Bad oil leak
 

I have a 2000 v70 glt wagon and in March I hit a pothole and it tore up the undercarriage and as I was driving out of it I could feel grinding under my feet. I then stopped because both passenger tires were flat. I spared the front one and drove slow with the rear tire flat. I purchased two tires from pick n pull and had one mounted, went home and put that on then drove the car back to have the other tire mounted.. well on my way home I noticed my oil light came on and thought probably a ruptured oil pan or hose from the pothole.. it turns out that my timing belt cover was loose and the Serpentine belt hit the cover and wore a hole on the bottom part of the cover.. I have replaced the front cover and I still leak oil, only when the car is running... till this day i can't find where the oil is coming from but it seems like from inside the cover.. Anybody familiar with this type of leak??

There are 3 lip seals inside the timing cover, one on the crank and two on the cams. Personally I have seen the cam seals walk out and leak, in a way that was an easy fix. The crank is relatively easy to get to if that is the problem, but not as easy as the cams.

You didn't mention where you are seeing oil - ie only under the timing belt cover or all over the bottom of the engine? There is an oil cooler with lines that go from the block to the cooler behind the radiator, there's also the turbo oil return line which can make a huge mess when the seal goes but you need to pop off the heat shield to get a good look.