Harvest Energy Trust Files Arrangement Agreement and Sets Meeting Date

CALGARY, ALBERTA, Oct 29 (MARKET WIRE) --
Harvest Energy Trust (TSX: HTE.UN) (NYSE: HTE) (the "Trust") is pleased
to announce that it has set the meeting date for the approval by holders
of trust units, trust unit rights and unit awards of the Trust
(collectively, the "Securityholders") of the previously announced
arrangement (the "Arrangement") involving the Trust, Korea National Oil
Corporation ("KNOC") and the Securityholders. The special meeting of
Securityholders (the "Meeting") will be held in the Lecture Theatre at
the Metropolitan Centre, 333 - 4th Avenue S.W., Calgary, Alberta on
December 15, 2009, at 10:00 a.m. (Calgary time) and the completion of the
Arrangement is expected to occur on or about December 22, 2009. Specific
details, subject to receipt of all necessary approvals and other
conditions, in respect of the Arrangement will be contained in an
Information Circular and Proxy Statement of the Trust which is expected
to be mailed on or about November 16, 2009 to Securityholders of record
on November 9, 2009.

The Trust is also pleased to announce the Arrangement Agreement has been
filed on SEDAR and EDGAR and that formal KNOC board approval of the
definitive Arrangement Agreement has now been received.

Harvest is a significant operator in Canada's energy industry offering
unitholders exposure to an integrated structure with upstream
(exploration, development & production of crude oil and natural gas) and
downstream (refining & marketing of distillate, gasoline and fuel oil)
segments. We focus on identifying opportunities to create and deliver
value to unitholders through monthly distributions and unit price
appreciation. 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".

KNOC is a state owned oil and gas company engaged in the exploration and
production of oil and gas along with storing petroleum resources. KNOC
will fully establish itself as a global government-run petroleum company
by applying ethical, sustainable, and environment-friendly management and
by taking corporate social responsibility seriously at all times. For
more information on KNOC, please visit their website at
www.knoc.co.kr/ENG/main.jsp.

ADVISORY

Certain information in this press release 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.

Contacts:
Investor & Media Contacts:
Harvest Energy
John Zahary
President & CEO
(403) 265-1178 or Toll Free Investor Mailbox: 1-866-666-1178

Harvest Energy
Jason Crumley
Manager, Investor Relations
(403) 265-1178 or Toll Free Investor Mailbox: 1-866-666-1178

Corporate Head Office: Harvest Energy
2100, 330 - 5th Avenue S.W.
Calgary, AB Canada T2P 0L4
(403) 265-1178 or Toll Free Investor Mailbox: 1-866-666-1178
Email: information@harvestenergy.ca
Website: www.harvestenergy.ca

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