i have a ford f150 v6 4.2 and there is oil comming from my exaust what could this be?

i baught it from my dads friend and he said that the head gaskets were blown but when i went to dran the coolent i found out it was empty so i wen to add some and found out that the freez plug was blown and know i have a black liquid comming from my exaust what could this be it also sat for a lounfg time
 
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