Harvest Energy Announces First Quarter 2008 Results and Continues C$0.30 Monthly Distribution

Harvest Energy (TSX: HTE.UN) (NYSE: HTE) ("Harvest") today announces the release of its first quarter 2008 financial and operating results. The unaudited financial statements, notes and MD&A pertaining to the period ended March 31, 2008 are filed on SEDAR at www.sedar.com and are available on Harvest's website at www.harvestenergy.ca . All figures reported herein are Canadian dollars unless otherwise stated.

Corporate Highlights:

- Cash from Operating Activities before changes in non-cash working capital and asset retirement obligations was $185.4 million ($1.24 per Trust Unit) for the period, and $128.1 million ($0.85 per Trust Unit) after these items;

- Distributions declared as a percentage of Cash from Operating Activities (before changes in non-cash working capital and asset retirement obligations) averaged 73% in the first quarter or 106% after these items;

- Closed the issuance of $250 million of Convertible Debentures shortly after the end of the quarter, reducing the drawn portion of our $1.6 billion credit facility and improving our financial flexibility;

- Subsequent to the end of the quarter, declared the C$0.30 per unit monthly distribution for each of May, June and July;

Upstream Highlights:

- Upstream production of 58,067 barrels of oil equivalent per day (boe/d) was essentially flat compared to the fourth quarter 2007 production of 58,416 boe/d;

- Upstream operating cash flow of $230.8 million reflects strong commodity prices and stable production volumes;

- Capital investments of $79.6 million in our western Canadian upstream business contributed to our stable production volumes and resulted in the drilling of 86 gross wells with a 100% success rate;

- Good progress made on Enhanced Oil Recovery (EOR) projects being implemented in 2008 at Hay River, Wainwright, Bellshill Lake and Suffield. A 600 boe/d increase in Hay River production across the quarter resulted from enhanced water injection and field optimization. Work continues on further EOR projects for 2009 and subsequent years at Hayter, Kindersley and southeast Saskatchewan designed to further impact recovery from the large original-oil-in-place pools across our asset base;

Downstream Highlights:

- Strong operating performance with average refinery throughput of 111,999 bbl/d following a successful maintenance turnaround completed in the fourth quarter of 2007;

- Downstream operating cash flow of $24.5 million reflects stable throughput, increased gasoline and distillate yields and higher margins for distillate products, which were offset by weaker margins on gasoline and high sulphur fuel oil (HSFO), as well as higher costs for feedstock and purchased energy needed to run the refinery;

- Invested $6.0 million in capital improvement projects at the refinery, including $1.7 million for the visbreaker enhancement project, with the balance invested in discretionary projects designed to improve reliability and performance; and

- Progress continued on the engineering study designed to identify and scope significant value-added growth opportunities at the North Atlantic refinery.

Financial & Operating Highlights

The table below provides a summary of our financial and operating results
 for three month periods ended March 31, 2008 and 2007.

                                 -------------------------------------------
                                         Three Month Period Ended March 31
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($000s except where noted)               2008           2007        Change
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Revenue, net(1)                     1,377,352      1,025,512            34%

Cash From Operating Activities
  before changes in non-cash
  working capital and asset
  retirement obligations              185,386        213,941           (13%)
 Per Trust Unit, basic            $      1.24      $    1.68           (26%)

Cash From Operating Activities        128,119        111,048            15%
 Per Trust Unit, basic            $      0.85      $    0.87            (2%)
 Per Trust Unit, diluted          $      0.83      $    0.84            (1%)

Net Income (Loss)(2)                     (346)        69,850          (100%)
 Per Trust Unit, basic            $         -      $    0.55          (100%)
 Per Trust Unit, diluted          $         -      $    0.55          (100%)

Distributions declared                135,167        145,270            (7%)
Distributions declared, per Trust
 Unit                             $      0.90      $    1.14           (21%)
Distributions declared as a
 percentage of Cash From
 Operating Activities before
 changes in non-cash working
 capital and asset retirement
 obligations                               73%            68%            5%
Distributions declared as a
 percentage of Cash From
 Operating Activities                     106%           131%          (25%)

Bank debt                           1,330,423      1,363,222            (2%)
7 7/8% Senior Notes                  250,099        279,612           (11%)
Convertible Debentures(3)             628,929        793,184           (21%)
Total long-term financial
 liabilities(3)                     2,209,451      2,436,018            (9%)
Total assets                        5,574,528      5,800,346            (4%)

UPSTREAM OPERATIONS
Daily Production
 Light to medium oil (bbl/d)           25,509         27,034            (6%)
 Heavy oil (bbl/d)                     12,980         15,614           (17%)
 Natural gas liquids (bbl/d)            2,484          2,496             -%
 Natural gas (mcf/d)                  102,570        101,282             1%
 Total daily sales volumes
  (boe/d)                              58,067         62,024            (6%)

Operating Netback ($/boe)               45.34          29.81            52%

Cash capital expenditures              79,571        148,487           (46%)

DOWNSTREAM OPERATIONS
Average daily throughput (bbl/d)      111,999        113,711            (2%)
Aggregate throughput (mbbl)            10,191         10,234             -%

Average Refining Margin (US$/bbl)        8.90          11.85           (25%)

Cash capital expenditures               6,027          4,883            23%
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(1) Revenues are net of royalties.
(2) Net Income (Loss) includes a future income tax recovery of $21.8 million
    (2007-nil) and unrealized net loss from risk management activities of
    $60.9 million (2007-$14.1 million) for the three months ended March 31,
    2008.
(3) Includes current portion of Convertible Debentures.