As CNKS says, most likely the oil pump. Specifically the pot metal oil pump cover is warped. Common problem on this series of engines. Low cost fix if that is the problem. Drop the pan, remove the oil pump cover, check with a straight edge to see if it is warped. Get something very flat (piece of plate glass) 220 or so grit sand paper and sand the cover flat. Very thin paper gasket between oil pump body and cover may be blown. Only place I know of to get it is CIH. HTH.
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Today's Featured Article - Trenching With a Plow - by Staff. Introduction: This interesting information came from one of the discussion forums here at YT. We thought we should place it up front so it could be read by anyone interested in putting old iron to work. [Editor] I tried something new today, and it worked so well I thought I should post it - in case it might help someone else. I'm running 100 yards of 4" drain pipe from the gutter downspouts of our house to a pond down the hill. This should hel
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