Unlucky Monty misses out
Montgomerie had a 10ft birdie putt on the last hole to record the first sub-60 score on the European Tour, but left it several inches short of the cup.
The 41-year-old had to settle for a 60 and 18 under par total of 262, seven shots behind the winner, Thailand's Thaworn Wiratchant.
The Scot's superb effort lifted him into a share of fourth place and his nine birdies in a row from the 17th having started from the 10th created a new tour record.
But that was not enough to secure his place at Augusta next month. The Scot needed to win to be certain of moving up into the world's top 50, but will now have to wait to see if he receives a special invitation.
Ironically Montgomerie had earlier eagled the par five ninth to complete his delayed third round, but the second time he drove into the rough and was unable to reach the green in two.
"I had a golden opportunity," Montgomerie admitted. "I hit my sand wedge to about 10ft but the grain grabbed the ball and didn't really roll the way the other putts had.
"It all comes down to the last hole but you forget about what happened midway through the round and I was going nowhere. "I don't know what I took on the 15th tee but I want more of it.
"I'm trying my hardest to get back where I feel I should be. I'm trying to get as many world ranking points as possible.
"This is my eighth tournament in a row where I've not finished outside the top 10 (he was actually 11th in the Heineken Classic).
"It's the best golf I have ever played, even back to the mid 1990s. Unfortunately I might have three weeks off now but if it's not enough (to qualify for the Masters) I'll just keep going."
Wiratchant carded a final-round 63 for a 25 under par total of 255, closing in style with a birdie on the last.
He finished five shots clear of France's Raphael Jacquelin with Australia's Adam Fraser a shot further back in third after a hole-in-one on the 17th.
Wiratchant becomes the second Thai player to win on the tour, following in the footsteps of Thongchai Jaidee who successfully defended his Malaysian Open title last month.
It is part of the entry criteria for the Masters that the tournament committee can invite "international players not otherwise qualified."
But it is not done on a regular basis and it would be a surprise if Montgomerie is asked.
The one extra place awarded so far has gone to Shingo Katayama, who topped the Japanese money list but has failed to climb into the world's top 50.
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