Well the compression is definitely not OK.
Cylinder leakage that exceeds 25 percent is considered excessive and may require component service. In excessive leakage situations, inspect for the following conditions.
Air leakage sounds at the intake manifold tube, may indicate a worn, stuck or burnt intake valve, broken valve spring, incorrect valve lash or damaged valve train components.
Air leakage sounds at the exhaust system tailpipe may indicate a worn, burnt, or stuck exhaust valve, broken valve spring, incorrect valve lash or damaged valve train components.
Air leakage sounds from the crankcase, oil level indicator tube, or oil fill tube may indicate worn piston rings, a damaged piston, a worn or scored cylinder bore, a damaged engine block or a damaged cylinder head.
Air bubbles in the cooling system may indicate a damaged cylinder head or gasket.