I agree with you BEB.  I've found it hard to believe that CPG has avoided the close scrutiny others have endured during this past year.  Most companies that were spending more than they were making were slaughtered this past year and the only reason CPG has held up OK is their ability to raise capital through issuing shares.  They have used proceeds to pay for beat down companies at depressed prices and to continue their aggressive drilling.  If investors started to flee then CPG would be in serious trouble.  It would either have to cut it's dividend significantly to pay within its means or it would have to raise money with share issuance at reduced prices therefore crushing the stock with the dilution at a low price.  I know many think it is the safest place to put their money in the entire oil and gas spectrum but I think it is a house of cards waiting to come tumbling down.  
If you look at the 10 year chart it would show CPG to be an excellent investment and I know of many that have done really well with CPG.  I don't like to just follow the herd.  The herd led me off the cliff in 2000-2001 during the dot com crash.  I learned to look at companies more closely and when I look at CPG I don't like what I see.  If investors want a dividend play on Canadian oil why not invest in COS.  P/E of 10.  Payout somewhere in the neighbourhood of 50% of net income (not net cash flow).  I don't own either right now as I'm completely out of North American oil.