I was going down the lake at WOT and the engine started backing down to near idle speed. I put the motor in neutral as it continued to run and then was able to throttle back up, for approximately 50 feet before it throttled down and died. I turned it off. I am a novice (first boat). I checked the batteries (ok), fuel (ok), spark plugs (ok and tight) and oil (ok in reserve tank). I was under the impression that the oil in the reserve tank went directly to the engine, I didn't know that another tank was fed from the reserve tank, therefore, didn't check the oil in the tank mounted on engine (unfortunately). I put the cowling back on, started it up and it was running rough, but running. When I put it in gear, it would die. I then started it with about medium throttle in neutral, and it sounded very rough and would die when I put it in neutral to then put into gear. I took the cowling back off and traced the oil line because it sounded like something wasn't getting oiled. Discovered the oil tank on the engine and saw that it was empty. After I finished cussing, I put oil in the tank directly. I started it up in neutral and let it run to try and lube it up. Progressively over the next minute, the engine started sounding much better. Let it idle for 5-10 minutes. Kicked it in gear and off we went. [links]