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Harvest Energy Trust Announces a $10 Million Increase to Debenture Financing

Jan 13, 2004 - 08:54 ET

CALGARY, ALBERTA--Harvest Energy Trust ("Harvest") is pleased to 
announce it has increased the base component of its bought deal 
offering of convertible unsecured subordinated debentures (the 
"Debentures") announced yesterday by $10,000,000 to $50,000,000. 
The underwriters continue to have the option to purchase up to an 
additional $10,000,000 of the Debentures, which is exercisable at 
the discretion of the underwriters at any time up to 48 hours 
prior to closing. The offering is subject to normal regulatory 
approval and expected to close on or about January 29, 2004. 
National Bank Financial Inc. is acting as lead underwriter for 
the offering. 

The net proceeds of the offering will be used to repay the $25 
million of Equity Bridge Notes outstanding, to reduce bank 
indebtedness and for general corporate purposes. 

The securities of Harvest have not been registered under the U.S. 
Securities Act of 1933, as amended, and may not be offered or 
sold in the United States absent registration or applicable 
exemption from the registration requirements. This news release 
shall not constitute an offer to sell or the solicitation of an 
offer to buy securities in any jurisdiction. 

Harvest's trust units trade on the Toronto Stock Exchange under 
the symbol HTE.UN. 

This press release is not for release or distribution in the 
United States. 


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


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 



 Jacob Roorda, President


David M. Fisher, Vice President, Finance
(403) 265-1178
(403) 265-3490 (FAX)