Two new phenols, designated phenatic acids A and B, were isolated along with known actiphenol, from the culture of Streptomyces sp. K03-0132 by solvent extraction, silica gel column chromatography and HPLC. Their structures were elucidated by spectroscopic analyses including mainly various NMR experiments. They have a common 1-hydroxy 2, 4-dimethyl benzene ring. These compounds potentiate miconazole activity against Candida albicans. Phenatic acid B also showed moderate antimicrobial activity against Bacillus subtilis, Staphylococcus aureus, Bacteroides fragilis and Acholeplasma laidlawii.