There is more (or less) to PGH, than just nat gas prices.
One is, in their latest quarterly report, they said some wells were down due to longer than expected maintanance, so production levels were dropped a bit.
Another is Lindberg isn't expected to ramp up above 2,500 bod until 2015, according to their own website. The largest push is expected to be 32,500 bod, but not until 2018. 2018 . thats a long way off.
And they will spend 60 million to get it.
But, Lindberg will be big. PGH's share of weyburn was 2,500. Lindberg will be 15 times that.
PGH's current oil production was 94,284 as of the end of sept 2012. That included NAL. So lindberg will be increasing production about 30%. THATS BIG. But what will oil be ? But what will NAt gas be ? and will lindberg continue to be on time and budget ? 5 years is a long time. Its a lifetime in the world of stock.
Pgh should eliminate the dividend, and make a full court press on the Lindberg project. It's simple, the dividend is doing the stock price no good, the hit would be short term to the the share value. Yet within several months folks would look at PGH's cash flow as much improved with the prospect of a major oil play in the works. IMHO