If you redo the compression test with a little dab (like a teaspoon-ish) of oil in the cylinder it will give you an idea of whether it is the rings or not. If it goes up just a bit (like from 90 to 95-100) it is probably low for another reason like valves, headgasket, etc. If it comes up quite a bit then the rings/pistons/bore are worn.
Oil leaks can be deceiving too. A leak along the block to head seam is usually going to be water not oil. You are probably seeing oil that has seeped down somewhere else and flowed around the gap to run off where it appears to be coming out.
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95 Isuzu Trooper Daily Driver
86 Isuzu Trooper reliable backup
77 LUV 2wd stock beltway blaster (resting)
79 4x4 LUV project: 2.6L, 5spd, 31s (eventually)
MEPR: Man, my 4x4 makes all other LUVs look good
