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1999 15 hp runs great on garden hose. After 15 minutes on water loosed power and gets hot.

I bought a used jon boat that has a 15 hp 2 cylinder. Replaced impeller, new gear oil, Rebuild carbs, replaced plugs, new tank, filter and fuel lines. Previous owner said it sat for 8 years before I bought it. Cranks up easy and runs great at home, even in gear. It will idle for an hour without stalling or getting hot. Put it in the lake and it runs great at first. After about a mile wide open it begins to loose power and it seems to be getting verry hot, then it stalls and wont start until it has time to kool. I pulled the head and everything looks great. Put new gasket on and no improvement. I checked the compression with a guage. Not really sure of the best way to do this but I pulled both plugs and then checked. The bottom has 120 and the top is only 35. Is there hope?
 
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