What happened
The FAA’s narrative, in sentence case. The FAA writes it in capitals and removes private details.
(-23) Pilot took off runway 22L and turned left downwind. At approximately 300 feet AGL the engine made popping noise and immediately lost power. The pilot had his hand on the gear lever to retract the gear just prior to the loss of power. He never initiated the gear retraction. He declared an emergency and was cleared to any runway, but the aircraft was too low to be able to make it back to the runway. The pilot spotted an open field approx 1/4 mile to the south of the runway and was able to land the aircraft without damage in the open field. Upon removing the engine cowl it was discovered that the crankshaft counterweights mounted between #1 & #2 cyl had departed the crankshaft and punched holes thru the upper crankcase as they departed the engine. Both left and right magnetos were broken from their mounting flanges as a result of the engine failure, and the left mag drive gear was found in the upper engine cowl area. Upon visual inspection using the holes punched in the upper engine case it was observed that one of the crankshaft counterweight flanges was missing a portion of the flange. This engine had 1.8 hrs since overhaul.
As the FAA filed it
(-23) PILOT TOOK OFF RUNWAY 22L AND TURNED LEFT DOWNWIND. AT APPROXIMATELY 300 FEET AGL THE ENGINE MADE POPPING NOISE AND IMMEDIATELY LOST POWER. THE PILOT HAD HIS HAND ON THE GEAR LEVER TO RETRACT THE GEAR JUST PRIOR TO THE LOSS OF POWER. HE NEVER INITIATED THE GEAR RETRACTION. HE DECLARED AN EMERGENCY AND WAS CLEARED TO ANY RUNWAY, BUT THE AIRCRAFT WAS TOO LOW TO BE ABLE TO MAKE IT BACK TO THE RUNWAY. THE PILOT SPOTTED AN OPEN FIELD APPROX 1/4 MILE TO THE SOUTH OF THE RUNWAY AND WAS ABLE TO LAND THE AIRCRAFT WITHOUT DAMAGE IN THE OPEN FIELD. UPON REMOVING THE ENGINE COWL IT WAS DISCOVERED THAT THE CRANKSHAFT COUNTERWEIGHTS MOUNTED BETWEEN #1 & #2 CYL HAD DEPARTED THE CRANKSHAFT AND PUNCHED HOLES THRU THE UPPER CRANKCASE AS THEY DEPARTED THE ENGINE. BOTH LEFT AND RIGHT MAGNETOS WERE BROKEN FROM THEIR MOUNTING FLANGES AS A RESULT OF THE ENGINE FAILURE, AND THE LEFT MAG DRIVE GEAR WAS FOUND IN THE UPPER ENGINE COWL AREA. UPON VISUAL INSPECTION USING THE HOLES PUNCHED IN THE UPPER ENGINE CASE IT WAS OBSERVED THAT ONE OF THE CRANKSHAFT COUNTERWEIGHT FLANGES WAS MISSING A PORTION OF THE FLANGE. THIS ENGINE HAD 1.8 HRS SINCE OVERHAUL.