ARONCORNELL
You should change the o-ring that is inside of the big nut. This o-ring is the one that seals the ram. A worn o-ring here will leak almost all the oil little by little. The big o-ring around the nut, the one that seals the oil tank, may be used again provided it is not to worn. Also, change the o-ring that seals the pump plunger or piston. A worn o-ring here will also leak a lot of oil little by little every time you stroke the handle. There is also an o-ring inside the nut where the release gear is mounted. If your release nut assembly has a release gear held in position by a nut, you can take it apart and change the o-ring. If the release gear is welded you may have to get a new release assembly, or take apart that one by grinding the weld and reweld the release gear after replacing the o-ring, just be carefull not to overheat the part or the o-ring will be damaged. So you will need to cool the release assembly right away after welding. Otherwise a release assebmbly, with removable gear, from another jack may fit yours as these assemblies more often than not are of the same size.
Also, as general info, some jacks use weights or spacers with the steel balls, other use very light springs and some just use the balls without weights or springs.