A V-twin, two-stage compressor has valve plates disposed between the head and cylinder of each stage and mounting free-floating flexible reed intake and exhaust valves therein. The flexible reeds are movably captured between the floors of respective reed recesses, and separate, non-fixed keeper bars are disposed over, but slightly spaced from, the reeds. Keeper bars over the exhaust reed extend above the valve plate for engagement by the head. A restrictor plate lies within a valve plate recess on keeper bars over the intake valve. A cored crankshaft providing motor drive shaft lubrication, and a removable counterweight providing crankshaft use with one-piece connecting rods is disclosed. A cooling fan is driven by the removable counterweight and V-shaped fan shroud projections direct cooling air over the cylinders and heads while another cooling air port directs air over an intercooler. An intake manifold having a plurality of intake tubes and rib and wall structure for an air filter dividing the chamber both filters air and muffles compressor noise.