Low Compression and other engine troubles

[tanger911]

Hello,

My Flaminia 2.5 3B is showing signs of engine trouble.

I recently noticed either vapor or smoke coming out of the right side oil breather cap. I'm now inclined to believe it is smoke, but I'm not 100% sure, it looks more gray but it doesn't smell very strong. Additionally I took compression readings and the front piston on that side is showing 30 psi...All others show > 130 psi. The plugs look very black, and if I put a piece of paper or my hand to the exhaust pipe, the paper ends up with black marks all over it.

Here is a link to e short video of the smoke or vapor coming out, and below is a picture of a piece of paper to the exhaust.

[url]https://www.dropbox.com/s/vb0rwhlaxd0if ... 8.MOV?dl=0[/url]

I am far from an engine expert, but I do believe it's time for the mechanic to take the engine apart. Before I do that, I'd like to hear what you think could be going on?

Thank you

Henry