12 05 Investor Presentation PDF

ClicktoeditMastertitlestyle
InvestorPresentation
May2012
ForwardLookingInformation
Certaininformationsetforthinthisdocument,includingmanagementsassessmentofHarvestsfutureplansand
operations,containsforwardlookingstatements.Bytheirnature,forwardlookingstatementsaresubjectto
numerousrisksanduncertainties,someofwhicharebeyondHarvestscontrol,includingtheimpactofgeneral
economicconditions,industryconditions,volatilityofcommodityprices,currencyfluctuations,imprecisionof
reserveestimates,environmentalrisks,competitionfromotherindustryparticipants,thelackofavailabilityof
qualifiedpersonnelormanagement,stockmarketvolatilityandabilitytoaccesssufficientcapitalfrominternal
andexternalsources.Therefiningbusinessaddsthefollowingrisksanduncertainties,includingbutnotlimitedto:
thevolatilitybetweenthepricesforcrudeoilpurchasedandproductssold(thecrackspread),refineryoperating
riskssuchasspillsanddischargesofpetroleumorhazardoussubstances,thestabilityoftherefinerythroughput
performance,competitionfromotherrefinersandpetroleumproductmarketers,crudeoilsupplyinterruptions,
lossofkeypersonnel,andlabourdisruptions.
Readersarecautionedthattheassumptionsusedinthepreparationofsuchinformation,althoughconsidered
reasonableatthetimeofpreparation,mayprovetobeimprecise and,assuch,unduerelianceshouldnotbe
placedonforwardlookingstatements.Harvestsactualresults,performanceorachievementcoulddiffer
materiallyfromthoseexpressedin,orimpliedby,theseforwardlookingstatementsand,accordingly,no
assurancecanbegiventhatanyofeventsanticipatedbytheforwardlookingstatementswilltranspireoroccur,or
ifanyofthemdoso,whatbenefitsthatHarvestwillderivetherefrom.Harvestdisclaimsanyintentionor
obligationtoupdateorreviseanyforwardlookingstatements,whetherasaresultofnewinformation,future
eventsorotherwise.
AllfiguresquotedhereinareCanadiandollars,unlessotherwise stated
InvestorPresentation May2012
22
OverviewofKoreaNationalOilCorporation
Establishedin1979&whollyownedbytheGovernmentofKorea
Asubstantialandgrowingbusinessdesignedtomitigatethe
impactofoilpricesontheKoreaneconomythrough:
Oilstockpiling(currently146mmboes)
Worldwideexplorationandproductionofoil&gas
KNOCstrategicgoalsinclude:
Productioncapacityof300,000boe/dandreservesof2Bnbblsby2012
Substantialincreasespost2012
KNOChasaglobalportfoliocomprisingof56fieldsinproduction,
12underdevelopmentand145underexploration
3 3
KNOC&Harvest
2011Production:218,955boe/d
KNOCowns100%ofHarvestequity
20112PReserves:1,266MMboe
Harvestcontinuestohavepublicly
tradeddebtanddebtcapitalmarket
facilitiesandrelationships.
Conventional
2011Production:57,161boe/d
20112PReserves:505MMboe
Upstream
Operations
Downstream
Operations
Unconventional
OilSands
44
HarvestsImportancetoKNOC
ThestabilityandgrowthofHarvestanditsbusinesssegmentsis criticaltoKNOC.
HarvestsproductionandreservesaccountforasignificantportionofKNOC,contributingto
theachievementoftheKoreangovernmentpolicy
HarvestsdownstreambusinessdiversifiestheKNOCbusinessportfolioas anintegratedoil
company
KNOCsupportsthestabilityandexpansionofHarvest
OilandGasProductionCapacity 219Kboe/d
OilandGasReserves 1,266MMboe
26%
Harvest
39%
Harvest
61%
74%
55
OverviewofHarvestOperationsCorp.
FormedinJuly2002
YE2002productionvolumeof4,307boe/d
P+Preservesof12,919mboe
Experiencedsignificantgrowth&valueappreciation
2011productionvolumeof57,161boe/d
2011P+Preservesof505MMboe
Becameanintegratedenergycompanywiththeacquisitionof
NorthAtlanticRefiningin2006
GrowthOrientedandValueDriven
OpportunisticGrowth
EfficientandEffectiveAssetManagement
TechnicalFocustoAchieveGrowth
6 6
HarvestCapitalMarketsInformation
InitialPublicOfferingDec.2002asHarvestEnergyTrust
OutstandingequitypurchasedbyKNOCDec.22,2009
ConvertedtoacorporationMay1,2010asHarvestOperationsCorp.
TSXListedDebentures:
$734million(4series),weightedaveragetermof1.81years,average7.21%yieldonface
SeriesofDebentures
SemiAnnualPaymentDates
RedemptionPrice
(%ofPar)
MaturityDate
6.40%DebenturesDue2012
April30,October31
October31,2012
100%
March31andSeptember30
September30,2013
100%
February28andAugust31
February28,2014
100%
May31andNovember30
May31,2015
105%
SeniorNotes:
o 6%SeniorNotesUS$500millionoutstanding
DueOct.2017
$5.1billionbookenterprisevalue
77
CapitalStructure
US$500million
DueOctober2017
6%coupononface
Recentnotesincreasesaveragelifeofdebtto~4
years
Nosignificantmaturitiesuntil2013
DebtMaturityProfile($mm)
SubDebentures
$534.6milliondrawnona$800millionfacility
MaturesApril30,2015
SeniorNotes
BalancedMaturityProfile
BankDebt
HTE.DB.D6.4%
$734million(4series)
Averagetermof1.81years
Average7.21%yieldonface
HTE.DB.E7.25%
Equity
2012
$107
KNOCpaid$1.8billionforequityacquisition
Injectedsubsequent$2Bils(cash&assets)
2013
$330
2014
$60
HTE.DB.F7.25%
Bank Debt
10%
Senior Notes
10%
2015
$237
HTE.DB.G7.5%
2016
$0
Debentures
14%
USSr.Notes6.875%
2017
$500
65%
Equity
Note: Bank Debt is based on Q1 2012
$0
$200
$400
$600
88
CapitalStructure
BankDebt
ExtendedthetermtoApril30,2015onApril29,2011
Increasedthefacilityfrom$500millionto$800millionasofDecember16,2011
TheminimumapplicablemarginundertheCreditFacilityforLIBORorBAbasedloanswasdecreased
to160bpsaslongasHarvestssecureddebttoEBITDAratioremainsbeloworequaltoone
Subjecttofinancialcovenants:
Covenant
March31,2012
December31,2011
Secureddebt(1) toEBITDA
3.0to1.0orless
1.18
0.73
Totaldebt(2)toEBITDA
3.5to1.0orless
3.48
2.72
Secureddebt(1)toCapitalization(3)
50%orless
13%
10%
Totaldebt(2) toCapitalization(3)
55%orless
39%
36%
(1)Seniordebtconsistsoflettersofcredit,bankdebtandguarantees.
(2)TotaldebtconsistsofsecureddebtandconvertibledebenturesandNotes.
(3)Capitalizationconsistsoftotaldebtandshareholders equityexcludingBlackGold.
AtSeptember30,2011,Harvesthad$256.4milliondrawn
Interestchargesonbankloansaggregatedto$3.0millionfortheninemonthsendedSept.30,2011
Effectiveinterestrateof2.98%
99
CapitalStructure
SeniorNotes
OnOctober4,2010,HarvestcompletedanofferingofUS$500million
principalamountof6%SeniorNotes
The6%SeniorNotesareunsecured
InterestpaymentsoccursemiannuallyonApril1andOctober1
MatureonOctober1,2017
TheNotesareredeemableataredemptionpriceequalto100%ofthe
principalamountoftheNotesbeingredeemed,plusamakewhole
redemptionpremiumandaccruedandunpaidinteresttotheredemption
date
Harvestwillgivenolessthan30daysandnomorethan60daysnoticeofany
redemption
10
10
CapitalStructure
Debentures
ThedebenturesmayberedeemedbyHarvestatitsoptioninwhole orinpartpriortotheir
respectiveredemptiondates
Anyredemptionwillincludeaccruedandunpaidinterestatsuchtime.
Convertible
Debentures
6.400% $106,796M
2012
2013
2014
2015
2015
Oct31
100%
Sep30
100%
7.250% $330,548M
Feb28
7.250% $60,050M
100%
102.5%
Jun1
7.500% $236,579M
105.0%
Jun1
102.5%
100%
May31
Thedebenturesarenolongerconvertibleintounits/share
Investorswouldreceive$10.00foreachunit/sharenotionallyreceivedbasedonconversionprice
Everyseriesofdebenturescarriesaconversionpricethatexceeds$10.00perunit/share
Therefore,itisassumedthatinvestorswouldnot exercisetheirconversionoption
11
11
CapitalStructure
Equity
KNOCtakesanactiveroleingrowingandfundingHarvest,providingfinancial
backingtomakeHarvestsbalancesheetstrongandsupportitsgrowth
KNOChascontributedmorethan$2billion1 throughequityinjectionsinceits
acquisitionofHarvest
$2,500
Debtrepayment$1,066million
BlackGold$460million
TechnologyCentre$7million
Huntacquisition$505million
BlackGold
&GTRC2
$2,000
$Millions
CapitalInjections$2+Billion
$1,500
DebtPayment
HuntAcq,
$505
$43
$424
$1,000
$466
Nodividendpaymentsmadesinceacquisition
$500
$600
HarvestisKNOCsCanadiangrowthvehicle
Q42009
Q12010
Q22010
Q32010
Q42010
Q12011
KNOCholds 386,078,649commonsharesofHarvest
1.
2.
Excludes$1.8billionforPlanofArrangementequitypurchase
GlobalTechnology&ResearchCentre
12 12
BalanceSheetImprovements
TotalDebt/CashfromOperations
TotalDebt/CashfromOperations
BankDebt/CashfromOperations
4.0
6.0
5.0
4.9
3.0
3.1
4.0
3.7
3.5
3.0
3.4
1.9
2.0
2.8
2.0
2.9
2.0
1.0
0.9
1.0
0.6
0.0
0.0
0.0
YE2006
YE2007
YE2008
YE2009
YE2010
YE2011
YE2006
YE2007
YE2008
YE2009
YE2010
YE2011
13
13
HarvestCorporateStrategy
Canadianbasedintegratedoilcompany
Exposuretooilweightedupstreamoperationsanddownstreamrefining&
marketingbusiness;creatinganaturalhedgewithheavy/mediumgradecrude
productionandmediumgraderefineryfeedstock
Areasoffocus
Upstream:Oilweightedassetbase,fullcycle,lowriskexploration&
development,multiyear developmentportfolio,EORprojects,unconventional
resourceplayopportunities
Downstream:improvingmargins;highreturndebottleneckprojects
AccesstocapitalthroughKNOCandstrategicfocussupports
futuregrowth
StrongandexperiencedmanagementteamincludesKNOC
secondees andlegacyHarvestofficers
14
14
GrowthInitiatives
ShortTerm
MidTerm
Conventional&Unconventional
Assets
Conventional&Unconventional
AssetExpansion
Continuetodevelopandexploitoil
focusedassetportfoliowith60,000
boe/dofcurrentproduction
capacity
Usingthelatesttechnologywithan
activedevelopmentprogram
RefiningMargins
Improvedwithcontinuinggrowth
andrefinedproductdemandas
wellasshutdownofuncompetitive
refineries
EnhancedOilRecovery
LongTerm
SignificantUnconventional
Assets
35,000acresinHornRiverShale
plusotherunconventionalassets
Acquisitions
ContinueEORprojectstoincrease
productionandresourcepotential
Growththroughorganic
investmentandacquisitions
RefineryDebottleneckingProject
BlackGoldOilSandsProject
Completedebottleneckingprojects
toexpandtherefineryandimprove
itscostefficiency
Phase1of10,000bbl/dunder
constructionwithPhase2of
30,000bbl/dapplicationpending;
firstoilexpectedin2014
15
15
HarvestBusinessOperations
Upstream
2012E60,000+boe/d(~70%liquids)
Reserves:includesFebruaryacquisition
o ~505MMboe P+P(~84%liquids)
o ~265MMboe Proved(~78%liquids)
ConcentratedassetswithorganicdevelopmentandEOR
potential
Significantundevelopedland(~1,180Kacres)
Strongoperationalandtechnicalteamsfocusedonhigh
capitaleffectivenessandefficientoperations
Downstream
Mediumgravitysourcrudehydrocrackingrefineryin
Newfoundlandwith115,000bbl/dcapacityand
retail/wholesalemarketingoperation
Diversified,highqualityproductslate
Opportunityforfutureexpansion
Performanceandyieldenhancementthroughhighreturn
debottleneckingprojects
16
16
SummaryofUpstreamAssets
Harvesthasadiversifiedportfolioofassetsprovidingstableproductionfrom
conventionalandprovenunconventionaloilfocusedproperties.
16%
9%
32%
Light/MediumOil
43%
NaturalGas
NaturalGasLiquids
HeavyOil
17
17
UpstreamReserveGrowth
600
500
461
400
Reserves
(mmboes)
300
505
AcquiredBlackGold
221
220
200
200
100
0
2007
2008
2009
2010
2011
Probables
66
66
60
223
240
ProvedUndeveloped
17
19
18
113
119
138
135
122
125
146
ProvedDeveloped
Relativelyconservativelevelofbookingundevelopedandprobables
18
18
ProvedReservesbyProduct
300
265
238
250
200
Proved
Reserves
150
(Mbbls)
155
154
2007
2008
140
100
50
0
LightandMediumOil
2009
HeavyOil
Bitumen
2010
NaturalGas
2011
NaturalGasLiquids
19
19
ProbableReservesbyProduct
300
250
223
240
200
Proved
Reserves
150
(Mbbls)
100
66
66
2007
2008
60
50
0
LightandMediumOil
2009
HeavyOil
Bitumen
2010
NaturalGas
2011
NaturalGasLiquids
20
20
UpstreamResourcePotential
Commodityprices&evolvingtechnologyallowopportunityto
pursuethedevelopmentofunexploitedresources
HornRiver
Exploration&Development
HayRiver(Bluesky)
RedEarth(SlavePoint)
DeepBasin(Falher)
SlavePoint
EnhancedOilRecoveryOpportunities
Wainwright(Polymerflooding)
Suffield(Polymerflooding&water
BlackGold
Cardium/Glauc/Montney
injection)
HayRiver(Water&NaturalGasinjection)
HeavyOilAssets
Cardium/Glauc
Cardium
BasalQuartz
Viking
Bakken
ResourcePlays
OilSandsAssets
NaturalGasPlays
Other
BlackGoldOilSands(10,000acres)
Additionaloilsandslands(90,000acres)
Heavyoil(horizontals)
SESaskatchewanoilopportunitiesat
Bakken/Torquay
HornRiver(35Kacres)
NaturalGas(shallowgas&CBM)
21
21
2012CapitalExpenditurePlans
TotalCapitalSpendingfor2012of$650million
o $435millionforUpstream
o $215millionforBlackGoldoilsands
Implementationoroptimizationofenhancedwaterfloods
Increasingwaterhandlingandwaterdisposalcapacityatkeyfields
Debottleneckingexistingfluidhandlingfacilitiesandsurfaceinfrastructure;
Uphole completionsofbypassedoruntestedreservesinexistingwellbores,
includingrecompletionofexistingshutinwellstoaccessundrained reserves;
Selectedinfillandstepoutdevelopmentdrillingopportunitiesforvarious
proventargetsgenerallydefinedby3Dseismic;
Numerousexploratoryopportunitiesdefinedbyseismicfromwhich valuemight
beextractedbysale,Farmout orjointventure;
Managementofdrygasportfoliotoshutinwellscurrentlywithlowgas
netbacksduetofallinggaspricestopreservereservestobeproducedatatime
whengaspricesimprove;and
Utilizingmultistagefracturedtechnologyinhorizontalwellsto increaseoil
recoveryfromtightoilandgasformations.
22
ClicktoeditMastertitlestyle HayRiver
AcquiredinAugust2005
Bluesky Formation
24o API MediumCrudeOil
LargeOOIP(239mmbbl)bluesky poolwithverylow
recoverytodate(~9%)
Harvest100%workinginterest
Winteraccessonlyfordrillingoperations
Focusonincreasingwaterinjectionintothe
formationforimprovedproductionandoilrecovery
Averagedailyproductionof5,243boe/d(95%oil)in
2011
FuturePlansincludethedrillingof30producersand
injectors
Naturalgasisprocessedatthecentralfacilityandis
reinjectedintothereservoirforpressure
maintenanceorsold
9,000
8,000
7,000
6,000
Boe/d
5,000
4,000
3,000
2,000
1,000
0
Jan07
BaseVolumes
Jan08
2008EOR
Jan09
2009Drills
Jan10
2010Drills
Jan11
2011Drills
23
23
ClicktoeditMastertitlestyle RedEarth
3000
Productoin (boepd)
2500
2000
1500
1000
500
0
1 -J a n-1 1
DevonianSlavePoint,GraniteWashandGilwood
Formations
37o 39o API LightCrudeOil
35,200netundevelopedacresofoilsands
PartofthePeaceRiveroilsandsregion
Harvest90%+workinginterest
38grosswellsdrilledin2011
2011Productionaveraged4,027boe/d(99%oil)
Over300FutureDrillingOpportunities
ExistinginfrastructureintheareapositionsHarvestto
developthisoilsandspotential
Currentseasonprogramincludes26horizontalwellsto
bedrilled
Futuredevelopmentmayincludedownspacedrilling&
waterinjection
Lightoilandcondensateproducedcanbeusedfor
blendingwithheavyoil
2 6 -J a n-1 1 2 0 -F e b -1 1 1 7 -M a r-1 1 1 1 -A p r-1 1
24
24
ClicktoeditMastertitlestyle DeepBasin
AcquiredinFebruary2011
Upto34discreteCretaceoussand
packages
Facilitatesmultizonedcommingledwells
CurrentlyprimarilytargetingtheFalhers
Liquidsrichnaturalgas
40to70bbls C3+permmcf rawgas
OGIPs of25to100BCFpersection
TheFalhers arebeingdevelopedwith
horizontalwells,usingmultistagedfracture
completions
2012plansincludedrilling5grosswells(4
netwells)andcompletingand/ortyingin6
wellsdrilledinlate2011
25
25
EOROpportunityPotential
SignificantResourcePools(WorkingInterestShare)
250
OOIP(mmboe)
200
150
100
50
0
Bell s hi l l La ke
Ha yRi ver
Suffi eld
Ha yter
Wa i nwri ghtB Ceci l (Upper

Royce)
Ea gl eLa ke
(Ki nders l ey)
RecoveredtoDate(mmboe)
BookedP+PReserves(mmboe)
IncrementalEORPotential
RemainingResource(mmboe)
26
26
UpstreamEORImpact
Wainwright
10,000
Base
9,000
Waterflood
RiskedASP
UnriskedASP
8,000
PolymerFloodArea
Production(bopd)
7,000
Thistypeofresponseispossiblein
numerouspoolsasEORcanbeapplied
acrossHarvestsassetbase
6,000
5,000
4,000
~15mmbbl
3,000
2,000
~48mmbbl
1,000
0
1973
CretaceousUpperMannvilleSparkyFormation
22o 24o API MediumCrudeOil

Polymerfloodpilotconstructedin2009
13Injectors
23Producers
Technicalanalysisindicatespoolwiderecoverycouldrange
from47%upto60%
Harvesthas99%workinginterest
1983
~12m
mbbl
1993
2003
~7m
m
2013
bbl
2023
Watercutdecreasedfrom98%to90%insome
producers
Largestpolymerfloodintheworldusingproduced
water
LargeOOIPof122mmbbl pool;with~41%recoveryto
date
Averagedailyproductionof1,820boe/din2011
2012Plansincludethecontinuationofthepolymer
floodandincreasingtheinjectionpressure,resultingin
increasedinjectionvolumes
27
27
UpstreamEORImpact
Suffield
UpperMannvilleGlauconiticFormation
15o 18o API HeavyCrudeOil

Harvest100%workinginterest
Polymerfloodpilot&upgradedwaterinjectionsystemsconstructedin2010
toincreaserecoveryofoil
Averagedailyproductionof2,950boe/din2011
Futuredevelopmentmayincludeexpansionofpolymerflood,stepout,
extensionandinfilldrillingintheestablishedpools
Pooloptimizationandenhancedrecoveryprojectswilltarget:
increasedwaterinjectionintounderinjectedreservoirstosupport
pressuremaintenance
introductionofpolymerfloodingtofurtherenhancesweepefficiencies
Plansfor2012include:
Polymerfloodcontinues,apositiveresponseseenwith250boe/d
increasesseeninpilotarea.
Continuationofrepressurizationofdepletedpods
1,000
Caen(Suffield)
PolymerFloodArea
bbl/d
800
600
Polymer
injectionstarted
400
200
201001
201004
201007
201010
201101
201104
201107
28
28
UpstreamNetbackAnalysis
80
TransportationCosts
Royalties
OperatingCosts
Netback
$75.39
0.66
70
60
12.14
$53.78
14.7
0.54
50
$/boe
$62.13
$55.85
1.42
0.52
$47.02
9.69
9.37
8.58
0.75
6.84
40
16.8
14.73
13.66
13.72
30
47.89
20
34.54
32.02
29.89
25.71
10
0
2007
2008
2009
2010
2011
Attractivenetbackswithahighpercentageoflight/mediumoilandheavyoil
29
29
DownstreamOperations
115,000bbl/dmediumsourhydrocrackingrefineryandrelated
businesses
Marketingdivisionwith55retailgasoline&3cardlocklocations
Retailheatingfuelsbusinessandacommercialandwholesale
petroleumproductsbusiness
Complexityratios:Nelson8.6,Solomon9.4beforeprojects
Productslateweightedtohighvaluecleanfuels
41% distillates,34% gasolineand25% heavyfueloil
~7millionbarrelsoftankage storagecapacity
Lowannualmaintenancecapex
Significantfutureopportunitiesforvalueenhancingprojects:
OnlyrefineryinNorthAmericathat
allowsVeryLargeCrudeCarrierstotie
indirectlytotherefinerydock
Decreasingexpenses
Locationadvantagesforfeedstock
DebottleneckProjectsplannedtoexpandandenhance
downstreamoperations
Benefitstoinclude:
o Throughputcapacityincreasedfrom115to120mbl/d
o Enhancedistillateyieldsby9%
o Energyefficiencyimprovedbyapproximately17%
o Reducehighsulfurfueloiloutput
sourcingandproductsales
30
30
RecentImprovements
AverageThroughput(bbl/d)
140,000
Largescaleturnaround
activitiesthroughQ2&
completedinQ32011
120,000
100,000
80,000
60,000
40,000
20,000
0
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
31 31
RecentMarketVolatility
GrossMargin(bbl/d)
$18.00
$16.00
$14.00
$12.00
$10.00
$8.00
$6.00
$4.00
$2.00
$
$(2.00)
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010 2011 2011 2011 2011 2012
$(4.00)
$(6.00)
32 32
2012CapitalExpenditures
Downstream
Capitalbudgetfor2012of$84million
~25%tobespentonprojectsinvolvinglowcostandsimple
debottleneckingofexistingprocessunitsandtanks
Willenhancedistillateyieldsandimproveoperatingcosts,energy
efficiencyandreliability
~50%formandatorymaintenanceprojects
Throughputvolumeisexpectedtoaverage100,000to
106,000bbl/din2012
Operatingcostsandpurchasedenergyexpectedtoaggregate
to~$7.00/bbl
33
FinancialRiskManagement
Harvesteffectivelyemploystechniquesinmanagingits
financialriskthroughstablecashflow
Haveusedhedgingforcrudeoil,naturalgas,refinedproducts,refinerycracks,foreign
exchange,power
TheamountofcashflowvolatilityHarvestcanmanageissupportedbyitsfinancialand
businessstabilityandisdrivenbyaneedtoprovidestablecashflowtosupportgrowth
objectivesinlinewithgoals
Harvestemploysahedgingprogramtoreducecashflowvolatility
Supportslongertermprojectswithcommittedmultiyearcapitalspending
Abilitytohedgeamaximumof50%ofexposuresforamaximum3yearterm
Focusonlargecashflowrisks;i.e.crudeoilandcurrency
34 34
FinancialPolicies
Preservestrongbalancesheetwithabundantliquidity
Fundmajorcapitalprojectsandacquisitionswithabalancedmix ofdebt
andequity
Nocurrentplanstopaydividends
Selectivelyhedgewithinupstreamanddownstreambusinessestoprotect
projecteconomicsandcashflows
Targetinvestmentgradecreditmetrics
Debttobookcapitalizationof30%orless
DebttoEBITDAof2.0xorless
35 35
Conclusion
Harvest
Longlifeassetsinupstreamanddownstream
Attractiveinvestmentopportunitieswithinassetbase
Strongeconomicfundamentalsforlongtermgrowth
Strategicfocusongrowth
Cashflowdiversification
StrongfinancialsupportfromKNOC
36 36
2100,3305thAvenueSW
Calgary,Alberta
CanadaT2P0L4
Telephone:18666661178
Fax:4032653490
Email:information@harvestenergy.ca
www.harvestenergy.ca
37
37

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2 6 -J a n-1 1 2 0 -F e b -1 1 1 7 -M a r-1 1 1 1 -A p r-1 1

Wa i nwri ghtB Ceci l (Upper

22o 24o API MediumCrudeOil

15o 18o API HeavyCrudeOil

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