A formulation, and a process for making same, is disclosed which is useful as a coating or treatment for imparting oil and grease resistance to an underlying substrate. The formulation does not contain any fluorochemicals. At the same time, however, the formulation provides oil and grease resistance properties that are equivalent to known coatings and treatments which contain fluorochemicals, particularly those coatings which are permitted to come into direct contact with food products. Therefore, the formulation of the present invention is ideal for use as a coating for paper and paperboard, including paper packaging such as that utilized in food wrappers, food containers, food receptacles and the like, and for other shaped articles. The formulation is also useful as a coating or treatment for providing release properties to an underlying substrate without the use of silicone. In addition, the present invention relates to the process for making the underlying substrate ideal for holdout of the release coating without excessive fiber refining, as in glassine papers. The formulation is a low solids coating that can be applied on the size press of a paper machine, eliminating the need for a post-machine coating process. The formulation does not include silicone, thereby allowing the release paper to be re-pulped. The wet end additive that provides sheet holdout combines with the release formulation to provide a release paper for pressure sensitive adhesives.