My 50 horse Honda runs great. I turely love this engine. About two weeks ago back a the dock after a day on the Gulf, I noticed oil leaking from around the cover over the transition case. I removed the cowling and saw oil and water pooled around the base of the powerhead and draining down around the exterior of the transision case. The dip stick showed clean oil and when I drained the oil pan the oil was clean. Inspection of the engine showeed no oil residue above the base of the valve cover. I replaced about 3/4 quart of oil and ran the motor in the yard for about a half hour. I experienced no additional leakage. Yesterday, I put the boat in at Seminole and ran about 6 miles down river. At the end of this run I found the same type of situation had occured and oil and water draining fron around the base of the power head and no water in the oil system. The drain hose from the valve cover looks to be in good shape. Any ideas?