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Harvest Energy Trust Announces Closing of Acquisition and Equity Financing

Oct 16, 2003 - 08:49 ET


CALGARY, ALBERTA-- 

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR 
DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH 
THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES 
LAW. 

Harvest Energy Trust (the "Trust" or "Harvest") has closed the 
acquisition of the Carlyle properties in South Eastern 
Saskatchewan.  This acquisition, as more fully described in the 
October 1st, 2003 press release, adds approximately 5,200 BOE/d 
of production and 16.5 million BOE of established reserves. 

Additionally, Harvest has closed an issue of 4,312,500 Trust 
Units at a price of $12.00 per Trust Unit for gross proceeds of 
$51.8 million pursuant to the Trust's previously announced public 
offering.  Harvest has issued 3,750,000 Trust Units under the 
base offering and 562,500 additional Trust Units as a result of 
the exercise of the Underwriter's over-allotment option.  The 
Trust Units were offered to the public through a syndicate of 
underwriters, which was led by National Bank Financial Inc. and 
included CIBC World Markets Inc., FirstEnergy Capital Corp., and 
Haywood Securities Inc.  In conjunction with the acquisition, 
Harvest has also closed a new credit facility with a Canadian 
based syndicate of lenders. 

This news release does not constitute an offer to sell or 
solicitation of an offer to buy any securities of Harvest in any 
jurisdiction nor shall there be any sale of securities in a 
jurisdiction in which such offer, solicitation or sale would be 
unlawful prior to the qualification or registration under 
applicable securities laws.  An offering may only be made in 
Canada by means of a prospectus. 

ADVISORY: Certain information regarding Harvest Energy Trust and 
Harvest Operations Corp. including management's assessment of 
future plans and operations, may constitute forward-looking 
statements under applicable securities law and necessarily 
involve risks associated with oil and natural gas exploration, 
production, marketing and transportation such as loss of market, 
volatility of prices, currency fluctuations, imprecision of 
reserve estimates, environmental risks, competition from other 
producers and ability to access sufficient capital from internal 
and external sources; as a consequence, actual results may differ 
materially from those anticipated in the forward-looking 
statements. 


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Harvest Energy Trust
1900, 330 - 5th Avenue S.W.
Calgary, AB T2P 0L4
Canada

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FOR FURTHER INFORMATION PLEASE CONTACT:

Harvest Energy Trust
Jacob Roorda
President
(403) 265-1178

or

Harvest Energy Trust
David M. Fisher
Vice President, Finance
(403) 265-1178
(403) 265-3490 (FAX)
Email: information@harvestenergy.ca
Website: www.harvestenergy.ca