Harvest acquires Pegasus Oil & Gas Inc.

Thu. August 13, 2009; Posted: 01:34 PM

CALGARY, Aug. 13, 2009 (Canada NewsWire via COMTEX) -- HTE | Quote | Chart | News | PowerRating -- Pegasus Oil & Gas Inc. ("Pegasus") (TSXV - POG.A & POG.B) announced today that Harvest Energy Trust ("Harvest"), through its indirect wholly owned subsidiary, Harvest Pegasus Inc. ("HPI"), has acquired approximately 93.5% of the issued and outstanding class A shares (the "Pegasus Class A Shares") of Pegasus in exchange for 0.015 units ("Units") of Harvest for each Pegasus Class A Share and approximately 90.6% of the issued and outstanding class B shares (the "Pegasus Class B Shares" together with the Pegasus Class A Shares, the "Pegasus Shares") of Pegasus in exchange for 0.15 Units for each Pegasus Class B Share pursuant to its Offer to Purchase dated June 23, 2009 and the accompanying Circular, as extended by a Notice of Variation dated July 31, 2009.

A total of 32,321,111 Pegasus Class A Shares and 917,464 Pegasus Class B Shares were deposited to the offer as of the expiry time, being 5:00 p.m. (Calgary time) on August 11, 2009. All conditions of the offer have now been satisfied and HPI has given instructions to the depositary to take up all of the Pegasus Shares deposited to the offer and will pay for such shares in accordance with applicable securities laws and the acquisition agreement between Harvest, HPI and Pegasus.

HPI intends to acquire all of the remaining Pegasus Shares not deposited under the offer pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta) and to de-list the Pegasus Shares from the TSX Venture Exchange as soon as reasonably practicable.

Effective August 12, 2009, all of the directors and officers of Pegasus have resigned and have been replaced with the nominees of Harvest.

Pegasus is a Calgary-based junior oil and natural gas producer with a focused production base in central Alberta, northwest Alberta and northeast British Columbia.

    <<
    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    >>

%SEDAR: 00005637E

SOURCE: Pegasus Oil & Gas Inc.

John Zahary, President and Chief Executive Officer, Robert Fotheringham, Chief
Financial Officer, Phone: (403) 265-1178

For full details on Harvest Energy Trust (HTE) click here. Harvest Energy Trust (HTE) has Short Term PowerRatings of 2. Details on Harvest Energy Trust (HTE) Short Term PowerRatings is available at This Link.

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