Depends....
Was the engine hot, or at least warm when you did the compression test?
Were all four plugs removed when checking compression? Was the throttle opened(jammed full open) when cranking the engine? Did you crank the same number of revolutions for each cylinder(6-8)? How much oil was added? Should be appx. 1 tablespoon or three or less squirts with the old time engineer oil can.
If the engine was cold and lots of oil I would not condemn the rings without further diagnosis.
Either a cylinder leakage test, which can pinpoint combustion pressure leakage, or get a can of GM top end cleaner. with the engine running suck it through the carburetor, at a high idle, intermittently revving the engine to 2-3K range to inhale the top end cleaner without hydrolocking the engine. After the can is completely empty, let it sit overnight. Start it up the next morning, prepared for LOTS of smoke from the exhaust. Then go for a drive to get it warm and recheck your compression...