An aqueous-based coating composition suitable as a container coating comprising: (A) a resinous phase of (i) a condensate of (a) an organic oil, a phenol and an aldehyde or (b) an organic oil and a phenol-formaldehyde, (ii) an at least partially neutralized acid functional polymer containing reactive functional groups, and optionally (iii) a phenol, an aldehyde or the reaction product thereof; the resinous phase dispersed in (B) aqueous medium.