Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 148

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 148
---
 ● | Stamper Oil & Gas Corp.                        |
| ● | Forum Pacific, Inc.                              | ● | Strikewell Energy Corp.                        |
| ● | Carcetti Capital Corp.                           | ● | Terrace Energy Corp.                           |
| ● | United Oil & Gas Plc                             | ● | Truleum, Inc.                                  |
| ● | Galilee Energy Limited                           | ● | Xstate Resources Limited                       |
| ● | Synergia Energy Ltd                              |   |                                                |

| ● | Worldwide Presence: Of the total number of companies included in the database, ERShares selected a group of 72,581 Public Companies with securities listed on various national exchanges globally in order to incorporate in the GPC Guideline Companies with operations and foci outside as well as inside of United States of America (the “Worldwide Presence Category”). |

| ● | All Energy: Within the companies in the Worldwide Presence Category, ERShares narrowed its search to approximately 1,797 Public Companies that fall within the Global Industry Classification Standards classifications developed by S&P, Dow Jones Indices and MSCI, as of the Access Date (“GICS”) general “Energy” classification (the “Energy Category”). |

| ● | Oil and Gas Exploration and Production Category: ERShares’ search was further narrowed to approximately 718 companies within the Energy Category, which ERShares considered to have attributes or potential similarities to the Company. |

| ● | Revenue less than $1M: Among the companies within the Oil and Gas Exploration and Production Category, ERShares’ search was further narrowed down to approximately 193 companies that had revenues less than $1M, which ERShares considered most relevant to the Company given its current operations. |

<div align='center'>99</div>

For each of the Comparable Companies identified above, a valuation range of $0.0 Million to $2.96 Billion was determined for GEL’s consolidated potential future business, based on the Minimum and Maximum Market Capitalization of the 193 companies identified above. The Market Capitalization of the 193 Companies derived, were reflected in the most recent public filings made by the Comparable Companies and data made available by CapIQ as of the date of valuation.

Based on the derived valuation range of approximately $0.0 Million to $2.96 Billion, the transaction based on a pre-money total enterprise value of $215 Million fell within the derived valuation range and was determined to be fair from a financial point of view under this methodology.

Guideline Transaction Analysis

The GTM Analysis