Probably head gasket. Yes it can have high compression and still have leaking head gasket. IF you have the equipment, a blow down test will tell for sure. Just need to lock the flywheel at TDC on compression stroke and blow in plug hole with rubber tipped blow nozzle at 20-30 lbs.Remove valve cover watch down push rod gallery, listen at oil fill tube, carb and exhaust. IF head gasket is leaking, it will be between the cylinder and push rod gallery.
Walt Conner
PS: Leaking oil, you need to wipe it clean and see where. Likely around oil fill tube or valve cover.