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We are an independent energy company, organized in the State of Wyoming in 1977, engaged in crude oil refining and the wholesale marketing of refined petroleum products. We operate refineries in Cheyenne, Wyoming and El Dorado, Kansas with a total annual average crude oil capacity of approximately 187,000 barrels per day. Both of our refineries are complex refineries, which means that they can process heavier, less expensive types of crude oil and still produce a high percentage of gasoline, diesel fuel, and other high value refined products. We focus our marketing efforts in the Rocky Mountain region and the Plains States, which we believe are among the most attractive refined products markets in the United States. Long after the Spanish gave up looking for El Dorado and its reputed gold on the high plains of the New World, Frontier El Dorado Refining is processing black gold in El Dorado, Kansas. A subsidiary of Frontier Oil, the company operates the El Dorado 130,000 barrels-per-day refinery, the largest refinery and the only petrochemical plant in Kansas. The El Dorado Refinery's product mix includes gasoline (55%), diesel and jet fuel (34%) and asphalt, chemicals and other refined petroleum products (11%). Frontier El Dorado ships its products to markets in the Plains and Rocky Mountain states.

Frontier Oil Corporation is an independent oil refining and marketing company with complex refineries located in Wyoming and Kansas. Frontier's primary products of gasoline and diesel are marketed in the Rocky Mountain region and Plains States. Frontier Oil Corporation is headquartered in Houston, Texas. The subsidiary company Frontier Refining & Marketing, Inc. is located in Denver, Colorado.

Frontier Refining & Marketing, a subsidiary of Frontier Holdings Inc. (which is a subsidiary of Frontier Oil Corporation), operates all of Frontier Oil's marketing, crude and product supply, planning, human resources, and accounting functions. Frontier Refining & Marketing primarily sells its gasoline and diesel to unbranded jobbers, but it also supplies retail operations of other oil companies. The company itself has no retail marketing locations, but does allow jobbers to use the Frontier logo on their retail outlets. Frontier Refining & Marketing is also a major marketer of asphalt to the Front Range area.

Portugal's primary oil and gas group, Galp Energia (formerly Petr�leos de Portugal), produces, transports, refines, distributes, and sells crude oil, natural gas, and oil products. It operates mainly in Portugal and Spain, but also has operations in a half-dozen former Portuguese colonies. Although Galp Energia is primarily a refining and marketing company with more than 1,030 gas stations, it is seeking to expand its exploration and production efforts. The company has significant exploration and production activities in Angola, Brazil, Portugal, and Syria. Galp Energia's leading shareholder is Italian energy conglomerate Eni, which owns 33% of the company.

Gary-Williams Energy Corporation (GWEC) is a small, independent oil and gas company, headquartered in Denver, with operations primarily in the Mid-Continent region of the United States. With approximately 300 employees, the company's subsidiaries include Wynnewood Refining Company (Oklahoma), Gary-Williams Production Company and Gary-Williams Real Estate Company. Refining and wholesale marketing are now the company's primary businesses. The company maintains a small marketing office in Oklahoma City. Today, the company's major asset is a 70,000 BPD crude oil refinery in Wynnewood, Oklahoma, purchased from Kerr-McGee in mid-1995, and operated as Wynnewood Refining Company (WRC). The refinery produces gasoline, diesel fuel, military jet fuel, solvents and asphalt.

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