I'd say the oil pan gasket is gone. Get a new gasket. Pull the pan off and thoroughly scrape all the leftovers from the pan and the underside of the block. I use Indian Head Shellac on the new gasket. (Car Quest and Ace hardware have it for sure) Put it on the pan and the block. Be careful when tightening up the pan bolts. It's easy to strip them. But if you do, you can usually thread a little deeper. You may need to drill also if you strip the threads.
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Today's Featured Article - The Tractor Parade: Story of a Case SC - by Bernie DeLon. On a early fall morning back in 1994, I opened the newspaper and happened to spy an article about a local antique tractor club having their annual show that weekend.
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