As to the question of whether to buy KWG vs SPQ it all comes down to how much value you attribute to the 1% NSR and the railroad right of way as well as how much cash gets transfered in the spin-off which KWG share holders will receive but SPQ share-holders will not. If you believe this is worth less than about 3c a share SPQ shares look more attractive otherwise KWG shares look more attractive.

I guess the other intangible is the fact that SPQ gets the first CLF offer but I don't personally think that makes them either more or less valuable.