Harvest Operations Corp. is a Canadian

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...

and

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

company based in

Calgary, Alberta Calgary ( ) is the largest city in the western Canadian province of Alberta and the largest metro area of the three Prairie Provinces. As of 2021, the city proper had a population of 1,306,784 and a metropolitan population of 1,481,806, makin ...

. Unlike many oil and gas trusts, which consist only of production fields, Harvest had both "upstream" (oil and gas wells) and "downstream" (refining and distilling) components. It operated as an open-ended investment trust in Canada, and was one of the equities known as " Canroys" – short for "Canadian royalty trusts." In 2009 the

Korea National Oil Corporation Korea National Oil Corporation (KNOC) is the national oil and gas company of South Korea and one of the most important industrial companies in the country. The company has operated and continues to operate oil and gas fields in Vietnam, Peru, In ...

made a buyout offer for Harvest, which was accepted, with shareholder approval. The trust was delisted from the Toronto Stock Exchange and the New York Stock Exchange in December 2009. The former Harvest Energy Trust's oil fields are mainly in Alberta, with two in Saskatchewan; it also has assets in northern British Columbia known as the Hay River Field.

Oil sand Oil sands, tar sands, crude bitumen, or bituminous sands, are a type of unconventional petroleum deposit. Oil sands are either loose sands or partially consolidated sandstone containing a naturally occurring mixture of sand, clay, and wate ...

deposits and all natural gas properties were in Alberta. As of the end of 2007, Harvest claimed a production of 61,000 BOE/d (barrels or equivalent per day), and a probable lifespan of existing assets of about ten years, before depletion. It claims a total original oil in place (OOIP) amount of , and another in

oil sands Oil sands, tar sands, crude bitumen, or bituminous sands, are a type of unconventional petroleum deposit. Oil sands are either loose sands or partially consolidated sandstone containing a naturally occurring mixture of sand, clay, and wate ...

. Future plans include drilling approximately 1,000 new oil and gas wells on about of land which has previously not been developed for oil and gas production. Harvest Energy Trust was formed in July, 2002. In 2006 it purchased the North Atlantic Refinery in

Come By Chance, Newfoundland and Labrador Come By Chance is a town on the isthmus of the Avalon Peninsula in Newfoundland and Labrador, Canada. It is in Division 1 on Placentia Bay. Located in this town is Newfoundland's only oil refinery, the Come By Chance Refinery operated by North ...

from

Vitol Vitol is a Swiss-based multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics and distribution are at the core of its business, these are complement ...

Refining Group, B.V., and in so doing became the first Canadian energy trust to own its own refinery. Harvest had 924 employees and a market capitalization of US$3.22 billion at the end of 2007. On 22 December 2009, Harvest closed its Plan of Arrangement with the Korea National Oil Corporation, which offered C$10.00 per unit through its Canadian subsidiary, KNOC Canada Ltd. Unitholders received cash payouts in late December, with non-Canadian holders receiving payouts based on the exchange rate as of the date of closing. The Harvest Energy Trust paid a high dividend, for example yielding an annual rate of 16.0% in early 2008; it also paid out monthly, a relative rarity for equities listed on the New York Stock Exchange. Its dividend payments were not taxed at the regular dividend rate, but rather at a 15% "

Qualified Dividends Qualified dividends, as defined by the United States Internal Revenue Code, are ordinary dividends that meet specific criteria to be taxed at the lower long-term capital gains tax rate rather than at higher tax rate for an individual's ordinary ...

" rate; this is an additional tax advantage in the United States, and applies to many royalty trusts.Explanation in Form 10-K on file with the Securities and Exchange Commission
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References and notes

* Employees approximately 400

External links

*{{Official website, www.harvestoperations.com Companies based in Calgary Oil companies of Canada 2002 establishments in Alberta 2009 disestablishments in Alberta Companies formerly listed on the New York Stock Exchange Non-renewable resource companies established in 2002 Companies disestablished in 2009