GFI Energy Ventures - Press Release

Equitable Resources Completes Sale of NORESCO
to GFI Energy Ventures LLC

January 3, 2006 - For Immediate Release

Westborough, MA - NORESCO, one of the largest providers of energy management and performance contracting services in the United States, has been acquired by a fund managed by GFI Energy Ventures LLC from Equitable Resources, Inc. (NYSE: EQT - News) on December 30, 2005. The sale completes the previously announced strategic review by Equitable, which concluded that the characteristics of NORESCO's business were inconsistent with Equitable's regional, asset optimization focus. The transaction allows Equitable to focus on its core businesses of natural gas supply and utility operations while enabling NORESCO to grow as an independent service provider, backed by the financial resources and sector expertise of one of the largest private equity funds focused in this area.

"Because of NORESCO's national reach, technological independence, engineering and project management expertise, the Company is exceptionally well positioned to capitalize on the increasing focus by government agencies and commercial and industrial companies on improving energy and environmental efficiency," said Andrew Osler of GFI Energy Ventures. "High energy prices, new and improved energy consuming and energy managing technologies, and expanded government and utility incentives have created an environment in which we believe NORESCO will prosper. For these reasons, GFI Energy Ventures is delighted to add NORESCO to our portfolio of industry-leading companies."

"This is a terrific opportunity for us," said Neil Petchers, President and CEO of NORESCO. "As an independent company, NORESCO will be able to unleash the full entrepreneurial spirit of our talented and committed employees and capitalize on market conditions that have never been better for the services we provide. With energy prices likely to remain high for the foreseeable future and with more facility owners focusing on energy management as an operational priority, we believe our customers will increasingly look to us for the professional expertise needed to implement complex energy management solutions. When combining the freedom and flexibility NORESCO shall have as an independent operating company, with the current energy and environmental market trends and the financial and operational backing of GFI Energy Ventures, we see an exciting, growth-oriented future for our company."

About NORESCO:
NORESCO (www.noresco.com) is one of the largest U.S. energy services companies specializing in the development, design, construction, financing and operation of energy and environmental efficiency projects, performance contracting, and central energy plants. Its clients include various departments of the U.S. government, school districts, local governments, and industrial and commercial businesses. Over the past two decades, NORESCO has implemented more than $2 billion of energy projects at more than a thousand sites throughout the United States and abroad.

About Equitable Resources:
Equitable Resources, Inc. is an integrated energy company, with emphasis on Appalachian area natural gas supply, transmission and distribution. For more information please visit http://www.eqt.com.

About GFI Energy Ventures:
GFI Energy Ventures LLC (www.gfienergy.com) is a private equity firm that has initiated and led over 45 investments in the energy sector over the past ten years. GFI is the co-general partner with Oaktree Capital Management of the OCM/GFI Power Opportunity Funds through which they currently manage approximately $1.5 billion of capital. GFI invests exclusively in successful, profitable businesses providing the equipment, software, services, and systems needed by utilities, other energy companies, and their largest customers to compete successfully at a time of major sector change.

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