An essentially linear polyester oligomer having hydroxyl and carboxyl terminal groups for subsequent cure and its production are disclosed. This polyester oligomer is produced by first adducting approximately equimolar amounts of diol carrying two primary hydroxyl groups and a dicarboxylic acid anhydride to form an hydroxy acid. The carboxyl groups of this hydroxy acid are then esterified by reaction with an approximately stoichiometric proportion of diol carrying one primary hydroxyl group and one secondary hydroxyl group, the stoichiometry being based on the total hydroxyl content of the diol and the carboxyl content of the hydroxy acid, to form an hydroxyl-terminated oligomer. This hydroxyl-terminated oligomer is then adducted with a polycarboxylic acid monoanhydride having a carboxyl functionality of at least 3, this monoanhydride being used in an amount of 0.01 to 0.15 equivalents of anhydride per hydroxyl equivalent in the hydroxyl-terminated oligomer. The resulting polyester oligomer is essentially linear and possesses low solution viscosity at high resin solids content combined with high reactivity enabling low temperature cure with aminoplast resins.