RE:PSK vs. FRUMr. T.
FRU has debt and PSK does not. FRU has ventured in the USA and PSK has expanded into the Montney in BC. Like th latter vs the former. Both look similar as you say, (SK Viking, Clearwater play) but PSK has more girth.
FRU had LT debt of $109MM at YE 2019. They are 86% oil weighted and 21% owned by CN pension fund so probably not going to be in play. With the oil price collapse, their annual dividend of $0.63 share is disproportionately high (19% yield) and likely under the microscope now. On slide 10 of their Winter 2020 slide deck, at $40 CDN oil price, free cash flow and current dividend match so some sustainability risk there. Also cash admin costs (including $1.00 boe for interest expense) of $5.25 boe are high.
FRU is about 50% of the size (by production) of PSK.
PSK showed YE 2019 debt of only $7.8MM and has recently reduced their div by 70% from $0.78 annually to $0.24 annually. Seems the market anticipated that. PSK still carries $631MM in goodwill on the balance sheet, which seems odd. Cash and non-cash admin costs were $2.98 boe in 2019.
Both will be challenged to see new drills in the next few quarters. JMO