IF you look at where the bonds are trading, this company is heading into bankruptcy unless there is a dramatic price change in nat gas.
Common will get nothing, preferreds get nothing, bonds might get some equity in new company. Bank loans will end up owning most of company.
NOW the bond traders could be wrong. But they are saying: Vangaurd, Linn, Breitburn, etc. are all heading towards bankruptcy
There is NO WAY they should be paying dividends to common or preferreds.
Save the cash flow and buy back as much of the debt as you can at 15 cents on the dollar.
That is the best long term strategy to keep this a viable company which then would be beneficial for common and preferred holders.