An apparatus and process including a heat sink exchanger (26) to cool and condense liquid out of a drying gas with a heat transfer surface arranged to exchange heat with a first sub-stream of the drying gas and a heat source heat exchanger (27) arranged to exchange heat with a second sub-stream of a drying gas and arranged in a functionally parallel configuration with said heat sink heat exchanger (26) so that each of said drying gas sub-streams exchanges heat with one of the two said heat transfer surface per cycle through the heat exchange system and a gas movement device (35) for propelling the drying gas through the heat exchanger system in either a forward or reverse flow path direction. The apparatus and process can also include controlling the amount of heat rejected from apparatus (26) based on maintaining the wet bulb of the drying gas nominally constant and controlling the amount of refrigerant in the heat exchanger circuit based on maintaining the dry bulb temperature of the drying gas within certain limits.