Pelican Acquisition Corp. has completed its business combination with Greenland Exploration Limited and March GL Company, forming Greenland Energy Company which will begin trading on The Nasdaq Stock Market under the ticker GLND on March 26, 2026. This transaction creates a publicly-traded entity focused on developing Greenland's substantial energy resources, particularly in the Jameson Land Basin where independent estimates suggest up to 13 billion barrels of recoverable oil.
The business combination brings together specialized entities with complementary capabilities. Greenland Exploration Limited, a Texas-based company focused on North American energy assets, provides strategic positioning in the evolving energy market. March GL Company, another Texas corporation, has entered into an agreement to fund 100% of costs for up to two exploration wells in the Jameson Land Basin and will serve as Field Operations Manager. In return for this funding commitment, March GL will earn up to 70% interest in the entire basin through 80 Mile's subsidiary company.
The Jameson Land Basin represents a significant untapped energy resource with reprocessed seismic data identifying more than 50 oil and gas targets. The basin's development is supported by established infrastructure, logistics partnerships, and key service providers, positioning Greenland Energy Company to advance initial drilling operations efficiently. This development comes at a critical time as global energy markets seek new sources while balancing environmental considerations.
For investors, the transition from Pelican Acquisition Corp.'s previous ticker PELI to GLND marks the completion of the special purpose acquisition company's mandate to identify and combine with a promising business. The latest news and updates relating to the former PELI ticker remain available through the company's newsroom at http://ibn.fm/PELI. The full press release detailing the business combination can be viewed at https://ibn.fm/GhN28.
The formation of Greenland Energy Company represents a significant development in Arctic energy exploration, potentially positioning Greenland as a new player in global oil markets. With March GL Company's funding commitment for initial exploration wells and the combined entity's public market listing, the project gains both capital and visibility. The company's Texas-based operations, detailed on March GL Company's website at http://www.MarchGL.com, bring North American energy expertise to Greenland's resource development. This business combination demonstrates how special purpose acquisition companies can facilitate access to public markets for energy projects that might otherwise face significant capital raising challenges.
