Abstract: An aqueous ambient dry paint coating based on an emulsion copolymerized addition polymer containing an oligomer selected from a polyurethane or a polyester having a Tg below -20.degree. C. and a number average molecular weight between 300 and 5,000, where the coating is free of organic coalescing solvents. The matrix addition polymer is combined with an oligomer produced by forming an aqueous micro-preemulsion of oligomer in water by high shear mixing of oligomer and water containing 40% to 70% by weight oligomer and at temperatures between about 20.degree. C. and 100.degree. C. to provide an aqueous pre-emulsion having an organic phase droplet size less than 10 microns.