1550-1185 W. Georgia Street Vancouver, B.C. V6E 4E6 Tel: 604-681-9059 Fax: 604-688-4670 www.quaterraresources.com November 7th, 2006 QTA-TSX. VENTURE NR-15-06 Quaterra Acquires Peg Leg Porphory Copper Prospect in Arizona Quaterra Resources Inc. announces the acquisition of the Peg Leg porphyry copper prospect in south-central Arizona. The primary target is a classic San Manuel-Kalamazoo type deposit with the possibility of higher copper grades associated with either a classic chalcocite blanket, or with abundant diabase as at the Ray copper deposit that is located eight miles to the north. The Peg Leg project is in a region with the highest density of known porphyry copper deposits in the world. The company acquired approximately 11 square miles of mineral rights over the prospect by staking 247 unpatented U.S. lode claims and leasing three Arizona State prospecting permits along the western flank of the Tortilla Mountains, twenty miles east of the Poston Butte copper deposit near Florence, Arizona. Exploration of the Peg Leg porphyry copper prospect was initiated by Exxon Minerals in the early 1980s. The program defined a large IP (chargeability high-resistivity low) geophysical anomaly that extends over an area of 10 square miles. Five core drill holes (11,726 feet) ranging in depth from 1,948 to 3,283 feet targeted a small part of the anomaly and encountered alteration and low grade copper mineralization interpreted to represent the margins of a large porphyry copper system. The holes may have stopped short of, or been drilled adjacent to, a possible “ore shell”. The first and deepest drill hole had the best intercept with 473 feet of 547 ppm Cu from a depth of 2810 feet to the bottom of the hole. Mineralization is related to a large zone of potassic-altered quartz monzonite. The remaining four holes intercepted anomalous copper mineralization related to propylitic and outer phyllic alteration along the margins of the system. The large size of the target and the structural complexity of the area suggest that shallower oxide and/or sulfide mineralization may be present. “We are quite excited about the potential for discovery at Peg Leg.” commented Quaterra President, Dr Thomas Patton. “The prospect has the right address and all the ingredients necessary for major porphyry copper deposit.” Dr. Patton also announced that Quaterra has signed a consulting agreement to retain the services of James P. Vroman of Tucson, Arizona as exploration manager for the Peg Leg project. Mr. Vroman has 15 years of experience in minerals exploration including six years with Exxon Minerals where as Senior Minerals Geologist, he was responsible for planning and implementing exploration projects throughout the western United States. Quaterra will carry out geophysical surveys at Peg Leg during 2007 in advance of a possible drilling program. -30Dr. Thomas Patton is the qualified person responsible for the preparation of this news release. On behalf of the Board of Directors, “Thomas Patton” Thomas Patton, President, Quaterra Resources Inc. Expanded information on the company’s projects is described on our website at www.quaterraresources.com or contact Jay Oness at 1-888-456-1112, 604-681-9059 or email: email@example.com Statements contained in this news release that are not historical facts are forward-looking statements as the term is defined in the private securities litigation reform act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from estimated results. Quaterra relies upon litigation protection for forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.