Yes what you said is true, the dividend schedule does not mean anything if they can't afford to pay it.
With PSN they declared the December 2012 dividends and then found out they can't afford to pay it and made a public announcement to that fact. The funny twist was - it was paid by their trustee by mistake and then the company had to yanked it all back from the investors' accounts. If it happened to someone else it would have been really comical.
Anyway, cutting back on capital spending should help to maintain the dividend in 2013. If they renege on that schedule then their credibility is shot and the stock is toasted. It still could happen, but only as a very last resort. Lets hope the production problems could be fixed. If it's a case of the wells are starting to run dry then we are toasted. In a sad way the result will be the same as PSN.