as reported                                                            |   | $                                                         | 272,532 |     | $      | 69,764   |   | $ | 3,232 |   |
| Pro                forma asset retirement obligation income                (expense), net of tax |   |                                                      | 2,099   |     |   | (388     | )      |   | (374 | ) |
| Pro                forma net income                                                              |   | $                                                         | 274,631 |     | $      | 69,376   |   | $ | 2,858 |   |
| **Basic                EPS:**                                                                    |   |                                                      |    |     |   |     |   |   |   |   |
| As                reported                                                                       |   | $                                                         | 4.92    |     | $      | 1.31     |   | $ | 0.06 |   |
| Pro                Forma                                                                         |   |                                                      | 4.96    |     |   | 1.30     |   |   | 0.06 |   |
| **Diluted                EPS:**                                                                  |   |                                                      |    |     |   |     |   |   |   |   |
| As                reported                                                                       |   | $                                                         | 4.80    |     | $      | 1.27     |   | $ | 0.06 |   |
| Pro                Forma                                                                         |   |                                                      | 4.83    |     |   | 1.27     |   |   | 0.05 |   |
|                                                                                             |   |                                                      |    |     |   |     |   |   |   |   |
| Pro                forma asset retirement obligation, December 31,                               |   | $                                                         | 5,469   |     | $      | 5,106    |   | $ | 4,767 |   |

**Principles      of Consolidation **

**Use      of Estimates**

**Cash      Equivalents**

**Related        Party Transactions**

**Supplemental      Cash Flow Information**

**New      Accounting Pronouncements**

**3.  **
**Long-term        Debt**

**Schedule      of Long-term Debt**

|                                              |   | **December                31,** |    |
|---------------------------------------------------|--------|---------------------------------|---------|
|                                              |   | **2005**                        |    | **2004** |   |
|                                              |   | *(in                thousands)* |    |
| 6.625%                Senior Notes, maturing 2011 |   | $                               | 150,000 |   | $ | 150,000 |   |

**4.  **
**Revolving        Credit Facility**

**5.  **
**Income        Taxes**

|                                    |   | **Years                ended December 31,** |    |
|-----------------------------------------|--------|---------------------------------------------|---------|
|                                    |   | **2005**                                    |    | **2004** |   | **2003** |   |
|                                    |   | *(in                thousands)*             |    |
| Current:                                |   |                                        |    |   |   |   |   |
| Federal                                 |   | $                                           | 121,455 |   | $ | 13,959 |   | $ | 276 |   |
| State                                   |   |                                        | 17,880  |   |   | 3,375 |   |   | 25 |   |
| Total                current provision  |   |                                        | 139,335 |   |   | 17,334 |   |   | 301 |   |
| Deferred:                               |   |                                        |    |   |   |   |   |   |   |   |
| Federal                                 |   |                                        | 26,652  |   |   | 23,365 |   |   | 2,244 |   |
| State                                   |   |                                        | 2,229   |   |   | 1,640 |   |   | 411 |   |
| Total                deferred provision |   |                                        | 28,881  |   |   | 25,005 |   |   | 2,655 |   |
| Total                provision          |   | $                                           | 168,216 |   | $ | 42,339 |   | $ | 2,956 |   |
|                                    |   |                                        |    |   |   |   |   |   |   |   |

|                                                                                                   |   | Years                ended December 31, |    |
|--------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|---------|
|                                                                                                   |   | **2005**                                |    | **2004** |   | **2003** |   |
|                                                                                                   |   | *(in                thousands)*         |    |
| Provision                based on statutory rates                                                      |   | $                                       | 155,138 |   | $ | 39,236 |   | $ | 2,166 |   |
| Increase                (decrease) resulting from:                                                     |   |                                    |    |   |   |   |   |   |   |   |
| State                and other income taxes                                                            |   |                                    | 20,109  |   |   | 5,015 |   |   | 436 |   |
| Federal                tax effect of state income taxes                                                |   |                                    | (7,038  | ) |   | (1,755 | ) |   | (153 | ) |
| Benefit                of the Section 199 manufacturers production                activities deduction |   |                                    | (3,229  | ) |   | - |   |   | - |   |
| Release                of valuation allowance                                                          |   |                                    | -       |   |   | (955 | ) |   | - |   |
| Other,                including permanent book-tax differences                                         |   |                                    | 3,236   |   |   | 798 |   |   | 507 |   |
| Provision                as reported                                                                   |   | $                                       | 168,216 |   | $ | 42,339 |   | $ | 2,956 |   |

|  **Components                of Deferred Taxes**       |   |
|-------------------------------------------------------------|--------|
|                                                        |   | **December                31, 2005** |   |  **December                31, 2004** |   |
|                                                        |   | **State** |   | **Federal** |   | **Total** |   |  **State** |   | **Federal** |   | **Total** |   |
|                                                        |   | *(in                thousands)* |   |
| Current                deferred tax assets:                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                current assets:                        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Turnaround                accruals                          |   | $ | 571 |   | $ | 4,443 |   | $ | 5,014 |   | $ | 757 |   | $ | 5,380 |   | $ | 6,137 |   |
| Accrued                bonuses                              |   |   | 356 |   |   | 2,772 |   |   | 3,128 |   |   | - |   |   | - |   |   | - |   |
| Pension                retirement benefits                  |   |   | 53 |   |   | 411 |   |   | 464 |   |   | 58 |   |   | 411 |   |   | 469 |   |
| Restricted                stock amortization                |   |   | 24 |   |   | 183 |   |   | 207 |   |   | 39 |   |   | 279 |   |   | 318 |   |
| Bad                debt reserve                             |   |   | 22 |   |   | 175 |   |   | 197 |   |   | 25 |   |   | 175 |   |   | 200 |   |
| Other                liabilities                            |   |   | 92 |   |   | 857 |   |   | 949 |   |   | 10 |   |   | 68 |   |   | 78 |   |
| Unrealized                loss on derivative contracts      |   |   | 25 |   |   | 195 |   |   | 220 |   |   | - |   |   | - |   |   | - |   |
| Capitalized                selling and general expenses     |   |   | 20 |   |   | 155 |   |   | 175 |   |   | 19 |   |   | 133 |   |   | 152 |   |
| Total                gross deferred tax assets              |   |   | 1,163 |   |   | 9,191 |   |   | 10,354 |   |   | 908 |   |   | 6,446 |   |   | 7,354 |   |
| Gross                current liabilities:                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Prepaid                expenses                             |   |   | (342 | ) |   | (2,663 | ) |   | (3,005 | ) |   | - |   |   | - |   |   | - |   |
| State                income tax receivable                  |   |   | - |   |   | (243 | ) |   | (243 | ) |   | - |   |   | - |   |   | - |   |
| State                deferred taxes                         |   |   | - |   |   | (287 | ) |   | (287 | ) |   | - |   |   | (305 | ) |   | (305 | ) |
| Unrealized                gain on derivative contracts      |   |   | - |   |   | - |   |   | - |   |   | (37 | ) |   | (264 | ) |   | (301 | ) |
| Total                current net deferred tax assets        |   | $ | 821 |   | $ | 5,998 |   | $ | 6,819 |   | $ | 871 |   | $ | 5,877 |   | $ | 6,748 |   |
|                                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                deferred tax liabilities:          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Gross                long-term assets:                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Turnaround                accruals                          |   | $ | 680 |   | $ | 5,293 |   | $ | 5,973 |   | $ | 648 |   | $ | 4,604 |   | $ | 5,252 |   |
| Pension                retirement benefits                  |   |   | 10 |   |   | 77 |   |   | 87 |   |   | 183 |   |   | 1,303 |   |   | 1,486 |   |
| Other                post-retirement benefits               |   |   | 1,080 |   |   | 8,402 |   |   | 9,482 |   |   | 957 |   |   | 6,796 |   |   | 7,753 |   |
| Environmental                liability accrual              |   |   | 67 |   |   | 525 |   |   | 592 |   |   | 74 |   |   | 525 |   |   | 599 |   |
| Deferred                compensation                        |   |   | 100 |   |   | 775 |   |   | 875 |   |   | 55 |   |   | 390 |   |   | 445 |   |
| Asset                retirement obligations                 |   |   | 231 |   |   | 1,800 |   |   | 2,031 |   |   | - |   |   | - |   |   | - |   |
| Other                                                       |   |   | 44 |   |   | 345 |   |   | 389 |   |   | - |   |   | - |   |   | - |   |
| State                deferred taxes                         |   |   | - |   |   | 2,899 |   |   | 2,899 |   |   | - |   |   | 2,166 |   |   | 2,166 |   |
| Federal                alternative minimum tax credits      |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 6,316 |   |   | 6,316 |   |
| Total                gross long-term assets                 |   |   | 2,212 |   |   | 20,116 |   |   | 22,328 |   |   | 1,917 |   |   | 22,100 |   |   | 24,017 |   |
| Gross                long-term liabilities:                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                |   |   | (10,495 | ) |   | (82,560 | ) |   | (93,055 | ) |   | (8,106 | ) |   | (58,461 | ) |   | (66,567 | ) |
| Total                long-term net deferred tax liabilities |   | $ | (8,283 | ) | $ | (62,444 | ) | $ | (70,727 | ) | $ | (6,189 | ) | $ | (36,361 | ) | $ | (42,550 | ) |

**6.  **
**Common        Stock**

**Stock      Split **

**Dividends**

**Treasury      stock**

**Earnings      per Share**

|                                      |   | **2005**                                                   |    | **2004**                                   |   | **2003**                              |   |
|-------------------------------------------|--------|------------------------------------------------------------|---------|--------------------------------------------|--------|---------------------------------------|--------|
|                                      |   | **Income                  (Num-erator)**                   |    | **Shares                  (Denomi-nator)** |   | **Per                  Share Amount** |   | **Income                  (Num-erator)** |   | **Shares                  (Denomi-nator)** |   | **Per                  Share Amount** |   | **Income                  (Num-erator)** |   | **Shares                  (Denomi-nator)** |   | **Per                  Share Amount** |   |
|                                      |   | (*in                  thousands except per share amounts)* |    |
| Basic                  EPS:               |   |                                                       |    |                                       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income               |   | $                                                          | 272,532 |                                       |   | 55,362                                |   | $ | 4.92 |   | $ | 69,764 |   |   | 53,346 |   | $ | 1.31 |   | $ | 3,232 |   |   | 51,878 |   | $ | 0.06 |   |
| **Dilutive                  securities:** |   |                                                       |    |                                       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Stock                  options and        |   |                                                       |    |                                       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| restricted                  stock         |   |                                                       | -       |                                       |   | 1,456                                 |   |   | - |   |   | - |   |   | 1,456 |   |   | - |   |   | - |   |   | 2,104 |   |   | - |   |
| **Diluted                  EPS:**         |   |                                                       |    |                                       |   |                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net                  income               |   | $                                                          | 272,532 |                                       |   | 56,818                                |   | $ | 4.80 |   | $ | 69,764 |   |   | 54,802 |   | $ | 1.27 |   | $ | 3,232 |   |   | 53,982 |   | $ | 0.06 |   |

**Stock      Plan**

|                                                                                                       |   | **2005**                            |       | **2004**                                           |   | **2003**                            |   |
|------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|------------|----------------------------------------------------|--------|-------------------------------------|--------|
|                                                                                                       |   | **Number                of Awards** |       | **Weighted-Average                Exercise Price** |   | **Number                of Awards** |   | **Weighted-Average                Exercise Price** |   | **Number                of Awards** |   | **Weighted-Average                Exercise Price** |   |
| Outstanding                at beginning                of year                                             |   |                                | 4,176,900  |                                               | $      | 7.99                                |   |   | 6,143,050 |   | $ | 6.61 |   |   | 5,162,500 |   | $ | 5.59 |   |
| Granted                                                                                                    |   |                                | 56,000     |                                               |   | n/a                                 |   |   | 90,000 |   |   | 9.33 |   |   | 1,688,000 |   |   | 8.33 |   |
| Exercised                or issued                                                                         |   |                                | (3,475,650 | )                                                  |   | 7.84                                |   |   | (2,051,950 | ) |   | 3.91 |   |   | (706,450 | ) |   | 3.29 |   |
| Expired                                                                                                    |   |                                | (18,400    | )                                                  |   | 9.00                                |   |   | (4,200 | ) |   | 10.93 |   |   | (1,000 | ) |   | 4.30 |   |
| Outstanding                at end of                year                                                   |   |                                | 738,850    |                                               |   | 8.70                                |   |   | 4,176,900 |   |   | 7.99 |   |   | 6,143,050 |   |   | 6.61 |   |
| Exercisable                at end of                year                                                   |   |                                | 320,350    |                                               |   | 9.02                                |   |   | 2,920,100 |   |   | 7.51 |   |   | 3,891,602 |   |   | 5.44 |   |
| Available                for grant at end                of year                                      |   |                                | 159,900    |                                               |   |                                |   |   | 197,500 |   |   |   |   |   | 283,300 |   |   |   |   |
| Weighted-average                fair value                of options grantedduring                the year |   |                                |       |                                               |   | -                                   |   |   |   |   |   | 3.84 |   |   |   |   |   | 3.51 |   |

| **Stock-based                  Awards Outstanding** |   |
|-----------------------------------------------------|--------|
| **Number                  Outstanding at 12/31/05** |   | **Weighted-Average                  Remaining Contractual Life (Years)** |   | **Exercise                  Price** |   | **Exercisable                  at 12/31/05** |   |
|                    11,500                      |   |   | 0.16 |   | $ |                    4.30 |   |   |                    11,500 |   |
| 528,750                                             |   |   | 2.14 |   |   |                    8.33 |   |   | 195,750 |   |
|                    52,500                      |   |   | 3.15 |   |   |                    9.33 |   |   |                    15,000 |   |
|                    98,100                      |   |   | 1.29 |   |   | 10.93 |   |   |                    98,100 |   |
|                    48,000                      |   |   | 2.10 |   |   |                    n/a |   |   |                       n/a |   |

**Restricted      Stock Plan**

**7.  **
**Employee        Benefit Plans**

**Contribution      Plans**

**Deferred      Compensation Plan**

**Defined      Benefit Plans**

|                                                         |   | **Pension                Benefits** |   | **Post-retirement                Healthcare and Other Benefits (1)** |    |
|--------------------------------------------------------------|--------|-------------------------------------|--------|----------------------------------------------------------------------|---------|
|                                                         |   | **2005**                            |   | **2004**                                                             |    | **2005** |   | **2004** |   |
|                                                         |   | *(in                thousands)*     |   |
| **Change                in benefit obligation:**             |   |                                |   |                                                                 |    |   |   |   |   |
| Benefit                obligation at January 1               |   | $                                   | 11,810 |                                                                 | $       | 10,695 |   | $ | 29,039 |   | $ | 23,250 |   |
| Service                cost                                  |   |                                | -      |                                                                 |    | - |   |   | 1,130 |   |   | 863 |   |
| Interest                cost                                 |   |                                | 526    |                                                                 |    | 632 |   |   | 2,093 |   |   | 1,460 |   |
| Plan                participant contributions                |   |                                | -      |                                                                 |    | - |   |   | 25 |   |   | - |   |
| Actuarial                (gain)/losses                       |   |                                | (2,210 | )                                                                    |    | 485 |   |   | 9,077 |   |   | 3,613 |   |
| Benefits                paid                                 |   |                                | (184   | )                                                                    |    | (2 | ) |   | (183 | ) |   | (147 | ) |
| Benefit                obligation at December 31             |   | $                                   | 9,942  |                                                                 | $       | 11,810 |   | $ | 41,181 |   | $ | 29,039 |   |
|                                                         |   |                                |   |                                                                 |    |   |   |   |   |   |   |   |   |
| **Change                in plan assets:**                    |   |                                |   |                                                                 |    |   |   |   |   |   |   |   |   |
| Fair                value of plan assets at January 1        |   | $                                   | 6,915  |                                                                 | $       | 5,298 |   | $ | - |   | $ | - |   |
| Actual                return on plan assets                  |   |                                | 374    |                                                                 |    | 504 |   |   | - |   |   | - |   |
| Employer                contribution                         |   |                                | 1,174  |                                                                 |    | 1,115 |   |   | 158 |   |   | 147 |   |
| Plan                participant contributions                |   |                                | -      |                                                                 |    | - |   |   | 25 |   |   | - |   |
| Benefits                paid                                 |   |                                | (184   | )                                                                    |    | (2 | ) |   | (183 | ) |   | (147 | ) |
| Fair                value of plan assets at December 31      |   | $                                   | 8,279  |                                                                 | $       | 6,915 |   | $ | - |   | $ | - |   |
|                                                         |   |                                |   |                                                                 |    |   |   |   |   |   |   |   |   |
| Funded                status                                 |   | $                              | (1,663 | )                                                                    | $  | (4,895 | ) | $  | (41,181 | ) | $  | (29,039 | ) |
| Unrecognized                net actuarial (gain) loss        |   |                                | (43    | )                                                                    |    | 1,936 |   |   | 17,174 |   |   | 9,622 |   |
| Net                amount recognized                         |   | $                                   | ($,706 | )                                                                    | $  | (2,959 | ) | $  | (24,007 | ) | $  | (19,417 | ) |
|                                                         |   |                                |   |                                                                 |    |   |   |   |   |   |   |   |   |
| Amounts                recognized in the balance sheets:     |   |                                |   |                                                                 |    |   |   |   |   |   |   |   |   |
| Accrued                benefit liability (2)                 |   | $                              | (1,663 | )                                                                    | $  | (4,895 | ) | $  | (24,007 | ) | $  | (19,417 | ) |
| Accumulated                other comprehensive (income) loss |   |                                | (43    | )                                                                    |    | 1,936 |   |   | - |   |   | - |   |
| Net                amount recognized                         |   | $                              | (1,706 | )                                                                    | $  | (2,959 | ) | $  | (24,007 | ) | $  | (19,417 | ) |

|                                                                                                             |   | **Pension                  Benefits** |   | **Post-retirement                  Health care and Other Benefits** |   |
|------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|--------|---------------------------------------------------------------------|--------|
|                                                                                                             |   | **2005**                              |   | **2004**                                                            |   | **2003** |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                                                             |   | *(in                  thousands)*     |   |
| **Components                  of net periodic benefit****cost                  for the year ended December 31:** |   |                                  |   |                                                                |   |   |   |   |   |   |   |   |   |
| Service                  cost                                                                                    |   | $                                     | -      |                                                                | $      | - |   | $ | - |   | $ | 1,130 |   | $ | 863 |   | $ | 803 |   |
| Interest                  cost                                                                                   |   |                                  | 526    |                                                                |   | 632 |   |   | 611 |   |   | 2,093 |   |   | 1,460 |   |   | 1,262 |   |
| Expected                  return on plan assets                                                                  |   |                                  | -606   |                                                                |   | -479 |   |   | -373 |   |   | - |   |   | - |   |   | - |   |
| Amortization                  of prior service cost                                                              |   |                                  | -      |                                                                |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Recognized                  net actuarial loss                                                                   |   |                                  | -      |                                                                |   | 22 |   |   | - |   |   | 1,525 |   |   | 490 |   |   | 337 |   |
| Net                  periodic benefit cost                                                                       |   |                                  | ($80   | )                                                                   | $      | 175 |   | $ | 238 |   | $ | 4,748 |   | $ | 2,813 |   | $ | 2,402 |   |
|                                                                                                             |   |                                  |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                             |   |                                  |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Weighted                  average assumptions:**                                                               |   |                                  |   |                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Benefit                  obligation discount rateas                  of December 31                              |   |                                  | 5.50   | %                                                                   |   | 5.50 | % |   | 6.00 | % |   | 5.50 | % |   | 5.50 | % |   | 6.00 | % |
| Net                  periodic benefit cost discount ratefor                  the year ended December 31          |   |                                  | 5.50   | %                                                                   |   | 6.00 | % |   | 6.25 | % |   | 5.50 | % |   | 6.00 | % |   | 6.25 | % |
| Expected                  return on plan assets (3)                                                              |   |                                  | 8.00   | %                                                                   |   | 8.00 | % |   | 8.00 | % |   | - |   |   | - |   |   | - |   |

| (1) | The                disclosed post-retirement healthcare obligations and net periodic                costs                for 2005 reflect government subsidies for prescription drugs as allowed                under the Medicare Prescription Drug, Improvement and Modernization                Act.                The subsidy reduced the benefit obligation at December 31, 2005,                by                approximately $4.8 million and net periodic cost for the year ended                December 31, 2005, by $368,000. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | The                portion of the liability of the pension benefit plan which is expected                to                be funded during the next year is included in “Accrued liabilities and                other” in the current liability section on the Consolidated Balance                Sheets. The current portion as of December 31, 2005 and 2004, was                $1.2                million for both years. The remainder of the liabilities are reflected                in                “Post-retirement employee liabilities” in the long-term liability section                of the Consolidated Balance Sheets.  |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | The                cash balance pension plan assumes an 8% expected long-term rate of                return                on assets based on a blend of historic returns of equity and debt                securities. Actual returns on the Company’s plan assets have averaged                nearly 8% during the two years ended December 31,                2005. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                      |   | **Post-retirement                  Healthcare** |   |
|---------------------------------------------------------------------------|--------|-------------------------------------------------|--------|
|                                                                      |   | **and                  Other Benefits**         |   |
|                                                                      |   | **2005**                                        |   | **2004** |   | **2003** |   |
|                                                                      |   | *(dollars                  in thousands)*       |   |
|                                                                      |   |                                            |   |   |   |   |   |
| **Healthcare                  cost-trend rate:**                          |   | 11.00%                                          |   | 13.00% |   | 13.00% |   |
|                                                                      |   | ratable                  to                     |   | ratable                  to |   | ratable                  to |   |
|                                                                      |   | 5.00%                                           |   | 5.00% |   | 5.00% |   |
|                                                                      |   | from                                            |   | from |   | from |   |
|                                                                      |   | 2008                                            |   | 2008 |   | 2007 |   |
| **Sensitivity                  Analysis:**                                |   |                                            |   |   |   |   |   |
| Effect                  of 1% (-1%) change in healthcare cost-trend rate: |   |                                            |   |   |   |   |   |
| Year-end                  benefit obligation                              |   | $                                               | 8,641  |   | $ | 6,094 |   | $ | 5,036 |   |
|                                                                      |   |                                            | (6,784 | ) |   | (4,767 | ) |   | (3,926 | ) |
| Total                  of service and interest cost                       |   |                                            | 720    |   |   | 502 |   |   | 467 |   |
|                                                                      |   |                                            | (560   | ) |   | (392 | ) |   | (363 | ) |

| **Estimated                future benefit payments****for                year ending December 31,*****(in                thousands)*** |   |   **Pension                Benefits** |   |  **Post-retirement                Healthcare****and                Other Benefits** |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------|--------|------------------------------------------------------------------------------------------|--------|
|                                                                                                                                   |   | Payment                                         |   | Payment                                                                                  |   | Subsidy                Receipts |   |
| 2006                                                                                                                                   |   | $                                               | 119    |                                                                                     | $      | 416 |   | $ | 9 |   |
| 2007                                                                                                                                   |   |                                            | 204    |                                                                                     |   | 650 |   |   | 14 |   |
| 2008                                                                                                                                   |   |                                            | 165    |                                                                                     |   | 923 |   |   | 19 |   |
| 2009                                                                                                                                   |   |                                            | 228    |                                                                                     |   | 1,201 |   |   | 28 |   |
| 2010                                                                                                                                   |   |                                            | 361    |                                                                                     |   | 1,493 |   |   | 38 |   |
| Next                5 fiscal years thereafter                                                                                          |   |                                            | 4,875  |                                                                                     |   | 12,447 |   |   | 454 |   |

**Plan      Assets**

|                                           | **Percentage                of Plan Assets****at                December 31,** |
|------------------------------------------------|--------------------------------------------------------------------------------|
|                                           | **2005**                                                                       | **2004** |
| Asset                Category:                 |                                                                           |   |
| Cash                equivalents                |                  10%                                                      |                  16% |
| Equity                common trust funds       |                  52%                                                      |                  52% |
| Fixed                income common trust funds |                  26%                                                      |                  26% |
| Stock                fund common trust funds   |                    8%                                                |                    6% |
| Common                stock                    |                    4%                                                |                  - |
| Total                                          | 100%                                                                           | 100% |

| ·   | except                for limitations on investing Fund assets in Company securities or                real                property, the trustee may invest and reinvest in any property, real,                personal or mixed, wherever situated, including, without limitation,                common and preferred stocks, bonds, notes, debentures, mutual funds,                leaseholds, mortgages, certificates of deposit, and oil, mineral                or gas                properties, royalties, interests or                rights; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | to                make commingled, collective or common investments and to invest or                reinvest all or any portion of the pension plan assets with funds                of other                pension and profit sharing trusts exempt from tax under section 501(a)                of                the Internal Revenue Code; and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | to                deposit or invest all or a part of the Fund in savings accounts,                certificates of deposit or other deposits which bear a reasonable                rate of                interest in a bank or similar financial institution, including the                commercial department of the                trustee. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**8.  **
**Commitments        and Contingencies**

**Lease      and Other Commitments**

**Litigation**

**Beverly      Hills Lawsuits. **

**MTBE      Concentration Lawsuits.**

**Holly      Lawsuit. **

**Other**
**.**

**Concentration      of Credit Risk**

**Environmental**

| ·                  | New                Source Review (“NSR”) - a program requiring permitting of certain facility                modifications, |
|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | New                Source Performance Standards - a program establishing emission standards                for new emission sources as defined in the regulations, |
|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | Benzene                Waste National Elimination System for Hazardous Air Pollutants (“NESHAPS”)                - a program limiting the amount of benzene allowable in industrial                wastewaters, and |
|-----------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | Leak                Detection and Repair (“LDAR”) - a program designed to control hydrocarbon                emissions from refinery pipes, pumps and valves. |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Cheyenne      Refinery.**

**El      Dorado Refinery.**

**Collective      Bargaining Agreements **

**9.  **
**Fair        Value of Financial Instruments**

**10.  **
**Price        Risk Management Activities**

**Trading      Activities**

| ·                  | **Crude                Purchases.**                As                of December 31, 2005, the Company had open derivative contracts on                372,000                barrels of crude oil to hedge in-transit Canadian crude oil costs                for the                El Dorado Refinery. At December 31, 2005, these positions had a $661,000                unrealized loss. During the year ended December 31, 2005, the Company                recorded $200,000 in realized gains on positions to hedge in-transit                Canadian crude oil for the El Dorado Refinery. |
|----------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | **Derivative                contracts on barrels of crude oil to hedge excess intermediate, finished                product and crude oil inventory for both the Cheyenne and El Dorado                Refineries.** As                of December 31, 2005, the Company had no open derivative contracts                to                hedge intermediate or finished product inventory. During the year                ended                December 31, 2005, the Company recorded $1.4 million in gains on                these                types of positions. During the years ended December 31, 2004 and                2003, the                Company recorded $8.1 million and $130,000, respectively, in realized                losses on these types of positions. |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | **Derivative                contracts to fix the heavy crude differential to the New York Mercantile                Exchange light crude oil contract price for a portion of the committed                purchases under the Company’s crude oil supply agreement with                Baytex.**                During the year ended December 31, 2005, the Company did not purchase                any                derivative contracts for this purpose. During                the year ended December 31, 2004, the Company recorded losses of                approximately $2.5 million on contracts purchased for this purpose.                During                the year ended December 31, 2003, the Company recorded realized and                unrealized losses totaling $417,000 on contracts for this                purpose. |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Hedging      Activities **

| ·                  | **Crude                Purchases.**                As                of December 31, 2005, the Company had open derivative contracts on                186,000                barrels of crude oil to hedge in-transit Canadian crude oil costs                for the                Cheyenne Refinery, which are being accounted for as a fair value                hedge. At                December 31, 2005, these positions had a $193,000 unrealized loss,                of                which $296,000 increased the related crude oil in-transit inventory                to                fair market value, and $103,000 increased income, which was reflected                in                “Other revenues” in the Consolidated Statements of Income for the                ineffective portion of this hedge. |
|----------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | **Crude                Purchases.**                During the year ended December 31, 2003, the Company had derivative                contracts on barrels of crude oil to hedge Canadian crude costs for                the                Cheyenne Refinery which were accounted as fair value hedges. A $13,000                loss was realized on these positions, of which $31,000 increased                crude                costs and $18,000 increased income, which was reflected in “Other                revenues” in the Consolidated Statements of Income for the ineffective                portion of this hedge. The Company also utilized derivative contracts                on                barrels of crude oil to hedge two foreign crude cargos purchased                for the                El Dorado Refinery during the year ended December 31, 2003. A $13,000                gain                was realized on these positions, of which $11,000 reduced crude costs                and                $2,000 was reflected in “Other revenues” for the ineffective portion of                these hedges. |
|----------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·                  | **Natural                Gas Collars.**                The Company entered into price swaps on natural gas for the purpose                of                hedging against natural gas price increases for the El Dorado Refinery                in                2003, which resulted in a realized $1.7 million gain and which reduced                “Refinery operating expenses, excluding depreciation” for the year ended                December 31, 2003. |
|----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**11.  **
**Cheyenne        Refinery Fire**

**12.       **
**Consolidating      Financial Statements**

|  **CONSOLIDATING                FINANCIAL STATEMENTS**                                      |   |
|--------------------------------------------------------------------------------------------------|--------|
|  **FRONTIER                OIL CORPORATION**                                                |   |
| **Condensed                Consolidating Statement of Income**                                   |   |
| **For                the Year Ended December 31, 2005**                                          |   |
| *(in                thousands)*                                                             |   |
|                                                                                             |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Revenues:**                                                                                    |   |   |   |   |   |   |   |   |   |   |   |
| Refined                products                                                                  |   | $ | - |   | $ | 3,999,935 |   | $ | - |   | $ | - |   | $ | 3,999,935 |   |
| Other                                                                                            |   |   | (6 | ) |   | 1,143 |   |   | 90 |   |   | - |   |   | 1,227 |   |
|                                                                                             |   |   | (6 | ) |   | 4,001,078 |   |   | 90 |   |   | - |   |   | 4,001,162 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw                material, freight and other costs                                             |   |   | - |   |   | 3,247,372 |   |   | - |   |   | - |   |   | 3,247,372 |   |
| Refinery                operating expenses,excluding                depreciation                 |   |   | - |   |   | 245,449 |   |   | - |   |   | - |   |   | 245,449 |   |
| Selling                and general expenses,excluding                depreciation                |   |   | 14,681 |   |   | 16,034 |   |   | - |   |   | - |   |   | 30,715 |   |
| Merger                termination and legal costs                                                |   |   | 48 |   |   | - |   |   | - |   |   | - |   |   | 48 |   |
| Depreciation                and amortization                                                     |   |   | 69 |   |   | 35,700 |   |   | - |   |   | (556 | ) |   | 35,213 |   |
| Gains                on sales of assets                                                          |   |   | (3 | ) |   | (3,641 | ) |   | - |   |   | - |   |   | (3,644 | ) |
|                                                                                             |   |   | 14,795 |   |   | 3,540,914 |   |   | - |   |   | (556 | ) |   | 3,555,153 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Operating                income**                                                              |   |   | (14,801 | ) |   | 460,164 |   |   | 90 |   |   | 556 |   |   | 446,009 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense and other financing                costs                         |   |   | 10,593 |   |   | 2,009 |   |   | - |   |   | (2,261 | ) |   | 10,341 |   |
| Interest                and investment income                                                    |   |   | (5,905 | ) |   | (1,678 | ) |   | - |   |   | - |   |   | (7,583 | ) |
| Equity                in earnings of subsidiaries                                                |   |   | (458,023 | ) |   | - |   |   | - |   |   | 458,023 |   |   | - |   |
|                                                                                             |   |   | (453,335 | ) |   | 331 |   |   | - |   |   | 455,762 |   |   | 2,758 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Income                before income taxes**                                                    |   |   | 438,534 |   |   | 459,833 |   |   | 90 |   |   | (455,206 | ) |   | 443,251 |   |
| Provision                for income taxes                                                        |   |   | 167,532 |   |   | 170,543 |   |   | - |   |   | (169,859 | ) |   | 168,216 |   |
| **Income                before cumulative effect of****accounting                change**        |   |   | 271,002 |   |   | 289,290 |   |   | 90 |   |   | (285,347 | ) |   | 275,035 |   |
| **Cumulative                effect of accounting****change,                net of income taxes** |   |   | 1,530 |   |   | (2,503 | ) |   | - |   |   | (1,530 | ) |   | (2,503 | ) |
| **Net                income**                                                                    |   | $ | 272,532 |   | $ | 286,787 |   | $ | 90 |   | $ | (286,877 | ) | $ | 272,532 |   |
|                                                                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|  **FRONTIER                OIL CORPORATION**                                  |   |
|------------------------------------------------------------------------------------|--------|
| **Condensed                Consolidating Statement of Income**                     |   |
| **For                the Year Ended December 31, 2004**                            |   |
| *(in                thousands)*                                               |   |
|                                                                               |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Revenues:**                                                                      |   |   |   |   |   |   |   |   |   |   |   |
| Refined                products                                                    |   | $ | - |   | $ | 2,871,592 |   | $ | - |   | $ | - |   | $ | 2,871,592 |   |
| Other                                                                              |   |   | (6 | ) |   | (9,932 | ) |   | 62 |   |   | - |   |   | (9,876 | ) |
|                                                                               |   |   | (6 | ) |   | 2,861,660 |   |   | 62 |   |   | - |   |   | 2,861,716 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw                material, freight and other costs                               |   |   | - |   |   | 2,432,461 |   |   | - |   |   | - |   |   | 2,432,461 |   |
| Refinery                operating expenses, excluding                depreciation  |   |   | - |   |   | 219,781 |   |   | - |   |   | - |   |   | 219,781 |   |
| Selling                and general expenses, excluding                depreciation |   |   | 15,590 |   |   | 14,303 |   |   | - |   |   | - |   |   | 29,893 |   |
| Merger                termination and legal costs                                  |   |   | 3,824 |   |   | - |   |   | - |   |   | - |   |   | 3,824 |   |
| Depreciation                and amortization                                       |   |   | 75 |   |   | 32,688 |   |   | - |   |   | (555 | ) |   | 32,208 |   |
|                                                                               |   |   | 19,489 |   |   | 2,699,233 |   |   | - |   |   | (555 | ) |   | 2,718,167 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Operating                income**                                                |   |   | (19,495 | ) |   | 162,427 |   |   | 62 |   |   | 555 |   |   | 143,549 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense and other financing                costs           |   |   | 35,004 |   |   | 2,609 |   |   | - |   |   | (40 | ) |   | 37,573 |   |
| Interest                and investment income                                      |   |   | (1,545 | ) |   | (171 | ) |   | - |   |   | - |   |   | (1,716 | ) |
| Equity                in earnings of subsidiaries                                  |   |   | (165,038 | ) |   | - |   |   | - |   |   | 165,038 |   |   | - |   |
| Gain                on involuntary conversion of assets                            |   |   | - |   |   | (4,411 | ) |   | - |   |   | - |   |   | (4,411 | ) |
|                                                                               |   |   | (131,579 | ) |   | (1,973 | ) |   | - |   |   | 164,998 |   |   | 31,446 |   |
|                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Income                before income taxes**                                      |   |   | 112,084 |   |   | 164,400 |   |   | 62 |   |   | (164,443 | ) |   | 112,103 |   |
| Provision                for income taxes                                          |   |   | 42,320 |   |   | 62,429 |   |   | - |   |   | (62,410 | ) |   | 42,339 |   |
| **Net                income**                                                      |   | $ | 69,764 |   | $ | 101,971 |   | $ | 62 |   | $ | (102,033 | ) | $ | 69,764 |   |

|  **FRONTIER                OIL CORPORATION**                                 |   |
|-----------------------------------------------------------------------------------|--------|
| **Condensed                Consolidating Statement of Income**                    |   |
| **For                the Year Ended December 31, 2003**                           |   |
| *(in                thousands)*                                              |   |
|                                                                              |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Revenues:**                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Refined                products                                                   |   | $ | - |   | $ | 2,169,551 |   | $ | - |   | $ | - |   | $ | 2,169,551 |   |
| Other                                                                             |   |   | (17 | ) |   | 922 |   |   | 47 |   |   | - |   |   | 952 |   |
|                                                                              |   |   | (17 | ) |   | 2,170,473 |   |   | 47 |   |   | - |   |   | 2,170,503 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Costs                and expenses:**                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Raw                material, freight and other costs                              |   |   | - |   |   | 1,860,795 |   |   | - |   |   | - |   |   | 1,860,795 |   |
| Refinery                operating expenses, excluding                depreciation |   |   | - |   |   | 200,383 |   |   | - |   |   | - |   |   | 200,383 |   |
| Selling                and general expenses,excluding                depreciation |   |   | 7,936 |   |   | 11,954 |   |   | - |   |   | - |   |   | 19,890 |   |
| Merger                termination and legal costs                                 |   |   | 8,739 |   |   | - |   |   | - |   |   | - |   |   | 8,739 |   |
| Depreciation                and amortization                                      |   |   | 113 |   |   | 29,275 |   |   | - |   |   | (556 | ) |   | 28,832 |   |
|                                                                              |   |   | 16,788 |   |   | 2,102,407 |   |   | - |   |   | (556 | ) |   | 2,118,639 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Operating                income**                                               |   |   | (16,805 | ) |   | 68,066 |   |   | 47 |   |   | 556 |   |   | 51,864 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest                expense and other financing                costs          |   |   | 26,981 |   |   | 1,765 |   |   | - |   |   | - |   |   | 28,746 |   |
| Interest                and investment income                                     |   |   | (1,004 | ) |   | (105 | ) |   | - |   |   | - |   |   | (1,109 | ) |
| Equity                in earnings of subsidiaries                                 |   |   | (48,949 | ) |   | - |   |   | - |   |   | 48,949 |   |   | - |   |
| Merger                financing termination costs, net                            |   |   | - |   |   | - |   |   | 18,039 |   |   | - |   |   | 18,039 |   |
|                                                                              |   |   | (22,972 | ) |   | 1,660 |   |   | 18,039 |   |   | 48,949 |   |   | 45,676 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Income                (loss) before income taxes**                              |   |   | 6,167 |   |   | 66,406 |   |   | (17,992 | ) |   | (48,393 | ) |   | 6,188 |   |
| Provision                for income taxes                                         |   |   | 2,935 |   |   | 25,506 |   |   | - |   |   | (25,485 | ) |   | 2,956 |   |
| **Net                income (loss)**                                              |   | $ | 3,232 |   | $ | 40,900 |   | $ | (17,992 | ) | $ | (22,908 | ) | $ | 3,232 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

|  **FRONTIER                OIL CORPORATION**                              |   |
|--------------------------------------------------------------------------------|--------|
|  **Condensed                Consolidating Balance Sheet**                 |   |
| **As                of December 31, 2005**                                     |   |
| *(in                thousands)*                                           |   |
|                                                                           |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **ASSETS**                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Current                assets:                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cash                and cash equivalents                                       |   | $ | 244,357 |   | $ | 111,708 |   | $ | - |   | $ | - |   | $ | 356,065 |   |
| Trade                and other receivables                                     |   |   | 6,381 |   |   | 123,254 |   |   | - |   |   | - |   |   | 129,635 |   |
| Receivable                from affiliated                companies             |   |   | - |   |   | 4,556 |   |   | 189 |   |   | (4,745 | ) |   | - |   |
| Inventory                                                                      |   |   | - |   |   | 247,621 |   |   | - |   |   | - |   |   | 247,621 |   |
| Deferred                tax assets                                             |   |   | 6,819 |   |   | 7,514 |   |   | - |   |   | (7,514 | ) |   | 6,819 |   |
| Other                current assets                                            |   |   | 499 |   |   | 7,436 |   |   | - |   |   | - |   |   | 7,935 |   |
| Total                current assets                                            |   |   | 258,056 |   |   | 502,089 |   |   | 189 |   |   | (12,259 | ) |   | 748,075 |   |
| Property,                plant and equipment, at cost:                         |   |   | 1,235 |   |   | 675,639 |   |   | - |   |   | (8,752 | ) |   | 668,122 |   |
| Less                - accumulated depreciationand                amortization  |   |   | 988 |   |   | 245,157 |   |   | - |   |   | (7,961 | ) |   | 238,184 |   |
|                                                                           |   |   | 247 |   |   | 430,482 |   |   | - |   |   | (791 | ) |   | 429,938 |   |
| Deferred                financing costs, net                                   |   |   | 2,775 |   |   | 774 |   |   | - |   |   | - |   |   | 3,549 |   |
| Commutation                account                                             |   |   | 12,606 |   |   | - |   |   | - |   |   | - |   |   | 12,606 |   |
| Prepaid                insurance, net                                          |   |   | 3,331 |   |   | - |   |   | - |   |   | - |   |   | 3,331 |   |
| Other                intangible assets, net                                    |   |   | - |   |   | 1,422 |   |   | - |   |   | - |   |   | 1,422 |   |
| Other                assets                                                    |   |   | 2,508 |   |   | 80 |   |   | - |   |   | - |   |   | 2,588 |   |
| Investment                in subsidiaries                                      |   |   | 483,766 |   |   | - |   |   | - |   |   | (483,766 | ) |   | - |   |
| Total                assets                                                    |   | $ | 763,289 |   | $ | 934,847 |   | $ | 189 |   | $ | (496,816 | ) | $ | 1,201,509 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                  |   |   |   |   |   |   |   |   |   |
| Current                Liabilities:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable                                                |   | $ | 2,480 |   | $ | 357,097 |   | $ | - |   | $ | - |   | $ | 359,577 |   |
| Accrued                dividends                                               |   |   | 58,726 |   |   | - |   |   | - |   |   | - |   |   | 58,726 |   |
| Accrued                turnaround cost                                         |   |   | - |   |   | 12,696 |   |   | - |   |   | - |   |   | 12,696 |   |
| Accrued                interest                                                |   |   | 2,485 |   |   | - |   |   | - |   |   | - |   |   | 2,485 |   |
| Accrued                liabilities and other                                   |   |   | 26,853 |   |   | 25,205 |   |   | 269 |   |   | - |   |   | 52,327 |   |
| Total                current liabilities                                       |   |   | 90,544 |   |   | 394,998 |   |   | 269 |   |   | - |   |   | 485,811 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                debt                                                  |   |   | 150,000 |   |   | - |   |   | - |   |   | - |   |   | 150,000 |   |
| Long-term                accrued and other liabilities                         |   |   | - |   |   | 47,698 |   |   | - |   |   | - |   |   | 47,698 |   |
| Deferred                compensation liability and                other        |   |   | 2,214 |   |   | - |   |   | - |   |   | - |   |   | 2,214 |   |
| Deferred                income taxes                                           |   |   | 70,727 |   |   | 71,563 |   |   | - |   |   | (71,563 | ) |   | 70,727 |   |
| Payable                to affiliated companies                                 |   |   | 4,745 |   |   | 7,026 |   |   | - |   |   | (11,771 | ) |   | - |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders’                equity                                      |   |   | 445,059 |   |   | 413,562 |   |   | (80 | ) |   | (413,482 | ) |   | 445,059 |   |
| Total                liabilities and shareholders’                equity |   | $ | 763,289 |   | $ | 934,847 |   | $ | 189 |   | $ | (496,816 | ) | $ | 1,201,509 |   |

|  **FRONTIER                OIL CORPORATION**                              |   |
|--------------------------------------------------------------------------------|--------|
| **Condensed                Consolidating Balance Sheet**                       |   |
| **As                of December 31, 2004**                                     |   |
| *(in                thousands)*                                           |   |
|                                                                           |   | **FOC****(Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **ASSETS**                                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Current                assets:                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Cash                and cash equivalents                                       |   | $ | 105,409 |   | $ | 18,980 |   | $ | - |   | $ | - |   | $ | 124,389 |   |
| Trade                and other receivables                                     |   |   | 7,013 |   |   | 81,251 |   |   | - |   |   | - |   |   | 88,264 |   |
| Receivable                from affiliated companies                            |   |   | - |   |   | 431 |   |   | 99 |   |   | (530 | ) |   | - |   |
| Inventory                                                                      |   |   | - |   |   | 156,934 |   |   | - |   |   | - |   |   | 156,934 |   |
| Deferred                tax assets                                             |   |   | 6,748 |   |   | 6,626 |   |   | - |   |   | (6,626 | ) |   | 6,748 |   |
| Other                current assets                                            |   |   | 105 |   |   | 2,239 |   |   | - |   |   | - |   |   | 2,344 |   |
| Total                current assets                                            |   |   | 119,275 |   |   | 266,461 |   |   | 99 |   |   | (7,156 | ) |   | 378,679 |   |
| Property,                plant and equipment, at cost:                         |   |   | 1,114 |   |   | 561,010 |   |   | - |   |   | (11,013 | ) |   | 551,111 |   |
| Less                - accumulated depreciationand                amortization  |   |   | 941 |   |   | 210,812 |   |   | - |   |   | (7,405 | ) |   | 204,348 |   |
|                                                                           |   |   | 173 |   |   | 350,198 |   |   | - |   |   | (3,608 | ) |   | 346,763 |   |
| Deferred                financing costs, net                                   |   |   | 3,252 |   |   | 1,076 |   |   | - |   |   | - |   |   | 4,328 |   |
| Commutation                account                                             |   |   | 16,438 |   |   | - |   |   | - |   |   | - |   |   | 16,438 |   |
| Prepaid                insurance, net                                          |   |   | 4,542 |   |   | - |   |   | - |   |   | - |   |   | 4,542 |   |
| Other                intangible assets, net                                    |   |   | - |   |   | 1,527 |   |   | - |   |   | - |   |   | 1,527 |   |
| Other                assets                                                    |   |   | 2,108 |   |   | 15 |   |   | - |   |   | - |   |   | 2,123 |   |
| Investment                in subsidiaries                                      |   |   | 295,764 |   |   | - |   |   | - |   |   | (295,764 | ) |   | - |   |
| Total                assets** **                                          |   | $ | 441,552 |   | $ | 619,277 |   | $ | 99 |   | $ | (306,528 | ) | $ | 754,400 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**                  |   |   |   |   |   |   |   |   |   |
| Current                liabilities:                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                payable                                                |   | $ | 853 |   | $ | 238,138 |   | $ | - |   | $ | - |   | $ | 238,991 |   |
| Accrued                turnaround cost                                         |   |   | - |   |   | 15,373 |   |   | - |   |   | - |   |   | 15,373 |   |
| Accrued                interest                                                |   |   | 2,485 |   |   | 2 |   |   | - |   |   | - |   |   | 2,487 |   |
| Accrued                liabilities and other                                   |   |   | 3,505 |   |   | 20,793 |   |   | 269 |   |   | - |   |   | 24,567 |   |
| Total                current liabilities** **                             |   |   | 6,843 |   |   | 274,306 |   |   | 269 |   |   | - |   |   | 281,418 |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long-term                debt                                                  |   |   | 150,000 |   |   | - |   |   | - |   |   | - |   |   | 150,000 |   |
| Long-term                accrued and other liabilities                         |   |   | - |   |   | 38,803 |   |   | - |   |   | - |   |   | 38,803 |   |
| Deferred                compensation liabilityand                other         |   |   | 1,516 |   |   | - |   |   | - |   |   | - |   |   | 1,516 |   |
| Deferred                income taxes                                           |   |   | 42,550 |   |   | 50,462 |   |   | - |   |   | (50,462 | ) |   | 42,550 |   |
| Payable                to affiliated companies                                 |   |   | 530 |   |   | 7,353 |   |   | - |   |   | (7,883 | ) |   | - |   |
|                                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shareholders’                equity                                      |   |   | 240,113 |   |   | 248,353 |   |   | (170 | ) |   | (248,183 | ) |   | 240,113 |   |
| Total                liabilities and shareholders’                equity |   | $ | 441,552 |   | $ | 619,277 |   | $ | 99 |   | $ | (306,528 | ) | $ | 754,400 |   |

|  **FRONTIER                OIL CORPORATION**                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|
| **Condensed                Consolidating Statement of Cash Flows**                                                      |   |
| **For                the Year Ended December 31, 2005**                                                                 |   |
| *(in                thousands)*                                                                                    |   |
|                                                                                                                    |   | **FOC****(Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Cash                flows from operating activities:**                                                                |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                               |   | $ | 272,532 |   | $ | 286,787 |   | $ | 90 |   | $ | (286,877 | ) | $ | 272,532 |   |
| Adjustments                to reconcile net income                to net cash from operating                activities: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                       |   |   | (458,023 | ) |   | - |   |   | - |   |   | 458,023 |   |   | - |   |
| Cumulative                effect of accounting change,                net of income taxes                               |   |   | (1,530 | ) |   | 2,503 |   |   | - |   |   | 1,530 |   |   | 2,503 |   |
| Depreciation                and amortization                                                                            |   |   | 69 |   |   | 35,700 |   |   | - |   |   | (556 | ) |   | 35,213 |   |
| Deferred                income taxes                                                                                    |   |   | 28,881 |   |   | - |   |   | - |   |   | - |   |   | 28,881 |   |
| Income                tax benefits of stock compensation                                                                |   |   | 7,792 |   |   | - |   |   | - |   |   | - |   |   | 7,792 |   |
| Income                taxes eliminated in consolidation                                                                 |   |   | - |   |   | 169,859 |   |   | - |   |   | (169,859 | ) |   | - |   |
| Deferred                finance cost amortization                                                                       |   |   | 483 |   |   | 302 |   |   | - |   |   | - |   |   | 785 |   |
| Deferred                compensation amortization                                                                       |   |   | 1,363 |   |   | - |   |   | - |   |   | - |   |   | 1,363 |   |
| Gains                on sales of assets                                                                                 |   |   | (3 | ) |   | (3,641 | ) |   | - |   |   | - |   |   | (3,644 | ) |
| Long-term                commutation account and                prepaid insurance                                       |   |   | 3,832 |   |   | - |   |   | - |   |   | - |   |   | 3,832 |   |
| Amortization                of long-term prepaid                insurance                                               |   |   | 1,211 |   |   | - |   |   | - |   |   | - |   |   | 1,211 |   |
| Other                                                                                                                   |   |   | 492 |   |   | (65 | ) |   | - |   |   | - |   |   | 427 |   |
| Changes                in components of working                capital                                                  |   |   | 24,853 |   |   | (15,411 | ) |   | - |   |   | - |   |   | 9,442 |   |
| Net                cash provided by (used in) operating                activities                                       |   |   | (118,048 | ) |   | 476,034 |   |   | 90 |   |   | 2,261 |   |   | 360,337 |   |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions                to property, plant and equipment                                                               |   |   | (143 | ) |   | (107,306 | ) |   | - |   |   | (2,261 | ) |   | (109,710 | ) |
| El                Dorado contingent earn-out payment                                                                    |   |   | - |   |   | (7,500 | ) |   | - |   |   | - |   |   | (7,500 | ) |
| Proceeds                from sale of assets                                                                             |   |   | 3 |   |   | 5,497 |   |   | - |   |   | - |   |   | 5,500 |   |
| Net                proceeds from insurance - involuntary                conversion claim                                |   |   | - |   |   | 2,142 |   |   | - |   |   | - |   |   | 2,142 |   |
| Net                cash used in investing activities                                                                    |   |   | (140 | ) |   | (107,167 | ) |   | - |   |   | (2,261 | ) |   | (109,568 | ) |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                from issuance of common                stock                                                    |   |   | 23,616 |   |   | - |   |   | - |   |   | - |   |   | 23,616 |   |
| Purchase                of treasury stock                                                                               |   |   | (34,819 | ) |   | - |   |   | - |   |   | - |   |   | (34,819 | ) |
| Dividends                paid                                                                                           |   |   | (7,776 | ) |   | - |   |   | - |   |   | - |   |   | (7,776 | ) |
| Debt                issue costs and other                                                                               |   |   | (100 | ) |   | (14 | ) |   | - |   |   | - |   |   | (114 | ) |
| Intercompany                transactions                                                                                |   |   | 276,215 |   |   | (276,125 | ) |   | (90 | ) |   | - |   |   | - |   |
| Net                cash provided by (used in) financing                activities                                       |   |   | 257,136 |   |   | (276,139 | ) |   | (90 | ) |   | - |   |   | (19,093 | ) |
| Increase                in cash and cash                equivalents                                                     |   |   | 138,948 |   |   | 92,728 |   |   | - |   |   | - |   |   | 231,676 |   |
| Cash                and cash equivalents, beginning                of period                                            |   |   | 105,409 |   |   | 18,980 |   |   | - |   |   | - |   |   | 124,389 |   |
| Cash                and cash equivalents, end                of period                                                  |   | $ | 244,357 |   | $ | 111,708 |   | $ | - |   | $ | - |   | $ | 356,065 |   |

|  **FRONTIER                OIL CORPORATION**                                                                       |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|
| **Condensed                Consolidating Statement of Cash Flows**                                                      |   |
| **For                the Year Ended December 31, 2004**                                                                 |   |
| *(in                thousands)*                                                                                    |   |
|                                                                                                                    |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Cash                flows from operating activities:**                                                                |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                               |   | $ | 69,764 |   | $ | 101,971 |   | $ | 62 |   | $ | (102,033 | ) | $ | 69,764 |   |
| Adjustments                to reconcile net income                to net cash from operating                activities: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                       |   |   | (165,038 | ) |   | - |   |   | - |   |   | 165,038 |   |   | - |   |
| Depreciation                and amortization                                                                            |   |   | 75 |   |   | 32,688 |   |   | - |   |   | (555 | ) |   | 32,208 |   |
| Deferred                income taxes                                                                                    |   |   | 25,005 |   |   | - |   |   | - |   |   | - |   |   | 25,005 |   |
| Income                tax benefits of stock compensation                                                                |   |   | 5,168 |   |   | - |   |   | - |   |   | - |   |   | 5,168 |   |
| Income                taxes eliminated in consolidation                                                                 |   |   | - |   |   | 62,410 |   |   | - |   |   | (62,410 | ) |   | - |   |
| Deferred                finance cost and bond discount                amortization                                      |   |   | 5,180 |   |   | 304 |   |   | - |   |   | - |   |   | 5,484 |   |
| Deferred                compensation amortization                                                                       |   |   | 1,180 |   |   | - |   |   | - |   |   | - |   |   | 1,180 |   |
| Gain                on involuntary conversion                of assets                                                  |   |   | - |   |   | (4,411 | ) |   | - |   |   | - |   |   | (4,411 | ) |
| Long-term                commutation account and                prepaid insurance                                       |   |   | 3,712 |   |   | - |   |   | - |   |   | - |   |   | 3,712 |   |
| Amortization                of long-term prepaid                insurance                                               |   |   | 1,451 |   |   | - |   |   | - |   |   | - |   |   | 1,451 |   |
| Other                                                                                                                   |   |   | 582 |   |   | (863 | ) |   | - |   |   | - |   |   | (281 | ) |
| Changes                in components of working                capital                                                  |   |   | (5,664 | ) |   | 44,286 |   |   | (3 | ) |   | - |   |   | 38,619 |   |
| Net                cash provided by (used in) operating                activities                                       |   |   | (58,585 | ) |   | 236,385 |   |   | 59 |   |   | 40 |   |   | 177,899 |   |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions                to property, plant and                equipment                                                |   |   | (3 | ) |   | (46,459 | ) |   | - |   |   | (40 | ) |   | (46,502 | ) |
| Net                proceeds from insurance - involuntary                conversion claim                                |   |   | - |   |   | 3,395 |   |   | - |   |   | - |   |   | 3,395 |   |
| Net                cash used in investing activities                                                                    |   |   | (3 | ) |   | (43,064 | ) |   | - |   |   | (40 | ) |   | (43,107 | ) |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                from issuance of  6.625%                Senior Notes                                       |   |   | 150,000 |   |   | - |   |   | - |   |   | - |   |   | 150,000 |   |
| Repurchase                of 11.75% Senior Notes                                                                        |   |   | (170,449 | ) |   | - |   |   | - |   |   | - |   |   | (170,449 | ) |
| Repayments                of revolving credit facility,                net                                              |   |   | - |   |   | (45,750 | ) |   | - |   |   | - |   |   | (45,750 | ) |
| Proceeds                from issuance of common                stock                                                    |   |   | 3,923 |   |   | - |   |   | - |   |   | - |   |   | 3,923 |   |
| Purchase                of treasury stock                                                                               |   |   | (3,029 | ) |   | - |   |   | - |   |   | - |   |   | (3,029 | ) |
| Dividends                paid                                                                                           |   |   | (5,664 | ) |   | - |   |   | - |   |   | - |   |   | (5,664 | ) |
| Debt                issue costs and other                                                                               |   |   | (3,279 | ) |   | (675 | ) |   | - |   |   | - |   |   | (3,954 | ) |
| Intercompany                transactions                                                                                |   |   | 132,649 |   |   | (132,590 | ) |   | (59 | ) |   | - |   |   | - |   |
| Net                cash provided by (used in) financing                activities                                       |   |   | 104,151 |   |   | (179,015 | ) |   | (59 | ) |   | - |   |   | (74,923 | ) |
| Increase                in cash and cash equivalents                                                                    |   |   | 45,563 |   |   | 14,306 |   |   | - |   |   | - |   |   | 59,869 |   |
| Cash                and cash equivalents, beginning                of period                                            |   |   | 59,846 |   |   | 4,674 |   |   | - |   |   | - |   |   | 64,520 |   |
| Cash                and cash equivalents, end                of period                                                  |   | $ | 105,409 |   | $ | 18,980 |   | $ | - |   | $ | - |   | $ | 124,389 |   |

|                **FRONTIER                OIL CORPORATION**                                                         |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|
|  **Condensed                Consolidating Statement of Cash Flows**                                                |   |
|  **For                the Year Ended December 31, 2003**                                                           |   |
|  *(in                thousands)*                                                                              |   |
|                                                                                                                    |   | **FOC                (Parent)** |   | **FHI                (Guarantor Subsidiaries)** |   | **Other                Non-Guarantor Subsidiaries** |   | **Eliminations** |   | **Consolidated** |   |
| **Cash                flows from operating activities:**                                                                |   |   |   |   |   |   |   |   |   |
| Net                income                                                                                               |   | $ | 3,232 |   | $ | 40,900 |   | $ | (17,992 | ) | $ | (22,908 | ) | $ | 3,232 |   |
| Adjustments                to reconcile net income                to net cash from operating                activities: |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Equity                in earnings of subsidiaries                                                                       |   |   | (48,949 | ) |   | - |   |   | - |   |   | 48,949 |   |   | - |   |
| Depreciation                and amortization                                                                            |   |   | 113 |   |   | 29,275 |   |   | - |   |   | (556 | ) |   | 28,832 |   |
| Deferred                income taxes                                                                                    |   |   | 2,655 |   |   | - |   |   | - |   |   | - |   |   | 2,655 |   |
| Income                taxes eliminated in consolidation                                                                 |   |   | - |   |   | 25,485 |   |   | - |   |   | (25,485 | ) |   | - |   |
| Deferred                finance cost and bond discount                amortization                                      |   |   | 2,206 |   |   | 322 |   |   | 8,114 |   |   | - |   |   | 10,642 |   |
| Deferred                compensation amortization                                                                       |   |   | 1,386 |   |   | - |   |   | - |   |   | - |   |   | 1,386 |   |
| Long-term                commutation account and                prepaid insurance                                       |   |   | (26,566 | ) |   | - |   |   | - |   |   | - |   |   | (26,566 | ) |
| Amortization                of long-term prepaid                insurance                                               |   |   | 423 |   |   | - |   |   | - |   |   | - |   |   | 423 |   |
| Other                                                                                                                   |   |   | (264 | ) |   | (423 | ) |   | - |   |   | - |   |   | (687 | ) |
| Changes                in components of working                capital                                                  |   |   | 49 |   |   | (25,946 | ) |   | (25 | ) |   | - |   |   | (25,922 | ) |
| Net                cash provided by (used in) operating                activities                                       |   |   | (65,715 | ) |   | 69,613 |   |   | (9,903 | ) |   | - |   |   | (6,005 | ) |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from investing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Additions                to property, plant and                equipment                                                |   |   | (47 | ) |   | (33,630 | ) |   | - |   |   | - |   |   | (33,677 | ) |
| Proceeds                from sale of assets                                                                             |   |   | 240 |   |   | 64 |   |   | - |   |   | - |   |   | 304 |   |
| Other                investments                                                                                        |   |   | (32 | ) |   | (895 | ) |   | - |   |   | - |   |   | (927 | ) |
| Investment                in subsidiaries                                                                               |   |   | (18,039 | ) |   | - |   |   | 18,039 |   |   | - |   |   | - |   |
| Net                cash (used in) provided by investing                activities                                       |   |   | (17,878 | ) |   | (34,461 | ) |   | 18,039 |   |   | - |   |   | (34,300 | ) |
|                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                flows from financing activities:**                                                                |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                from issuance of 8% Senior                Notes, net of discount                                |   |   | - |   |   | - |   |   | 218,143 |   |   | - |   |   | 218,143 |   |
| Repurchase                of 9.125% Senior Notes                                                                        |   |   | (39,475 | ) |   | - |   |   | - |   |   | - |   |   | (39,475 | ) |
| Repurchase                of 8% Senior Notes                                                                            |   |   | - |   |   | - |   |   | (220,000 | ) |   | - |   |   | (220,000 | ) |
| Proceeds                of revolving credit facility                borrowings, net                                     |   |   | - |   |   | 45,750 |   |   | - |   |   | - |   |   | 45,750 |   |
| Proceeds                from issuance of common                stock                                                    |   |   | 1,441 |   |   | - |   |   | - |   |   | - |   |   | 1,441 |   |
| Purchase                of treasury stock                                                                               |   |   | (1,075 | ) |   | - |   |   | - |   |   | - |   |   | (1,075 | ) |
| Dividends                paid                                                                                           |   |   | (5,187 | ) |   | - |   |   | - |   |   | - |   |   | (5,187 | ) |
| Debt                issue costs and other                                                                               |   |   | - |   |   | (879 | ) |   | (6,257 | ) |   | - |   |   | (7,136 | ) |
| Intercompany                transactions                                                                                |   |   | 81,617 |   |   | (81,595 | ) |   | (22 | ) |   | - |   |   | - |   |
| Net                cash provided by (used in) financing                activities** **                             |   |   | 37,321 |   |   | (36,724 | ) |   | (8,136 | ) |   | - |   |   | (7,539 | ) |
| Decrease                in cash and cash equivalents                                                                    |   |   | (46,272 | ) |   | (1,572 | ) |   | - |   |   | - |   |   | (47,844 | ) |
| Cash                and cash equivalents, beginning                of period                                            |   |   | 106,118 |   |   | 6,246 |   |   | - |   |   | - |   |   | 112,364 |   |
| Cash                and cash equivalents, end                of period                                                  |   | $ | 59,846 |   | $ | 4,674 |   | $ | - |   | $ | - |   | $ | 64,520 |   |

| **SELECTED                QUARTERLY FINANCIAL AND OPERATING                DATA**                                    |   |
|----------------------------------------------------------------------------------------------------------------------|--------|
| *(Dollars                in thousands, except per share and per bbl)*                                                |   |
|                                                                                                                 |   | **2005** |   | **2004** |   |
| **Unaudited**                                                                                                        |   | **Fourth** |   | **Third** |   | **Second** |   | **First** |   | **Fourth** |   | **Third** |   | **Second** |   | **First** |   |
| Revenues                                                                                                             |   | $ | 1,150,315 |   | $ | 1,185,927 |   | $ | 972,280 |   | $ | 692,640 |   | $ | 803,404 |   | $ | 785,076 |   | $ | 735,904 |   | $ | 537,332 |   |
| Operating                income                                                                                      |   |   | 103,408 |   |   | 177,250 |   |   | 107,688 |   |   | 57,663 |   |   | 15,881 |   |   | 42,557 |   |   | 85,433 |   |   | (322 | ) |
| Cumulative                effect of  accounting                change, net of  income                taxes |   |   | (2,503 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Net                income (loss)                                                                                     |   |   | 62,950 |   |   | 109,185 |   |   | 65,961 |   |   | 34,436 |   |   | 239 |   |   | 23,792 |   |   | 49,469 |   |   | (3,736 | ) |
| Basic                earnings (loss) per                share:                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before                cumulative effect of                accounting change                                          |   |   | 1.16 |   |   | 1.95 |   |   | 1.20 |   |   | 0.64 |   |   | 0.00 |   |   | 0.44 |   |   | 0.93 |   |   | (0.07 | ) |
| Cumulative                effect of accounting                change                                                 |   |   | (.04 | ) |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Net                income (loss)                                                                                     |   |   | 1.12 |   |   | 1.95 |   |   | 1.20 |   |   | 0.64 |   |   | 0.00 |   |   | 0.44 |   |   | 0.93 |   |   | (0.07 | ) |
| Diluted                earnings (loss) per                share:                                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Before                cumulative effect of                accounting change                                          |   |   | 1.14 |   |   | 1.91 |   |   | 1.16 |   |   | 0.62 |   |   | 0.00 |   |   | 0.43 |   |   | 0.91 |   |   | (0.07 | ) |
| Cumulative                effect of accounting                change                                                 |   |   | (.04 | ) |   | - |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Net                income (loss)                                                                                     |   |   | 1.10 |   |   | 1.91 |   |   | 1.16 |   |   | 0.62 |   |   | 0.00 |   |   | 0.43 |   |   | 0.91 |   |   | (0.07 | ) |
| Adjusted                EBITDA (1)                                                                                   |   |   | 111,960 |   |   | 187,046 |   |   | 116,293 |   |   | 65,923 |   |   | 27,978 |   |   | 50,723 |   |   | 93,970 |   |   | 7,497 |   |
| Refining                operations:                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total                charges (bpd) (2)                                                                               |   |   | 175,589 |   |   | 176,566 |   |   | 171,316 |   |   | 150,580 |   |   | 164,581 |   |   | 169,436 |   |   | 172,951 |   |   | 152,015 |   |
| Gasoline                yields (bpd) (3)                                                                             |   |   | 92,850 |   |   | 85,827 |   |   | 88,306 |   |   | 67,006 |   |   | 85,997 |   |   | 84,477 |   |   | 86,782 |   |   | 74,468 |   |
| Diesel                and jet fuel yields (bpd)                (3)                                                   |   |   | 57,926 |   |   | 55,409 |   |   | 58,060 |   |   | 49,111 |   |   | 54,898 |   |   | 55,057 |   |   | 54,917 |   |   | 47,459 |   |
| Total                product sales (bpd)                                                                             |   |   | 181,436 |   |   | 177,196 |   |   | 176,514 |   |   | 145,911 |   |   | 169,518 |   |   | 174,204 |   |   | 171,460 |   |   | 148,642 |   |
| Average                gasoline crack  spread                (per bbl)                                          |   | $ | 8.59 |   | $ | 18.11 |   | $ | 12.50 |   | $ | 7.28 |   | $ | 3.71 |   | $ | 8.88 |   | $ | 14.23 |   | $ | 7.49 |   |
| Average                diesel crack spread (per                bbl)                                                  |   |   | 24.69 |   |   | 18.38 |   |   | 15.51 |   |   | 9.92 |   |   | 9.84 |   |   | 8.10 |   |   | 7.39 |   |   | 4.07 |   |
| Average                light/heavy crude  oil                differential (per bbl)                             |   |   | 18.11 |   |   | 14.93 |   |   | 14.15 |   |   | 14.10 |   |   | 13.34 |   |   | 9.28 |   |   | 8.81 |   |   | 8.17 |   |
| Average                WTI/WTS crude oil differential                (per bbl)                                  |   |   | 5.56 |   |   | 3.13 |   |   | 4.67 |   |   | 4.68 |   |   | 5.82 |   |   | 2.95 |   |   | 3.29 |   |   | 2.88 |   |

| (1)   | Adjusted                EBITDA represents income before cumulative effect of accounting change,                interest expense, interest and investment income, income tax, and                depreciation and amortization. Adjusted EBITDA is not a calculation                based                upon generally accepted accounting principles; however, the amounts                included in the adjusted EBITDA calculation are derived from amounts                included in the consolidated financial statements of the Company.                Adjusted                EBITDA should not be considered as an alternative to net income or                operating income, as an indication of operating performance of the                Company                or as an alternative to operating cash flow as a measure of liquidity.                Adjusted EBITDA is not necessarily comparable to similarly titled                measures                of other companies. Adjusted EBITDA is presented here because it                enhances                an investor’s understanding of Frontier’s ability to satisfy principal and                interest obligations with respect to Frontier’s indebtedness and to use                cash for other purposes, including capital expenditures. Adjusted                EBITDA                is also used for internal analysis and as a basis for financial covenants.                Frontier’s adjusted EBITDA is reconciled to net income as follows                (*in                thousands*): |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                |   | **2005**   |    | **2004**  |   |
|-----------------------------------------------------------------------------------------------------|--------|------------|---------|-----------|--------|
|                                                                                                |   | **Fourth** |    | **Third** |   | **Second** |   | **First** |   | **Fourth** |   | **Third** |   | **Second** |   | **First** |   |
| Net                income (loss)                                                                    |   | $          | 62,950  |      | $      | 109,185 |   | $ | 65,961 |   | $ | 34,436 |   | $ | 239 |   | $ | 23,792 |   | $ | 49,469 |   | $ | (3,736 | ) |
| Add                cumulative effect of accounting  change,                net of income taxes |   |       | 2,503   |      |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |
| Add                provision (benefit) for income                taxes                              |   |       | 39,668  |      |   | 67,843 |   |   | 39,778 |   |   | 20,927 |   |   | 330 |   |   | 13,437 |   |   | 30,813 |   |   | (2,241 | ) |
| Add                interest expense and other financing                costs                        |   |       | 2,006   |      |   | 2,359 |   |   | 2,939 |   |   | 3,037 |   |   | 19,955 |   |   | 5,813 |   |   | 5,949 |   |   | 5,856 |   |
| Subtract                interest and investment                income                               |   |       | (3,719  | )         |   | (2,137 | ) |   | (990 | ) |   | (737 | ) |   | (826 | ) |   | (485 | ) |   | (204 | ) |   | (201 | ) |
| Add                depreciation and amortization                                                    |   |       | 8,552   |      |   | 9,796 |   |   | 8,605 |   |   | 8,260 |   |   | 8,280 |   |   | 8,166 |   |   | 7,943 |   |   | 7,819 |   |
| Adjusted                EBITDA                                                                      |   | $          | 111,960 |      | $      | 187,046 |   | $ | 116,293 |   | $ | 65,923 |   | $ | 27,978 |   | $ | 50,723 |   | $ | 93,970 |   | $ | 7,497 |   |

| (2) | Charges                are the quantity of crude oil and other feedstock processed through                refinery units. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (3) | Manufactured                product yields are the volumes of specific materials that are obtained                through the distilling of crude oil and the operations of other refinery                process units. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**Item      9.**
**         Changes in and Disagreements With Accountants on Accounting and Financial      Disclosure**

**Item      9A.   ****Controls      And Procedures**

**Item      9B.   ****Other      Information**

**PART      III**

**PART      IV**

**Item      15.    Exhibits and Financial Statement      Schedules**

| (a)1. Financial                Statements and Supplemental Data                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                  |
| Reports                of Independent Registered Public                Accounting Firm                                                |
| Managements                Report on Internal                Controls                                                                 |
| Consolidated                Statements of Income                                                                                      |
| Consolidated                Balance Sheets                                                                                            |
| Consolidated                Statements of Cash                Flows                                                                   |
| Consolidated                Statements of Changes in Shareholders’ Equity and Statements                of Comprehensive Income |
| Notes                to Consolidated Financial                Statements                                                              |
| Selected                Quarterly Financial                Data                                                                       |

| (a)2. Financial                Statements Schedules                                                                                                                                                                                                                                   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                       |
| Schedule                I - Condensed Financial Information of                Registrant                                                                                                                                                                                                   |
| Schedule                II - Valuation and Qualifying                Accounts                                                                                                                                                                                                              |
| Other                Schedules are omitted because of the absence of the conditions under                which                they are required or because the required information is included                in the                financial statements or notes                thereto. |

| * | 2.1 | Asset                Purchase and Sale Agreement, dated as of October 19, 1999, among                Frontier                El Dorado Refining Company, as buyer, the Company, as Guarantor,                and                Equilon Enterprises LLC, as seller (Exhibit 10.1 to Form 8-K, File                Number                1-07627, filed December 1, 1999). |
|---|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.1 | Restated                Articles of Incorporation of Wainoco Oil Corporation (now Frontier                Oil                Corporation) dated August 5, 1987 (Exhibit 3.1.1 to Registration                Statement                No. 333-120643, filed November 19,                2004). |
|---|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.2 | Articles                of Amendment to the Restated Articles of Incorporation of Wainoco                Oil                Corporation (now Frontier Oil Corporation) dated June 14, 1988 (Exhibit                3.1.2 to Registration Statement Number 333-120643, filed November                19,                2004). |
|---|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.3 | Articles                of Amendment to the Restated Articles of Incorporation of Wainoco                Oil                Corporation (now Frontier Oil Corporation) dated April 24, 1992 (Exhibit                3.1.3 to Registration Statement Number 333-120643, filed November                19,                2004). |
|---|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.4 | Articles                of Amendment to the Restated Articles of Incorporation of Wainoco                Oil                Corporation (now Frontier Oil Corporation) dated April 27, 1998 (Exhibit                3.1.4 to Registration Statement Number 333-120643, filed November                19,                2004). |
|---|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.5 | Articles                of Amendment to the Restated Articles of Incorporation of Frontier                Oil                Corporation dated May 23, 2005 (Exhibit 3.1 to Form 8-K ,File Number                1-07627, filed May 24, 2005). |
|---|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 3.6 | Fourth                Restated Bylaws of Wainoco Oil Corporation (now Frontier Oil Corporation),                as amended through February 20, 2002 (Exhibit 3.2 to Wainoco Oil                Corporation’s Annual Report on Form 10-K, File Number 1-07627, filed March                10, 1993). |
|---|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 4.1 | Indenture,                dated as of October 1, 2004, among the Company, as issuer, the guarantors                party thereto and Wells Fargo Bank, N.A., as trustee relating to                the                Company’s 6.625% Senior Notes due 2011 (Exhibit 4.1 to Form 8-K, File                Number1-07627, filed October 4,                2004). |
|---|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 4.2 | Registration                Rights Agreement, dated as of October 1, 2004, among the Company,                each of                the guarantors party thereto and Bear, Stearns & Co. Inc., BNP Paribas                Securities Corp. and TD Securities (USA) Inc. (Exhibit 4.2 to Form                8-K,                File Number1-07627, filed October 4,                2004). |
|---|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.1 | Frontier                Deferred Compensation Plan (previously named Wainoco Deferred Compensation                Plan dated October 29, 1993 and filed as Exhibit 10.19 to Form 10-K,                File                Number 1-07627, filed March 17, 1995). |
|---------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.2 | Frontier                Deferred Compensation Plan for Directors (previously named Wainoco                Deferred Compensation Plan for Directors dated May 1, 1994 and filed                as                Exhibit 10.20 to Form 10-K, File Number 1-07627, filed March 17,                1995). |
|---------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.3 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and James R. Gibbs (Exhibit 10.1 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.4 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and W. Reed Williams (Exhibit 10.2 to Form 8-K, File                Number                1-07627, filed February 2, 2006). |
|---------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.5 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Michael C. Jennings (Exhibit 10.3 to Form 8-K, File                Number                1-07627, filed February 2, 2006). |
|---------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.6 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Doug S. Aron (Exhibit 10.4 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.7 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and J. Currie Bechtol (Exhibit 10.5 to Form 8-K, File                Number                1-07627, filed February 2, 2006). |
|---------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.8 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Gerald B. Faudel (Exhibit 10.6 to Form 8-K, File                Number                1-07627, filed February 2, 2006). |
|---------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.9 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Jon D. Galvin (Exhibit 10.7 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.10 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Nancy J. Zupan (Exhibit 10.8 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.11 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Penny S. Newmark (Exhibit 10.9 to Form 8-K, File                Number                1-07627, filed February 2, 2006). |
|---------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.12 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Lloyd J. Nordhausen (Exhibit 10.10 to Form 8-K, File                Number 1-07627, filed February 2,                2006). |
|---------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.13 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Kent A. Olsen (Exhibit 10.11 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.14 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Joel W. Purdy (Exhibit 10.12 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.15 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and Billy N. Rigby (Exhibit 10.13 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.16 | Executive                Change in Control Severance Agreement effective December 30, 2005,                between                the Company and James M. Stump (Exhibit 10.14 to Form 8-K, File Number                1-07627, filed February 2, 2006). |
|---------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.17 | Frontier                Oil Corporation Restricted Stock Plan (Exhibit 99.1 to Registration                Statement Number 333-56946, filed March 13,                2001). |
|---------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.18 | Amended                and Restated Frontier Oil Corporation 1999 Stock Plan (Exhibit 99.1                to                Registration Statement Number 333-89876, filed June 6,                2002). |
|---------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 10.19 | Crude                Oil Supply Agreement dated October 15, 2002, between Baytex Energy                Ltd.                and Frontier Oil and Refining Company (Exhibit 10.2 to Form 10-Q,                File                Number 1-07627, filed October 30, 2002). On November 28, 2002, this                agreement was assigned by Baytex Energy Ltd. to its wholly-owned                subsidiary, Baytex Marketing Ltd. |
|---|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| * | 10.20 | Second                Amended and Restated Revolving Credit Agreement dated November 22,                2004,                among the Company, Frontier Oil and Refining Company, as borrower,                the                lenders named therein, Union Bank of California, N.A., as administrative                agent, and PNB Paribas, as syndication agent (Exhibit 10.1 to Form                8-K,                File Number 1-07627, filed November 24,                2004). |
|---|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.21 | Directors’                Compensation Summary Sheet (Exhibit 10.1 to Form 8-K, File Number                1-07627,                filed April 20, 2005). |
|---------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.22 | Form                of Non-Employee Director Restricted Stock Unit Grant Agreement (Exhibit                10.1 to Form 8-K, File Number 1-07627, filed May 2,                2005). |
|---------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.23 | Form                of Restricted Stock Agreement (Exhibit 10.1 to Form 8-K, File Number                1-07627, filed May 6, 2005). |
|---------|-------|--------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.24 | Summary                of Management Incentive Compensation Plan (Exhibit 10.2 to Form 8-K,                File                Number 1-07627, filed May 6, 2005). |
|---------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.25 | Summary                of Long-Term Incentive Compensation Plan for 2005 (Exhibit 10.3 to                Form                8-K, File Number 1-07627, filed May 6,                2005). |
|---------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *² | 10.26 | Letter                Agreement dated May 20, 2005, between the Company and Ms. Julie H.                Edwards                (Exhibit 10.1 to Form 8-K, File Number 1-07627, filed May 24,                2005). |
|---------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21 | Subsidiaries                of the                Registrant. |
|--------|----|---------------------------------------------------------------|

|   | 23 | Consent                of Deloitte & Touche                LLP. |
|--------|----|---------------------------------------------------------------------|

|   | 31.1 | Certification                by Chief Executive Officer pursuant to 18                U.S.C. Section 1350, as adopted pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Certification                by Chief Financial Officer pursuant to 18                U.S.C. Section 1350, as adopted pursuant to Section 302 of the                Sarbanes-Oxley Act of 2002. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Certification                pursuant to 18 U.S.C. Section 1350, as                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.2 | Certification                pursuant to 18 U.S.C. Section 1350, as                adopted pursuant to Section 906 of the Sarbanes-Oxley Act of                2002. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | Exhibits |
|-----|----------|

| **Frontier                Oil Corporation**                      |   |                            |    |                          |   |     |   |
|------------------------------------------------------------------|--------|---------------------------------|---------|-------------------------------|--------|----------|--------|
| **Condensed                Financial Information of Registrant** |   |                            |    |                          |   |     |   |
| **Balance                Sheet**                                 |   |                            |    |                          |   |     |   |
|                                                             |   |                            |    | **Schedule                I** |   |
|                                                             |   |                            |    |
|                                                             |   | **December                31,** |    |
|                                                             |   | **2005**                        |    |                          |   | **2004** |   |
| **ASSETS**                                                       |   | *(in                thousands)* |    |
| Current                assets:                                   |   |                            |    |                          |   |     |   |
| Cash                and cash equivalents                         |   | $                               | 244,357 |                          |   |     |   | $ | 105,409 |   |
| Trade                and other receivables                       |   |                            | 6,381   |                          |   |     |   |   | 7,013 |   |
| Deferred                tax assets                               |   |                            | 6,819   |                          |   |     |   |   | 6,748 |   |
| Other                current assets                              |   |                            | 499     |                          |   |     |   |   | 105 |   |
| Total                current assets                              |   |                            | 258,056 |                          |   |     |   |   | 119,275 |   |
| Property,                plant and equipment, at cost:           |   |                            |    |                          |   |     |   |   |   |   |
| Furniture,                fixtures and other                     |   |                            | 1,235   |                          |   |     |   |   | 1,114 |   |
| Less                - accumulated depreciation                   |   |                            | 988     |                          |   |     |   |   | 941 |   |
|                                                             |   |                            | 247     |                          |   |     |   |   | 173 |   |
| Deferred                financing costs, net                     |   |                            | 2,775   |                          |   |     |   |   | 3,252 |   |
| Commutation                account                               |   |                            | 12,606  |                          |   |     |   |   | 16,438 |   |
| Prepaid                insurance, net                            |   |                            | 3,331   |                          |   |     |   |   | 4,542 |   |
| Other                assets                                      |   |                            | 2,508   |                          |   |     |   |   | 2,108 |   |
| Investment                in subsidiaries                        |   |                            | 483,766 |                          |   |     |   |   | 295,764 |   |
|                                                             |   |                            |    |                          |   |     |   |   |   |   |
| Total                assets                                      |   | $                               | 763,289 |                          |   |     |   | $ | 441,552 |   |
|                                                             |   |                            |    |                          |   |     |   |   |   |   |
| **LIABILITIES                AND SHAREHOLDERS’ EQUITY**    |   |                            |    |                          |   |     |   |   |   |   |
| Current                liabilities:                              |   |                            |    |                          |   |     |   |   |   |   |
| Accounts                payable                                  |   | $                               | 2,480   |                          |   |     |   | $ | 853 |   |
| Accrued                interest                                  |   |                            | 2,485   |                          |   |     |   |   | 2,485 |   |
| Accrued                dividends                                 |   |                            | 58,726  |                          |   |     |   |   | 1,652 |   |
| Accrued                liabilities and other                     |   |                            | 26,853  |                          |   |     |   |   | 1,853 |   |
| Total                current liabilities                         |   |                            | 90,544  |                          |   |     |   |   | 6,843 |   |
|                                                             |   |                            |    |                          |   |     |   |   |   |   |
| Long-term                debt                                    |   |                            | 150,000 |                          |   |     |   |   | 150,000 |   |
| Deferred                compensation liability                   |   |                            | 2,214   |                          |   |     |   |   | 1,516 |   |
| Deferred                income taxes                             |   |                            | 70,727  |                          |   |     |   |   | 42,550 |   |
| Payable                to affiliated companies                   |   |                            | 4,745   |                          |   |     |   |   | 530 |   |
|                                                             |   |                            |    |                          |   |     |   |   |   |   |
| Shareholders’                equity                        |   |                            | 445,059 |                          |   |     |   |   | 240,113 |   |
|                                                             |   |                            |    |                          |   |     |   |   |   |   |
| Total                liabilities and shareholders’ equity  |   | $                               | 763,289 |                          |   |     |   | $ | 441,552 |   |

| **Frontier                  Oil Corporation**                                  |   |                                          |     |     |   |                                  |   |
|--------------------------------------------------------------------------------|--------|-----------------------------------------------|----------|----------|--------|---------------------------------------|--------|
| **Condensed                  Financial Information of Registrant**             |   |                                          |     |     |   |                                  |   |
| **Statements                  of Income**                                      |   |                                          |     |     |   |                                  |   |
|                                                                           |   |                                          |     |     |   | ** Schedule                  I** |   |
|                                                                           |   |                                          |     |     |   |                                  |   |
|                                                                           |   | **Years                  Ended December 31,** |     |
|                                                                           |   | **2005**                                      |     | **2004** |   | **2003**                              |   |
|                                                                           |   | *(in                  thousands)*             |     |
|                                                                           |   |                                          |     |     |   |                                  |   |
| Revenues                                                                       |   |                                          | ($6      | )        |   | ($6                                   | )      |   | ($17 | ) |
|                                                                           |   |                                          | (6       | )        |   | (6                                    | )      |   | (17 | ) |
| Costs                  and expenses:                                           |   |                                          |     |     |   |                                  |   |   |   |   |
| Selling                  and general expenses, excluding depreciation          |   |                                          | 14,681   |     |   | 15,590                                |   |   | 7,936 |   |
| Merger                  termination and legal costs                            |   |                                          | 48       |     |   | 3,824                                 |   |   | 8,739 |   |
| Depreciation                                                                   |   |                                          | 69       |     |   | 75                                    |   |   | 113 |   |
| Gain                  on sale of assets                                        |   |                                          | (3       | )        |   | -                                     |   |   | - |   |
|                                                                           |   |                                          | 14,795   |     |   | 19,489                                |   |   | 16,788 |   |
|                                                                           |   |                                          |     |     |   |                                  |   |   |   |   |
| Operating                  income                                              |   |                                          | (14,801  | )        |   | (19,495                               | )      |   | (16,805 | ) |
|                                                                           |   |                                          |     |     |   |                                  |   |   |   |   |
| Interest                  expense and other financing costs                    |   |                                          | 10,593   |     |   | 35,004                                |   |   | 26,981 |   |
| Interest                  and investment income                                |   |                                          | (5,905   | )        |   | (1,545                                | )      |   | (1,004 | ) |
| Equity                  in earnings of subsidiaries                            |   |                                          | (458,023 | )        |   | (165,038                              | )      |   | (48,949 | ) |
|                                                                           |   |                                          | (453,335 | )        |   | (131,579                              | )      |   | (22,972 | ) |
|                                                                           |   |                                          |     |     |   |                                  |   |   |   |   |
| Income                  before income taxes                                    |   |                                          | 438,534  |     |   | 112,084                               |   |   | 6,167 |   |
| Provision                  for income taxes                                    |   |                                          | 167,532  |     |   | 42,320                                |   |   | 2,935 |   |
|                                                                           |   |                                          |     |     |   |                                  |   |   |   |   |
| Income                  before cumulative effect of accounting change          |   |                                          | 271,002  |     |   | 69,764                                |   |   | 3,232 |   |
| Income                  tax benefit for cumulative effect of accounting change |   |                                          | 1,530    |     |   | -                                     |   |   | - |   |
| Net                  income                                                    |   | $                                             | 272,532  |     | $      | 69,764                                |   | $ | 3,232 |   |

| **Frontier                  Oil Corporation**                         |
|-----------------------------------------------------------------------|
| **Condensed                  Financial Information of Registrant**    |   |
| **Statements                  of Cash Flows**                         |   |   |   |   |   |   |   |
|                                                                  |   |   |   |   |   | ** Schedule                  I** |   |
|                                                                  |   |   |   |   |   |   |   |
|                                                                  |   | **Years                  Ended December 31,** |   |
|                                                                  |   | **2005** |   | **2004** |   | **2003** |   |
|                                                                  |   | *(in                  thousands)* |   |
| Operating                  Activities                                 |   |   |   |   |   |   |   |
| Net                  income                                           |   | $ | 272,532 |   | $ | 69,764 |   | $ | 3,232 |   |
| Equity                  in earnings of subsidiaries                   |   |   | (458,023 | ) |   | (165,038 | ) |   | (48,949 | ) |
| Cumulative                  effect of accounting change,              |   |   | (1,530 | ) |   | - |   |   | - |   |
| net                  of income taxes                                  |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                          |   |   | 69 |   |   | 75 |   |   | 113 |   |
| Deferred                  income taxes                                |   |   | 28,881 |   |   | 25,005 |   |   | 2,655 |   |
| Income                  tax benefits of stock compensation            |   |   | 7,792 |   |   | 5,168 |   |   | - |   |
| Deferred                  finance cost and bond discount amortization |   |   | 483 |   |   | 5,180 |   |   | 2,206 |   |
| Deferred                  employee compensation amortization          |   |   | 1,363 |   |   | 1,180 |   |   | 1,386 |   |
| Long-term                  commutation account and prepaid insurance  |   |   | 3,832 |   |   | 3,712 |   |   | (26,566 | ) |
| Amortization                  of long-term prepaid insurance          |   |   | 1,211 |   |   | 1,451 |   |   | 423 |   |
| Other                                                                 |   |   | 489 |   |   | 582 |   |   | (264 | ) |
| Changes                  in components of working capital             |   |   | 24,853 |   |   | (5,664 | ) |   | 49 |   |
| Net                  cash used by operating activities                |   |   | (118,048 | ) |   | (58,585 | ) |   | (65,715 | ) |
|                                                                  |   |   |   |   |   |   |   |   |   |   |
| Investing                  Activities                                 |   |   |   |   |   |   |   |   |   |   |
| Additions                  to property, plant and equipment           |   |   | (143 | ) |   | (3 | ) |   | (47 | ) |
| Proceeds                  from sale of asset                          |   |   | 3 |   |   | - |   |   | 240 |   |
| Other                  investments                                    |   |   | - |   |   | - |   |   | (32 | ) |
| Investment                  in subsidiaries                           |   |   | - |   |   | - |   |   | (18,039 | ) |
| Net                  cash used by investing activities                |   |   | (140 | ) |   | (3 | ) |   | (17,878 | ) |
|                                                                  |   |   |   |   |   |   |   |   |   |   |
| Financing                  Activities                                 |   |   |   |   |   |   |   |   |   |   |
| Proceeds                  from issuance of 6.625% Senior Notes        |   |   | - |   |   | 150,000 |   |   | - |   |
| Repurchases                  of debt:                                 |   |   |   |   |   |   |   |   |   |   |
| 11.75%                  Senior Notes                                  |   |   | - |   |   | (170,449 | ) |   | - |   |
| 9.125%                  Senior Notes                                  |   |   | - |   |   | - |   |   | (39,475 | ) |
| Proceeds                  from issuance of common stock               |   |   | 23,616 |   |   | 3,923 |   |   | 1,441 |   |
| Purchase                  of treasury stock                           |   |   | (34,819 | ) |   | (3,029 | ) |   | (1,075 | ) |
| Intercompany                  transactions, net                       |   |   | 4,215 |   |   | (202 | ) |   | 117 |   |
| Dividends                  paid to shareholders                       |   |   | (7,776 | ) |   | (5,664 | ) |   | (5,187 | ) |
| Dividends                  received from subsidiaries                 |   |   | 272,000 |   |   | 132,851 |   |   | 81,500 |   |
| Debt                  issue costs                                     |   |   | (100 | ) |   | (3,279 | ) |   | - |   |
| Net                  cash provided by financing activities            |   |   | 257,136 |   |   | 104,151 |   |   | 37,321 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |
| Increase                  (decrease) in cash and cash equivalents     |   |   | 138,948 |   |   | 45,563 |   |   | (46,272 | ) |
| Cash                  and cash equivalents, beginning of period       |   |   | 105,409 |   |   | 59,846 |   |   | 106,118 |   |
|                                                                  |   |   |   |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, end of period             |   | $ | 244,357 |   | $ | 105,409 |   | $ | 59,846 |   |

| **Frontier                Oil Corporation**                           |   |                                              |   |          |   |           |   |                                        |   |
|-----------------------------------------------------------------------|--------|---------------------------------------------------|--------|---------------|--------|----------------|--------|---------------------------------------------|--------|
| **Valuation                and Qualifying Accounts**                  |   |                                              |   |
| **For                the three years ended December 31,**   |   |   **Schedule                II**        |   |
|                                                                  |   |                                              |   |          |   |           |   |                                        |   |
|                                                                  |   |                                              |   |          |   |           |   |                                        |   |
| **Description**                                                       |   | **Balance                at beginning of period** |   | **Additions** |   | **Deductions** |   | **Balance                at end of period** |   |
|                                                                  |   | *(in                thousands)*              |   |
| **2005**                                                              |   |                                              |   |          |   |           |   |                                        |   |
| Allowance                for doubtful accounts                        |   | $                                                 | 500    |          | $      | -              |   | $                                           | -      |   | $ | 500 |   |
| Turnaround                accruals (1)                                |   |                                              | 28,526 |          |   | 15,443         |   |                                        | 16,151 |   |   | 27,818 |   |
|                                                                  |   |                                              |   |          |   |           |   |                                        |   |   |   |   |   |
| **2004**                                                              |   |                                              |   |          |   |           |   |                                        |   |   |   |   |   |
| Allowance                for doubtful accounts                        |   |                                              | 500    |          |   | -              |   |                                        | -      |   |   | 500 |   |
| Turnaround                accruals (1)                                |   |                                              | 26,641 |          |   | 13,531         |   |                                        | 11,646 |   |   | 28,526 |   |
| Valuation                allowance on deferred tax  assets       |   |                                              | 1,555  |          |   | -              |   |                                        | 1555   |   |   | - |   |
|                                                                  |   |                                              |   |          |   |           |   |                                        |   |   |   |   |   |
| **2003**                                                              |   |                                              |   |          |   |           |   |                                        |   |   |   |   |   |
| Allowance                for doubtful accounts                        |   |                                              | 1,300  |          |   | 103            |   |                                        | 903    |   |   | 500 |   |
| Turnaround                accruals (1)                                |   |                                              | 26,862 |          |   | 12,163         |   |                                        | 12,384 |   |   | 26,641 |   |
| Valuation                allowance on deferred tax  assets       |   |                                              | 1,555  |          |   | -              |   |                                        | -      |   |   | 1,555 |   |

----

**SIGNATURES**

|         |                                                                                                                              |                                 |
|--------------|-----------------------------------------------------------------------------------------------------------------------------------|--------------------------------------|
|         | **FRONTIER              OIL CORPORATION**                                                                                         |
|    |                                                                                                                         |                            |
|         | By:                                                                                                                     | /s/ James              R. Gibbs |
|         | James              R. Gibbs                                                                                                       |
|         | Chairman                of the Board, President andChief                Executive Officer(chief                executive officer) |

----

| /s/              James R. Gibbs                                  |   |  /s/              T. Michael Dossey  |   |
|---------------------------------------------------------------------------------|--------|------------------------------------------------|--------|
|  James R. Gibbs                                                            |   |  T. Michael Dossey                        |   |
|  Chairman of the Board, President              and     |   |  Director                                 |   |
|  Chief Executive Officer and              Director                         |   |                                           |   |
|  (chief                executive officer)                                  |   |                                           |   |
|                                                                            |   |                                           |   |
|  /s/              Michael C. Jennings                       |   |  /s/              James H. Lee       |   |
|  Michael C. Jennings                                        |   |  James H. Lee                             |   |
|  Executive Vice President                                   |   |  Director                                 |   |
|  Chief Financial Officer                                                   |   |                                           |   |
|  (principal financial officer)                                             |   |                                           |   |
|                                                                            |   |                                           |   |
|  /s/              Nancy J. Zupan                            |   |  /s/              Paul B. Loyd, Jr.       |   |
|  Nancy J. Zupan                                             |   |  Paul                B. Loyd, Jr.         |   |
|  Vice President - Controller                                |   |  Director                                 |   |
|  (principal                accounting officer)                             |   |                                           |   |
|                                                                            |   |                                           |   |
|  /s/              Douglas Y. Bech                           |   |  /s/              Michael E. Rose    |   |
|  Douglas Y. Bech                                            |   |  Michael E. Rose                          |   |
|  Director                                                                  |   |  Director                                 |   |
|                                                                            |   |                                           |   |
|  /s/              G. Clyde Buck                                       |   |                                           |   |
|  G. Clyde Buck                                                             |   |                                           |   |
|  Director                                                                  |   |                                           |   |
|                                                                            |   |                                           |   |