1989 Ford F-150 Is the engine repairable?

Third cylinder from front has no compression. I put about 1.5 ounces of oil in cylinder and turned over engine and got 140 psi. Seems it is a piston/cylinder problem not a valve. What is the best next step? We really want to keep/fix the truck if it is not dead. Oil got very low about 2-3 quarts in system when this happened. Was not burning oil but valve cover was leaking. Thinking about pulling the head to inspect but is their any other diagnostic to try before doing this? Thanks guys.