First paragraph is what I thought after reading the OP before proceeding, except I didn't proceed to your guess (which I also like) because I was willing to disregard the pulse oximetry and look at the physical findings. I know you know that the pulse ox can be a questionable instrument, particularly in the field and without waveform. So, I was thinking that the PDA was missed initially, incompletely surgically closed, or it closed spontaneously, and later spontaneously opened as an adult (I know this is rare, but there are several documented cases). Afterall, we are finding that with increase premie survival there are a lot of people walking around with asymptomatic PDA that gets picked up incidentally on echo.
This one might be from a little off as I'm trying to remember some long late night discussions with exercise physiology researcher, but there are some theories out there that it is quite common and PDA can spontaneously reopen during profound hypoxia.
That said, Occam would place your guess higher on the differential