As Calvin said, it's most likely worn out valve guides, the seals are a secondary victom here. In most cases on these things, the exhaust side, which is where most of the pressure would be that would excape through there, the valve stem seals are simply umbrella seals intended to shed oil. In most cases there are no positive seals on the exhaust valve.
When the guide wears, the valves wobble around and continue to wallow the guides out worse and that allows the gasses to easily escape past the guides and the extra hot gqasses bake the oil in that area to a nice nasty crust.
If it were on the intake side, same thing can happen, but usually because of air being drawn past the intake valve guide on the intake stroke, if the seal gets worn out after the guides wobble around, it will cause oil to get drawn into the combustion chamber . About the only time the intake guides/seals would cause that kind of mess is if the guides were so hammered that the valve was not seating during the combustion stroke which would allow gasses to blow by the intake seals.
either way, the seals are a secondary symptom