Engine Model: 1995 Mercury 135XL
Problem: Low oil warning - Engine will run fine for about 5-10 min. then the warning starts. Engine will only idle because control unit cuts fire to #4  cylinders. Have repeated this whether on the lake or in the driveway with water muffs on several times...
I have a 1995 Mercury 135XL. The oil warning sounded over the weekend (beep-beep-beep,...). Not overheating; pee-hole good, water pressure gauge good. Had the boat on plane when horn sounded and the boat slowed to idle on its own. Shut the engine down for a few minutes. Started back up all ok...