I don't think it uses the projectile stats. There's probably a reason why it has an entry in there, but I can't remember what it is. I think the oil just takes effect in an area rather than being a legitimate calculated projectile.

Here are some fascinating numbers for you:
- minimum number of enemy near the gate who will trigger oil: 3
- maximum number of friendly men who will be considered expendable: 20
- ratio of nearby enemy to friendly men which is considered an acceptable risk: 1 to 1
- time taken to reload oil: between 12 and 25 seconds
- time for which the gate will be 'alert' and consider pouring oil after it's been attacked: 20 seconds
- number of shots: 5 (it turns out :))
- duration of pour: 9 seconds
- delay between start of pour and start of kill zone: 2 seconds
- chance of killing any individual soldier: about 3% per second that he remains in the killzone