F150 oil blow out

I've got a '76 F 150 with a 390 motor. I recently drained the motor and radiator (the green of fresh antifreeze was long gone; replaced by thich rust color soupy like water) and when refilling with fresh water got an
wanted cloud of smoke billowing from the moter. It appears that there is oiul being blown out of the motor, on each side of the motor, which then hits the exhaust manifolds and creates a cloud of smoke. The oil looks like it's coming from under each head just above the front cylinder. My thought is that once the thermostat opened and cold water was released into the motor something broke. Is it likely for the block to crack and send oil pumping out on both sides? Could it be that both head gaskets went bad in the same spot at that precise time the water flow began to the motor? Any ideas on the topic would be of help in determining if the motor is salvagable.
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Sounds like this vehicle was sitting awhile. With a cooling system like that, I would expect possible coolant leaks when that thin antifreeze is installed. It's very slippery and fines tiny openings in the radiator and cooler core. I realize that's not your problem here though. Maybe those valve cover gaskets are puking out oil. That would be most likely in this case. Clean things off and look closer. You did not just blow two head gaskets because of this fluid change.
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Thanks Al, I'll give that a check over but at first look it seems like the oil is getting out from beneath the heads.

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John Taylor wrote:

on a 390 about half of the head is the intake (very narrow head really big intake) the intakes on these leak bad when they get old and need new gaskets. did my dads twice in 300,000 miles while he owned his.
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