At about 09:30 central time, a Piper PA-32RT-300 lost engine power and landed in rough terrain near Wewahitchka. The three occupants reported no injuries. The pilot said he smelled something and when he checked the instruments he noticed that the oil pressure had decreased. He felt that he could not make it to an airport so he decided to land in rough terrain. Examination of the engine revealed no visible oil on top of the engine, but oil was observed at the lower portion of the firewall. The engine had not been examined at the time this report was released.