From the generic possibilities that I have heard, some already noted,
-faulty pressure sender/switch. Have the oil pressure checked with a mechanical pressure guage.
-low pressure due to a by-pass valve being stuck open. This valve limits the oil pressure that the filter and bearings actually see.
-clogged/obstricted oil pick-up screen. Perhaps sludge deposits and precipitate debries have collected, and simply needs to be cleaned. And another guess too would be the oil pan.
-since we're on the subject surrounding the pump, perhaps the clearences within the pump itself have become excess, enabling backflow. I don't know the integrety of said pumps on said engines. A shop manual will often give clearance measurements to help make the determination of whether the pump is still serviceable.
- excess bearing clearences will blead-off oil pressure. Check clearences with plasti-guage. Check shop manual for further details.
-perhaps the oil passages have gone by way of plaque to a persons arteries and veins, restricting flow.
I'm not meaning to get anyone worked up, just sharing what I've heard. Start with the oil pressure switch/sender like TR3 was hinting at, then go from there.
Any one who has had a similar problem with a Mercury Sable, we could use your help.
Good luck and keep us posted.