This research is aimed at analyzing existing plugging compositions and developing a new plugging composition based on phenol-formaldehyde resin. This paper presents the results of studies of a hardening composition based on phenol-formaldehyde resin for repair and insulation work in wells. The plugging composition consists of two parts: Component “A” (resin and additives) and Component “B” (hardener). A resol-type water-soluble phenol-formaldehyde resin was selected for testing. The resin was additionally modified with special additives to improve performance properties. A mixture of acids was chosen as a hardener. Concentrations of resin and hardener were selected to ensure optimal loss of fluidity of the composition for different temperatures. The main physicochemical properties of the plugging composition were determined. The elastic-strength characteristics of the developed composition after curing at various temperatures (Poisson’s ratio, Young’s modulus, and compressive strength) were assessed. It has been experimentally proven that samples based on phenol-formaldehyde resin do not collapse completely under load but undergo longitudinal and transverse deformations. As the amount of hardener in the system increases, the compressive strength decreases. The presence of the elastic-strength properties of cementing compositions based on synthetic resins distinguishes them favorably from hardening compositions based on cement and microcement.