Hey guys. Newby here. Had my 2005 Tahoe with 4.3L with SE116 outdrive out on water for first time this year. Checked everything OK before going out. Starting pulling the kids and made it about 5-10 minutes and all of a sudden, lost power, engine revved high and immediately smelled drive oil when it stopped. Popped engine hatch and black oil spewing from what looked like the side of gear oil reservoir. It never would go anywhere after. Pressure continued to blow oil out even after I shut it off. Whole engine compartment is sprayed with oil and reservoir is empty now. Had to get towed in. Luckily I was right in front of my camp. Pulled boat out and pulled lower plug from lower unit and saw metal sparkles. I’m assuming something in there blew but didn’t understand the spray in the engine compartment. Kids said they smelled the gear lube smell as soon as I took off towing them. No alarm, no warning, nothing. Alarm sounds now that reservoir is empty. I’m baffled at what might have happened