What was found
EXPERIENCED ENGINE PROBLEMS AT 7000 FEET JUST EAST OF KREG AIRPORT. MANIFOLD PRESSURE & FUEL FLOW ERRATICALLY STARTED FLUCUATING. GOT A WARNING FOR OIL PRESSURE LOW. DIVERTED TO KREG. ENGINE STARTED SMOKING AND CONTINUED TO LOSE POWER, DECLARED AN EMERGENCY. DISENGAGED AUTOPILOT & SELECTED BEST GLIDE SPEED OF 90 KNOTS. THE ENGINE WAS STILL RUNNING BUT VERY ROUGHLY & SMOKING. WAS DESCENDING, MADE DECISION TO PULL CAPS AT 700 FEET WHEN IT WAS OBVIOUS COULD NOT MAKE THE RUNWAY. THE PLANE TOUCHED DOWN AT THE EDGE OF A RETENTION POND.