Harvest Energy (HTE) Announces Renewed SOA with North Atlantic Refining Ltd.

October 13, 2009 9:04 AM EDT

Harvest Energy Trust (NYSE: HTE) is pleased to announce its North Atlantic Refining Limited subsidiary has renewed and extended its existing crude oil supply and refined product offtake agreement with Vitol Refining S.A.

Vitol will provide to NARL comprehensive working capital, financing of feedstocks and finished products, including Letters of Credit, intransit and instorage inventories, and trade credit. Additionally, Vitol will provide feedstock procurement and shipping, finished product marketing and shipping, price risk management, administrative and back office services. Further, the renewed SOA will provide for the inclusion of high sulfur fuel oil inventories and other amendments, which will increase the amount of working capital financing realized under this agreement.

The SOA also requires that Vitol Refining S.A. purchase and lift all refined products produced by the Refinery, except for certain excluded refined products to be marketed by North Atlantic in the local Newfoundland market. Also, the SOA provides that the ownership of substantially all feedstock and refined product inventory at the Refinery be retained by Vitol Refining S.A. and that during the term of the SOA, Vitol Refining S.A. will be granted the right and obligation to provide feedstock for delivery to the Refinery as well as the right and obligation to purchase all refined export products produced by the Refinery.

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