I would assume it would not be the nut since it's wet with oil above it. I also have a picture of in front of the oil pan here: http://i.imgur.com/nGhoui6.jpg
If it is the oil pan then it is a pretty big problem.
The good news is that the oil pan gasket does not go bad very often and is some times misdiagnosed.
Take a good look at the sides of the motor and make sure it is not just the valve cover gaskets that are leaking and the oil is running down the side of the motor.
Also could be a front oil seal or even a leak in the o-ring of your syncro shaft where your cam sensor mounts.
Look at everything really good before tearing anything apart. If it is just a tiny leak from the oil pan then better to just add a little bit now and then.
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1999 Ranger XLT 4X4, 3.slo, auto (True Blue II)
Im going to piggy back off OP's topic. I have an 01 3.0 and the oil ian gasket is sticking out in the very front. Would I be able to loosen all the bolts and push it back into place and then torque it back down?
Dont use any of the engine stop leaks. They will plug up your motor. They are only good for engines that are heading to the junk yard anyway and people just want to get a couple more miles out of them. But in the long run they do more harm then good. Better to let it leak then to add any.
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1999 Ranger XLT 4X4, 3.slo, auto (True Blue II)