Tracking the functional development of specific regions of the prefrontal cortex in children using event-related potentials (ERPs) is challenging for both technical and conceptual reasons. In this paper we outline our strategy for studying frontal lobe development and present preliminary results from children aged 7-17 years and young adults using ERPs functionally associated with anterior cingulate and prefrontal cortex, especially the orbitofrontal, ventral, and medial portions. Our analysis of contingent negative variation, error-related negativity, and novelty P300 data show that the ERPs associated with these regions are still maturing into late adolescence, and that their amplitude has significant correlations with behavioral capacities.