That bolt should not be sticking out, so good that you tightened it up. I am puzzled why it is at an angle, but it should be one of the bolts that tightens the crankcase halves together. So yes, oil could be leaking out around the loose bolt.
After you get everything cleaned up with a good soaking and hose off of Simple Green, run the bike a bit and then remove the pipe and cover again (yeah I know, it's a lot of work) and see where the oil trail comes from..........pg

 

that there is were the oil line goes for the chain oiler ,they where taped on an angle and it is leaking because there should be a 1/8 pipe plug tapered thread instead of straight thead which it looks like not all models had that there

 

OK, let me muddy the water some more...... or help clear it I hope. I do not think I can agree with Calwood about the bolt you tightened being the feed connection for the chain oiler.
I believe this bolt is the bolt you put through the tab to secure the oiler, back near the rear chain. From your photo that seems to verify that as well.

The oiler that I took a photo of is just the way it was removed from my machine over a decade ago. The tail pipe (outlet) is very short. 3 inches in fact. This dictates that it (and the oiler) are mounted very close to the chain.

The oiler feed line is very long (11 inches) and is bent to get around things that were in it's way as it went up to the connection on top of the transmission crankcase where it screwed into the oil return line fitting. This oil return line fitting (ORL) has 2 ports. One port connection is for the return oil to the oil tank. The other port connection is for the feed to the chain oiler. You can see from the photo that the fitting is still on that feed line. The photos are a bit blurry due to lack of field.

I now dimly remember that when I removed the chain oiler I had to buy another return oil line fitting that had only a single port to connect the oil return line to.
The chain oiler was fed from the pressurized oil return line. There is always pressure present at the chain oiler and the drip is metered by setting the adjustment screw.

So, that refreshed my recall of the chain oiler story. It may mean nothing to you if you do not have an oiler, but look at your oil return line fitting at the engine and make sure it is a single port. If someone had removed the chain oiler and then tried to plug the pressurized port it would most likely result in a leak after some time had passed.

OK, I have to add a condition to the above info: My Sporty is a kick start only. With an electric start the oiler feed line may have had a little different route due to the starter motor. Other than that both should be the same.
Let us know what you find..........pg


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hay this is getting fun but there was 3 ways harley made oilers 1-taped into the return line on the ch 2-angle port in front of sproket for the h and 3 bottom of the oil bag on the h

 

"and 3 bottom of the oil bag on the h"
On a 1972 model? I don't think so...........pg

 

from 70 to 76

 

that pic that PG was posting looks just alike what I had in my -74 XLH, it was connected to that hole that is on "odd angle". I remembered it instantly when I saw thet picture ( pics are very handy).
Notice that if you block that "outlet" from case it doesn't seal if you don't have casket between plug ang case. Original "tube" that goes into that hole has samekind of ending alike brakelines "ball"-type.

 

i was wrong about an oil bag oiler i do have one laying around but i looked at it last night and it looks to be homemade,but i also have 3 72 motors laying around one complete and 2 in parts and they all have that angled port with the oiler line hooked to it

 

So what kind of plug/gasket can I use to block it? I tightened the one that was in there and I'm still getting the oil leak. I'm almost certain this is the source.

 

threads are most likely screwed but originally a 1/8 pipe adapter to 1/8 brake type fitting ,i would get a 1/8 pipe tap and pack with grease to catch any chipsthen chase the hole then get a brass 1/8 pipe plug put a little JW weld on the treads then you should be ok