Thanks for the question - and compliment. This fence was build so many years ago that I don't what the color is, but my guess is that it is most likely an oil-based paint because it matched the paint on the house trim. That said, I'm not an expert at paints, but my normal recommendation is to use an opaque stain instead of a paint because it soaks into the wood whereas my understanding is that a paint 'sits on' the surface. Wish I could help more!