this is an lt1 question
this is an lt1 question 
The oil pressure sending units are know to be trouble prone. And, if I recall correctly, they're wired into the ignition circuit, so if the pressure drops to zero, the engine will "save itself" by shutting off. Try replacing the sending unit....
TECH Addict
Joined: Dec 2010
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From: Maricopa, AZ
OP, hook up a mechanical gauge and confirm oil pressure. You'll need to troubleshoot the fuel issue separately.
TECH Apprentice
Joined: Feb 2011
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You are only part correct. IF you have a three wire oil pressure sensor, the center wire goes straight to the dash that is correct. But there 2 more wires, this circuit has to be closed to keep the fuel pump operating. it is as you say a safety issue, but for roll over or flip up on the side protection. When the oil can’t get to the pickup, a lot of fires were started because of the motor not shutting down. Generally if you lose oil pressure the motor Is toast anyway, at least all of mine were gone
