Loosing my mind
That don't make sense. There should be no oil in the combustion chamber, intake manifold, or exhaust manifold. How was that cylinder flooded with oil? Not closing certainly would cause your low compression but wouldn't cause oil or the knocking/ticking. Also what was keeping the valves from closing? Just some ideas. I'd hate to see you go through the trouble of rebuilding the head and still have a ring issue.
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