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Oil and Gas News
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Article Editor: Carly Zander


US Synthetic Corporation acquired by Dover Corporation

OREM, UT - August 31, 2004 /Send2Press Newswire/ -- US Synthetic Corporation announced today that it has been acquired by the Dover Resources subsidiary of Dover Corporation (NYSE: DOV). US Synthetic is the leading supplier of polycrystalline diamond cutters (PDCs) used in drill bits for oil and gas exploration. US Synthetic also manufactures downhole bearings for oilfield applications. US Synthetic will join the Energy Products Group of companies in the Dover Resources subsidiary. Terms of the transaction were not disclosed.

"We are very excited about our future with Dover," said Louis Pope, President and Chief Executive Officer of US Synthetic. "We believe joining Dover will allow US Synthetic to continue to grow, while retaining our character as a company. We have a unique culture, and we value the 'whatever it takes' approach of our employees. We expect to continue growing as we focus on helping our customers succeed. We see this transaction as beneficial to all the stakeholders in our organization."

"US Synthetic is a fine example of the kind of company that makes up the Energy Products Group, Dover Resources, and Dover," said Vernon Pontes, President of the Energy Products Group. "It is a company with a strong management team, a culture of innovation, industry leading R&D capabilities, strong customer relationships, and a focus on improving customer economics. We are very pleased to welcome Louis Pope and the team at US Synthetic to Dover."

About Dover's Energy Products Group
The companies in Dover's Energy Products Group provide a variety of products which facilitate the drilling, completion and production of oil and gas wells. These companies include Norris (Sucker Rods and Well Servicing Equipment), Alberta Oil Tool (Sucker Rods, Drive Rods, and Tubular Products), Quartzdyne (Sensors for Precision measurement of high pressure in oilfield drilling and well monitoring), Ferguson Beauregard (Plunger Lift Systems, Well Automation systems and Flow Measurement Systems), Norriseal (Valves and Controls), and now US Synthetic.

About Dover
Dover Corporation is a diversified industrial manufacturer with over $5 billion in annual revenues and is comprised of over 49 operating companies that manufacture specialized industrial products and manufacturing equipment. Visit www.dovercorporation.com for more information.

About US Synthetic
US Synthetic is the leading supplier of polycrystalline diamond cutters (PDCs) used in drill bits for oil and gas exploration. US Synthetic also leads in the development and production of downhole bearings and wear parts for oilfield applications. Each year, more wells are drilled using diamond products from US Synthetic than from any other manufacturer.

The company stays at the forefront of PDC development through continual application engineering and product innovation, enabling its products to perform reliably even in difficult drilling environments. US Synthetic works closely with customers to develop products that meet their specific needs, which is why more of the world's energy suppliers rely on US Synthetic to help them access oil and gas reserves. Visit www.ussynthetic.com for more information.



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