Company Announcements

All 7 Perforations Achieved Significant Oil Production and Associated Gas

VANCOUVER, British Columbia--(BUSINESS WIRE)--Mar. 16, 2026-- Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce the successful restart of commercial production from all 7 perforations in the Mount Messenger formation located near the top of the Waihapa H1 well. The Waihapa H1 well is located within 100 meters of the Waihapa production facility and oil is being sent through the pipeline into a holding tank at the facility.

Monumental and New Zealand Energy Corp.(“NZEC”) entered into a funding agreement (see the Company’s news releases dated January 12, 2026, March 5, 2026 and March 10, 2026), which enables Monumental to participate in mutually agreed-upon appraisal and development workover projects with NZEC and aimed at increasing oil and gas production from the area covered by Petroleum Mining Licences PML 38140 and PML 38141 (together, the “Licences”). The Waihapa H1 well is another project the parties have chosen under the funding agreement. NZEC holds a 50% interest in the Licences, both being located in the onshore Taranaki Basin, New Zealand.

ABOUT WAIHAPA H1

Waihapa H1 was drilled in 2008 and produced oil from the lower Tikorangi formation at rates above 1500 barrels a day. The NZEC and Monumental exploration team have identified 60 meters of prospective “bypass pay” in the Mount Messenger formation above the Tikorangi formation, which is the same zone that was perforated at Ngaere-1 (see the Company’s March 5, 2026 news release).

Seven 6-meter perforations all encountered natural, high pressured oil flow with no additional stimulation besides a perforation gun. Oil production started when the first perforated areas came on line as of Friday, March 13, 2026. Monumental expects to publish the stabilized flow rate and total production of oil and gas once testing has been completed and the data assessed.

The Mount Messenger formation is the primary zone in the highly successful adjacent Cheal oil field which has produced roughly 12 million barrels of oil from a relatively small area size.

The Waihapa H1 well is located within sight of the Waihapa production facility, allowing associated gas to be connected directly to the facility for immediate processing and production. Current natural gas prices in New Zealand range from approximately USD$10 to USD$15 per MCF, making it one of the highest gas price environments.

Maximilian Sali, Chief Executive Officer, comments, “The well was perforated during daylight hours over 5 days and in the evenings the well was flowed to clear perforation debris and to understand if each perforated zone added flow capacity and ultimately reserves.Interestingly, each day the well flowed better and all seven perforations performed better than expected. We are not currently able to announce a stable flow rate as we do not have enough capacity on site and tanker trucks to be able to handle the volume. Currently three tanker trucks are going back and forth from Waihapa H1 to the port in New Plymouth. Gas is also being processed to the tune of roughly 1 TJ of gas which is sold immediately to market. I would like to note that New Zealand has high gas prices and the current price of Brent crude is above $100 USD per barrel.”

ABOUT MONUMENTAL ENERGY CORP.

Monumental Energy Corp. is an exploration company focused on the acquisition, exploration, and development of properties in the critical and clean energy sectors. The Company is building a strategic position in New Zealand’s onshore Taranaki Basin, targeting near-term oil production and longer-term natural gas development.

The Company has a funding agreement with New Zealand Energy Corp targeting production optimization and workover opportunities across existing fields. The Company also holds securities of NZEC and a call option and royalty interest related to the Copper Moki wells.

Monumental additionally maintains exposure to the critical minerals sector through a 2% net smelter return royalty on Summit Nanotech’s interest in the Salar de Turi lithium project in Chile.

On behalf of the Board of Directors,

/s/ “Max Sali”
Max Sali, Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, the potential plans for the Company’s projects, publishing the stabilize flow rate and total production of oil and gas from Waihapa H1 and the expected timelines of such announcement, potential future oil and gas targets and projects, the expected outcomes from various oil and gas workover wells, evaluating and pursuing other potential workovers and oil and gas projects, other statements relating to the technical, financial and business prospects of the Company, its projects, its goals and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals and the price of oil and gas, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other risks filed under the Company’s profile on SEDAR+ at www.sedarplus.ca. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, failure to secure personnel and equipment for work programs, adverse weather and climate conditions, risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters),risks relating to inaccurate geological assumptions, failure to maintain or obtain all necessary government permits, approvals and authorizations, failure to obtain or maintain surface access agreements or understandings from local communities, land owners or Indigenous groups, fluctuation in exchange rates, the impact of viruses and diseases on the Company’s ability to operate, capital market conditions, restriction on labour and international travel and supply chains, the ability to manage working capital, decrease in the price of lithium, cesium and other metals, decrease in the price of oil and gas, loss of key employees, consultants, or directors, failure to maintain or obtain community acceptance (including from the Indigenous communities), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260316504148/en/

Max Sali , Chief Executive Officer, Director and Founder
Email:max@monumental.energy
Phone: 1-604-367-8117

Source: Monumental Energy Corp.