Yup, and more than one.
First, the formula deals with flow rate and not volume. Secondly, the formula is valid for atmospheric pressure (even you need to revise is for change in atmospheric pressures due to change in elevation). Third, it assumes sensible heat at 70F and thus valid for temperatures not far above and below it. Fourth and not very critical one is that it is for air.
Still, since air is mostly nitrogen, considering 0.24btu/lbF specific heat and .075 lb/cu.ft air density,
0.24x.075x93.11x(319+70) = 651.95 btu/gal, plus 583.5 btu/gl of latent heat equals 1235.45 btu/gal