The present invention generally relates to improved aerated compositions comprising stabilized colloidal or colloidal-like phases (e.g., emulsions, aphrons) and methods of using those compositions. The compositions generally comprise an oleaginous bulk phase, an aqueous minor phase one or more surfactants, aphrons and one or more aphron stabilizers. The compositions of the present invention are stable, having increased half-lifes and are capable of being used in high pressure applications.