I am heavily invested in this stock at much higher prices and I feel your pain, but I am here for the long haul and ultimately expect to be rewarded. The operative word in the last sentence was "ultimately".
In your post you failed to mention the 2012 twenty percent discount on Canadian oil. That alone was enough to send just about all Canadian oil company's stock south and until the transportation problem is resolved this stock probably won't rally much.
Long term PGH management is betting the future of the company on heavy oil from the Lindberg project and that seems to be right on schedule and producing beyond expectations. There is a refiner on the west coast that can handle the Lindberg heavy oil production so PGH won't have any discount or transportation issues when they start producing the expected 12,500 BBL/D of heavy oil in 2014. Two other benefits are that the net backs are expected to be significantly higher on this heavy oil and the reserves have a 25 year life expectancy.
The next earning report might be quite good because half of Pengrowth's production is natural gas and the price of that liquid has risen well over $4.00. That alone could add about .36 cents to earning.