Monumental Energy Announces Successful Initial Production From Ngaere-1 Well and Provides Outlook for 2026

Monumental Energy Announces Successful Initial Production From Ngaere-1

Well and Provides Outlook for 2026

VANCOUVER, British Columbia--(BUSINESS WIRE)--March 5, 2026--Monumental Energy

Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is

pleased to announce (further to the Company’s news release dated January 13, 2026) the

successful perforation and strong initial production results from the Ngaere-1 well, in

partnership with New Zealand Energy Corp. (“NZEC”) and L&M Energy Ltd. (“LME”)

(collectively, the “Partnership”). NZEC is the holder of a 50% interest in the Petroleum Mining

Licences PML 38140 and PML 38141 (together, the “Licences”) located in onshore Taranaki,

New Zealand, pursuant to a joint operating agreement between NZEC and L&M Energy Limited

(the “JOA”).

The Partnership enables Monumental to participate in certain mutually agreed upon appraisal and

development workover projects with NZEC to increase oil and gas production from the area

covered by the Licenses. The parties have selected Ngaere-1 well as the first project under the

Partnership.

NGAERE-1

The Ngaere-1 well was successfully perforated into a previously untested “bypass pay zone” less

than two weeks ago under the recently executed funding and gainshare agreement between the

Partnership (see the Company’s news release dated January 13, 2026 and NZEC’s news release

dated February 4, 2026).

Following perforation, the well immediately flowed oil and gas, producing 580 barrels of crude

oil within the first six hours of operation. Production was temporarily shut-in to allow additional

tanker capacity to arrive on site to transport the crude for delivery to port and subsequent

refining.

Since recommencing operations, the Ngaere-1 workover well has produced approximately 3,000

barrels of crude oil to date, currently stabilizing at approximately 120 barrels of oil per day,

without the benefit of additional stimulation and optimization activities which are planned for a

future date.

For context, Brent crude oil prices are currently above US$85 per barrel, with New Zealand

crude typically achieving only a modest discount to Brent pricing. Operating costs in New

Zealand are primarily denominated in New Zealand dollars (currently approximately US$1 =

NZ$1.68).

Although the Ngaere-1 well was originally drilled more than 30 years ago, the upper zone that is

now producing was not previously evaluated, resulting in limited historical log data for this

interval. Despite this uncertainty, the well flowed oil and gas immediately upon perforation, and

initial production revenues have already recovered the workover costs within the first weeks of

operation.

The next phase of work will focus on continued production and reservoir evaluation while

preparing for a recompletion program designed to increase drawdown on the reservoir, which is

expected to further enhance production rates and ultimate recoverable reserves.

The Partnership considers the initial results highly encouraging given the historical log

uncertainty and believes they demonstrate the potential for similar opportunities across the field.

WAIHAPA H1 AND NGAERE-2

Following the strong initial results from the cost-effective perforation of the Mount Messenger

Formation at the Ngaere-1 well, the Partnership has agreed to immediately advance similar

perforation operations at the Waihapa H1 and Ngaere-2 wells.

These perforations are expected to take place as soon as operational logistics permit and will

target the same formation that has demonstrated encouraging early production at Ngaere-1.

The Company’s management believes these additional perforations represent a low-cost, high-

impact opportunity to unlock previously bypassed hydrocarbon zones within existing wells.

Success at these locations could further validate the broader potential of the Mount Messenger

Formation across the permit area and provide additional near-term production growth.

OUTLOOK FOR 2026

Monumental has also led and co-funded an application to extend the Ngaere permit area by

approximately 4050 acres, funding 50% of the application costs.

The proposed extension area lies between the Cheal oil field and the Ngaere wells currently

under evaluation within the Ngaere field. Seismic data indicates the potential for additional

hydrocarbon accumulations within this corridor, particularly at shallower depths similar to those

currently being evaluated. The application has been posted on the New Zealand regulator’s

website and is currently under review. As part of the review process, the regulator will consider

geological and production evidence supporting the potential extension of the Ngaere field into

the proposed acreage.

In addition, Monumental is actively pursuing further onshore permit applications within the

Taranaki Basin with the objective of establishing a longer-term position focused primarily on

natural gas development. Two additional permit areas are currently under submission with the

regulator.

The Company believes that onshore Taranaki represents the most promising region in New

Zealand capable of addressing the country’s growing natural gas supply shortage. Monumental is

therefore actively pursuing opportunities in this region with the goal of supporting both near-

term gas supply and longer-term energy development.

GOVERNMENT FUNDING

On January 12, 2026, the Government of New Zealand announced the opening of its Energy

Development Fund, which is designed to support new natural gas exploration and development

projects within the country.

Monumental Energy is currently evaluating several opportunities within its portfolio that its

technical team believes may qualify for funding under this program. The Company believes that

participation in this initiative could help accelerate the development of domestic gas resources

and support New Zealand’s efforts to address growing energy supply constraints.

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 partnered with New Zealand Energy Corp. on 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/ “Michelle DeCecco”

Michelle DeCecco, CEO

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, potential future oil and gas targets and projects, the expected outcomes

from the various oil and gas workover wells, evaluating and pursuing other permit applications

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

Michelle DeCecco, Chief Executive Officer and Director

Email: [email protected]

Or

Maximilian Sali, VP Corporate Development and Director

Email: [email protected]

Phone: 1-604-367-8117