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Harvest Energy Trust Announces Pricing of US$250 Million of 7 7/8% Senior Notes Due 2011

Oct 7, 2004 - 22:57 ET

CALGARY, ALBERTA--(CCNMatthews - Oct. 7, 2004) - 

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.

(TSX: HTE.UN) - Harvest Energy Trust ("Harvest") today announced that 
its wholly-owned subsidiary, Harvest Operations Corp., has agreed to 
sell, on a private placement basis in the United States, US$250 million 
of senior notes due October 15, 2011. The senior notes will bear 
interest at an annual rate of 7 7/8% and will be sold at a price of 
99.3392% of their principal amount. The senior notes will be 
unconditionally guaranteed by Harvest Energy Trust and all of its other 
wholly-owned subsidiaries. Closing of the senior notes offering is 
expected to occur on October 14, 2004, and is subject to satisfaction of 
customary closing conditions.

Harvest intends to use the net proceeds of the offering to repay in full 
Harvest's bank bridge facility associated with the recent acquisition of 
the EnCana assets and partially repay outstanding balances under 
Harvest's revolving credit facility.

The senior notes have not been registered under the Securities Act of 
1933, as amended, and may not be offered or sold in the United States 
absent registration or an applicable exemption from the registration 
requirements under the U.S. Securities Act. This announcement is neither 
an offer to sell nor a solicitation of an offer to buy any of these 
securities.

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FOR FURTHER INFORMATION PLEASE CONTACT:

Harvest Energy Trust
Jacob Roorda
President
(403) 265-1178 or Toll Free: (866) 666-1178

or

Harvest Energy Trust
David Rain
Vice President & CFO
(403) 265-1178 or Toll Free: (866) 666-1178

or

Harvest Energy Trust
Cindy Gray
Investor Relations & Communications Advis
or

(403) 265-1178 or Toll Free: (866) 666-1178
Email: gray@harvestenergy.ca

or

Harvest Energy Trust
1900, 330 - 5th Avenue S.W.
Calgary, AB Canada T2P 0L4
(403) 265-1178 or Toll Free: (866) 666-1178
(403) 265-3490 (FAX)
Email: information@harvestenergy.ca
Website: www.harvestenergy.ca