There's no way of knowing how many of those shares they've covered each day, if any, but the numbers are way too high for simply "making a market" IMO. With the drop in oil prices the past few weeks and this being a micro cap, the numbers suggest it's an easy moneymaker to short.
If SIOR puts out any type of PR that suggests drilling, a time frame or oil production, a partnership or anything, like you said, this could really run hard.