THE PILOT WAS PERFORMING A BUSINESS FLIGHT OVER MOUNTAINOUS TERRAIN. ABOUT 1 HR INTO THE FLIGHT, HE NOTICED SMOKE OR OIL VAPOR IN THE COCKPIT. HE SAW OIL ON THE LOWER COWLING AND WING AND COMMUNICATED HIS POSITION AND PROBLEM TO THE SALT LAKE CITY ARTCC. THE ENGINE LOST OIL PRESSURE AND BEGAN TO RUN ROUGH WITH SEVERE VIBRATIONS. THE PLT ELECTED TO SHUT THE ENGINE DOWN AND LAND IN A CLEARING. THE ACFT LANDED WHEELS UP IN ROUGH TERRAIN. THE FUSELAGE, WINGS, AND FIREWALL WERE DAMAGED. A POST-ACCIDENT INSPECTION BY AN FAA AIRWORTHINESS INSPECTOR REVEALED THAT AN OIL LINE SERVICING THE TURBO-CHARGER WASTE GATE HAD BROKEN AND ALLOWED THE ENGINE OIL TO DUMP. WITH THE OIL SUPPLY DEPLETED, THE NUMBER 4 CONNECTING ROD BEARING SEIZED AND THE ROD BROKE, KNOCKING A HOLE IN THE CASE. THE MECHANIC REPORTED THAT THE PILOT WAS ADVISED TO HAVE THE OIL LINE REPLACED 1.5 HOURS BEFORE THIS FLIGHT.