The answer is NO. For example, let m = 2, n = 2 and p = -2.
Then, we have x2+2x+y2+2y = -2
Using the completing the square technique, we have:
x2+2x+1+y2+2y+1=0
(x+1)2+(y+1)2=0 The point (-1,-1) satisfies this equation, but for any other point, the left side of the equation is positive. So, the graph of the equation is the single point (-1,-1), not a circle.