Ms. Michelle DeCecco reports

MONUMENTAL ENERGY ANNOUNCES ADDITIONAL PARTICIPATION IN PRODUCTION-FOCUSED WORKOVERS IN THE TARANAKI BASIN, NEW ZEALAND

Monumental Energy Corp. plans to participate in four production-focused initiatives through workover projects jointly owned by New Zealand Energy Corp. and L&M Energy, a privately held oil and gas company.

The project workovers are currently held in equal partnership by NZEC and LME. Under the participation terms, Monumental will finance NZEC's 50 per cent of the workover phase, while LME will contribute its proportionate share of costs. These workovers will follow the same royalty structure as that established for the successful Copper Moki programs, whereas Monumental will earn a 25-per-cent royalty on NZEC's production share after full recovery of its capital investment, which will be repaid from 75 per cent of NZEC's net revenue interest.

Background of additional workovers

The Waihapa/Ngaere field, located in the prolific Taranaki basin of New Zealand, lies within one of the country's most productive hydrocarbon regions, recognized globally for its high discovery rate and reliable performance relative to other mature basins worldwide.

Discovered in 1988, the Waihapa-H1 well flowed oil at rates of approximately 4,500 barrels per day from the Tikorangi limestone formation at a depth of roughly 2,800 metres. Development across the field throughout the 1990s focused on the Tikorangi, leading to production levels exceeding five million barrels per year and cumulative recovery of approximately 24 million barrels of oil and several tens of billions of cubic feet of natural gas before tapering off in the early 2000s. Reservoir engineering studies have since identified the potential for several million barrels of additional recoverable oil within the broader field area.

Waihapa-H1 re-entry

The Waihapa-H1 well, drilled in the early 2000s, initially flowed oil at rates of approximately 1,500 barrels per day from fracture porosity within the Tikorangi horizontal section. Production ceased due to a collapse in the upper section of the wellbore. A workover program proposed to return the well to production, and includes jetting cleanout and the installation of new tubing. The well site is located approximately 600 metres from, and easily connected to, the Waihapa production facility.

Ngaere 1, 2 and 3 wells

The Ngaere 1, 2 and 3 wells historically produced oil from the Tikorangi formation. However, a review of electric logs and drilling data has identified multiple shallower, hydrocarbon-charged sand intervals in each well that present opportunities for additional oil and gas production. A field redevelopment program has been designed to access and produce these bypassed pay zones.

The steel casing in each well will be perforated at the target intervals, followed by production testing. All three wells are connected by existing pipelines to the Waihapa production and export facilities, allowing for immediate oil and gas sales upon successful completion. In the event of success, anticipated flow rates per well are expected to range from the tens to low hundreds of barrels of oil per day.

Max Sali, vice-president, corporate development, and director, commented: "This participation represents the continued advancement of Monumental's strategy to generate non-dilutive, cash-flow-generating opportunities through partnerships in proven production assets. These workovers allow the company to maintain exposure to near-term upside within established and stable jurisdictions."

About Monumental Energy Corp.

Monumental is an exploration company focused on the acquisition, exploration and development of properties in the critical and clean energy sector, as well as investing in oil and gas projects. The company owns securities of New Zealand Energy, and entered into a call option and royalty agreement on the Copper Moki wells with New Zealand Energy. The company also has an option to acquire a 75-per-cent interest and title to the Laguna cesium-lithium brine project located in Chile. The company holds a 2-per-cent net smelter return royalty on Summit Nanotech's share of any future lithium production from the Salar de Turi project.

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