RE: Still prefer PXM to BUK...Oustanding shares is certainly part of the equation, as well as debt, but the reason I like PXM as apposed to BUK (and don't get me wrong, BUK is an excellent play also), is that PXM is solely focussed on this area and their attention and capital (money) is not spread between multiple plays, thus I am hoping that PXM will eventually trade at a premium, especially if they can bring the lion's share of these well to production without more massive diliution through the issuance of shares and debt.
I guess time will tell, but it sure feels like both are going higher in value soon as they bring these wells online and revenue begins to increase.