No divi in 2011. 2012 maybe. Not good news. Wall street may start buying 3 months before the divi announcement for 1st quarter 2012. Don't think the stock will do anything for 9 months. However, the stock has pretty much bottomed with no divi, so downside risk is maybe 10% from this level. Upside potential is at least 100% when the divi resumes. Just my opinion.
What makes you think they will have any ability to pay a distribution in 2012? Unless something changes (like big equity raise/dilution to finance purchase of oil properties) I see no chance of any distribution ever again. NG prices are not going up any time soon.
Book value is meaningless here. It only indicates they overpaid for properties several years ago. Their properties are pretty much worthless at current NG prices. Without the hedges they would be losing money on their production. And hedges won't last forever.