NT 2.0 Smoking after warmed up

Hello, this is a 94 Laser with a NT 2.0L with 164.000 miles.
The car did not smoke b4 it was parked for a bad transmission, it set for a year and now it smokes like a freight train after it warms up, The smokes lookes white till if blows out away from you then it has a light blue/gray color to it, there is no water in the oil and no oil in the water.

I was told to do a dry and wet compression test and my compression # are high if turning engine over till needle holds steady and i read in the haynes manual that can be do to carbon build up around the rings.

So what Do all of you think

wet test # are 1=240psi 2=220 3=240 4=210 turn engine over 4 times

Wet test # 1=270 2=240 3=260 4=230 turning engine over till needle holds steady

The dry compression test # 190psi on all 4 turning engine over 4 times.

dry compression test 1=210 2=200 3=210 4=210 turning engine over till needle is holding steady.

This is the how to page i went by to do compression test: http://www.dsmgrrrl.com/FAQs/compression.htm

Thanks for your input and replys

update I had my father in law look at the car and he told me to rev it up and let off the gas and this was done b4 it was warmed up and it woud spit out small puff of smoke. he seems to thank its the valve seals he said when you rev it up it bulds up a vacum and pulls the oil though the valve seals.

Does this sound about right?

Your father in law is a wise man. That is a very probable cause.

Before ripping the head off of the car to replace the valve stem seals, you should decide what color the smoke is. If it has any blue cast to it, it is burnt oil, and therefore probably the valve stem seals.

If it does not have a blue cast, decide if it is white or gray--white is coolant burning, gray is excess gas burning (running rich).

Your father in law is very likely right on track, though, if the smoke is blue.