departed Points North Landing with two people on board for McNab Lake. About 5 minutes after departure, the pilot noticed oil on the windshield and decided to return to Points North Landing. While making a glassy water landing about 1/4 mile from the company's base, the a/c hit a peninsula which tore the floats off and the a/c ended up in the bush, severely damaged. Maintenance is attempting to remove the a/c from the bush to a road which is nearby, and return the a/c to base where the company hopes to repair the damage. The two occupants were not injured in the accident. UPDATE When the pilot decided to return to Points North, he elected to land the a/c close to the shoreline using his side window for visual reference as forward visibility was reduced because of the oil. The pilot was aware of the peninsula, but he thought he was far enough from shore to avoid it. The a/c travelled about 20 feet into the bush on the shoreline and was sustantially damaged. The pilot and passenger were wearing shoulder harnesses and were not injured. Oil had been seen on the front of the engine earlier in the day, so maintenance washed the engine and tightened the cylinder push rod tube seals. The engine was ground run and the leak did not reappear. The reason for the reoccurrence has not yet been determined.