Periodic drop in oil pressure??

[Eastern shore wake]

I have a 2004 22V which I bought in late May with 40 hours on it. Has the 335 HP Tige GM engine. Has run great (and we have run it quite a bit adding about 65 hours so far) until this weekend. I was running at about 14 and then slowed down and put it into reverse very quickly (wanted to allow a kneeboarder to hold onto his rope). As I brought throttle back to nuetral oil pressure dropped to nothing and alarm went off. After about 10 seconds needle on guage popped back up and alarm stopped. Thought it was just a one-time thing but this then happened 3 more times....always when I was throttling down. Suddenly needle would dive and alarm would go on and then after a few seconds needle would pop back up again and everything would be fine until it happend again. Didn't happen every time i throtted back but did happen enough to make me concerned. Does anybosy have any thoughts on this? Seems like it would be an issue with the guage but not sure at all.

Thanks!!!
Eastern Shore Wake

[lee]

Did you check your oil level? Oil could be low and sloshing around in the oil pan.

[gman]

You may want to check the leads.

[Eastern shore wake]

Ice, thanks! Guess I was ignoring the obvious but did not actually check the oil level. Will do so.