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Harvest Energy Trust Announces Distributions for First Quarter 2007

Jan 10, 2007 - 14:17 ET

 CALGARY, ALBERTA--(CCNMatthews - Jan. 10, 2007) - Harvest Energy Trust (TSX:HTE.UN) (NYSE:HTE) ("Harvest") today announces that a cash distribution of Cdn$0.38 per trust unit will be payable to unitholders for each of the months of January, February and March, 2007 as per the table below. This quarterly distribution declaration reflects Harvest's commitment to sustainability, and is based on forecast commodity price levels and operating performance that are consistent with the current environment.


Ex-Distribution $Cdn Distribution
Record Date Date Payment Date Amount
----------------- ----------------- ----------------- -----------------
January 22, 2007 January 18, 2007 February 15, 2007 $0.38
February 22, 2007 February 20, 2007 March 15, 2007 $0.38
March 22, 2007 March 20, 2007 April 16, 2007 $0.38
The Cdn$0.38 per unit is equivalent to approximately U.S.$0.32 per unit if converted using a Canadian/U.S. dollar exchange ratio of 1.178. For U.S. beneficial holders, the U.S. dollar equivalent distribution will be based upon the actual Canadian/U.S. exchange rate applied on the payment date and will be net of any Canadian withholding taxes that may apply.

Harvest is one of Canada's largest energy royalty trusts offering unitholders exposure to an integrated structure with upstream and downstream operations. We are focused on identifying opportunities to create and deliver value to unitholders through monthly distributions and unit price appreciation. With an active acquisition program and the technical approach taken to maximizing our assets, we strive to grow cash flow per unit. Harvest is a sustainable trust with a combined economic life index of approximately 16 years, and current production from our oil and gas business weighted approximately 70% to crude oil and liquids and 30% to natural gas. Harvest trust units are traded on the Toronto Stock Exchange ("TSX") under the symbol "HTE.UN" and on the New York Stock Exchange ("NYSE") under the symbol "HTE".      

FOR FURTHER INFORMATION PLEASE CONTACT:

 Harvest Energy Trust
John Zahary
President & CEO
(403) 265-1178 or Toll Free: (866) 666-1178

or

Harvest Energy Trust
Robert Fotheringham
Vice President, Finance & CFO
(403) 265-1178 or Toll Free: (866) 666-1178

or

Harvest Energy Trust
Cindy Gray
Manager, Investor Relations
(403) 265-1178 or Toll Free: (866) 666-1178

or

Harvest Energy Trust
2100, 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