Kris,

I spoke with our friends over at Oceanic tech support and they stated that based upon your excellent description that there may be a problem with either the pressure transducer which correlates depth or the analog to digital converter chip.

You should return it to your authorized Oceanic Dealer or you can send it directly to Oceanic by pre-arranging a return by calling 1-800-435-3483.

WHATEVER YOU DO, DO NOT DIVE THE UNIT!