Hi Chad,
First off - congrats on the gains.
Although there may still be more short-to-medium term gains to be had in the oil & gas industry - we still remain bearish long-term as the shift to renewables in undeniable. The good thing with WCP is that it is a light-oil pure play which means that it is less susceptible to heavy oil prices and WCS. Light oil typically commands a premium - so it is a good one to have in the industry.
We can't tell you what you should do here - we don't know your risk tolerance or makeup of your portfolio. What I can say is that if WCP were to make up a big portion of my portfolio - I'd likely trim and diversify my positions. If I still wanted this exposure in my portfolio - I'd be ok with still holding WCP because it is one of the better ones in the industry. I just would not let it account for a large percentage of my portfolio as that would not be inline with my own risk tolerance. If I wanted to get out of the industry entirely, then I'd sell out.
You are absolutely correct, that it is only a paper gain and that gain can evaporate quickly if oil goes through another downturn. It can also rise if it goes on a mini bull run. Bottom line, it is important to take into account many factors here. I also always like to circle back to why I bought something in the first place. If my investment these remains intact, I'd likely keep it unless of course I want to reduce risk in the efforts of diversification. If my investment thesis did change for the worse or is no longer relevant, then i'd likely take action.
Hope that helps.
Mat