It sounds like a broken piston ring or rings
Start it up and list to what sound the barrel is making if it a ringing sound almost certainly the rings have gone.
check also the gaskets at the top and bottom of the barrel for any leakage you'll see or feel the blow-by and heavy wheezing
Repair: Piston rings gone Maybe an Auto factor store or Motor engineer may be able to source some to fit the piston? And do drain the oil and fish the broken bits out (With a magnet) Should be in the sump or near the sump plug (be good news if it was a magnetic type plug?)
Blown Gaskets... As its not an engine you can get away with applying "Instant Gasket" (cheap in all auto stores} over the old gasket/s after cleaning the jointing surfaces and old gasket unless you can source a new one?(Still do it regardless

) Then tightening the barrel nuts/bolts down evenly if a Do it in a
crossways pattern (A torque wrench would be a great help)
PS When you said the Compressor does not get hot that is almost certain Ring failure
Good news...
the Company is still in existenceBut I did a parts search for the Model on the site turned up nothing (not surprised)
But wait...
I found Gold!
check out this PDF(Acrobat) file Its the complete parts and maintenance manual documents for your Compressor. And I wonder if the company this came from can find the parts if you can quote the part numbers from within this file?
www.controlsdepot.com Ps You need the free Acrobat program installed to view this go to
www.adobe.com/products/acrobat/ and download (27 MB) If you click on the link and nothing happens

TIP Untick the Adobe Yahoo! Toolbar
and Adobe Photoshop® Album Starter Edition boxes on the page before starting the download
Unless you have a real need for them !

Cuts 7 mb off the download
