water leak

[sailorcal]

I have a water leak problem with my '94 carver 320. The leak is not a drip, but a small flow causing the bilge pump to cycle every hour or so. It appears to be coming from the stbd exhaust area. When I tilted the boat to get the exhaust exit fitting out of the water it stopped. Thinking that it may be a fitting tightner that I cannot get at till next years haulout, I decided to try and seal it internally for a temporary repair. I dried two internal fitting interfaces where the pipe and fittings fit into each other, cleaned them and applied an epoxy to the fillet formed by the insertion of one fitting into the other. I also applied epoxy to the bottom of the exit fitting where it meets the hull thinking that maybe the flange was not properly sealed. When I then let the exhaust go back into the water, the leak came back just as before.
I cannot see anywhere else that the water can be coming from. I cannot feel any cracks in the fittings, though the rate of flow would presume a significant size. The genset exhaust beside the engine exhaust is not submerged as it is a little higher than the larger engine exhaust. The water level in the exhaust is only 1/4 to 1/2 inch, not very much.

Any ideas out there? I'm stumped.