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Greenland Energy Company received an updated ownership report from a group of Citadel-affiliated entities and Kenneth Griffin. The reporting persons may be deemed to beneficially own 2,713,536 Shares of common stock, representing 5.8% of the outstanding Shares.
The percentage is based on 46,389,975 Shares outstanding, including 43,730,194 Shares outstanding as of May 13, 2026 and 2,659,781 Shares issuable upon conversion of certain warrants held by affiliates of the reporting persons. All voting and dispositive authority is reported as shared, with no sole voting or dispositive power for any reporting person.
Greenland Energy Company is an exploration-stage oil and gas company focused on Greenland that, for the quarter and six months ended June 30, 2026, reported no revenue and a net loss of $4.9 million and $5.7 million, respectively. Operating expenses rose sharply versus 2025 as the company absorbed public-company costs, exploration planning, and $0.5 million of noncash stock-based compensation plus $0.3 million of stock issued for services.
Total assets were $67.6 million, including $37.4 million of cash and $17.5 million of unevaluated oil and gas properties, against only $1.4 million of liabilities, for stockholders’ equity of $66.2 million. Liquidity was bolstered by a March 2026 business combination and an April 2026 public offering that generated approximately $70 million of gross proceeds, partly offset by transaction costs.
The company had 43,730,194 common shares outstanding, plus 19,000,000 warrants, 1,600,000 stock options and 215,000 RSUs that are currently antidilutive. Management identified a material weakness in internal control over financial reporting related to incomplete formal documentation of its control framework but is undertaking remediation while asserting that the financial statements fairly present results.
Greenland Energy Company, an exploration-stage oil and gas company focused on the Jameson Land Basin in East Greenland, reported an update on its Greenland drilling permits. Its joint venture partner, 80 Mile plc, which is leading the permitting process, has been informed by the Government of Greenland that the project’s complexity will require a more extensive, comprehensive review.
The partners are now working toward a targeted permit timeline for winter 2027, extending the anticipated permitting process. Management states it will use the additional time to refine project plans, optimize logistics and infrastructure, and deepen relationships with local communities, strategic partners and authorities. The company highlights that it operates in an approximately 2‑million‑acre onshore licensed area and reiterates significant risks, including financing needs, exploration-stage status, lack of proved reserves, commodity price volatility, and regulatory, environmental and Arctic operating risks associated with its Greenland activities.
Greenland Energy Company furnished a shareholder letter describing progress with Greenlandic authorities on approvals and permitting for planned drilling in the Jameson Land Basin and outlining preparations so operations can begin once all approvals are received.
The letter explains that joint-venture partner 80 Mile Plc, as licensee, leads the permitting and stakeholder engagement, while Greenland Energy supports engineering, operational planning, logistics and project coordination. For the 2026-2027 Winter exploration program, the parties agreed to focus on one exploration well instead of two, a choice described as driven by safety, environmental stewardship and execution quality rather than funding constraints. The company highlights Jameson Land as an approximately 2-million-acre onshore licensed area and notes that the first modern onshore drilling campaign in the region is currently planned for 2026, stressing that exploration remains subject to significant technical, financial, regulatory and Arctic operating risks.
Greenland Energy Company has given director Roderick McIllree the board-level title of Managing Director, effective July 3, 2026. This role focuses on strategic oversight of the company’s activities in Greenland, especially permitting, regulatory engagement and stakeholder relations for the Jameson Land Basin exploration project.
The Board clarifies that this designation does not make him an officer or employee and does not affect his status as an independent director or his committee eligibility. He will not receive salary or wages for this role; any compensation will be in the form of standard non-employee director fees approved by the Board.
Greenland Energy Co director Larry G. Swets Jr. reported open-market purchases of both common stock and warrants. He bought 15,000 shares of Common Stock at a weighted average price of $2.5572 per share, bringing his direct holdings to 585,000 shares.
He also bought 35,000 public warrants in open-market transactions, including 25,000 warrants at a weighted average price of $1.1993 and 10,000 warrants at $1.00 per warrant. Following these trades, he holds public warrants exercisable for 250,000 shares of Common Stock at $5.00 per share and additional warrants exercisable for 375,000 shares at $15.00 per share, with expirations extending to 2031 and 2036.
Greenland Energy Company furnished an updated investor presentation highlighting its Jameson Land Basin oil exploration strategy in East Greenland. The deck explains the company’s earn-in rights to up to 70% of the basin through funding two wells, OPW-1 and OPW-6, with drilling targeted for Q4 2026 and Q1 2027.
The presentation cites an independent engineering estimate of up to 13.0 billion barrels of gross un-risked 3U prospective recoverable oil and describes approximately 2.1 million acres under three exclusive licenses with 58 identified prospective drill sites. It notes roughly $80–81 million raised over the past 12 months, fully funding the Phase I program, which is estimated at $40 million for Well 1 and $20 million for Well 2, and shows a capital structure including about 43.7 million common share equivalents outstanding and 17.5 million $5.00 common warrants, with no debt.
Greenland Energy Company filed an 8-K reporting a board change. On June 5, 2026, director Daniel M. McCabe resigned from the Board and its Audit Committee, with no disagreement on company operations, policies, or practices cited.
The Board simultaneously appointed Carol Craig as a Class I director and Audit Committee member, filling the vacancy and serving until the 2027 annual meeting or until a successor is qualified. Craig is the founder, CEO, and Chair of Sidus Space, Inc. and has extensive aerospace, defense, and public company experience. The Board determined she is an independent director under Nasdaq rules and eligible for Audit Committee service. She will be compensated under the company’s non-employee director policy.
Greenland Energy Co director Larry G. Swets Jr. bought 10,000 shares of Common Stock of GLND in an open-market transaction at an average price of $2.7699 per share. Following this purchase, he directly holds 570,000 Common Stock shares.
He also holds derivative positions: Public Warrants exercisable for 215,000 Common Stock shares at an exercise price of $5.00 per share, expiring on April 29, 2031, and additional Warrants exercisable for 375,000 Common Stock shares at an exercise price of $15.00 per share, expiring on March 25, 2036.
Greenland Energy Co director Larry G. Swets Jr. reported an open-market purchase of 15,000 shares of Common Stock at $3.047 per share. Following this transaction, he directly holds 560,000 shares of Greenland Energy common stock.
Swets also holds derivative positions through warrants. He has public warrants exercisable into 215,000 shares of Common Stock at an exercise price of $5.00 per share, expiring on April 29, 2031, and additional warrants exercisable into 375,000 shares at $15.00 per share, expiring on March 25, 2036.