Here are 1-3 brief analogies for Greenland Energy (GLND):

1. Think of it like a junior mining company, but instead of digging for gold, they're exploring for oil and gas in the Arctic.

2. It's akin to a biotech startup, but instead of searching for a breakthrough drug, they are searching for a breakthrough oil field in a frontier region.

3. Imagine a tiny, speculative version of ExxonMobil, focused purely on finding new oil reserves in an unproven territory like East Greenland.

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• Oil and Gas Exploration: Identifying and evaluating potential oil and natural gas reserves, primarily within the Jameson Land Basin in East Greenland.

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As an early-stage oil and gas exploration company, Greenland Energy (GLND) is primarily focused on identifying and appraising potential hydrocarbon reserves in the Jameson Land Basin. At this stage of its operations, the company does not yet have major customers in the traditional sense that purchase oil, gas, or related products/services.

Exploration companies typically generate revenue through capital raises, joint venture agreements, or by selling their developed assets/rights to larger energy producers once commercially viable discoveries are made. Therefore, Greenland Energy is not currently engaged in sales to end-users (individuals) or to companies that would process or distribute oil and gas products.

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Robert Price, Chief Executive Officer

Robert Price has assembled and managed companies across the energy, real estate, and manufacturing sectors. He founded Brooks Energy Company in 1991. Price previously served as Vice President, Trust Officer, and Oil and Gas Trust Energy Department Manager at the First National Bank and Trust Company of Tulsa, which is now J.P. Morgan Chase Bank. He has led companies through mergers and equity rollovers, aligning management ownership with long-term strategy, and focuses on building value in energy assets through operational improvements and disciplined capital allocation. He holds a significant 28.4% stake in Greenland Energy Co, reflecting equity rolled over from March GL Company into the combined business.

Ashiq Merchant, Chief Financial Officer

Ashiq Merchant brings over 25 years of senior multinational financial leadership experience, having worked at BP from September 2000 to September 2025. At BP, he held progressively senior finance roles across upstream and downstream businesses in multiple international jurisdictions, including North America and the Middle East. His background encompasses overseeing financial reporting, capital allocation, joint-venture financial oversight, and complex strategic transactions and restructurings. Merchant is a Certified Public Accountant (CPA) and a member of the Association of Chartered Certified Accountants (ACCA).

Larry G. Swets, Jr., Executive Chairman

Larry G. Swets, Jr. has been actively involved in advancing the development of energy resources within Greenland's Jameson Land Basin. His involvement includes work through Greenland Exploration Limited and its business combination with March GL Company and Pelican Acquisition Corporation, which led to the formation of Greenland Energy Company.

The key risks to Greenland Energy's business include:

1. Exploration and Geological Risks

Greenland Energy is an early-stage exploration company with no operating history, revenues, or proved reserves. The estimated 13 billion barrels of oil in the Jameson Land Basin are "un-risked prospective recoverable oil," meaning there is no certainty of discovery or commercial viability. The basin has a history of costly failures and geological uncertainty, having never produced a commercial discovery despite decades of study. The costs associated with drilling are high, with the first well alone estimated at $40 million. The inherent uncertainty of finding commercially viable oil and gas reserves is the most significant risk for the company.

2. Operational and Environmental Risks in the Arctic Environment

Operating in a remote Arctic location like East Greenland presents extreme challenges. These include harsh weather conditions, limited daylight, a complete lack of existing infrastructure, and narrow seasonal windows for access for equipment and personnel. These factors necessitate specialized equipment, highly skilled personnel, and robust logistics, all of which substantially increase operational costs and the complexity of drilling campaigns. Furthermore, operations in Greenland face increasing scrutiny and opposition from environmental groups and institutional investors due to climate change concerns related to Arctic drilling.

3. Financial Risk and Going Concern Uncertainty

As an early-stage exploration company, Greenland Energy is heavily reliant on external capital to finance its ambitious drilling program. The company currently has no revenues or proved reserves, is burning cash, and operates with negative equity, indicating a strong dependence on external financing for its operations. There is "substantial doubt about continuing as a going concern without additional funding". While the company recently completed a $70 million equity and warrant financing, it continues to report negative operating cash flow and negative stockholders' equity, highlighting ongoing financial vulnerability.

• Governmental policy shifts in Greenland regarding fossil fuel exploration and production. The Greenlandic government has historically demonstrated a willingness to implement moratoriums or bans on new oil and gas exploration permits due to environmental concerns and the global climate agenda, posing a direct threat to GLND's operational viability and future prospects.
• Accelerated global energy transition and increasing pressure from investors, financial institutions, and governments to divest from or restrict funding for new fossil fuel projects. This makes it increasingly challenging for early-stage exploration companies like GLND to secure the significant capital required for exploration and development, potentially rendering long-lead-time projects unfinanceable or uneconomic.

The addressable market for Greenland Energy (GLND) for its main products and services, which include oil and gas exploration and potential extraction, is primarily focused on the Jameson Land Basin in East Greenland. Independent assessments by Sproule ERCE indicate a potential of approximately 13 billion barrels of un-risked recoverable prospective oil resources within the Jameson Land Basin. This estimate places the region among the world's most significant undrilled oil provinces.

While broader estimates for the East Greenland region, including the Jameson Land Basin, have been made by the U.S. Geological Survey (USGS) at up to 31.387 billion barrels of oil equivalents in oil, gas, and natural gas liquids, the more specific market size for Greenland Energy's direct area of focus in the Jameson Land Basin is the 13 billion barrels of prospective recoverable oil.

Greenland Energy (GLND) is an early-stage oil and gas exploration company with no current revenue, meaning its future growth hinges entirely on exploration success and subsequent development. The primary drivers of potential future revenue growth for Greenland Energy over the next 2-3 years include:

1. Successful Exploration Drilling Campaign: A critical driver of future revenue for Greenland Energy is the success of its planned drilling of two targeted exploration wells in the Jameson Land Basin during the second half of 2026. Positive results from these initial wells, confirming the presence of recoverable oil in significant quantities, would be a transformative catalyst for the company.
2. Earning a Significant Working Interest: By fully funding the costs associated with the two exploration wells, Greenland Energy is positioned to earn up to a 70% working interest in three onshore licenses within the Jameson Land Basin. This substantial ownership stake would directly translate into a larger share of any future oil and gas production revenues if the exploration efforts prove successful.
3. Transition to Development and Production: The ultimate driver of revenue growth would be the successful transition from an exploration-focused company to one actively engaged in the development and production of oil and gas. While currently speculative, a major discovery could unlock a multi-billion-barrel opportunity, paving the way for the substantial capital investment required for extraction and ultimately, commercial sales.
4. Leveraging Strategic Partnerships and Funding: Greenland Energy has secured a crucial agreement with Halliburton Company for integrated consulting, drilling, and logistical support for its 2026 exploration campaign, which is vital for operating in the challenging Arctic environment. Additionally, the company recently closed a public offering, raising approximately $70 million, which is intended to fund its exploration and appraisal activities in the Jameson Land Basin. These strategic partnerships and financing are essential enablers that support the successful execution of its exploration strategy, which is a prerequisite for generating future revenue.

Share Issuance

• In April 2026, Greenland Energy completed a public offering of 16,250,000 common shares, 1,250,000 pre-funded warrants, and 17,500,000 common warrants, generating gross proceeds of approximately $70 million.
• This offering expanded the public float from approximately 26.16 million to an anticipated 43.66 million shares, before any warrant exercises.
• The company's formation in March 2026 through a business combination involved issuing 1.5 million shares to existing Greenland Exploration shareholders and 20 million shares to March GL shareholders.

Inbound Investments

• Greenland Energy received approximately $70 million in gross proceeds from a public offering of shares and warrants in April 2026.
• The company was established in March 2026 through a business combination with Pelican Acquisition Corporation, Greenland Exploration Limited, and March GL Company.

Capital Expenditures

• Net proceeds from the $70 million public offering are designated to fund initial exploration and drilling activities in the Jameson Land Basin, including procurement for exploration wells OPW1 and OPW2.
• Greenland Energy plans to fully fund the costs for drilling up to two exploration wells at the Jameson project to earn up to a 70% interest in three onshore licenses.
• The estimated cost for the first exploration well (OPW1) is approximately $40 million.