The Flames lost a two-goal lead in the third period, but survived the marathon shootout thanks to the shot by Monahan. Reto Berra then stopped an attempt by Jimmy Hayes to secure the victory.
Hayes scored his first goal of the season in just his sixth game early in the third period to bring the Panthers within one and Marcel Goc tied it with 5:59 to go in regulation.
Calgary built its two-score lead thanks to consecutive goals from Joe Colborne, Sven Baertschi and Blair Jones. The goal by Jones was his first of the campaign and only his sixth in 115 NHL games.
Berra made 23 saves in regulation and overtime to pick up the win. Tim Thomas stopped 21 shots.
Swim Week Miami Beach 2014 [PHOTOS]