Powerbuilt air compressor Crankcase Gasket problem

I have a powerbuilt air compressor.

I recently took of the crankcase to inspect the internals for wear.

But when I went to reassemble the crankcase cover gasket was very difficult to fit into the covers groves (it was like it was elastic and shrunk in size).

My question is why the gasket is shaped the way it is (it has a single hole in the middle right side and a section at the bottom i quess for oil to get to the other side; the rest of the gasket is rubber and covers the remaining of the space.

Can I just use a gasket that seals the cover or do i need a direct replacement. Any help is appreciated. Gasket is similar to the image