I don't think "irrational exuberance" has driven the SP up after...

I don't think "irrational exuberance" has driven the SP up after the deal. The SP was simply too low for the vast acreage CTP is holding. People were not prepared to hold the stock if management is not going to monetise the real estate. Once a deal was struck, people returned to the stock because they know the company is going to work at proving the value of the asset.

The risk reward when SP was 5c-6c was a no brainer compared to producing oil shale assets which fetch as high as $24,000/acre. At 10c the SP was responding to the election of a new CEO, bringing new hope and energy, and the settlement of a messy rebellion. The stock moved to 13c with insider trading on news of a JV, and the SP moved up to 17-18c on the confirmation of the JV. The SP movements were rational responses to events.

What was irrational is the SP went down 5c, given the 82m acres CTP is holding. You thought CTP was holding cattle grazing grounds.