So i did figure out that the bolt and pan are both stripped. However, i did notice that the oil sensor is placed directly next to the drain plug. I may just wend over the plug and just drain oil for the oil sensor from now on as opposed to buying a new pan for almost 300 dollars. I do not see any complications with this aside from have to unscrew 3 bolts to drop the sensor opposed to just undoing the drain plug. Am I wrong here? Seems logical and fast to me.

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Blue 2007 BMW 328i
Green 1997 BMW 540i (Sold)
Black 1993 BMW 325i (Sold)
Gold 1993 BMW 525i (Sold)
PSALM 86:12