One of the guys in our shop was using this press to bend some metal, without being trained on it..

(but, I digress). When he was releasing the valve to home the press cylinder he loosened the valve too far and oil started spilling out - since then the press does not press at all.
I need some direction in repairing this. My thinking is that the valve screws down onto some kind of one-way valve and that loosening the valve too much unseats the one-way valve - but I'm unsure as to how to repair it, or even if I can do it in house.
Any help would be appreciated.