Glad to hear you bought it!
Give some details as to when you checked the compression. Warm/cold, just ran etc.
Other than rings you could have valve guide problems.
I have heard of rings getting stuck to pistons andnot doing their job right as well. Don't know what that would do to compression.
To unstick rings I have heard that if you put oil in the cylinders and let it soak for a few days then work the snot out of the engine (either real work like plowing or on a dyno) you might free the rings.
Just my thoughts anyway.