The remaining cash flow annually is NOT enough to propel the growth of the company especially since natural gas price (ERF is a natural gas company , it is not an oil company) does NOT seem to rise soon. So the company will have either to reduce the divi or go to the banks and get loans.....or sell assets.
Sorry but ERF wasn't mentioned anywhere in the link you provided. This is straight from ERF themselves (1/17/2012). I'll stick with what they have to say about the dividend.
•We intend to continue to distribute a meaningful portion of our cash flow to shareholders and have no current plans to reduce our dividend rate of $0.18/share/month. As always, we will continue to evaluate dividend levels with respect to cash flow, debt levels, capital spending, commodity prices and market conditions.