Tipperary Corporation Announces Property Sale and Acquisitions

     And Termination of Hanna Basin Project Dewatering Operations  
  DENVER, June 10 /PRNewswire-FirstCall/ -- Tipperary Corporation 
(Amex: TPY), an independent oil and gas company, today announced that the 
Company has closed the previously announced transactions with 
Delta Petroleum Corporation (Nasdaq: DPTR) and has subsequently acquired 
additional interests in the Comet Ridge coalbed methane project in Queensland, 
Australia.  The Company also announced that it has agreed with Williams 
Production RMT Company to cease dewatering activities on the Hanna Basin 
project in Wyoming.  
On May 24, 2002, the Company closed two transactions with Delta. 
Tipperary sold Delta all of its undivided interests in the West Buna field in 
east Texas, and purchased all of Delta's undivided interests in the Comet 
Ridge project.  Tipperary also received the option to purchase Delta's 
interests in several other Authorities to Prospect (ATPs) in Queensland under 
certain conditions.  With the sale of the West Buna property, all of 
Tipperary's proved reserves are now in Queensland, Australia.  
Tipperary received $4.1 million in cash proceeds from the sale of the West 
Buna property in east Texas and purchased from Delta a 5% interest in the 
Comet Ridge project on ATP 526 for a purchase price of $5.25 million.  The 
purchase price included $4.8 million in cash and 250,000 unregistered shares 
of the Company's common stock valued at $450,000.  Tipperary also assumed up 
to $600,000 of obligations owed by Delta related to the Comet Ridge project 
and received an option to purchase interests of 2.5% or less in each of six 
other ATPs in the area that have no proved reserves.  The term of the option 
depends on certain events but does not extend beyond one year.  The Company 
expects the sale of the West Buna property to result in a loss of 
approximately $1.3 million.  
On June 3, 2002, the Company also acquired from non-affiliated private 
parties four separate interests in the Comet Ridge project, which total 3%. 
These interests were acquired for a combined cash purchase price of 
approximately $2.4 million, and elevate the Company's total capital-bearing 
interest in the Comet Ridge project up to 73%.  
In other news, Tipperary and Williams Production Company RMT Company, the 
operator of the Hanna Basin project, have decided to terminate dewatering 
operations.  As previously reported, Tipperary's management is disappointed 
with dewatering results and is considering divestment of its interest in the 
project.  The Company's remaining domestic activities consist of several 
exploration projects in Colorado.  
David Bradshaw, Tipperary CEO, said, "We are pleased to have increased our 
interest in the Comet Ridge project, especially in light of the anticipated 
increase in demand for gas in Queensland and eastern Australia.  We continue 
to see positive results from development drilling and plan to begin additional 
exploratory drilling on the ATP in the next several weeks."  
  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 has producing 
operations in Queensland, Australia.  Together with its affiliates, Tipperary 
holds a 73% interest in southeastern Queensland's Comet Ridge coalbed methane 
project and 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 approximately 
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-                             06/10/2002  
/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/  
(TPY DPTR)  
CO:  Tipperary Corporation; Delta Petroleum Corporation 
ST:  Colorado, Wyoming, Australia 
IN:  OIL 
SU:  TNM 
-0- Jun/10/2002 18:02 GMT
 
 
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