Try adding a couple of quarts of kerosene or Diesel fuel to the oil, enough to bring the oil level about 2" above the full mark. Then run the engine at a fast idle (1200-1500 RPM) for about 15 minutes, with no load on the engine. Drain the crankcase and change the filter while the engine is hot, and refill with straight HD-30 oil. It can't hurt, and you just might de-carbon the ring grooves enough to get a better seal against the cylinder walls.
Jerry