TeXaS2CaMpEcHe

I have a 1988 Chevy Nova/Toyota Corolla I-4 4ALC and just performed a dry & wet compression test. My readings on all 4 cylinders were all about the same.. 1st turn over (puff) ran about 80 psi and 4th turn over ran at about 100 psi.. I then performed a wet compression test and got the same readings. I checked the shop manual and saw that readings should be between 124 - 160 or something very close to that. I'm simply trying to get a few opinions on why the compression could be so low even after performing the wet test. Car has 126k miles, smokes a lot, uses about 1qt of oil every 150 miles, but strangely it runs good!! Could this be piston rings or valves? Any suggestions?? Thanks!!