Seems like the O2 will drop to near 0 once its gets so far on the lean side.
May try adding a ton of fuel to see if you can get them back up.
A bad coil or ignition module may cause this too because the exhaust gases will be real cold if the spark is being blown out...and a cool exhaust temp will cause the O2 to not function properly.
Also, is the O2 healthy, Cross-counts cycling from 0-255 in less than 90 seconds at closed loop idle? If not, you need a new O2.