Yeah That's not very good.
At this point I would strongly suggest having a local speed shop have a look at the car. With a car that age, the oil could be from a number of things but the more likely scenario would be a blown turbo.
You would be doing yourself a great disservice if you did not have a compression test done. This will rule out engine damage, but either way you have something wrong and it is not going to be a cheap fix IMO.
Do have it looked at and please drive normal and stay out of boost. :tup: