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HARVEST ENERGY TRUST: Harvest Energy Announces Year End 2008 Reserves

CALGARY, ALBERTA--(Marketwire - March 2, 2009) - Harvest Energy ("Harvest") (TSX:HTE.UN) (NYSE:HTE) today announces a summary of its 2008 year end reserves information. Unless otherwise indicated, all reserves stated herein are gross reserves (before royalty burdens and without including royalty interests), based on forecast prices and costs, except where indicated.

Highlights of Harvest's Reserves:

- Through successful drilling, optimization and acquisition activities, we are pleased to report Proved plus Probable ("P+P") reserves remained essentially flat year over year, with year end reserves of 219.9 million barrels of oil equivalent ("mmboe") (2007 - 220.9 mmboe), which includes strong positive additions from our waterflood activity at Hay River;

- We replaced approximately 100% of our 2008 production on a Proved basis through acquisition and positive additions from our capital program;

- Development and exploration capital as well as enhanced oil recovery investments totaled $263.6 million and added 16.0 mmboe Proved and 13.7 mmboe P+P reserves after the conversion of booked undeveloped reserves resulting in Finding & Development ("F&D") costs on a P+P reserve basis before changes in future development capital ("FDC") of $19.31 per boe, and including FDC of $29.87 per boe(1);

- Based on total capital spending of $400.0 million including acquisitions, Finding, Development and Acquisition ("FD&A") costs, before changes in FDC, are $20.60 per boe on a P+P reserve basis. Including FDC, the P+P FD&A costs are $28.84 per boe(1);

- Comparatively, our 2007 year end F&D costs on a P+P reserve basis, before changes in FDC were $23.35 per boe, and including FDC were $28.10 per boe. FD&A costs, before changes in FDC, were $19.08 per boe on a P+P reserve basis, including FDC, the P+P FD&A costs were $22.97 per boe;

- Three year average P+P F&D costs of $22.32 excluding FDC and $28.00 including FDC, and three year average P+P FD&A costs of $20.94 excluding FDC and $25.47 including FDC;

- Proved Developed Producing reserves continue to represent a high percentage (approximately 83%) of Total Proved reserves. Total Proved reserves represent approximately 70% of total P+P reserves;

- Effectively maintained a Reserve Life Index of approximately 10.8 years (P+P) based on average 2008 production of 55,932 boe/d; and

- The net present value (NPV) (before taxes, discounted at 10%) of Harvest's P+P reserves increased 6% to $3,893.8 million (2007 - $3,674.6 million), while the NPV of total Proved reserves increased 3% to $2,941.8 million (2007 - $2,850.3 million).

1 Harvest's F&D costs were calculated as prescribed by NI 51-101. For continuity, the F&D and FD&A costs presented herein were calculated both excluding and including FDC.

HARVEST RESERVES SUMMARY

Harvest's reserves for the year ended December 31, 2008 were evaluated in accordance with National Instrument 51-101 ("NI 51-101") by the independent reserve evaluators McDaniel & Associates Consultants Ltd. ("McDaniel") who evaluated approximately 35% and GLJ Petroleum Consultants Ltd. ("GLJ") who evaluated approximately 65%. The complete reserves disclosure as required under NI 51-101, will be contained in Harvest's 2008 Renewal Annual Information Form, to be filed on SEDAR on or before March 30, 2009.

The following tables summarize certain information contained in Harvest's reserves report.

Harvest Reserves Summary as at December 31, 2008 - Forecast Prices and Costs

Gross(1)
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 Light
& Total Oil Total Oil
 Medium Heavy Associated Natural Equivalent Equivalent
 Crude Crude & Non- Gas (3) (3)
Reserves Oil Oil Associated Liquids 2008 2007
 Category (mmbbl) (mmbbl) Gas (Bcf) (mmbbl) (mmboe) (mmboe)

Proved
 Developed
 Producing 57.1 33.0 192.3 6.1 128.2 131.5
 Developed
 Non-Producing 1.0 3.1 13.8 0.3 6.8 6.9
 Undeveloped 10.4 4.1 25.9 0.5 19.3 16.0
Total Proved 68.5 40.2 232.0 6.8 154.3 154.5
Probable 28.8 19.0 90.2 2.9 65.7 66.5
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Total Proved
 Plus Probable 97.3 59.2 322.1 9.7 219.9 220.9
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Net(2)
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 Light
& Total Oil Total Oil
 Medium Heavy Associated Natural Equivalent Equivalent
 Crude Crude & Non- Gas (3) (3)
Reserves Oil Oil Associated Liquids 2008 2007
 Category (mmbbl) (mmbbl) Gas (Bcf) (mmbbl) (mmboe) (mmboe)

Proved
Developed
 Producing 51.2 28.5 163.2 4.4 111.3 115.6
Developed
 NonProducing 0.8 2.5 11.7 0.2 5.5 5.8
Undeveloped 8.8 3.3 20.6 0.3 15.8 13.3
Total Proved 60.8 34.2 195.4 4.9 102.5 134.7
Probable 25.1 15.4 73.0 2.0 54.7 57.6
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Total Proved
 Plus Probable 85.9 49.6 268.4 6.9 187.2 192.3
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Notes:
(1) "Gross" reserves means the total working interest share of Harvest's
 remaining recoverable reserves before deductions of royalties payable to
 others.
(2) "Net" reserves means Harvest's gross reserves less all royalties payable
 to others.
(3) Oil equivalent amounts have been calculated using a conversion rate of
 six thousand cubic feet of natural gas to one barrel of oil. Boes may
 be misleading, particularly if used in isolation. This conversion ratio
 is based on an energy equivalency conversion method primarily applicable
 at the burner tip and does not represent a value equivalency at the
 wellhead.
(4) Columns may not add due to rounding.
(5) The reserves attributable to Harvest's Hay River property, which is an
 area that produces medium gravity crude oil (average 24 API), are
 subject to a heavy oil royalty regime in British Columbia and would be
 required, under NI 51-101, to be classified as heavy oil for that
 reason. We have presented Hay River reserves as medium gravity crude in
 the following reserve tables as they would otherwise be classified in
 this fashion were it not for the lower rate royalty regime applied in
 British Columbia. If the Hay River reserves were included in the heavy
 crude oil category, it would increase the gross heavy oil reserves and
 reduce the light/medium oil reserves by the following amounts: PDP: 11.2
 mmboe, Proved Undeveloped: 6.9 mmboe, Total Proved: 18.1 mmboe,
 Probable: 5.3 mmboe and P+P: 23.3 mmboe, and would increase the net
 heavy oil reserves and reduce the light/medium oil reserves by the
 following amounts: PDP: 9.8 mmboe, Proved Undeveloped: 5.8 mmboe,
 Total Proved: 15.6 mmboe, Probable: 4.7 mmboe, and P+P: 20.2 mmboe.

Harvest Net Present Value of Future Net Revenue of Reserves as at December 31, 2008 - Forecast Prices and Costs

Harvest's crude oil, natural gas and natural gas liquids reserves were evaluated using McDaniel's product price forecasts effective January 1, 2009 prior to provision for income taxes, interest, debt service charges and general and administrative expenses. Note that this presentation is on a before tax basis, and when the tax measures announced on October 31, 2006 and passed into law in 2007 become enacted in 2011 then the after tax values could be different than the pre-tax number presented herein. It should not be assumed that estimates of the discounted future net production revenue represent the fair market value of Harvest's reserves.

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Reserves 0% Disc. 5% Disc. 10% Disc. 15% Disc. 20% Disc.
 Category ($millions) ($millions) ($millions) ($millions) ($millions)

Proved
 Developed
 Producing $4,337.7 $3,227.8 $2,585.2 $2,167.0 $1,873.4
 Developed
 Non-Producing $ 203.8 $ 149.3 $ 118.3 $ 97.9 $ 83.3
 Undeveloped $ 510.0 $ 340.5 $ 238.4 $ 172.2 $ 126.6
Total Proved $5,051.5 $3,717.6 $2,941.8 $2,437.1 $2,083.4
Probable $2,655.0 $1,466.2 $ 951.9 $ 680.1 $ 516.3
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Total Proved
 Plus Probable $7,706.6 $5,183.8 $3,893.8 $3,117.2 $2,599.8
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Note:
(1) Columns may not add due to rounding.

McDaniel & Associates Consultants Ltd. January 1, 2009 Price Forecast
A summary of the McDaniel price forecast as at January 1, 2009 that was used in the Harvest reserves evaluation is listed below. A complete listing of the price forecast is available on the McDaniel's website at the following link [ http://www.mcdan.com/pricing_forecasts.html ].

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 Edmonton Alberta
 Light Bow
 Crude Oil River Alberta Alberta
 WTI Hardisty Heavy AECO US/CAN
 Crude Crude Crude Spot Exchange
 Oil Oil Oil Price Rate
 Year $US/bbl(1) $C/bbl(2) $C/bbl(3) $C/bbl(4) $C/GJ $US/$CAN
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 2009 60.0 69.6 54.8 47.0 7.40 0.85
 2010 71.4 83.0 65.3 56.1 8.00 0.85
 2011 83.2 91.4 72.0 61.8 8.45 0.90
 2012 90.2 93.9 73.9 64.0 8.80 0.95
 2013 97.4 96.3 75.9 65.6 9.05 1.00
 2014 99.4 98.3 77.4 67.0 9.25 1.00
 2015 101.4 100.3 79.0 68.8 9.45 1.00
 2016 103.4 102.3 80.5 70.2 9.60 1.00
 2017 105.4 104.2 82.1 71.6 9.80 1.00
 2018 107.6 106.4 83.8 73.0 10.00 1.00
 2019 109.7 108.5 85.4 74.5 10.20 1.00
 2020 111.9 110.7 87.2 76.0 10.40 1.00
 2021 114.1 112.8 88.9 77.5 10.60 1.00
 2022 116.4 115.1 90.7 79.0 10.80 1.00
 2023 118.8 117.5 92.5 80.7 11.05 1.00
Thereafter +2%/yr +2%/yr +2%/yr +2%/yr +2%/yr 1.000
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Notes:
(1) West Texas Intermediate at Cushing Oklahoma 40 degrees API/0.5% sulphur
(2) Edmonton Light Sweet 40 degrees API, 0.3% sulphur
(3) Bow River at Hardisty Alberta (Heavy stream)
(4) Heavy crude oil 12 degrees API at Hardisty Alberta (after deduction of
 blending costs to reach pipeline quality)


Harvest 2008 Reconciliation Table - Forecast Prices and Costs

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 TOTAL BARREL OF OIL EQUIVALENT (boe)
 Gross Proved Gross Proved Plus Probable
FACTORS (mmboe) (mmboe)
December 31, 2007 154.5 220.9
 Technical Revisions 6.7 0.6
 Discoveries 0.2 0.1
 Drilling Extensions 8.5 12.0
 Infill Drilling 0.4 0.6
 Improved Recovery 0.2 0.3
 Acquisitions/Divestitures 4.2 5.8
 Production (20.4) (20.4)
December 31, 2008 154.3 219.9
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Note:
(1) Columns may not add due to rounding.

As indicated in the table above, our P+P reserve additions (excluding acquisitions/ dispositions) totaled 13.7 mmboe.

Finding, Development & Acquisition Costs

In the interests of continuity and consistency, we have elected to present F&D and FD&A costs calculated both excluding and including FDC. The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.

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 Total Proved
 Plus
 Total Proved Probable
 -------------------------------
Development Capital Expenditures ($MM) $ 263.6 $ 263.6
Change in Future Development Capital (FDC)
 ($MM) $ 153.0 $ 144.2
 -------------------------------
Total Development Capital ($MM) $ 416.6 $ 407.8
Reserve Additions (mmboe) 16.0 13.7
F&D Costs ($/boe) $ 25.97 $ 29.87
F&D Costs before Changes in FDC ($/boe) $ 16.43 $ 19.31

Development & Acquisition Capital
 Expenditures ($MM) $ 400.0 $ 400.0
Change in Future Development Capital (FDC)
 ($MM) $ 164.1 $ 160.0
 -------------------------------
Total Development & Acquisition Capital ($MM) $ 564.1 $ 560.0
Reserve Additions (mmboe) 20.2 19.4
FD&A Costs ($/boe) $ 27.90 $ 28.84
FD&A Costs before Changes in FDC ($/boe) $ 19.78 $ 20.60

Three Year Average F&D ($/boe) $ 27.27 $ 28.00
Before FDC ($/boe) $ 23.01 $ 22.32
Three Year Average FD&A ($/boe) $ 28.78 $ 25.47
Before FDC ($/boe) $ 25.04 $ 20.94
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Harvest is a significant operator in Canada's energy industry offering Unitholders exposure to an integrated structure with upstream and downstream segments. We focus on identifying opportunities to create and deliver value to Unitholders through monthly distributions and unit price appreciation. Given our size, liquidity and integrated structure, Harvest is well positioned to complement our internal portfolio with value-added acquisitions that help drive our Sustainable Growth strategy. Our upstream oil and gas production is weighted approximately 70% to crude oil and liquids and 30% to natural gas, and is complemented by our long-life refining and marketing business. 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".

ADVISORY

Certain information in this press release, including management's assessment of future plans and operations, contains forward-looking information that involves risk and uncertainty. Such risks and uncertainties include, but are not limited to, risks associated with: imprecision of reserve estimates; conventional oil and natural gas operations; the volatility in commodity prices and currency exchange rates; risks associated with realizing the value of acquisitions; general economic, market and business conditions; changes in environmental legislation and regulations; the availability of sufficient capital from internal and external sources; and, such other risks and uncertainties described from time to time in Harvest's regulatory reports and filings made with securities regulators.

Forward-looking statements in this press release may include, but are not limited to, production volumes, operating costs, commodity prices, capital spending, access to credit facilities, and regulatory changes. For this purpose, any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Harvest assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.