The bearings require oil. They come lubricated out of the box and should only need periodic maintenance. A simple drop of oil a few times a year is more than enough for reels used in freshwater.

The extra weights are one set of spare pink, which is what your reel had out of the box, and one set of green weights. The green weights are heavier and offer more braking force. These are used in situations wheere you may need more braking than the pink weights can offer. Typically the pink weights will be adequate for 99.9% of the applications you will use.