Pelican Acquisition Corporation Pursues Strategic Acquisition of Greenland Exploration Limited for Access to Valuable Energy Assets in Unexplored Region.

Pelican Acquisition Corporation has entered a non-binding letter of intent to acquire Greenland Exploration Limited, a Texas-based company focused on developing strategic interests in North American energy assets. The potential deal would allow Pelican to access strategic reserves in the Jameson Land Basin in Greenland, with an estimated 31.4 billion barrels of oil equivalent. The exchange ratio is proposed at one Pelican share for each GEL common share, resulting in 21.5 million shares of Pelican.