The present invention relates to phenolic resin compositions and methods for making cured phenolic resin compositions. The phenolic resin compositions of this invention comprise an esterified phenolic compound and a base and optionally an unesterified phenolic resole resin. The composition cures in the presence of water or other polar solvent. The esterified phenolic compound contains at least one phenolic hydroxyl group or an esterified phenolic hydroxyl group and further contains at least one esterified methylol group positioned ortho or para to a phenolic hydroxyl group or an esterified phenolic group.The compounds find particular use in bonding refractory materials, such as sand, in the production of foundry moulds and cores and in treating subterranean formations. These composition have the advantage that cure can be obtained at room temperature without the use of strong alkali. The use of this system also prevents the release of alcohols during the saponification stage of the ester cure process.