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Harvest Energy Trust Announces Appointment of Independent Director

Dec 12, 2002 - 11:31 ET

(HTE.UN - TSX)

CALGARY - Harvest Energy Trust ("Harvest") is pleased to
announce the appointment of Mr. Hank B. Swartout to the Board of Directors of
Harvest Operations Corp., the manager for Harvest. Mr. Swartout has over 25
years of oil and natural gas industry experience and will provide significant
operational and corporate governance experience, which will be an asset to
Harvest as it pursues its growth plans. Mr. Swartout is Chairman of the Board,
President and Chief Executive Officer of Precision Drilling Corporation, an
international integrated oilfield drilling and energy service company.
Harvest Energy Trust is a Calgary based oil and natural gas trust that
strives to deliver stable monthly cash distributions to its Unitholders
through its strategy of acquiring, enhancing and producing crude oil, natural
gas and natural gas liquids. Harvest has successfully acquired high quality
medium and heavy gravity crude oil properties in East Central Alberta and will
endeavor to deliver superior economic returns to Unitholders. Harvest's
strategy is to retain up to 50% of its cash flow for capital reinvestment in
the form of existing property enhancement and new property acquisitions while
maintaining a high rate of cash distributions. Harvest currently operates
approximately 99% of its production, enabling it to pursue additional asset
growth through property optimization and enhancement.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Jacob Roorda,
President,
Harvest Energy Trust,
Telephone: (403) 265-1178,
Facsimile: (403) 265-3490,
Email address: roorda@harvestenergy.ca