1500 engine analysis

[Edward Hamilton <hamilton@ptd.net>]

After much winter work, I've gotten to the engine.
The plugs are clean, dry and slightly grey
Compression ranges between 145 and 150#
Exhaust tip is black, sooty and wet.  I had thought I might have an
exhaust valve hanging open, but with the excellent compression readings,
what is this telling me?

Best regards,
Ed Hamilton