On July 1, 1995, at 1340 eastern daylight time, a Knosp Corbin Jr. Ace-E, N74RK, nosed over in a soft field during an emergency landing, after a loss of engine power, near Whiteville, North Carolina. The personal flight operated under the provisions of 14 CFR Part 91, with no flight plan filed. Visual weather conditions prevailed at the time of the accident. The airplane sustained substantial damage, and the pilot received minor injuries. The flight departed Southport, North Carolina, at 1300 hours. The pilot purchased the aircraft just prior to the flight. He had flown the aircraft before purchasing it, and had not experienced any problems with the aircraft. According to the pilot, the airplane was refueled, after he purchased it, with 10 gallons of 100 low lead fuel. He sumped the fuel during preflight, and found no fuel contamination. About 30 minutes into the flight, the pilot noticed a gradual loss of engine power. The condition deteriorated to the point where the pilot was forced to land. The pilot selected an open field for the emergency landing. The airplane touched down in the soft dirt and nosed over. An examination of the aircraft fuel system revealed rust particles in the fuel. The gasolator bowl was removed. Sludge and rust was found at the bottom of the bowl. After cleaning the fuel system and lines of rust, an engine run was performed. All systems operated normally. No mechanical malfunction was found. According to the previous owner of the aircraft, he allowed it to sit for a long period of time with a low amount of fuel in the tanks, prior to the current owner's purchase of the aircraft. The aircraft was within its annual inspection.