Pipeline Projects October 24 th, 2006 Joey Purdy, Vice President Crude Oil Supply

Refinery Details Cheyenne 1.52,000 BPD Crude Capacity 2.Designed for Heavy Sour Crude feed stocks 3.Pipeline feed point is Guernsey, WY El Dorado 1.110,000 BPD Crude Capacity (130,000 BPD in 2008) 2.Designed for Medium Sour feed stocks 3.Pipeline feed point is Cushing, OK

New Guernsey to Cheyenne Pipeline Suncor system from Guernsey to Cheyenne has been seasonally full for years. Pipeline limitations forced a diet of trucked crudes (incrementally DJ Condensate and Nebraska Sweet) to keep refinery full. Explored concept of expanding capacity. Ultimately signed contract with Rocky Mountain Pipeline to construct a new line. –10 yr. commitment to ship –$50MM+ project –March 31 st, 2006 Contract, ~June 1 st, 2007 Startup (14 Months!) –16”, 2 pump station –~50,000 BPD (350 CST) startup capacity (Expandable)

Frontier’s Gasoil “Opportunity” Frontier currently rails/trucks ~2,000 BPD of gasoil to El Dorado, KS Volume will be higher due to a Coker expansion which will be complete in Future transportation costs, $10,000,000+/yr, can base load a pipeline from Cheyenne to El Dorado

New Pipeline from Cheyenne to El Dorado 500 miles, Capital Cost $300MM+ Resulting annual payment (tariff) for capital recovery alone is $40-$45MM. Startup ~24 months from signed contract 30,000 BPD capacity on low viscosity crude Frontier will make 20+ year commitment to the pipeline company in order to lower their risk and the resulting tariff. To open the line, Frontier must sign supply agreements to lock in acceptable differentials for a period of time (5+ years) after the pipeline is in service. Differentials will be set off WTI or WTS, depending on crude type. Targeting 20,000 BPD. Producer/supplier can deliver volumes to Frontier at Guernsey, Cheyenne, or possibly in the D.J. Basin.

Timeline Expect pipeline final estimate, timeline, and contract ready by January In early November, will begin more formal negotiations with interested suppliers. Will initially concentrate on larger, 5,000+ BPD producers. In December, will open up to any interested parties If sufficient supply contracts are not obtained, Frontier will not proceed with the pipeline contract.