I've been to 130ft on a single (full) tank in open water, although it was maybe 15-minutes before I had to start surfacing.
Where things get interesting, is based on the police report and teenager's comments, it sounded like the divers did one dive, and checked air remaining on their tanks. Logically speaking, this suggests they may have not swapped tanks, and instead started their second dive on partially-full tanks.
While one diver was found at 137ft, this appears to be a large cavern, meaning the diver could have drowned at something like 70ft, but then sunk to 137ft. Although my guess is they at least went to the big rock at around 110ft. Actually going beyond that on partially full tanks seems nuts, although we have to remember the divers are dead now, so nuts isn't outside the realm of possibility.