Beating a dead horse but here it goes: 1. New BOD members, 2. outgoing CEO seen as a good move, 3. potential for either a company split or sold off.
If you're looking for a pop, PWE is it for now although I don't know for how long. I've got a few k shares that have cover call sold and I'm about to exit the position come July. I'm currently loading up some PGH (along with a large position here) which, with its div and the potential for a long term growth due to Lingbergh, is a better bet for a long term investor.
PWE has a higher variability level than PGH. It has tended to move more in either direction. PWE has a higher current dividend rate, but I don't think it is as solid as PGH's. Infact, there is a number of analysts that forcast PWE to have a cut looming in the next few quarters. Also, when the XL tar sands pipeline gets approved, they don't have much exposure to bitumen so it won't help them out that much. On the plus side, they are the largest resource owner in Canada and sell for a slightly higher discount to book. Personally I'm waiting for the divident cut to provide a lower price before buying PWE, but still buying PGH at these levels as it's dividend only goes up from here.