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New Zealand Energy Corp. (TSXV: NZ) ("NZEC" or the "Company") is pleased to announce that it has closed its previously announced definitive funding agreement (the "Agreement") with Monumental Energy Corp. ("Monumental") (TSXV: MNRG), effective January 12, 2026, with respect to the area covered by NZEC's 50% interest in PML 38140 and PML 38141 (together, the "Licenses") located in onshore Taranaki, New Zealand.
Pursuant to the Agreement, Monumental will fund NZEC's share of certain mutually agreed workover projects aimed at increasing oil and gas production from the Licenses. In consideration, NZEC has granted Monumental a project-specific royalty, effective upon satisfaction of all conditions precedent and commencement of production. Monumental will initially receive 75% of net receipts, payable quarterly, until its funded costs have been recovered, after which Monumental will receive an ongoing royalty equal to 25% of net receipts.
About New Zealand Energy Corp.
NZEC is a publicly listed energy company focused on the development of oil, gas, and gas-storage opportunities in New Zealand. The Company holds interests in multiple heritage assets and development-stage projects, including the Tariki Gas Storage Project in Taranaki. With a 50% ownership stake in the Waihapa production station, the Company can quickly tie in any near-term production and sell directly to market. For more information, please visit www.newzealandenergy.com.
For further information:
Toby Pierce, Chief Executive Officer
Email: info@newzealandenergy.com
Website: www.newzealandenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this release include, but are not limited to, statements relating to the anticipated funding, execution, timing, and potential results of workover projects, regulatory approvals, and expected production outcomes.
Forward-looking statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Accordingly, readers should not place undue reliance on forward-looking statements. NZEC does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws.
This release is for information purposes only and does not constitute an offer or solicitation to buy or sell any securities. Technical and operational information is preliminary, subject to change, and may depend on future study results, commercial negotiations, and regulatory approvals.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282629
