A very bizarre and mysterious issue developed today... can anyone tell me if this has been seen elsewhere by anyone? First flight after the annual. Beautiful VFR day, CAVU. Bonanza BE-35, IO-470. Departed from my home field, EKY, headed east, was hoping to go to GVL for the weekend. Was thinking of going VFR @ 7500. All the preflight checks were picture perfect, nothing unusual or even remotely out of the ordinary. Did a thorough run-up and checked everything closely, considering this was the first flight after the annual. At around ~7000', still in climb, I noticed a very strong odor of burning oil, as soon as I smelled that, I noticed the oil pressure dropping, (the MVP-50 screen). Was within a shouting distance to KBHM, a class C airport with two FBO's and friends there. When the oil pressure went so low that the gauge turned RED, that alarmed me, I immediately declared emergency, (was with approach, was about to request FF), they cleared me direct to the airport. Slowed down, started an immediate descent, got the gear down, some flaps, did the GUMPS thing... and landed safely on Rwy 6 with winds 040@12G16, with no issues. Taxied off the first turn for a short taxi to the FBO. As the marshal had me do a 180 to park, the marshal reported that he saw a LOT of oil just dripping down on the nose wheel, down the gear doors and all down the belly...Shut down and jumped out, and oh what a mess it was. Called my mechanic, short distance from EKY, he jumped in his truck, brought a bunch of tools, rags, and a case of oil. While he was en route, he asked my to pop open the cowling and see if there was anything obvious... What I saw was extremely strange... the oil filter was so loose, it could be moved side to side with just one finger ! The safety wire was still in-tact ! It moved with the wire ! Mechanic, came, and saw that was very odd, he took it apart, took out the filter, and the filter adapter, re-hooked it up, torqued it to the specified torque (by the book), and re-did the safety wire. Checked the oil level, it as barely touching the dip-stick, may be 1-2 quarts. (It was at 10 during pre-flight, and fresh new oil, from the annual). Added 9 quarts of new oil, dip-stick now showed 10, which is what I usually carry. Ran the engine, no leaks, no smell, everything looked good. Decided to call ground, tower and make it back to home field, EKY a very short distance away. Took off, and had an uneventful, great flight back. All the gauges were in green, oil pressure in the normal range, temps good and no smell of oil or any smoke. Put it back in the hangar and the mechanic drove in right about then... (yes you can drive from BHM to EKY in about the same time you can fly.. allowing for taxi, run-up, tower, fly run way heading, and then turn on course etc etc) He opened up the cowling and SURPRISE SURPRISE.... !!! the dang filter had MOVED aside by about 5-10 degrees from where had tightened it. and it WAS NOT LOOSE .THIS TIME .. couldn't move it with much hand pressure... VERY puzzled as to how it could have moved and still remain tight ! NO leaks or anything... just had moved itself !!! He is very intrigued.... Any thoughts ? I will try and post a small video clip and a few pictures. Phew FIRST in-flight emergency... I THINK i did okay, my radio calls were shoddy at best ! Trying to sleep but can't !