Harvest Energy Trust

Harvest Energy Trust

March 11, 2005 07:00 ET

Harvest Energy Trust Announces Increase to Exchangeable Share Ratio and Adjustment to Convertible Debenture Conversion Price


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: HARVEST ENERGY TRUST

TSX SYMBOL: HTE.UN

MARCH 11, 2005 - 07:00 ET

Harvest Energy Trust Announces Increase to
Exchangeable Share Ratio and Adjustment to Convertible
Debenture Conversion Price

CALGARY, ALBERTA--(CCNMatthews - March 11, 2005) - Harvest Energy Trust
("Harvest") (TSX:HTE.UN)today announces an increase to the Exchange
Ratio of the Exchangeable Shares of Harvest Energy Trust from 1.08192 to
1.08991. This increase will be effective on March 15th, 2005.

As announced on February 28, 2005, Harvest will make a special
distribution of $0.252, payable in the form of trust units, to
unitholders of record on March 31, 2005. This distribution will adjust
the exchange ratio of the exchangeable shares on the same basis as
Harvest's regular monthly distributions. This distribution will also
adjust the conversion price of Harvest's outstanding 9% and 8% series of
convertible debentures. The ratio and conversion price adjustments will
take effect concurrently with the exchange ratio increase that will
occur on April 15, 2005, and details of the adjustments will be
announced in early April.

Harvest Energy Trust is a Calgary-based energy trust actively managed 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 trust units are traded on the Toronto
Stock Exchange (TSX) under the symbol "HTE.UN". Please visit Harvest's
website at www.harvestenergy.ca for additional corporate information and
recent corporate presentations.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Harvest Energy Trust
    Jacob Roorda
    President
    (403) 265-1178 or Toll Free: (866) 666-1178
    (403) 265-3490 (FAX)
    or
    Harvest Energy Trust
    David Rain
    Vice President & CFO
    (403) 265-1178 or Toll Free: (866) 666-1178
    (403) 265-3490 (FAX)
    or
    Harvest Energy Trust
    Cindy Gray
    Investor Relations & Communications Advisor
    (403) 265-1178 or Toll Free: (866) 666-1178
    (403) 265-3490 (FAX)
    gray@harvestenergy.ca
    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)
    information@harvestenergy.ca
    www.harvestenergy.ca