Harvest Energy Confirms 2007 Distribution Taxability

CALGARY, ALBERTA -- (MARKET WIRE) -- 02/26/08 -- Harvest Energy (TSX: HTE.UN) (NYSE: HTE) ("Harvest") today announces that all 2007 distributions paid to Harvest unitholders are 100% taxable, 0% return of capital.

Distributions paid to Canadian unitholders are 100% taxable as 'other income' with no return of capital. Distributions paid to U.S. resident unitholders are 100% taxable as 'qualified dividends'. Harvest is of the view that it is more likely than not that its 2007 distributions are 'qualified dividends' for U.S. tax purposes and are eligible for the reduced tax rate applicable to long-term capital gains (where the holder meets certain criteria).

Registered unitholders holding their unit certificate directly will receive their tax slips from Valiant Trust Company ("Valiant"), while unitholders whose units are held through a broker or other intermediary will receive their tax slips directly from their broker or intermediary.

Historical distribution and taxability information for both Harvest and former Viking Energy Royalty Trust unitholders is available on Harvest's website at www.harvestenergy.ca, as well as tax information specifically for former Viking unitholders. All unitholders are encouraged to seek independent legal or tax advice as it relates to distributions from Harvest.

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 73% to crude oil and liquids and 27% 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".

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

Harvest Energy Robert Fotheringham Chief Financial Officer (403) 265-1178 or Toll Free: 1-866-666-117

Harvest Energy Cindy Gray Manager, Investor Relations (403) 265-1178 or Toll Free: 1-866-666-117

Harvest Energy 2100, 330 - 5th Avenue S.W. Calgary, AB Canada T2P 0L4 (403) 265-1178 or Toll Free: 1-866-666-117 Email: information@harvestenergy.ca Website: www.harvestenergy.ca

2008-02-26 18:18:30 0298941 MARKETWIRE