Pelican Acquisition Corp. Merger to Launch Greenland's First Modern Oil Exploration Targeting 13-Billion-Barrel Basin

The merger of Pelican Acquisition Corp. (NASDAQ: PELI) with Texas-based entities March GL and Greenland Exploration Ltd. will create Greenland Energy Company, which plans to drill the first modern exploration wells in Greenland's remote Jameson Land basin. This frontier petroleum system is estimated by some geologists to contain more than 13 billion barrels of recoverable oil, representing one of the largest undeveloped petroleum systems in the Arctic. The transaction is expected to close on March 17, after which the combined company will begin trading under the ticker GLND, led by veteran oil executive Robert Price.

The drilling campaign will target structures identified through approximately 1,800 kilometers of seismic data originally collected by Atlantic Richfield in the 1980s, which has been reinterpreted using modern imaging technology. According to a report by OilPrice.com's Tom Kool, March GL will fund 100% of the costs associated with up to two exploration wells 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 and will be appointed as the Field Operations Manager. More information about March GL is available on its website at https://www.MarchGL.com.

This exploration initiative carries significant implications for global energy markets and Arctic geopolitics. If successful, the wells could confirm a major new petroleum resource, potentially positioning Greenland as a strategic energy frontier. This development occurs amid renewed international interest in Arctic resources and growing geopolitical competition in the region. The project represents a substantial investment in frontier exploration technology and could establish Greenland as a player in global energy supply chains.

The merger creates a specialized entity focused on developing strategic positions in North American energy assets, with Greenland Exploration Limited aiming to deliver long-term shareholder value in a dynamic energy market. Pelican Acquisition Corporation, as a blank check company formed for business combinations, facilitates this strategic merger without geographic or industry limitations. The latest news and updates relating to PELI are available in the company's newsroom at http://ibn.fm/PELI. This development underscores the ongoing evolution of energy exploration into frontier regions and the application of advanced technology to reinterpret historical geological data for contemporary resource assessment.