I have just changed the oil in my Mercury 115 HP EFI, including the oil filter.  The manual states the motor takes 5 quarts.  I completely drained the motor, and replenished with 5 qts of Mercury Oil.  I have not started the engine yet.  I checked the dip stick and the oil is very far up the stick, way past the XXXX marks.  I understand the filter has not filled yet and other parts of the engine that would hold some amount of oil, but my question is this.  Will the oil level stabilzed where it should after running a while, or should I drain a bit, just to be safe?

I'd like to get a handle on this before I leave for a fishing trip Sat. morning.  Thanks in advance!

Start it on the muffs and let it run about 15 sec or so and then stop it.  By then your pump should've had time to fill the filter.

Thanks Cart7, good advice!