Basically, it is.  If you wanna see the full document describing it, it's here: https://github.com/schildbach/bitcoin-wallet/blob/master/wallet/README.recover

I actually used this (along with some other utilities) to extract private keys from an old schildbach wallet in order to use them to dig some CLAM coins they were funded with. 

@forzendiablo, PM me if you need help, I've done this several times now.