This is great news for Quaterra shareholders.

It is time to start the exploration process which will then lead to monetization. Dr. Thomas Patton seems to have all his ducks in a row for all his properties that are ripe for further exploration. It's great to see that they have such an eclectic mix of companies willing to work with them.

The following is from the press release tonight:

Copper Ridge proposes to immediately carry out a surface mapping and sampling program over the core of the main Marquis prospect and to extend the NSAMT survey over the relatively unexplored Monte prospect to the south. This work will be followed by a 1,500 meter drill test of the highest priority drill targets to be carried out during the 2010 field season.

The Agreement provides that Copper Ridge can earn up to a 51% interest in the Duke Island Property by issuing one million pre-consolidation shares and spending $3 million on exploration by December 31, 2012. The amount of $750,000 of the $3,000,000 is a firm commitment to be spent by December 31, 2010. The firm commitment of $600,000 will be allocated to drilling expenses to target the intrusive to a depth of up to 2,000 feet. Copper Ridge may increase its interest in the Duke Island Property to 65% by spending an additional $2 million on exploration by December 31, 2013. The Agreement is subject to regulatory approval.