On June 3, 1995, at 1555 eastern daylight time, a Mooney M20E, N6923U, was substantially damaged following a collision with terrain, during a forced landing near Moncks Corner, South Carolina. The commercial pilot and one passenger received serious injuries, and the other passenger received minor injuries in the accident. The aircraft was being operated under the provision of 14 CFR Part 91 by the pilot. Visual meteorological conditions existed at the time, and an instrument flight rules flight plan was in effect for the flight. The flight departed Millville, New Jersey at 1205, and was destined for Charleston, South Carolina. The pilot reported that the aircraft had been fueled prior to his departure from Millville, New Jersey. He stated that the flight departed Millville, on a visual flight rules flight plan. The flight was conducted at 2,500 feet above mean sea level (MSL). About 135 miles northeast of Charleston, the pilot reported that the weather was deteriorating, and he filed for and received an instrument flight rules flight plan into Charleston. He reported that about 45 miles northeast of Charleston, the engine began to surge, and would not smooth out. He stated that he switched from the right fuel tank to the left fuel tank. The engine then smoothed out and ran normally for a short period of time. He stated that at the time the engine stopped producing power, he was at 700 feet MSL. The pilot executed a forced landing into a wooded area, about 3 miles east of the Moncks Corner Airport. At 1543, the pilot of N6923U reported to Charleston Approach that he had a fuel problem, and that his fuel gauges had "dropped out", and he needed vectors to the nearest airport. At 1852 the pilot stated that the aircraft was out of fuel, and that he was attempting an emergency landing.(See Transcript of Conversation Between the Pilot of N6923U and Charleston Approach Attached to This Report.) Immediately after the accident, the pilot reported to rescue personnel, that the aircraft was out of fuel. The right wing fuel tank was ruptured during impact, and the left wing contained less than one gallon of fuel after the accident. A test run of the aircraft engine, following the accident, revealed that the engine, when supplied with fuel, started, and operated normally; up to maximum operating revolutions per minute.