Compression test results...questions

So I am pulling my engine apart on my 74 Z1 because my front cam chain tensioner let go.I first did a compression test to see where I was at. Results were 113-89-110-113.
I put a little oil into the 89 cylinder and it immediatly jumped to the 240 range. What does this tell me? I did this test on a cold motor with no carbs attached. I was debating doing new piston rings. The engine has 33K on it and I don't know when (if ever) the valves have been adjusted.
Any advice would be appreciated. Thanks.

Checking the valve clearances should be done before a compression test, but that high after oil says that the oil is sealing the rings better. If you do all of them the same way, you'll have higher readings as well. I'd give that a try, but check and make sure the valves are within clearance first.

Well I went ahead and ordered rings. I figure I have come this far, why not do them? Can't hurt. So once thats done i'll recheck the compression, but i'll also get the valve clearances adjusted as well.

measure your pistons and bores 1st before installing new rings

You will also have to do a light hone job
so that the new rings will seat.

Did you happen to put oil in the other cylinders to see how high it jumps in compression.

I hear that the big fours are bad on valve stem guids and seats. Might want to check on getting the guids and seals replaced, along with valve job.