OEL versus Other Oilers, page-26

I first started accumulating OEL late September 2022: after the Annual results which screamed "I'm ridiculously cheap".
I am a newish shareholder.
I have loosely followed the OEL and BYE stories for a few years.
Back then I preferred BYE over OEL (better management and superior risk-reward dynamic was my assessment).
Otto now has a new (very experienced) CEO/Chairman, and a new lower-risk strategy: drill 4-6 lower risk wells each year; purchase cheaply (ESG divestment?) producing assets with upside.
BYE has a higher risk strategy (drilling higher risk wells).
Both BYE and OEL look like fairly good investments.
If you go back to the first post in this thread, OEL is much cheaper than BYE on several metrics: two of which you have noted.
To answer your question: Why is this so? Am I missing something?
Small/micro-cap companies will be mispriced as very few professional investors are active in this space, and they will typically trade at a significant discount to underlying asset valuation. This is certainly the case for both OEL and BYE IMO.
Through a combination of bad luck and poor management decisions, OEL was put in, and remains in the doghouse.
As a consequence, IMO, the OEL discount to underlying asset value is just plain silly; it is much greater than the BYE discount; and there is no rational explanation apart from the sins of past management.
With the passage of time (improving metrics bringing OEL to the attention of value investors), Otto will be re-rated to a more normal discount to underlying value.
OEL will return capital to shareholders much sooner than BYE. This will likely attract income investors to the Otto party.
This is as long as the wheels don't fall off: commodity price risk; exploration risk; production risk.
Even if the wheels do fall off, the huge discount to valuation offers a degree of downside protection that is not available in other companies such as BYE.

In summary, IMO, BYE looks pretty good, but OEL looks better.
I am sure that BYE shareholders would disagree,

If you are interested, I would suggest that you ask the same question on the BYE thread if you have not already done so.
P.S. Join me in the queue at $0.013 ,