Monumental Energy Announces Commercial Production at Waihapa H1 All 7 Perforations Achieved Significant Oil Production and Associated Gas
Monumental Energy Announces Commercial Production at Waihapa H1
All 7 Perforations Achieved Significant Oil Production and Associated Gas
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 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.
Contacts
Max Sali, Chief Executive Officer, Director and Founder
Email: [email protected]
Phone: 1-604-367-8117