foam ?
I reckon treeseer was just about bang on it sounds like "bacterial wetwood" In simple term's when the bacteria multiply they can produce methane as a by product . This in turn can cause a watery discharge , usally through a long crack with in rolled edges , which in turn can discolour the bark through the activities of yeast . It has been sugested that this is part of the trees defence mechanism as decay fungi can not live in the anaerobic condition of the wetwood (no oxygen) so dont drain it if its wet , are there any vertical cracks with in rolled edges ? or is it localised round small wounds ? Its not always terminal as long as it does'nt affect the integrity of the trees stucture (a co -dominant stem peeling out due to a wet rot pocket ect) you can always scrub off the yeasty discharge if there is any . hope this helps regards