It's Peter Porkchops, back in the day before he bulked up as Pig Iron from the Zoo Crew. The expression on Wolfie's face is priceless.
I was expecting at least one Spunky The Smiling Spook story in this, the first issue of a comic book named Spunky The Smiling Spook. There is a Spunky story, but it concerns a kangaroo, not the Casper knock-off. Silly Ajax.