This is a site with 5 backlinks total. 3 of which are nofollow. It was ranking for a very cryptic keyword
What's the anchor text for the 2 do-follow links? Are they both "very cryptic keyword"? If so, and if penguin is looking at anchor text ratios, this would be behavior in line with what I have seen for penguinized sites, page that is/was target by link building is gone but some other page from the site ranks, usually not as well though.