It certainly looks like it...but its so hard to say.
I had a mare I rescued that i had palpated twice because I couldn't believe she wasnt' pregnant! Huge belly, bagged up and dripping milk...sure enough never did pop out a foal.
I ended up selling her. The following spring I had a very irate owner call me saying that she thought that I had said my gelding was gelded...umm. he was, since about 6 months old. Apparently her vet told her there was no way the mare wasn't pregnant (interestingly enough didn't do a palpation or ultrasound before informing her of that). Considering that gelding WAS gelded, plus was never pastured with her....yeah. I told her if the mare did end up foaling I would take the mare back and care for her during her pregnancy and until the foal was weaned, and buy the foal from her for what she paid for the mare.