Newbie with a 95 Cobra track car... oil issue

Just found this forum.I have a 95 Mustang Cobra track machine.Built 5.0 motor ,T5,full cage,coilovers,welded subframe connectors,etc.. Car is street legal.I had an issue at Road Atlanta this weekend.My oil pressure suddenly pegged the guage at 100 psi.I blew oil out of the filter area ...and all over the track!! I am thinking the pressure relief has stuck in the oil pump.Any opinions? After the first incident I cleaned it up and drove it.Pressure was normal for a bit ,then did it again.Not sure what oil pump is in there,oil pan is a Canton racing road race style.Any feedback welcomed.This car has been bulletproof thru 8 track weekends !

Thanks for the reply. I did find that the seal from my oil cooler was completely shot. Stock 95 cobra cooler or heat exchanger, or whatever you want to call that thing LOL. Bypassed it, and put a Wix racing filter on there. Running at normal pressure and no leak. Will have to do a little further testing to see if that was the whole issue . The biggest thing is, the engine is not damaged!! Still not sure if I was getting a good reading from my electronica oil pressure gauge. Going to stick a mechanical gauge on there.