Abstract: A corrosion inhibited formulation for drilling compositions consisting essentially of an environmentally friendly corrosion inhibitor blended with an alkali metal formate. The corrosion inhibitor is prepared pursuant to a process including the steps of: (1) preparing a reactant mixture comprising a fatty acid such as soya fatty acid or tall oil fatty acid with polyfunctional amines; (2) subjecting the reactant mixture to a temperature of between about 130 and 170 for a period sufficient to substantially complete the reaction to obtain a fatty acid amido amine product; (3) solubilizing the reactant product with an organic acid such as acetic to produce a product that is substantially completely soluble in aqueous solutions; and (4) blending the water soluble inhibitor salts into the buffered formate media.