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Harvest Energy Trust Confirms June 16th, 2003 Cash Distribution of $0.20 Per Unit

May 16, 2003 - 11:05 ET

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.

CALGARY - (TSX: HTE.UN) - Harvest Energy Trust ("Harvest")
announces that a cash distribution of $0.20 per trust unit will be paid on
June 16th, 2003 to Unitholders of record on May 30th, 2003. Harvest trust
units are expected to commence trading on an ex-distribution basis on May
28th, 2003. This distribution amount represents Distributable Cash earned in
the month of May 2003.
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's assets, comprised of high quality
medium and heavy gravity crude oil properties in East Central Alberta, and its
hands-on operating strategy underpin Harvest's objective to deliver superior
economic returns to Unitholders.
A part of Harvest's financial strategy is to retain up to 50% of its Cash
Available for Distribution for capital reinvestment in the form of existing
property enhancement and new property acquisitions while maintaining a high
rate of cash distributions. Based upon Management's expectations for
production levels and operating performance of existing assets, current
commodity markets coupled with Harvest's hedging program and the impact of the
rising Canadian dollar, Harvest estimates that its payout ratio for 2003 will
be approximately 75%. Harvest currently operates approximately 99% of its
production, enabling it to pursue additional asset growth through property
optimization and enhancement.

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 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.
%SEDAR: 00018577E

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FOR FURTHER INFORMATION PLEASE CONTACT:

Jacob Roorda,
President

or

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