Abstract: The specification describes a method for preparing a phenol-modified dicyclopentadiene resin. The method comprises reacting (a) dicyclopentadiene, (b) a phenol selected from the group consisting of an alkyl phenol having the formula CH.sub.3 C.sub.n H.sub.2n C.sub.6 H.sub.4 OH, where n is from 1 to 9, and a bisphenol having the formula HOC.sub.6 H.sub.4 (CR.sub.2).sub.x C.sub.6 H.sub.4 OH, where R is independently hydrogen or a C.sub.1 -C.sub.6 alkyl group and x is from 1 to 4, or mixtures thereof; (c) a fatty acid or a derivative thereof selected from the group consisting of tall oil, a tall oil derivative, dimer fatty acid, linseed oil and mixtures thereof; and (d) an unsaturated organic diacid or an anhydride thereof, at a temperature and autogenous pressure sufficient to produce a phenol-modified dicyclopentadiene resin. The resin product exhibits improved compatibility with ink vehicles and formulations, particularly ARLO or alkyd modified inks.