MONUMENTAL ENERGY ANNOUNCES COMMERCIAL PRODUCTION AT WAIHAPA H1

(MENAFN- GlobeNewsWire - Nasdaq) ALL 7 PERFORATIONS ACHIEVED SIGNIFICANT OIL PRODUCTION AND ASSOCIATED GAS

Vancouver, British Columbia, March 16, 2026 (GLOBE NEWSWIRE) -- 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.

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