Frontier Oil Corporation says that Mike Jennings, 43, will become Frontier Oil Corporation's President and Chief Executive Officer effective January 1, 2009. He was made a director of the Company today. Jim Gibbs, 64, who currently holds these positions, will remain Chairman of Frontier's Board of Directors until sometime after January 1, 2010. Mr. Gibbs has been the Company's CEO for the last 17 years.

Jennings, who is currently Frontier's Executive Vice President and Chief Financial Officer, stated, "I am delighted to have the opportunity to lead Frontier's 850 employees and am grateful for the confidence in me expressed by the Company's Board of Directors. Following the substantial investments made at Frontier during the past three years to upgrade and expand our refining capacity, the Company is positioned to succeed and grow despite a challenging market environment for petroleum refiners. We are fortunate to have high quality refining assets and a talented group of people that execute day in and day out. I look forward to leading this team."

Jim Gibbs, Frontier's current Chairman, President and Chief Executive Officer said, "Mike Jennings is well suited to this job, and I am comfortable handing the reins to him. He has proven intelligence, judgment and integrity and has been a key part of the management team at Frontier for the past few years. I trust him to continue Frontier's tradition of combining financial discipline and operating excellence to generate value for our owners."

Tags: Frontier Oil Corporation