Harvest Energy Trust Announces Enhanced 2005 Capital Program, Distribution Declaration and Index Inclusion.CALGARY, Alberta -- Harvest Energy Trust (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :HTE HTE Hírközlési És Informatikai Tudományos Egyesület (Hungary) HTE High Temperature Electronics HTE HazMat Trucking Enforcer (software) HTE HighTech Engineering HTE High Tension Electrode HTE High Turnover of Employees .UN) (NYSE NYSE See: New York Stock Exchange :HTE) ("Harvest" or the "Trust") today announces it has increased its 2005 capital program from $110 million to $130 million. This 18% increase reflects the ongoing growth of Harvest's optimization and development inventory within its suite of assets. "As our operational teams continued to identify development opportunities with high rates of return, we saw the need to expand our 2005 capital program," said Harvest's President, Jacob Roorda. "Our ability to invest in internal development programs is an excellent complement to our acquisition strategy in generating strong rates of return and sustainable distributions for Harvest unitholders." Harvest also announces a cash distribution of C$0.35 per trust unit to be paid on November 15th, 2005 to unitholders of record on October 24th, 2005. Harvest trust units are expected to commence trading on an ex-distribution basis on October 20th, 2005. This distribution amount represents Distributable Cash earned in the month of October 2005. The Trust has received notification from the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (TSX) that Harvest is one of the oil and gas royalty trusts royalty trust An ownership interest in certain assets, generally crude oil or gas production and real estate. Unlike the usual corporate organization, a trust arrangement permits income and tax benefits to flow through to the individual owners. selected for inclusion in the S&P/TSX Composite Index Composite Index A grouping of equities, indexes or other factors combined in a standardized way, providing a useful statistical measure of overall market or sector performance over time. Also known simply as a "composite". to be implemented in the coming months. The Composite Index is the TSX's most-watched index and inclusion therein is a reflection of Harvest's success, and is expected to provide increased liquidity for the Trust's units. Harvest Energy Trust is a Calgary based energy trust actively managed to maintain or increase cash flow per unit through its strategy of acquiring, enhancing and producing crude oil, natural gas and natural gas liquids. Harvest trust units are traded on the TSX under the symbol "HTE.UN" and on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (NYSE) under the symbol "HTE". Please visit Harvest's recently updated website at www.harvestenergy.ca for additional corporate information. HARVEST ENERGY TRUST (TSX:HTE.UN) (NYSE:HTE) |
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