While driving on the highway under acceleration I noticed a little blueish smoke. Got off the highway and at the stop sign the Evo started smoking bad (grayish color) I couldn't see the car behind me. Drove to an empty parking lot and park. For sure oil was coming out the exhaust, No oil in the coolant, pull the spark plugs and number # 3 was soak with oil.
Towed the car to the house. I had just finish doing an oil change with amsoil 20W50 which I started using in 2009.

Compression test cylinder# 1,2,4 120 PSI # 3 110psi (cold motor)
wet test # 3 120psi
Headgasket appear to be OK with those number.

So now I'm thinking 1 or 2 things could be happening the valve seal or bad piston rings in particular the oil rings since it control the ptw lubrication. I couldn't do the leak-down test b/c I don't have the tool.
Any help or opinions is welcome. I already made up my mind that I will have to replace the pistons rings and will basically built the bottom end if it come down to it. I did replaced the valve seal when we put the S2.