Pelican Acquisition Corp. (NASDAQ: PELI)

Pelican Acquisition Corp. (NASDAQ: PELI) is a publicly traded special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Pelican has entered into a proposed business combination with Greenland Exploration Limited and March GL Company that is expected to close on March 17, 2026, and result in the creation of Greenland Energy Company, a publicly traded entity focused on the development of energy resources in Greenland’s Jameson Land Basin.

On February 24, 2026, Pelican announced that the U.S. Securities and Exchange Commission had declared effective the company’s registration statement on Form S-4 in connection with the proposed transaction, and Pelican scheduled a shareholder meeting to vote on the business combination.

Greenland Energy Company

Greenland Energy Company is expected to be formed through the business combination of Pelican Acquisition Corp., Greenland Exploration Limited and March GL Company to pursue oil and gas exploration in Greenland’s Jameson Land Basin, one of the last highly prospective yet largely undrilled basins globally, with a scale comparable to many of the world’s major producing regions.

Greenland Exploration Limited

Greenland Exploration Limited is a Texas-based entity focused on developing strategic positions in North American energy assets. Through its partnerships and future acquisitions, the company seeks to deliver long-term shareholder value in a dynamic and evolving energy market.

March GL Company

March GL Company is a privately owned Texas corporation that entered into an agreement with 80 Mile to begin drilling in the Jameson oil and gas basin in Greenland. The company will fund 100% of the costs associated with up to two exploration wells designed to delineate the sedimentary structure and energy potential of the basin.

Through its agreement with 80 Mile and its subsidiary White Flame Energy A/S, March GL may earn up to a 70% interest in three onshore licenses covering more than 2 million acres across the Jameson Land Basin. March GL will also serve as Field Operations Manager for the project.

Market Opportunity

According to the U.S. Energy Information Administration, the Arctic holds an estimated 13% of the world’s undiscovered conventional oil resources, or approximately 90 billion barrels, and 30% of its undiscovered conventional natural gas resources. The commercial development of these resources has historically been limited by the difficulty and cost associated with operating in Arctic environments.

The Jameson Land Basin on Greenland’s east coast represents one of the Arctic regions where exploration has historically been limited despite significant geological interest. Historic exploration campaigns conducted by Atlantic Richfield in the 1980s collected approximately 1,800 kilometers of seismic data and identified geological structures capable of trapping large volumes of hydrocarbons.

Greenland Energy’s exploration team has reprocessed this seismic data using modern imaging technology and identified more than 50 potential oil and gas targets within the basin. Early geological models suggest the basin could contain more than 13 billion barrels of recoverable oil if exploration results confirm the resource potential.

Leadership Team

Robert Price, Chief Executive Officer of March GL Company and incoming Chief Executive Officer of Greenland Energy Company, has assembled and managed companies across the energy, real estate and manufacturing sectors. He founded Brooks Energy Company in 1991 and previously served as Vice President, Trust Officer and Oil and Gas Trust Energy Department Manager at the First National Bank and Trust Company of Tulsa, now J.P. Morgan Chase Bank. At March GL, he oversaw the reprocessing of approximately 1,800 kilometers of historic seismic data from Greenland’s Jameson Land Basin.

Larry G. Swets Jr., Chief Executive Officer of Greenland Exploration Limited and incoming Executive Chairman of Greenland Energy Company, has been involved in advancing the development of energy resources in Greenland’s Jameson Land Basin through Greenland Exploration’s planned merger with March GL Company and Pelican Acquisition Corp.