Yes, you can play a return to an up cycle in oil/gas fracking many ways. I think you mentioned potentially an ETF as a means to play it. But to say "there may be less risky ways to the same return" I would not agree with. There is far greater risk in PSN than taking an ETF approach. Therefore, there is far higher upside in a successful position in PSN in my opinion.
When a company is priced as if it is sitting by death's door, and the company survives and the cycle turns and the company prospers, the move upward in stock price would be very likely to far outpace the rise in a diversified holding such as an ETF.
And know that your waiting for clarification will cost you a better entry price assuming there is no massive fraud. The stock is priced today for a lack of clarity. When and should clarity come, the cost of entry will reflect that and be higher as well. Clarity is a catalyst, assuming what becomes clear is not that there is a massive fraud here! If that should be what becomes clear, Carter will be wishing he held his short to zero, and the rest of us will be cleaning our shorts (undershorts!).