What happened
The FAA’s narrative, in sentence case. The FAA writes it in capitals and removes private details.
Instruction flight performing basic maneuvers when a loud bang was heard with a small amount of oil appearing on windshield. Aircraft lost power and instructor pilot declared an emergency and then elected to land on well maintained gravel road on private farmland. The aircraft landed safely without incident or damage. Aircraft engine will be replaced and then flown off of same private road.
As the FAA filed it
INSTRUCTION FLIGHT PERFORMING BASIC MANEUVERS WHEN A LOUD BANG WAS HEARD WITH A SMALL AMOUNT OF OIL APPEARING ON WINDSHIELD. AIRCRAFT LOST POWER AND INSTRUCTOR PILOT DECLARED AN EMERGENCY AND THEN ELECTED TO LAND ON WELL MAINTAINED GRAVEL ROAD ON PRIVATE FARMLAND. THE AIRCRAFT LANDED SAFELY WITHOUT INCIDENT OR DAMAGE. AIRCRAFT ENGINE WILL BE REPLACED AND THEN FLOWN OFF OF SAME PRIVATE ROAD.