VANCOUVER, British Columbia -- (Business Wire)

Monumental Energy Corp. (“Monumental” or the “Company”) (TSX-V: MNRG; FSE: ZA6; OTCQB: MNMRF) is pleased to announce its plans to participate in four production-focused initiatives through workover projects jointly owned by New Zealand Energy Corp. (“NZEC”) and L&M Energy (“LME”), a privately held oil and gas company.

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The project workovers are currently held in equal partnership by NZEC and LME. Under the participation terms, Monumental will fund NZEC’s 50% 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% royalty on NZEC’s production share after full recovery of its capital investment, which will be repaid from 75% 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 5 million barrels per year and cumulative recovery of approximately 24 million barrels of oil and several tens of billions of cubic feet (BCF) 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, includes jetting clean-out 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 via 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, VP Corporate Development and Director comments: “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 Energy Corp. 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 Corp. and entered into a call option and royalty agreement on the Copper Moki wells with New Zealand Energy Corp. The Company also has an option to acquire a 75% interest and title to the Laguna cesium-lithium brine project located in Chile. The Company holds a 2% net smelter return royalty on Summit Nanotech’s share of any future lithium production from the Salar de Turi Project.

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 expected cumulative production data (BBL and BOE) on Copper Moki 1 & 2 wells in the coming weeks, the expected results and outcomes from Copper Moki 1 & 2 wells, potential oil and gas transactions, 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, 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.

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Contacts:

Contact Information:
Michelle DeCecco, Chief Executive Officer and Director
Email: michelle@monumental.energy

Or

Maximilian Sali, VP Corporate Development and Director
Email:max@monumental.energy
Phone: 1-604-367-8117

Source: Monumental Energy Corp.