Those stories kept the massive, icy North American territory in his mind until this year. After a series of still-pending deals, Price will soon become the CEO of Texas-based Greenland Energy, the first publicly traded company created to drill for oil onshore in Greenland, The first well is tentatively scheduled for next summer.

Pristine Greenland is potentially home to one of the world’s largest oilfield reserves. But it’s also the sparsely populated territory that U.S. President Trump wants to annex for strategic geopolitical and military purposes—very much against the wishes of Greenland and the Kingdom of Denmark that oversees the autonomous territory. Greenland, with its rapidly melting ice sheet, also is an example of global climate change largely caused by fossil fuels. And the project is taking advantage of a loophole in Greenlandic law intended to ban oil drilling.

“I’ve drilled for millions of barrels of oil while drilling wildcat wells my whole life, but I’ve never had the opportunity to drill for billions of barrels of oil,” Price told Fortune. “It’s truly an extraordinary opportunity.”

Price and executive chairman Larry Swets aren’t tone deaf. They’re acutely aware of the political and environmental sensitivities that have thrust quiet Greenland into the headlines this year. Their effort is not related to American annexation, they insist, and, while any oil production has an environmental impact, this is a relatively small-scale project in eastern Greenland far away from the population.

“Regardless of the overall political climate out there, I believe that the Greenland people deserve to know whether or not they have one of the largest oilfields in the world,” Price said.

They hope potential investors are enthused enough to agree. There is obvious risk, Swets said, but the potential upside is huge. “This isn’t just a hope and a prayer. There’s a direct link from your capital to potential oil production, and that’s a pretty favorable risk-reward from my perspective,” Swets said.

Price and Swets are betting their costs eventually will prove lower than the industry average because they’re drilling old-school, conventional wells that go straight down—not the modern, complicated horizontal drilling and fracking involved in the U.S. shale boom. However, energy analysts point to the high costs of setting up in a new remote environment in harsh weather without local infrastructure, labor, or equipment. Then there are the added expenses with exporting the oil and gas—the demand is all international, said Lewis Lawrence, senior analyst with the Wood Mackenzie energy research firm. And it certainly doesn’t help that the timing coincides with low oil prices amid a global glut.

“It’s surprising. It’s high-risk, high-reward,” Lawrence said. “They must go after big targets. If it comes through, then it could be an exciting project. There are not many basins globally that are undrilled. But history tells you in Greenland, based on the lack of success so far, there’s also a good chance that it does go bust. That’s why it’s a high-risk, frontier exploration program.”

Long history, lack of results

That history of Greenland oil goes back more than 50 years. Fresh off the massive Prudhoe Bay oil discovery in Alaska in the late 1960s, the Atlantic Richfield Co., better known as ARCO—later acquired by BP—identified offshore Greenland as a top oil prospect in the 1970s.

ARCO and others spent more than $100 million on seismic surveying and assessments of Greenland with plans to develop oil and gas in the territory. But, after some initial drilling pilot programs were unsuccessful, dreams of Greenland’s black gold fell by the wayside when the oil industry infamously went bust in the ’80s.

The scientific case for exploration dates back many millions of years to continental drift when Greenland was believed to be closely connected to Norway and the British Isles. Research has shown that oil seepage from Greenland is comparable to the global benchmark quality of Brent oil from Norway’s mature North Sea.

Smaller efforts popped up in Greenland over the years, but nothing came to fruition. The UK’s Cairn Energy—now Capricorn Energy—abandoned the most recent drilling effort in 2011 after mixed, mostly failed results.

Nearly all of these projects were offshore though, and Greenland Energy is taking an onshore approach. Despite decades of geological study, eastern Greenland’s Jameson Land Basin remains completely undrilled until potentially next summer.

Price and Swets believe Jameson could be the next Prudhoe Bay. They acquired all of ARCO’s historic seismic surveying data for the Jameson region, which helped them hone in on specific drilling locations. Getting the grandfathered drilling licenses—emphasis on “grandfathered”—into one consolidated company is trickier, but manageable thanks to a series of rapid-fire, convoluted deals.

Last year, London-based Bluejay Mining acquired London’s White Flame Energy, changing its name to 80 Mile to reflect the expansion of the business model to include oil and gas.

White Flame was founded over a decade ago to explore for oil and gas in Greenland. No development came to pass, but the company critically won three licenses for exploration in the Jameson basin. The licenses received three-year extensions in 2024 prior to the 80 Mile deal.

Citing climate change concerns and the melting ice sheet, Greenland implemented a moratorium on oil and gas drilling in 2021—seemingly bringing all oil dreams to an end—but the government agreed that White Flame’s licenses were grandfathered and remained valid. The government confirmed the legality of the licenses to Fortune, but declined interview requests.

Seeing an opportunity, Price started Texas-based March GL and, in April, he partnered with 80 Mile for the licenses. March GL leads the operations while 80 Mile keeps a 30% stake in the project.

“We have the only onshore licenses in all of Greenland,” Price boasted.

Thanks to mutual friends at ThinkEquity, Price and Swets met early this year and hit it off. Swets, who has expertise with special-purpose acquisition companies (SPACs), formed Greenland Exploration with his investment and merchant banking firm, FG Nexus, and agreed to merge with March GL and find a suitable SPAC to take the company public.

In September, they agreed to be acquired by a SPAC, Pelican Acquisition Corp., in a reverse merger, which will take the pending Greenland Energy Co. public at a $215 million implied valuation when and if the deal closes.

The only problem is the ongoing government shutdown could delay the intended December closing date to January or so, they said.

Is the oil actually reachable?

This month, the team began landing equipment to start building the 3-mile road from the coast to the first well. Road construction is expected to begin early next year. Next summer, the plan is for a barge to bring over the drilling rig to start the first well. A second pilot well is scheduled for fall 2026.

The team already is contracted with oilfield services giant Halliburton, IPT Well Solutions, and Stampede Drilling.

The aim is to drill the first well slowly, entering five different geologic zones and testing for oil and gas in each of them. “Once we are hopefully fortunate to discover an oilfield, the costs will certainly come down,” Price argued.

A 2008 U.S. Geological Survey report on eastern Greenland estimated there are recoverable reserves of 31.4 billion barrels of oil equivalent, which could make the region one of the world’s top oil and gas basins.

However, while nearby, nearly all the estimated reserves are in offshore waters, and the estimate does not count potential volumes from the nearby Jameson Land Basin. The report specifically states, “The Jameson Land Basin [was] considered to have less than a 10% chance of containing a technically recoverable hydrocarbon accumulation.”

Price contends the Jameson portion of the USGS report is outdate and inaccurate, pointing to a much more recent 2025 third-party review from Sproule ERCE energy consultants that estimates the Jameson basin could hold 9 billion net barrels of recoverable crude oil. The new report contends the first two wells, if successful, could produce more than 1.2 billion barrels of oil combined, with upside of as high as a combined 4 billion barrels.

“We know the oil is there. The question is, ‘Where is it trapped?’” Price said. “This is not a one in 10 shot. This is a very high percentage of discovering what could be one of the largest oilfields in the world.”

Energy analyst Lewis Lawrence finds it interesting that the government extended the exploration licenses last year, despite the moratorium. The political winds in Greenland pushing for independence from Denmark seem to lean more in favor of welcoming the oil sector in some form, he said.

“There seems to be a little bit of flip-flopping internally with Greenland as to whether they want to progress with some kind of oil and gas future or not,” Lawrence said.

And, while Greenland Energy may represent a longshot bid, Lawrence added, “If a big enough discovery were made, then it could compete globally.”

Milk & Honey, hitherto best known in the music industry as a songwriter, producer, and DJ management house, is getting into the label game.

The Los Angeles-headquartered company has today (October 21) announced the launch of Milk & Honey Records, which it says will be focused on pop and dance music, with a physical and digital distribution agreement in place with The Orchard.

Milk & Honey, which also runs a sports talent agency and a music catalog M&A brokerage, said in a press release that its new record company will be “the first label to offer songwriters a sizeable amount of gifted master points… giving songwriters as much as double digits worth of points perpetually accounted directly to them as a production royalty”.

The company added that its label will be focused on “transparent marketing commitments”, and would consider single-track recordings deals in the right circumstances.

Discussing the label launch, Milk & Honey founder, Lucas Keller, said: “Today, artists and their managers have become more independent from the major labels and are building tremendous cottage industries, so we decided that now is the right time for us to enter the space. Milk & Honey is a house built by songwriters, and the firm has never lost its way in putting them first.”

Directly addressing artists, Keller said: “Bring us your songs that you might have sent to another label where you wouldn’t be given points. You don’t need to be a Milk & Honey songwriter or artist; we want to be in business with you.”

“Bring us your songs that you might have sent to another label where you wouldn’t be given points. You don’t need to be a Milk & Honey songwriter or artist; we want to be in business with you.”

Lucas Keller, Milk & Honey

He added: “We live in a world where the working songwriter has a difficult time deciding what to spend their time on… there are so many artists, and a label model that doesn’t support making the writer as wealthy as the artist, or the company. The way songs are fractured now – with 16 writers and 7 producers – it is nearly financially impossible to be a songwriter.

“Major companies who publish many writers on hit songs are just as successful as always, but in key markets like Los Angeles and Nashville, there are fewer songwriters than ever that make a real living. At Milk & Honey, we’ve always been focused on making this into a big business for each songwriter and producer.”

Brad Navin, CEO of The Orchard, said: “Over the past decade, Milk & Honey has consistently demonstrated an exceptional ability to identify and cultivate talent. Their expansion into the label space is a natural progression that will undoubtedly lead to exciting developments.

“Over the past decade, Milk & Honey has consistently demonstrated an exceptional ability to identify and cultivate talent.”

Brad Navin, The Orchard

“Both The Orchard and Milk & Honey are deeply committed to fostering an environment where creativity thrives. We will leverage our respective strengths and networks collaborating to create substantial value, enhanced exposure, expanded resources, and a wider global reach, empowering artists to connect with new audiences and achieve their full potential.”

Keller has tapped Dana Shayegan to run the label. Shayegan is an industry veteran who spent 20 years across posts at iHeartRadio, Studio71US and The Collective where his music network drove over 1 billion+ views monthly. He was the co-founder of Monk Music, releasing 3,000+ songs across Caribbean and African music.

Continued Keller: “Songwriters are discretionary about who they will give their records to, and in today’s world they have to be opportunistic about who they can make the most publishing money with.

“In the earlier days of streaming, songwriters tried to take royalty points from producers which optically devalued the work that a producer puts into making a master recording and the craft that goes into being a record producer. When there is scarcity, people are fighting for scraps and it’s bad for everyone.

“Instead, the labels should be the ones chipping in points for songwriters. Today, the major labels are blocking songwriters who ask for master points. Even if an A&R approves it, business affairs will block it.”

“labels should be chipping in points for songwriters. Today, the major labels are blocking songwriters who ask for master points. Even if an A&R approves it, business affairs will block it.”

Lucas Keller, Milk & Honey

David Frank, Esq., Milk & Honey’s Head of Artist Management & Sports, said: “Milk & Honey Records is our answer to a changing industry — one where songwriters deserve a seat at the table and artists need faster, more nimble ways to release music. We’re building a label that puts creators first, offering real ownership, transparency, and speed without the red tape.”

Dana Shayegan said: “Lucas, Milk & Honey, and I are all wired the same way. We fight for artists like they’re our family, we love and respect the history of the music business, but we know that tomorrow’s business will never look the same as yesterday’s.

“In that spirit, we’re launching a label that honors proper old-school A&R while also embracing data and new technology to stay steps ahead in artist advocacy and deliver fans the music they want, how and where they want it.”

Commenting on his hiring of Shayegan, Keller said: “I’ve received countless resumes from major label A&Rs who I didn’t believe could enter the new world gracefully. I wanted someone who understands digital and knows how to go deep into the internet to both source research records and break them, and to be scrappy – Dana is that guy and I am excited to have him as part of the next chapter of Milk & Honey.”

Milk & Honey will reach 60 employees by the close of 2025. Its staff includes a 15-person creative team and a 15-person electronic dance music team, plus a staff of synch, media and content, marketing, A&R Admin employees.

The company’s clients received 19 Grammy nominations at the 2025 Grammy Awards.

Recent successes have included client hits such as Doja Cat’s Jealous Type (written & produced by client Y2K), Alex Warren’s Ordinary ( written by client Mags Duvall), K Pop Demon Hunters (client songwriters and producers Jenna Andrews and Stephen Kirk), Ed Sheeran’s Camera (songwriter David Hodges), CharliXCX’s Brat (client and producer Finn Keane), and Post Malone’s I Had Some Help and Guy for That (client, songwriter and producer Hoskins).

Milk & Honey clients also claimed cuts on 23 songs across Justin Bieber’s SWAG I and II (client & songwriter Jackson Morgan), plus Kendrick Lamar and Sza’s 30 for 30 (client producer and songwriter J White).

Additionally, Madonna’s Confessions 2 is coming from M&H client and songwriter Stuart Price later this year.Music Business Worldwide

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