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SEY is the better buy if you are in for a quick profit. SGY might be the better buy if you are in for the long term, as it has more prospects/projects than SEY at the moment.

Also, if the oil find is really huge, then it will not matter much which coy you buy - except of course SGY is currently half the price of SEY! So, if you are buying in for this discovery and it is huge, then SGY might be the better buy. Of course if the find is not "huge", then a buyer would be paying twice as much for SEY as they would for SGY and again it may not make much sense.

Of course, if you are trading only, i.e. short term, then SEY is better because of its much lower MC and greater volatility.

So a case can be made for either stock, depending on your needs and trading preferences.