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.                      MAKE YOUR OPINION COUNT - Click Here              http://tbutton.prnewswire.com/prn/11690X27363430      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, Wyoming, Australia  IN:  OIL  SU:  TNM  -0- Jun/10/2002 18:02 GMT    
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