Should I worry about my new GM crate engine?

[PGG]

I put a new GM SP383 crate engine in my 72 K5 Blazer last year I have about 700 miles on it so I am still breaking it in. I am worried because it still is spitting what I think is oil from the duel tail pipes. I am assuming the rings are not seated yet but shouldn't they be by now? It is running a little rich so maybe its unburned fuel but is it something I should be worrying about? Any suggestions? Thanks PG