Pelican Acquisition Corp. (NASDAQ: PELI) announced the successful completion of its business combination with Pelican Holdco Inc., Greenland Exploration Limited and March GL Company, forming Greenland Energy Company. The combined entity will begin trading on The Nasdaq Stock Market under the ticker (NASDAQ: GLND) on March 26, 2026.
The new company is advancing development of the Jameson Land Basin in East Greenland, where reprocessed seismic data has identified more than 50 oil and gas targets. Independent estimates suggest up to 13 billion barrels of recoverable oil, as the company prepares for initial drilling supported by established infrastructure, logistics partnerships and key service providers.
Greenland Exploration Limited, a Texas-based entity, focuses on developing strategic positions in North American energy assets. Through its partnerships, Greenland aims to deliver long-term shareholder value in a dynamic and evolving energy market. More information is available on its LinkedIn page.
March GL Company, a privately-owned Texas Corporation, has entered into an agreement with 80 Mile for drilling to commence at the Jameson oil and gas basin in Greenland. March GL will fund 100% of the costs associated with up to two exploration wells, which are designed to delineate the sedimentary structure and energy potential of the Jameson Land Basin. In return, March GL will earn through 80 Mile's subsidiary company up to 70% interest in the entire basin. March GL Company will be appointed as the Field Operations Manager. Additional details can be found on its website at www.MarchGL.com.
Pelican Acquisition Corporation is a blank check 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 is not limited to any particular industry or geographic region in identifying prospective targets.
NOTE TO INVESTORS: The latest news and updates relating to PELI are available in the company's newsroom at http://ibn.fm/PELI.
