Delta Petroleum Corporation and Tipperary Corporation

                          To Sell Each Other Properties          Delta Schedules Shareholder Meeting for Vote on Castle Acquisition      DENVER, May 8 /PRNewswire-FirstCall/ --  Delta Petroleum Corporation (Nasdaq: DPTR); (Frankfurt: DPE), an independent  energy exploration and development company, today announced that the company  has agreed to sell all of its undivided interests in the Authorities to  Prospect (ATPs) covering lands in Queensland, Australia to Tipperary  Corporation (Amex: TPY) for a cash consideration of $4.8 million,  250,000 unregistered shares of Tipperary common stock, and the assumption by  Tipperary of certain other obligations relating to the property (not to exceed  $600,000).  Closing of the transaction is expected to occur on or before  May 24, 2002.   At the time of closing, Delta will purchase from Tipperary all of its  interests in the West Buna Field, in Hardin and Jasper counties, Texas, for  $4.1 million in cash.  According to a reserve report filed by Tipperary as of  December 31, 2002, the West Buna Field properties contained total proved  natural gas equivalent reserves of approximately 4.3 billion cubic feet, with  a reserve value, discounted at 10%, of approximately $5.8 million.   "We believe the sale of our interests in the Australian coalbed methane  play is consistent with our strategy of building Delta Petroleum into a  sizeable domestic exploration and development company," commented Roger  Parker, Chief Executive Officer of Delta Petroleum Corporation.  "As a  near-term result of this transaction, our operating cash flows are expected to  improve by approximately $150,000 per month based upon current prices.  Longer  term, we believe that additional value can be achieved from the West Buna  properties through the drilling of additional wells."   Delta Petroleum also announced that the necessary SEC review of its proxy  materials has been completed, and the Company has set a date of May 30, 2002  for a shareholder's meeting.  At the meeting, shareholders will vote upon  approval of the issuance of 9,566,000 new shares to Castle Energy Corporation  as part of the purchase price consideration being given to Castle to acquire  all of its domestic oil and gas properties.  If the Castle transaction is  approved by a majority of voting shareholders, Delta will close on the  purchase of Castle's properties on May 31, 2002.   The properties to be acquired from Castle consist of interests in  approximately 525 producing wells in fourteen (14) states, plus associated  undeveloped acreage, with proved reserves of approximately 62 BCF of gas  equivalent (BCFE), of which proved developed producing reserves approximate  32 BCFE.   "Following the anticipated completion of our purchase of the Castle Energy  properties, Delta's proved reserves will increase to approximately 80 BCFE,"  noted Parker.   "The acquisition of Castle's domestic oil and gas properties will more  than double Delta's daily production, to approximately 3,400 barrels of oil  equivalent (BOE), with the actual daily production approximately 50% oil and  50% gas.  We believe this provides Delta with a broad, strong base upon which  we can build a much larger company in coming years," concluded Parker.     Delta Petroleum Corporation is an oil and gas exploration and development  company based in Denver, Colorado.  The Company has producing properties in  California, Colorado, New Mexico, North Dakota, Oklahoma, Texas, Wyoming and  interests in one producing federal unit and four undeveloped units located in  federal waters offshore California near Santa Barbara.  Its common stock is  traded on NASDAQ under the symbol "DPTR" and on the Frankfurt Stock Exchange  under the symbol "DPE".     Forward-looking statements in this announcement are made pursuant to the  safe harbor provisions of the Private Securities Litigation Reform Act of  1995.  Investors are cautioned that all forward-looking statements involve  risks and uncertainty, including without limitation, the costs of exploring  and developing new oil and natural gas reserves, the price for which such  reserves can be sold, environmental concerns effecting the drilling of oil and  natural gas wells, as well as general market conditions, competition and  pricing.  Please refer to the Company's Securities and Exchange Commission  filings for additional information.   For further information contact the company at (303) 293-9133 or via email at                                                       OR   RJ Falkner & Company, Inc., Investor Relations Counsel at (800) 377-9893 or                            via email at                        MAKE YOUR OPINION COUNT -  Click Here           SOURCE  Delta Petroleum Corporation  /CONTACT:  Aleron H. Larson, Jr., Chairman, Roger A. Parker, President and  CEO, or Kevin K. Nanke, CFO of Delta Petroleum Corporation, +1-303-293-9133,; or RJ Falkner & Company, Inc., Investor Relations  Counsel, +1-800-377-9893,, for Delta Petroleum Corporation/   /Web site: /   (DPTR TPY)   CO:  Delta Petroleum Corporation; Tipperary Corporation  ST:  Colorado, Australia  IN:  OIL MNG  SU:  RLE TNM  
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