Won't hold oil when I turn the car on...

[gospeed]

Greetings!

I just bought an '02 525i 5M. It's got 137,000. I had to tow it because the owner thought the "timing had jumped". Checked codes right away p0365 (cam position sensor/exhaust side), p0492, p0491. I did some searches and right away replaced the battery (wrong battery and 10v while car was off), added oil (it was empty), and cleared the codes.
I started the car and it ran really rough, then the oil light came on, and I shut it down. I immediately noticed a huge puddle of fresh oil all over, under the car.
I'm going back to the shop at around 12 to put it up and see what could be causing it.
Thoughts on what could be wrong?

[gospeed]

Turns out a hole in the block will do that.

[Yonkers320is]

Holy crap. That is some bad luck.

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[StephenVA]

Parts exiting stage left......