Yup.
There are however, some things to note.
The item to extract ougi is in the nyankoropon. You may only use it to extract an ougi once.
The extracted ougi is taken off your weapon.
If your ougi was previously evolvable, and you extracted it, it will still be evolveable after
The skill level does not decrease upon extraction
The card will indicate whether or not it is evolveable.
Picture of the item