I see little risk of losing money on PWE over the next two years
With the emphasis on capital efficiency and cost reductions I think the dividend is safe for the next two years short of a collapse in oil prices. Transportation issues are likely to improve in 2014 and 2015. So the stock would have to trade below $8 for you to be in a net loss position with the dividend payment. This is probably one of the better investments at the moment in my opinion.
I was just doing risk/reward in my head as to why I am buying at this price. There are a number of scenarios that could happen the next several years. If like I think oil and natural gas will head up in price and transportation issues are resolved then PWE will be a HUGE winner. If we have a recession and oil prices stay down and transportation issues are not resolved expeditiously then risk of owning PWE is mitigated by the dividend. So the downside is limited if you hold two years but there is great upside potential.