# EDGAR Filing Document

**Accession Number:** 0002037431
**File Stem:** 0001829126-26-002341
**Filing Date:** 2026-3
**Character Count:** 35909
**Document Hash:** b526c33db4feb1fc58e0eaf7d36d9098
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002341.hdr.sgml**: 20260317

**ACCESSION NUMBER**: 0001829126-26-002341

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20260317

**DATE AS OF CHANGE**: 20260316

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pelican Acquisition Corp
- **CENTRAL INDEX KEY:** 0002037431
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42666
- **FILM NUMBER:** 26758794

**BUSINESS ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-612-1400

**MAIL ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pelican Acquisition Corp
- **CENTRAL INDEX KEY:** 0002037431
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-612-1400

**MAIL ADDRESS:**
- **STREET 1:** 1185 AVENUE OF THE AMERICAS, SUITE 301
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 13, 2026

**<u>Pelican Acquisition Corporation</u>**

(Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-42666** | **N/A** |
| (State or other jurisdiction <br>of incorporation) | (Commission<br>File Number) | (IRS Employer <br>Identification No.) |

---

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| | |
|:---|:---|
| **1185 Avenue of the Americas, Suite 349**<br> **New York, NY** | **10036** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(212) 612-1400**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of exchange on which registered** |
| Units, each consisting of one ordinary share and one right | PELIU | The Nasdaq Stock Market LLC |
| Ordinary shares, par value $0.0001 per share | PELI | The Nasdaq Stock Market LLC |
| Rights, each right entitling the holder to receive one-tenth of one ordinary share | PELIR | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 7.01** | **Regulation FD Disclosure** |

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On March 13, 2026, Robert Price, the Chief Executive Officer ("CEO") of Greenland Energy Company, and Larry G. Swets, Jr., an incoming director of Greenland Energy Company, participated in an interview titled "Pelican Acquisition Corp + Greenland Energy Company the transaction" hosted by Ben Rabizadeh on StoryTrading. The interview discussed the Business Combination (defined below). A transcript and video of the interview are available at https://x.com/StoryTrading_IR/status/2032434200880497125?s=20. A copy of the transcript is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

On March 14, 2026, Robert Price, CEO of Greenland Energy Company, and Larry G. Swets, Jr., an incoming director of Greenland Energy Company, participated in Reddit AMA #105 titled "Discussion with PELI & Greenland Energy Company" hosted by Canadian2020 (the "AMA"). The AMA discussed the Business Combination (defined below). A transcript and video of the AMA are available at https://streamyard.com/mri7cfnpwtfy. A copy of the transcript is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

On March 16, 2026, Robert Price, CEO of Greenland Energy Company, and Larry G. Swets, Jr., an incoming director of Greenland Energy Company, participated in an X Spaces discussion titled "Heading into deSPAC: $PELI - Greenland Energy Company" hosted by Wolf Financial. The discussion addressed the Business Combination (defined below). A recording of the X Spaces discussion is available at https://x.com/i/spaces/1NGarazvwajJj.

The information in this Item 7.01 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Additional Information About the Business Combination and Where to Find It**

In connection with the business combination by and among Pelican Acquisition Corporation ("Pelican"), Greenland Exploration Limited ("Greenland"), March GL, and Pelican Holdco, Inc. ("PubCo") (the "Business Combination"), Pelican filed with the U.S. Securities and Exchange Commission ("SEC") a registration statement on Form S-4 (the "Registration Statement"), which includes a proxy statement/prospectus of Pelican and was declared effective on February 17, 2026. Pelican will mail the definitive proxy statement/prospectus relating to the Business Combination to Pelican's shareholders as of the respective record dates to be established for voting on the Business Combination. The Registration Statement, including the proxy statement/prospectus contained therein, contains important information about the Business Combination and the other matters to be voted upon at a meeting of the Pelican shareholders (the "Pelican Shareholder Meeting"). This Current Report on Form 8-K does not contain all the information that should be considered concerning the Business Combination and other matters and is not intended to provide a basis for any investment decision or any other decision in respect of such matters. Pelican, Greenland, March GL, or PubCo may also file other documents with the SEC regarding the Business Combination. Pelican's shareholders and other interested persons are advised to read, when available, the Registration Statement, including the proxy statement/prospectus contained therein, the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about Pelican, Greenland, March GL, PubCo, and the Business Combination.

Pelican's shareholders and other interested persons will be able to obtain copies of the Registration Statement, including the proxy statement/prospectus contained therein, the definitive proxy statement/prospectus and other documents filed or that will be filed with the SEC, free of charge, by Pelican, Greenland, March GL, and PubCo through the website maintained by the SEC at <u>www.sec.gov</u>.

**Participants in the Solicitation**

Pelican, Greenland, March GL, PubCo, and their respective directors and officers may be deemed participants in the solicitation of proxies of Pelican shareholders in connection with the Business Combination. More detailed information regarding the directors and officers of Pelican, and a description of their interests in Pelican is contained in Pelican's filings with the SEC, including its Quarterly Report on Form 10-Q for the fiscal quarters ended July 31, 2025, which was filed with the SEC on September 15, 2025, April 30, 2025, which was filed with the SEC on June 27, 2025, and the initial business combination offering filed on Form S-1, and effective as of May 22, 2025, which are available free of charge at the SEC's website at <u>www.sec.gov</u>. Information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies of Pelican's shareholders and other interested persons in connection with the Business Combination and other matters to be voted upon at the Pelican Shareholders Meeting will be set forth in the Registration Statement for the Business Combination when available.

**Forward-Looking Statements**

This Current Report on Form 8-K includes certain statements that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "target," "would," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, but are not limited to, statements about Pelican, Greenland, and March GL's ability to effectuate the Business Combination discussed in this document; the benefits of the Business Combination; the future financial performance of PubCo (defined as the Greenland Energy Company, which will be the go-forward public company following the completion of the Business Combination) following the contemplated transactions; changes in the parties' strategy; future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on information available as of the date of this document, and current expectations, forecasts and assumptions, and involve a number of judgments, risks, and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Pelican's, Greenland's, March GL's, or PubCo's views as of any subsequent date, and none of Pelican, Greenland, March GL, and PubCo undertakes any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Neither Pelican nor PubCo gives any assurance that either Pelican or PubCo will achieve its business expectations. Therefore, you should not place undue reliance on these forward-looking statements. As a result of a number of known and unknown risks and uncertainties, PubCo's actual result or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: (i) the timing to complete the Business Combination by Pelican's business combination deadline, including after approval of applicable extensions and the potential failure to obtain such extension(s) of the business combination by the deadline if sought by Pelican; (ii) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements relating to the Business Combination, (iii) the outcome of any legal, regulatory, or governmental proceedings that may be instituted against Pelican, Greenland, March GL, or PubCo or any investigation or inquiry following announcement of the Business Combination, including in connection with the Business Combination; (iv) the inability to complete the Business Combination due to the failure to obtain approval of Pelican's shareholders or other interested persons; (v) Greenland, March GL, and PubCo's success in retaining or recruiting, or changes required in its officers, key employees or directors, following the Business Combination; (vi) the ability of the parties to obtain the listing of the PubCo's common stock on a national securities exchange upon the date of closing of the Business Combination; (vii) the risk that the Business Combination disrupts current plans and operations of Greenland or March GL; (viii) the ability to recognize the anticipated benefits of the Business Combination; (ix) the unexpected costs related to the Business Combination; (x) the amount of redemptions by the Pelican public shareholders being greater than expected; (xi) the management and board composition of PubCo following the Business Combination; (xii) limited liquidity and trading of PubCo's securities following completion of the Business Combination; (xiii) changes in domestic and foreign business, market, financial, political, and legal conditions, including March GL's expectations of receiving extensions on applicable licenses, (xiv) the possibility that Pelican, Greenland, or March GL may be adversely affected by other economic, business, and/or competitive factors; (xv) operational risks; (xvi) litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on Pelican, Greenland, or March GL's resources; (xvii) the risk that the consummation of the Business Combination is substantially delayed or does not occur; and (xviii) other risks and uncertainties indicated from time to time in the Registration Statement, including those under "Risk Factors" therein, and in other filings of Pelican with the SEC.

**No Offer or Solicitation**

This Current Report on Form 8-K relates to a Business Combination by and among Pelican, Greenland, PubCo, and March GL. This document does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Business Combination. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there by any offer, sale or exchange of securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therein.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits** |

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Transcript of StoryTrading Interview dated March 13, 2026](pelicanacq_ex99-1.htm) |
| 99.2 | [Transcript of Reddit AMA #105 dated March 14, 2026](pelicanacq_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **PELICAN ACQUISITION CORPORATION** | **PELICAN ACQUISITION CORPORATION** |
| Dated: March 16, 2026 | By: | /s/ Robert Labbé |
|  | Name: | Robert Labbé |
|  |  | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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**Title: StoryTrading Interview: Greenland Energy Company and the Pelican Acquisition Corp SPAC Transaction** 

**Participants**

Ben – Host, StoryTrading

Robert Price – CEO, Greenland Energy Company

Larry Swets – Executive Chairman, Greenland Energy Company

**<u>Friday, March 13, 2026</u>**

**Time: 12:30 - 1:00 PM Eastern**

Video Source: <u>https://x.com/StoryTrading_IR/status/2032434200880497125?s=20</u>

**Transcript (Organized by Speaker)**

Ben (StoryTrading)

All right. Welcome, Larry Swets and Robert Price from Greenland Energy Company. We're talking about this SPAC that's going to be merging with Greenland Energy Company. Right now its ticker symbol is PELI. That's Pelican Acquisition Corporation. They're going to be merging with Greenland Energy Company next week after the vote, if the vote passes.

Let's get started. Executive Chairman Larry, who got involved first with Greenland Energy Company?

Larry Swets

Robert is the guy with the oil background and the one who secured the asset that has the most value, so I'll let him start.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Ben

All right, Robert. Tell us when you got started with this and about the process, how long it took to get up to this point with the pending merger.

Robert Price

Greenland has been on my radar and other people's radar for a very long time. It really started back in the 1970s, 80s, and 90s when ARCO was the sixth largest oil and gas company in the world. They discovered Prudhoe Bay in Alaska, which is the largest oil field in the United States and has been the economic engine of Alaska for the past five decades.

After discovering Prudhoe Bay, ARCO had their number one prospect and that was Jameson Land in Greenland. Through macroeconomics, ARCO never drilled it even though they spent about $275 million building an airport, a seaport, and conducting seismic work to prepare for drilling.

Our partner Eighty Mile had been mining titanium in northwestern Greenland for over a decade. We acquired these licenses from them. I actually competed against Eighty Mile to get them originally, but later negotiated a transaction with them.

We plan to drill two wells this year beginning in September, and we expect to have both wells completed by the end of the year.

Ben

Interesting. Where are you based, Robert?

Robert Price

I'm in Denver, Colorado, although much of my career was in Tulsa, Oklahoma. I went to law school and specialized in energy law. My first job after law school was managing a bank's oil and gas trust department, which at the time was the largest oil and gas trust department in the country.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Ben

So you're in Colorado but the assets are in Greenland. What does the company look like operationally in terms of employees, offices, and assets?

Robert Price

We operate from Denver. Halliburton is serving as our project manager, logistics manager, and service provider. I've met with their CEO several times and they have assigned their top team to this project.

In addition, IPT, a consulting firm with about seventy petroleum engineers, is also helping manage the project.

We have already signed the contracts for drilling and mobilizing equipment. We've purchased bulldozers, excavators, and housing units for the workers. The equipment will arrive via beach landing, then we will build a road three miles into the site.

In September we will bring a larger vessel carrying about three hundred containers of equipment that will begin drilling our well and turning to the right around October 1.

Ben

How does the land licensing work? Is this a lease from the Greenland government?

Robert Price

Yes. Originally Denmark controlled the licenses when ARCO held them. Denmark had extremely high royalties including surplus royalties and carried interest, which meant they could receive nearly forty percent of the oil while ARCO paid one hundred percent of the costs.

ARCO tried to renegotiate when oil prices dropped but Denmark refused. Around that time ARCO laid off about twelve thousand employees and eventually relinquished the license.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Now Greenland controls its own minerals and oil and gas resources. We negotiated a net profits royalty agreement where the maximum Greenland will receive is fifteen percent of net profits.

Ben

Only fifteen percent?

Robert Price

Yes. And if we are successful, it will be a major economic opportunity for Greenland, similar to how Prudhoe Bay transformed Alaska.

Ben

Was there any upfront payment required to secure the license?

Robert Price

No. Instead we committed to work programs with Eighty Mile including additional seismic work. We used the original ARCO seismic data and applied modern processing techniques to better identify drilling locations.

Ben

Let's switch over to Larry. Tell us about your background and how you became involved.

Larry Swets

I've been involved in SPACs for nearly twenty years and have sponsored more than ten of them. My background began as an institutional investor at a large insurance company before I moved into dealmaking.

SPACs are simply one tool in the toolkit. When I met Robert while he was looking for capital, I immediately saw that this project was ideal for a SPAC transaction.

At the time I didn't have a SPAC available, so we helped structure the deal and connect it with Pelican Acquisition Corp.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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What made the SPAC structure interesting was the opportunity to allow retail investors to participate in this story.

Ben

When did this process begin?

Robert Price

It's actually fairly recent. Initially we were considering keeping the company private and brought in some experienced oil and gas investors.

After meeting Larry and seeing his experience in the SPAC market, the SPAC route made sense.

Ben

Why were you interested in oil last year before the recent geopolitical developments?

Larry Swets

For us it wasn't about predicting oil prices. Oil is a commodity and predicting its price is extremely difficult.

The real investment thesis was the asymmetry. This is a project ready to be drilled right now. If oil flows, it creates significant value regardless of whether oil is $20 or $100 per barrel.

Ben

How does the geopolitical situation around Greenland affect the project?

Robert Price

What's important is that Greenland may possess one of the largest oil fields in the world.

For example, Denmark earned about $65 billion from North Sea royalties and Norway built the largest sovereign wealth fund in the world from North Sea oil.

Our petroleum system appears to be the same as the North Sea. Independent engineers estimate an upside potential of 13 billion barrels of oil.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Ben

Thirteen billion barrels?

Robert Price

Yes. At current prices that would represent about a trillion dollars worth of oil.

Ben

How large is the licensed area?

Robert Price

About two million acres, and it is entirely onshore.

Ben

And it's exclusive?

Robert Price

Yes, we control the entire basin.

Ben

Let's talk about the SPAC transaction. Larry, what do investors need to know?

Larry Swets

Pelican has about $86 million in its trust account. The final amount we receive depends on shareholder redemptions.

The company is valued somewhere above $200 million. The exact capital available after the merger will depend on how many shareholders redeem.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Ben

How much money is required to start drilling?

Robert Price

The first well will cost about $40 million and the second well about $20 million.

Most of the cost for the first well is mobilizing equipment because there is no infrastructure in Greenland.

Ben

What companies are involved operationally?

Robert Price

Halliburton is handling logistics and drilling services. Stampede Drilling from Calgary will provide the drilling rig. Desgagnés will handle Arctic shipping logistics.

Ben

What's the timeline for drilling?

Robert Price

Equipment for building the access road will arrive in late July. The main ship carrying drilling equipment will leave Montreal in September.

The ship will arrive shortly after and we expect drilling to begin around October 1.

Ben

How long will it take to drill the wells?

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|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

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Robert Price

Normally an eleven thousand foot well might take one week in Wyoming, but here we will evaluate five potential trapping formations carefully. Each well will take roughly thirty days.

Ben

How soon could oil production begin?

Robert Price

Discovery and development are different phases. If we find oil, it will still take time and likely partnerships with major oil companies to fully develop the basin.

Ben

Larry, any final comments?

Larry Swets

As an investor I look for asymmetric opportunities. There are always risks, but the upside potential here is extraordinary if the asset performs as expected.

This is the most exciting SPAC transaction I've worked on.

Ben

Robert, where did the estimate of 13 billion barrels come from?

Robert Price

After ARCO relinquished the license they left behind decades of research and thousands of documents. We reprocessed that seismic data and hired an independent engineering firm called Sproule.

Sproule reviewed the historical data and our updated analysis and produced the estimate of 13 billion barrels of recoverable oil.

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| | |
|:---|:---|
| ![](ex99-1_001.jpg) | **Private & Confidential** |

---

Ben

Great. We'll be following the story. The vote is next week. The current ticker is PELI and after the merger the company will trade as GLND.

Thanks for joining us.

Robert Price

Thank you for the thoughtful questions.

Larry Swets

Thank you.

## Exhibit 99.2

**Exhibit 99.2**

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Private & Confidential** |

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**Reddit AMA #105 – Pelican Acquisition Corp ($PELI) and Greenland Energy Company**

**Participants**

Host: Canadian2020 (Reddit / r-SPAC)

Robert Price – CEO, Greenland Energy Company

Larry Swets – Executive Chairman, Greenland Energy Company

**Date: 3/14/2027**

**Time: 3:00 - 4:00 pm Eastern (2:00 - 3:00 pm Central)**

**Video Link: <u>https://streamyard.com/mri7cfnpwtfy</u>**

Canadian2020

Hello everyone on r-SPAC and from Discord, StockTwits, and X. We are live today discussing the Pelican Acquisition Corp and Greenland Energy Company transaction with Robert Price, CEO, and Larry Swets, Executive Chairman. Welcome everyone. How are you both doing?

Robert Price

We are well. Great to be here.

Larry Swets

Great to be here.

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Private & Confidential** |

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Canadian2020

For viewers just hearing about this transaction today, what is Greenland Energy Company and what opportunity are you pursuing in Greenland?

Robert Price

Greenland Energy will be drilling two oil wells in Greenland this year. About $275 million was spent previously by ARCO doing seismic studies and building an airport and seaport. We took all of their data and reprocessed it using modern techniques to identify the best drilling location.

ARCO discovered Prudhoe Bay in Alaska, which is the largest oil field in the United States with about 13 billion barrels of oil. Our project in Greenland was actually ARCO's number one prospect, but it was never drilled due to macroeconomic conditions at the time.

We now hold the licenses. We partnered with Halliburton, IPT, and several Canadian firms including Stampede Drilling and Degagne, which will handle shipping logistics.

The equipment will be shipped from Montreal. We will land equipment on the beach, build a road roughly three miles inland, and begin drilling. Our independent engineering report suggests the potential could exceed 13 billion barrels of oil, which would make it one of the largest oil fields in the world.

Canadian2020

What macroeconomic conditions prevented ARCO from drilling originally?

Robert Price

There were three main reasons.

After ARCO discovered Prudhoe Bay, they negotiated a very burdensome royalty agreement with Denmark. Denmark received a royalty, a surplus royalty, and a carried working interest totaling roughly 40 percent of the oil.

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Private & Confidential** |

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When oil prices collapsed in the 1980s and early 1990s, ARCO laid off thousands of employees and attempted to renegotiate the agreement. Denmark refused, so ARCO relinquished the licenses and donated the airport and seaport infrastructure to Greenland.

We later obtained the licenses and all the historical data, reprocessed it using modern seismic analysis, and now plan to drill two wells by the end of the year.

Canadian2020

Global politics suggests oil prices could rise above $100 per barrel. Does that help this project?

Robert Price

Absolutely. What we are seeing in the Strait of Hormuz shows how fragile global oil supply chains are.

Major discoveries like ExxonMobil's offshore Guyana field show the importance of new supply sources. If our project succeeds, it could supply oil to Europe and the United States.

Our location is about 70 degrees latitude, similar to Prudhoe Bay. Because we are drilling onshore rather than offshore, we believe we could potentially be among the lowest-cost producers globally.

Canadian2020

Larry, you have targeted many companies through SPACs. What made this opportunity attractive?

Larry Swets

We have been doing SPAC transactions for nearly twenty years and have worked on over a dozen deals.

When we saw this opportunity, we believed it was exceptional. I did not have a SPAC available at the time, so we created a holding company called Greenland Exploration and then identified Pelican Acquisition Corp as the appropriate SPAC partner.

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Private & Confidential** |

---

What drew me to this opportunity was the ability to deploy capital quickly and begin drilling immediately. There is enormous upside potential here, although of course there is risk as with any exploration project. The geopolitical environment also increases the strategic importance of the asset.

Canadian2020

What roles will each of you play once the company becomes public?

Larry Swets

I will serve as Executive Chairman and Robert will serve as CEO.

My role will focus on building the public company structure, including the board of directors, investor relations strategy, accounting and reporting systems, and ensuring that all regulatory filings are completed properly.

Robert will focus primarily on the operational side, particularly drilling and oil recovery.

Robert Price

Operationally we are partnering with Halliburton as our project and logistics manager. Stampede Drilling will provide the drilling rig and Degagne will handle shipping.

A vessel carrying about 300 containers of equipment will leave Montreal in September. Once the equipment arrives in Greenland, we will transport it about three miles inland to the drilling site and begin drilling around October.

Because this basin has never been drilled before, we will move slowly and carefully. We will evaluate five separate geological formations while drilling and gather extensive data at each stage.

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| | |
|:---|:---|
| ![](ex99-2_001.jpg) | **Private & Confidential** |

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Canadian2020

How should investors think about the approximately $215 million valuation of the combined company?

Larry Swets

I think about this company more like a binomial outcome rather than a traditional valuation model.

We are an asset-based exploration company that does not yet generate revenue. The key asset is our right to develop roughly 70 percent of the Jamieson Basin. That asset itself has intrinsic value.

Drilling the first two wells secures that position and significantly increases the value of the project.

Canadian2020

Robert, you are working with companies like Halliburton. What gives you confidence in these partners?

Robert Price

I have worked with Halliburton extensively throughout my career. I met with their CEO Jeff Miller and they assigned their top team to this project.

I previously drilled horizontal wells in the Williston Basin and later worked in the Colorado-Julesburg Basin. Halliburton even took a 20 percent stake in some of my wells.

IPT is another key partner. Their managing director spent many years drilling wells in Siberia and has extensive Arctic experience.

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Canadian2020

What risks should investors realistically consider?

Robert Price

The biggest challenge in the Arctic is logistics.

We conduct daily planning calls with our engineering teams and contractors. We focus heavily on redundancy so that equipment failures or delays do not disrupt operations.

If necessary we could airlift equipment using heavy-lift helicopters, but that would be a last resort because it is expensive.

Canadian2020

What differentiates Greenland Energy from other exploration companies?

Robert Price

Most small companies drill for relatively small discoveries. I have drilled wells that discovered millions of barrels of oil, but very rarely does a small company have the opportunity to target billions of barrels.

Our project covers roughly two million acres across an entire basin. We will drill through five different formations, each with potential.

Canadian2020

What would success look like in the next five years?

Larry Swets

The key priorities are smooth logistics, operational safety, and confirming the geological potential through drilling.

If the science proves correct, it could create enormous value for shareholders.

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Robert Price

Even drilling the first well and gathering data creates value. This basin is part of the same petroleum system as the North Sea. Oil seeps have already been identified and genetically matched to North Sea crude.

The question now is how much oil exists and where it is trapped.

Canadian2020

Any final thoughts for the community?

Larry Swets

One reason I became involved in SPACs was to allow individual investors to participate in opportunities that would otherwise be reserved for large institutional investors.

This project offers a unique asymmetric risk-reward profile. It carries risk, but the upside could be extraordinary.

Robert Price

Thank you to everyone who spent time with us today. We appreciate the opportunity to discuss the project.

Canadian2020

Thank you both for joining us. Hopefully we will do a follow-up interview once drilling begins. Thanks everyone.

End of AMA.