Yes.

Exercise uncovers her basic defect in oxygen transfer by increasing the body's demand for oxygen. Under these conditions, the lungs cannot keep up with the oxygen demand and the pO2 drops to 67. These results suggest VQ mismatch or pulmonary fibrosis. Other causes for hypoxemia don't really fit her pattern. For example, a significant shunt should produce a resting hypoxia and hypoventilation should impair CO2 transfer in addition to oxygen transfer.

Hematocrit               32.1 %
WBC                    9800   /ul
Serum bicarbonate        27   meq/l
Arterial Blood gases: 
              ___________Room Air_____________
              At rest          During exercise       Rest/oxygen
pO2             91                   67                  541
pCO2            32                   37                   29
pH            7.46                 7.41                 7.49