PURPOSE: To obtain a novel epoxy composition suited for use in a drilling fluid, an adhesive, coating composition, etc.

CONSTITUTION: The process comprises heating in a reaction zone a mixture of a catalyst with a polyol having at least three hydroxyl groups in which at least two are vicinal, mixing an epoxy resin with the reaction mixture in such an amount as to result in an epoxy content of the desired polyol of 15-75wt.%, and continuously conducting condensation and copolymerization while removing the resulting water.