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It could possibly be coming from the cam or lifter plugs, however this is unlikely. I'd be inclined to say your rear main is leaking. You didn't say which engine you had, but if it's an FE, it'll be harder than any other Ford engine because the crank is located up in the block, rather than towards the bottom of the block. You can replace the seal without removal of the drivetrain, especially if you don't have an FE.
Remove the flywheel cover, and the oil pan. Remove the rear main cap(almost impossible with an FE). The lower half of the rear main should come off with the cap. Now with a seal puller that you can buy at the parts store(looks like a t-handled cork screw), screw the tool into the upper half of the seal and alternate between pushing and pulling to break the seal loose. If you have to, use a screwdriver(while being very carefull to not nick the crank) to push the seal out to where you can get some needlenose pliers on it and pull it out.
Installation is just reverse of removal! Be sure to use plenty of oil during installation. You don't want to tear up you new seal!
By the way, I might have misse da step or two, but I think this is pretty complete! Good luck!
Jim, you didn't state the year model or engine size. One thing if you have an FE, the intake manifold can be leaking from the rear. and will leak a lot of oil. Get under it and look up, if the oil is all over the rear and covering the bellhousing, install new gaskets, also valve cover gaskets too.
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