I put my car on ramps to do the install. No oil came out when I removed the sender.
However, if you're installing both the factory & aftermarket senders by using fittings (like Ernan's thread described) .... you will probably have to remove the oil filter (at least I did). You will lose a little bit of oil doing that. I did ..... & just topped it off afterwards. If you are doing this, I'd recommend doing the oil sender while changing the oil so you can kill 2 birds there.
BTW, save yourself the hassle. Go to the parts store & pick up a sender removal tool! Trust me.