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Very possible. I had no discernible drop in oil level but had a oil leak around the timing cover.You know I thought the same thing so I looked further at the exhaust & it seems fine & the catalytic converter & it all seems fine, just as mentioned in my last reply it just isolated to that area, now maybe I can get the car higher up tomorrow & take a closer look.
& yes its oily ( not saying its oil ) because I do not know at this point, but there isn't any type of thick like grease that I can see at all.
So you are saying even tho my oil level seems fine that I could still be leaking oil but spraying only when under pressure? Possible?