Yes, it sounds like you have a significant leak. Although compressor shaft seals are common leak sources, there are many other possibilities.
I prefer UV dye for tracing down leaks. Put in the UV dye and then use a black light to look for the leak.
In your case, however, the leak is significant enough that you may find an oil residue around the leak. Check all connections under the hood and lower the passenger side kick panel and look around the expansion valve behind the glove box.