Tommy - I recently tore down a Merc 150 xr2. The XR2 is also a 2.0L merc . . . The compression in the good cylinders were b/w 115 and 120psi. The old two stroke mercs are great motors. The one weak point is the oil injection. If it's not already off . . . yank it off. You can find tons of information on the forums
www.screamandfly.com or iboats.net. Good Luck!!