small engine help?

Picked up an old school air compressor for $20. It works, holds air, and looks scary as hell.
It has a pressure guage and it took about 2 minutes to get up to 40 PSI.
Thing has the big flywheel spinning to drive the compressor. It went slower than I thought it would.
Anyways I cannot find a part number on the thing.
It is a sanburn from, well the patent on the compressy part says 1963
http://www.freepatentsonline.com/7222623.html
The air gets sucked into the top with some sort of valve.
It appears like there is some sort of oil residue around the compressy part.
There are two square headed bolts like drain plugs on an oil pan.

Question is does this need oil, and what do I do? lol just seeing if anyone has a clue.

pics of it:

sanborn compressor

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