Quaterra Resources Inc. and its subsidiary Singatse Peak Services LLC (SPC) announced a 2017 drill program of at least 15 drill holes to test targets throughout the company's 51-square-mile land package located in the historic Yerington District of Nevada. Freeport-McMoRan Nevada LLC ("Freeport Nevada") has agreed to make accelerated option payments of up to $1.5 million. SPS has determined that these will be used to fund the 2017 drill program. Freeport Nevada's accelerated $1.5 million option payments are in addition to an option payment last month of $1.25 million by Freeport Nevada to SPS that is being used for property maintenance, G&A and environmental compliance at Yerington. Last month's option payment was the second of a four-tranche agreement totaling $5.75 million over two years announced in June last year to extend Stage 2 of Freeport Nevada's option to acquire an interest in the company's Yerington Copper Project. Freeport Nevada has the right to terminate the agreement at any time with 60 days' notice.