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  Colorado."     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.                     MAKE YOUR OPINION COUNT -  Click Here              http://tbutton.prnewswire.com/prn/11690X45258308      SOURCE  Tipperary Corporation  /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/   (TPY DPTR)   CO:  Tipperary Corporation; Delta Petroleum Corporation  ST:  Colorado, Texas, Australia  IN:  OIL  SU:  RLE  
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