Sometimes I love being wrong.
There is a cover on the back of the oil cooler.
I believe it is a relief check of some sort.
It is only made out of thin steel and it was kinda rusty.
That is where the oil was coming from.
Dripped perfectly on the juncture of the block and pan.
I bought a new cover and o-ring.
Unfortunately the bolts that held it on/in were in bad shape as well. So two hours of messing with it yesterday and I finally got the old cover off (in a few pieces) but still need the new bolts.
Anyhow, better than pulling the engine.
Also, I was changing the exhaust check valve. I bought replacement rivets from Volvo, I figured they were expensive ($3.09 each x 6) but I wasn't sure the size, material, etc so I would bite the bullet and buy "genuine Volvo Penta Parts."
What showed up? Three different sizes and two materials (aluminum and stainless) all for the same part number.
I bought a box of the right size and aluminum this morning from McMaster Carr for $7.79 (100 pcs).

Thanks again for the help.
It won't go to waste it will always be in the archives for next time.

Peter