Low cmpression would not trigger the CEL. When timing is off, the sensors would trigger the CEL if they are not synchronised.
Oil light could be a different problem. Get the timing checked and repaired to see if the oil indicator light goes away. If it does not, check the oil level and get a pressure test performed. It could also be due to a faulty pressure switch or loose wire connections.
Tuesday, February 8th, 2011 AT 2:16 PM