"All told, the JV is now worth (for the sake of argument; it will likely go higher on the excitement) about $500mil. SPQ is a 25% stakeholder, so their market cap jumps to $125 mil.

This is about 4 times their current market cap. Since no more shares are issued, that means that their SP will jump 4 times. "

.... and 4X .135 is .54. Not exactly a dollar. The .135 present sp is also a factor of how many shares are out there and the fact that investors are aware of this. You can say that the share dilution doesn't mean anything, but it is a great part of the reason that people haven't chased this SP up like other area plays in spite of their proven holes. You can do the math but don't forget to factor in the psychology.