I bought some PGH today after reading their investor presentation. I like how they were completely committed to the dividend which will mitigate the risk of lower oil prices as I am mostly an income investor. I like PWE in the short run better because I think there is more room for significant capital efficiency improvement this year and their large light oil position. It appears as though PGH will be making significant capital expenditures for years before seeing the return. Market will probably want to see results before giving a significantly higher stock price.
Not sure I'm on the right track here but... $8.48 - current value divided by years to pump out the majority of the oil (12 years) = a 7% return. They ain't makin' widgets. I don't see where it's even 7% indefinitely. Once it's pumped it's gone. You can't just "manufacture" more oil/gas. Ya gotta buy another property, issue more shares, spend more $ developing and take yer chances. I suppose the bet is whether or not prices will rise and development costs will be favorable. Feel free to weigh in with any thoughtful analysis. I used to own a bit of PGH along with other Canadian oil trusts.