Tipperary Corporation Announces Property Sale and Acquisitions

  DENVER, May 9 /PRNewswire-FirstCall/ -- Tipperary Corporation (Amex: TPY), 
an independent oil and gas company, today announced that the Company has 
entered into an agreement with Delta Petroleum Corporation (Nasdaq: DPTR) to 
sell all of Tipperary's undivided interests in the West Buna field in Jasper 
and Hardin counties, Texas, and to simultaneously purchase all of Delta's 
undivided interests in certain Authorities to Prospect (ATPs) in Queensland, 
Australia.  The transactions are expected to close on or before May 24, 2002.  
Tipperary will receive $4.1 million in cash proceeds from the sale of the 
West Buna property.  This east Texas property is the Company's only remaining 
domestic producing asset following a divestiture of most of the Company's U.S. 
oil and gas holdings during fiscal 2000.  Tipperary reported total natural gas 
equivalent reserves of approximately 4.3 billion cubic feet and a present 
value, discounted at 10%, of approximately $5.8 million associated with this 
property as of December 31, 2001.  
The assets being purchased in Queensland, Australia include Delta's 5% 
interest in the Comet Ridge project on ATP 526 and interests of 2.5% or less 
in each of six other ATPs that have no proved reserves.  Tipperary will 
acquire all of these interests for a purchase price of $5.25 million, which 
will include $4.8 million in cash and 250,000 unregistered shares of the 
Company's common stock valued at $450,000.  Tipperary also will assume up to 
$600,000 of obligations owed by Delta related to the Comet Ridge project. 
This acquisition will bring the Company's total capital-bearing interest in 
the Comet Ridge project up to 70%.  
David Bradshaw, Tipperary CEO, said, "We are pleased to have the 
opportunity to increase our interest in the Comet Ridge project and gain 
exposure to other possible sources of coalbed methane gas in Queensland. 
After the sale of the West Buna property, our activity in the United States 
will involve further exploration and evaluation of our new projects in 
  Tipperary Corporation is an independent energy company focused primarily 
on exploration for, and production of, coalbed methane and conventional 
natural gas.  Headquartered in Denver, Colorado, Tipperary owns 90% of 
Queensland, Australia-based Tipperary Oil & Gas (Australia) Pty Ltd.  This 
subsidiary, which holds a 65% interest in southeastern Queensland's Comet 
Ridge coalbed methane project, also holds other exploration permits in 
Queensland totaling approximately 1.5 million acres.  Domestically, Tipperary 
holds interests in several exploration projects in Colorado and Wyoming 
covering 385,000 acres.  
  Information herein contains forward-looking statements within the meaning 
of the Private Securities Litigation Reform Act of 1995, which can be 
identified by words such as "may," "will," "expect," "anticipate," "estimate" 
"continue," or comparable words.  In addition, all statements other than 
statements of historical facts that address activities that Tipperary expects 
or anticipates will or may occur in the future, including estimates of 
unproved oil and gas reserves and values, are forward-looking statements. 
Readers are encouraged to read the SEC reports of Tipperary, particularly its 
Annual Report on Form 10-KSB for the Year Ended December 31, 2001, for 
meaningful cautionary language disclosing why actual results may vary 
materially from those anticipated by management.  
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SOURCE  Tipperary Corporation  
-0-                             05/09/2002  
/CONTACT:  David L. Bradshaw, CEO of Tipperary Corporation, 
+1-303-293-9379; or Geoff High of Pfeiffer High Public Relations, Inc., 
+1-303-393-7044, geoff@pfeifferhigh.com, for Tipperary Corporation/  
CO:  Tipperary Corporation; Delta Petroleum Corporation 
ST:  Colorado, Texas, Australia 
SU:  RLE  
-0- May/09/2002 22:06 GMT
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