How to define a regular expression with multiple OR operators where each term includes a space prefix and suffix?

I am preparing for a data extraction task. I need to remove a set of terms; none, some or all may be present in each source record string. There are over 100,000 target records. I want to avoid performing single term match/replace actions, since (a) the list of terms-to-be-removed will likely grow, and (b) the time to perform the current match/replace action one term at a time is unacceptable.

My question: how do I modify the regular expression to include each term within the OR separated list?

REGULAR EXPRESSION

' and | and or | a o | company | co | c o | dba | d b a '

DESIRED BEHAVIOR

Replace each found term (including the prefix and suffix spaces) with a single space.

ACTUAL BEHAVIOR

Every "even" (as opposed to "odd") term found is replaced (including the prefix and suffix spaces) with a single space.

EXAMPLE

Source String

' MASHABLE LTD DBA THE INFORMATION EXPERTS and and or a o company co c o dba d b a COPYRIGHT '

Result String (Desired Behavior)

' MASHABLE INFORMATION EXPERTS COPYRIGHT '

Result String (Actual Behavior)

' MASHABLE LTD THE INFORMATION EXPERTS and or company c o d b a COPYRIGHT '

ENVIRONMENT

SQL Server 2005

User Defined Function regexReplace relying on VBScript.RegExp (code available at end of post)

CODE

set nocount on

declare @source [varchar](800)
declare @regexp [varchar](400)
declare @replace [char](1)
declare @globalReplace [bit]
declare @ignoreCase [bit]
declare @result [varchar](800)

set @globalReplace = 1
set @ignoreCase = 1

SET @source = '   MASHABLE LTD DBA THE INFORMATION EXPERTS and and or a o company co c o dba d b a COPYRIGHT  '
set @regexp = ' and | and or | a o | company | co | c o | dba | d b a '
set @replace = ' '

select @result = master.dbo.regexReplace(@source,@regexp,@replace,@globalReplace,@ignoreCase)

print @result

... producing the result:

   MASHABLE LTD THE INFORMATION EXPERTS and or company c o d b a COPYRIGHT  

* dbo.regexReplace user-defined function definition *

CREATE FUNCTION [dbo].[regexReplace]
    (
    @source varchar(5000),
    @regexp varchar(1000),
    @replace varchar(1000),
    @globalReplace bit = 0,
    @ignoreCase bit = 0
    )
    RETURNS varchar(1000) AS
       BEGIN
         DECLARE @hr integer
         DECLARE @objRegExp integer
         DECLARE @result varchar(5000)

         EXECUTE @hr = sp_OACreate 'VBScript.RegExp', @objRegExp OUTPUT
         IF @hr <> 0 
          BEGIN
              EXEC @hr = sp_OADestroy @objRegExp
              RETURN NULL
          END
         EXECUTE @hr = sp_OASetProperty @objRegExp, 'Pattern', @regexp
         IF @hr <> 0 
          BEGIN
              EXEC @hr = sp_OADestroy @objRegExp
              RETURN NULL
          END
         EXECUTE @hr = sp_OASetProperty @objRegExp, 'Global', @globalReplace
         IF @hr <> 0 
          BEGIN
              EXEC @hr = sp_OADestroy @objRegExp
              RETURN NULL
          END
         EXECUTE @hr = sp_OASetProperty @objRegExp, 'IgnoreCase', @ignoreCase
         IF @hr <> 0 
          BEGIN
              EXEC @hr = sp_OADestroy @objRegExp
              RETURN NULL
          END

         EXECUTE @hr = sp_OAMethod @objRegExp, 'Replace', @result OUTPUT, @source, @replace
         IF @hr <> 0 
          BEGIN
              EXEC @hr = sp_OADestroy @objRegExp
              RETURN NULL
          END

         EXECUTE @hr = sp_OADestroy @objRegExp
          IF @hr <> 0 
              BEGIN
                 RETURN NULL
              END

         RETURN @result
       END