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SOMERSET CAPITAL TO BUY STAKE IN DRILLING FIRM

Somerset Capital Partners of Buffalo, a privately held investment group, is about to become an equity partner in the newly established Union Drilling Inc., a division of the Houston-based Equitable Resources Energy Inc.

The Union Dilling Division, active in the Appalachian Basin and in Utah, employs 360 and has annual revenues of $30 million, according to Thomas H. O'Neil Jr., Somerset's chairman.

Terms of the sale, expected to be completed this month, were not disclosed. Last April, Somerset announced that it had acquired a 33 percent interest in Gray Wolf Drilling Co., another Texas-based oil and gas well developer.

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