It might be in a Olds, but its really a Buick. Note front mount dist.
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215
The Oldsmobile/Buick 215 V8 was a small 215 in³ aluminum engine for midsize cars of the 1960s. It was introduced in the 1961 Buick Special, Oldsmobile Cutlass F-85 (where it was called the Rockette), and Pontiac Tempest and retired by General Motors just three years later due to high production costs.
The tooling was sold to Britain's Rover Group, and this Rover V8 engine saw widespread use by many manufacturers. This engine was the basis for a 198 in³ V6 which, after being sold to and bought back from Jeep in the 1970s, became the current GM 3800 engine.
An 8.75:1 compression version produced just 155 hp and 210 ft.lbf, while a 10.25:1 model produced 185 hp and 230 ft.lbf.
Applications:
1961-1963 Buick Special
1961-1963 Oldsmobile F-85
1961-1963 Pontiac Tempest
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Turbo Jetfire
For 1962 and 1963, a turbocharged version produced 215 hp and 300 ft.lbf. This was the first turbo car ever offered for sale.
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I used to see alot of these engines in pulling tractors.
Found this site that gives some neat info
http://www.442.com/oldsfaq/ofjet.htm