Abstract: There is disclosed a preservative composition which is ultra stable in the presence of wood extractives comprising (a) an emulsion of a wood preserative grade creosote; (b) 5-95% water; (c) one or more pre-dispersed micronized pigments; (d) a rheology structuring agent present in an amount of 2.5 weight percent or less; (e) 0.25 to 10 weight percent of a soap which is an alkali metal salt of a wood derived resin acid; (f) 0.1 to 5 weight percent of a surfactant; (g) 0.25 to 2 weight percent of a natural or synthetic pigment modifying resins or anti-settle additive; and (h) 0.25 to 5 weight percent of a lignin sulfonate. The emulsion is produced under conditions of ultra-high sheer. A process for the manufacture of the preservative composition is also disclosed.