HOMEBUILT TURBO-PROP SINGLE SUFFERS LOSS OF OIL PRESSURE; DECLARES EMERGENCY; AND LANDS SAFELY.

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I WAS IN CRUISE FLT AT 6000 FT WHEN I NOTICED THE OIL PRESSURE HAD DROPPED TO 64 PSI. IT NORMALLY IS AT 78 PSI ON THIS ENG. I ADVISED ATC I HAD AN OIL PRESSURE PROB AND REQUESTED A DEV TO THE NEAREST ARPT. ATC ADVISED ZZZ WAS AT 12 O'CLOCK POS AND 10 MI. ATC ASKED IF I WANTED TO DECLARE AN EMER AND I REPLIED 'AFFIRMATIVE.' ATC THEN CLRED ME TO 5000 FT. I DSNDED TO 5000 FT AND ATC THEN CLRED ME TO 4400 FT. WHILE DSNDING TO 4400 FT; ATC LOST ME ON RADAR AND ATTEMPTED TO CONTACT ME SEVERAL TIMES. I RESPONDED TO EACH CONTACT; BUT THEY COULD NOT HEAR ME. I THEN CALLED ATC AND TOLD THEM I HAD THE ARPT IN SIGHT AND WAS CANCELING MY IFR FLT PLAN. ATC COULD NOT HEAR THAT XMISSION; AND I HEARD AN ACR PLT ADVISE ATC THAT I HAD BEEN ACKNOWLEDGING THEIR XMISSIONS AND THAT I HAD THE ARPT IN SIGHT AND WAS CANCELING MY IFR FLT PLAN. I THEN LANDED AT ZZZ ARPT WITHOUT INCIDENT. UPON EXAM; THE R SIDE OIL COOLER HAD CRACKED AND WAS LEAKING OIL. I CALLED A MECH WHO ORDERED ANOTHER OIL COOLER AND SENT ONE OF HIS EMPLOYEES TO INSTALL IT WHEN IT ARRIVED THE NEXT DAY. ONCE THE INSTALLATION WAS COMPLETE; THE ACFT WAS TESTED AND DETERMINED TO BE AIRWORTHY AND WE CONTINUED ON OUR TRIP.