Hello ACF,
How many hours are on this engine? Any maintenance history?
Having 130 PSI compression does not support failed rings, but they can stick the oil control rings. Change the oil and add a 1/2 cup of Marvel Mystery oil in with the new oil and that will unstick the oil control rings after a few hours of running.
As for your leak down test, it is best to remove the valve covers and verify both rockers on each head are loose fitted, and the piston is held at top dead center in the cylinder. Better yet, back the rockers off and remove the pushrods to get the best results to verify if there is actually a leak down past the valves. A little air from the dip stick tube is normal, but a lot is not good.
If you happen do the heads, lap in the valves to ensure proper sealing and replace the valve seals.