Harvest Energy Trust Mails Takeover Bid Materials to Pegasus Oil & Gas

Pegasus Oil & Gas announced that Harvest Energy Trust has mailed an offer and take-over bid circular to the securityholders of Pegasus in connection with Harvest's previously announced offer to purchase the Class A Shares and Class B Shares of Pegasus. The board of directors of Pegasus have also mailed a directors' circular recommending acceptance of the offer by the Pegasus shareholders. The take-over bid expires at 5:00 p.m. (Calgary time) on July 30, 2009, unless withdrawn or extended, and is being made by Harvest Pegasus Inc., an indirect wholly-owned subsidiary of Harvest.

This news release is neither an offer to purchase securities nor a solicitation of an offer to sell securities. Harvest has filed the take-over bid circular and offer with Canadian securities regulatory authorities and Pegasus has filed the directors' circular.

Shareholders of Pegasus and other investors are urged to read the offer to purchase, take-over bid circular and the related directors' circular. These documents, as well as any amendments and supplements to them and any other relevant document filed or to be filed with Canadian securities regulatory authorities, contain important information. Shareholders must carefully review this information and follow the instructions set forth therein in order to tender their shares to the offer.


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