drain bolt on the oil pan seems to be leaking

I would only use the teflon tape around the base of the threads, not towards the tip of the bolt so as to avoid getting any tape into the pan. My wife's Bronco was leaking at the plug, and even with a new plug with "O" ring style gasket on the new bolt, it was still weeping oil out. I wrapped the threads with some teflon tape near the base of the bolt and it sealed the leak.