Abstract: The present invention is an apparatus for regulating the amonut of oil, lubricant, or other type of lubricant applied to a surface of a work piece in order to reduce friction during a machining process. It comprises a primary reservoir, a needle valve, float assembly, a liquid drop control orifice, a sight for allowing visual confirmation of the flow rate, an atmospheric vent, an inlet for pressurized air, and a nozzle. The needle valve is slidably engaged into an orifice in the primary reservoir and is actuated by the float assembly. The float assembly floats in the low volume constant depth reservoir and controls the degree to which the needle valve need be open in order to maintain a constant volume of lubricant in the low volume constant depth reservoir. As the volume increases to the required level, the needle valve will close. As the volume decreases, the needle valve will open in order to maintain a constant level of lubricant in the reservoir.