Could there be a scheme afoot to take the company from public to private?  If so, I would bet that part of such a plan would include consolidating the share structure and then driving the price down to help acquire the needed controlling interest cheaply.  The next step would be to announce intentions to take the company private, forcing other shareholders out of the issue.

That would be a very smart move if it can be done ahead of news on a partnership and drilling.  Why?  Because good news on drilling would allow the private company owners to make it a public company once more, booking massive personal fortunes for their efforts.

This is not an uncommon happening, particularly among undervalued companies (or companies with hidden/blind values, or should I say "targets"). 

Of course, anything is possible, and assessing risk is always difficult.