A stabilized emulsion is employed to produce shelf stable, controlled release, discrete, solid particles or pellets which contain an encapsulated and/or embedded component, such as a readily oxidizable component, such as omega-3 fatty acids. An oil encapsulant component which contains an active, sensitive encapsulant, dissolved and/or dispersed in an oil is admixed with an aqueous component and a film-forming component, such as a protein, to form an emulsion. The emulsion is admixed with a matrix material for obtaining a formable mixture or dough. An acidic antioxidant for prevention of oxidation of the active, sensitive encapsulant, and a plasticizer which solubilizes the acidic antioxidant are included in the matrix material which encapsulates film-coated oil droplets containing the readily oxidizable component. The plasticizer, such as glycerol, provides mobility for the acidic antioxidant within the matrix material of the pellets for reaction with any ambient oxygen and malodorous amines.