I have a 94 Cobra with the same problem. I've done a compression check and a leak down test and I think it's the valve seals. This isn't very hard to fix, but it's more than I want to tackle. I have gotten a few quotes from a few performance shops and they all seem to be about the same. $300-$350. It is very detailed and if your truck isn't getting any worse, it should be ok for a few more months. If you want to tacle this yourself, you will need to be very careful not to drop a valve into the cyclinder. I'm just going to wait until my taxes come back and get it fixed when I get my port work done. Hope I've helped.
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