I have noticed that my 99 RMK 700 is not using much oil at all. I have not owned the sled long enough to get a feel for it but I would say a tank is using between 1/4 and 1/2 quart where my RMK 500 is using 3/4 to 1 quart for a tank. Possibly the amount of oil the 700 is getting is turned down because it is using Amsoil which is a 1/50 mix and the 500 is turned up higher because it is running on Snomax which is a 32/1 mix? I'm not sure about it but I just don't want to have problems.
How much oil are other sleds using per tank?

02edge700 1/4 to 1/2 per tank.

It should take about 25 oz of oil for every 10 gallons of gas for a 50:1 ratio...

I have an identical sled to yours and was concerned for some time about the oil consumption being so low. I checked the marks on the pump and everything was good. I even turned up the pump just a bit. After the odometer got to 5000 miles I quit worrying. The sled is now a back up machine with just over 6500 miles and still runs great, and its never been apart.

That makes me feel better!! It has been a great sled for us. It just seemed like it was drinking any oil. I will watch it but I am not going to worry about it anymore. Thanks for the responses!!