Pelican Acquisition Corporation Signs Letter of Intent to Acquire Greenland Exploration Limited

NEW YORK, June 23, 2025 (GLOBE NEWSWIRE) -- Pelican Acquisition Corporation (NASDAQ: PELI, the “Company” or “Pelican”), a Cayman Islands exempted company formed as a special purpose acquisition company, today announced that it has entered into a non-binding letter of intent (“LOI”) with Greenland Exploration Limited (“Greenland Exploration” or “GEL”) to pursue a potential business combination.

Greenland Exploration is a Texas-based special purpose vehicle focused on developing strategic interests in North American energy assets. Greenland Exploration has an agreement that will allow it to invest up to $70 million in the Jameson Land Basin, where it’s partner March GL Company has rights through a drill in program to over 2 million acres on the island of Greenland. According to March GL Company, over $200 million has been invested to date by major oil companies (including ARCO) to develop oil reserves in the Jameson Land Basin. A 2007 estimate from the U.S. Geological Survey suggests that Greenland contains approximately 31.4 billion barrels of oil equivalent, including oil, gas and natural gas liquids. Taking this fact into consideration, coupled with recent US prerogatives to designate Greenland as a strategic defensive location, Pelican believes the proposed transaction with GEL could present an extraordinarily unique and attractive opportunity for its shareholders.

Under the preliminary, non-binding terms, the parties are exploring a potential share-for-share exchange in which Pelican would acquire 100% of the issued and outstanding equity of GEL. While the structure remains subject to further negotiation and due diligence, the LOI contemplates an exchange ratio of one Pelican share for each GEL common share which would result in the issuance of 21.5 million shares of Pelican. In addition, March GL Company may receive certain equity exchange rights based on a notional valuation of $200 million, assuming a $10.00 per share value for Pelican, subject to final structuring and definitive documentation.

“This letter of intent represents an exciting first step in our strategy to bring valuable energy assets to the public markets,” said Robert Labbe, Chief Executive Officer of Pelican. “We believe Greenland Exploration’s potential access to strategic reserves in an underexplored region makes it a promising partner for long-term growth.”

“We are very pleased to enter into this LOI with Pelican as we pursue a public market strategy to develop one of the world’s most significant untapped hydrocarbon basins,” said Larry G. Swets, Jr., Chief Executive Officer of Greenland Exploration. “We look forward to working closely with Pelican to evaluate this opportunity.”

The LOI provides for a 30-day exclusive negotiation period, during which the parties will work in good faith toward executing a definitive agreement. The transaction remains subject to, among other things, execution of definitive agreements, completion of due diligence, approval of the boards and shareholders of the respective parties (if applicable), and regulatory and other customary conditions.

As part of the contemplated deal structure, Pelican’s sponsor would forfeit founder shares such that post-transaction, its founder equity would equal 25% of the shares issued in its IPO. The current structure under discussion does not include a minimum cash condition from Pelican’s trust account for the transaction to close.

ThinkEquity is acting as advisor to Greenland Exploration and EarlyBirdCapital is acting as advisor to Pelican on the transaction.

Important Note Regarding the LOI

The LOI is non-binding and there can be no assurance whatsoever that a definitive agreement will be executed or that the proposed transaction will be completed on the terms described, or at all.

About 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, GEL aims to deliver long-term shareholder value in a dynamic and evolving energy market.

About March GL Company

March GL Company, a privately-owned Texas Corporation, 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 Basin. In return, March GL will earn through 80 Mile’s subsidiary company White Flame A/S up to 70% interest of the entire basin. March GL Company will be appointed by White Flame A/S as Field Operations Manager. More information is available at it’s website www.MarchGL.com.

About Pelican Acquisition Corporation

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.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of U.S. federal securities laws. These statements relate to, among other things, the proposed business combination, future operations, and performance. Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties that could cause actual results to differ materially. No assurance can be given that the parties will enter into a definitive agreement or that the proposed transaction will be consummated as described, or at all. Pelican disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after the date of this release.

Contact

Robert Labbe
Chief Executive Officer
Email: admin@pelicanacq.com
Tel: (212) 612-1400

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