Compression Low #4 Cylinder
 

I have a 96 SL2 1.9DOHC. Have been having a problem with P0304 code. Tried plugs, wires, coil packs, fuel filter, switching injectors around. Checked compression today and here is what i have. #1 185 #2 200 #3 185 #4 47!!!. So the question is, do i have bad rings, valves, head gasket. The car has 113,000 miles on it. I did put a few squirts of oil in #4 but it did not help compression. It uses oil, but none of the plugs seemed black, and there is what appears to be alot of oil on the bell housing like its would be coming from that end of the head by #4 cylinder. I have no loss of anti freeze, nothing in the oil. My problem is, if its the rings i think i will just get rid of the car, but if its just say a head gasket or valves i may be interested in fixing it. Any help would be greatly appreciated to point me in the right direction.

Well, you did your "squirt thingy" into the cylinder and retested the compression with no improvement (apparently). That would suggest that rings are not your problem. Like John Wayne said in 'Flying Leathernecks' -- "Looks like you're going to have to go in, Pilgrim".