The invention of this application is a dispersant system with various embodiments and subcombinations with exceptional dispersions including colloidal suspensions, aqueous hydrocarbon emulsions and emulsions with solid particulate additives dispersed therein. The basic dispersant system which makes the high stability, high weight dispersions or emulsions possible comprises an emulsifier composition containing a fatty acid amide, oleic acid, dimerized oleic acid and a particular type of surfactant dispersant. For certain applications the following optional components can be used: particulate filler or carrier; a hydrocarbon phase which can be either liquid or a colloidal solid; water soluble salts weighting agents; insoluble salts and conventional additives. This dispersant system can be used for aqueous hydrocarbon well fluids such as spacer and packer fluid, for aqueous hydrocarbon dispersions such as asphaltic colloids in an oil free fluid for sealing and lubricating a well bore, or for other aqueous hydrocarbon emulsions which can be used with salts, weighting agents, etc. for a drilling fluid.