DENVER, Colorado --Tipperary Corporation (AMEX-TPY), an independent oil and gas company, announced that the 238th Judicial District Court in Midland County, Texas recently issued a letter ruling that states the Court intends to issue a formal order granting the application of the Company and others for a temporary injunction requiring the present operator of the Comet Ridge Project in Queensland, Australia to turn over operations to Tipperary.

The right of the Company and other non-operators to remove the operator and install a successor operator is the subject of litigation styled Tipperary Corporation and Tipperary Oil & Gas (Australia) Pty Ltd., et al v. Tri-Star Petroleum Company et al, Cause No. CV42265. The trial court found that the vote of a majority in interest of non-operators to remove the operator and elect Tipperary as successor operator was effective, and that the evidence presented showed a probable right of recovery upon a trial on the merits.

The Court's ruling is not a formal order, although formal orders based on the ruling can be expected in the near term. The defendants may appeal any orders issued, which will expire upon a trial on the merits presently set for April 29, 2002.

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 operates and holds a 50% interest in a coalbed methane exploration project with various leasehold interests that cover an area of approximately 75,000 acres in Moffat County, Colorado. Tipperary also owns prospects covering an additional 266,000 acres in Colorado and has an interest in the 38,000-acre Hanna Draw coalbed methane exploration project in Wyoming.

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" or "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 are forward-looking statements. Readers are encouraged to read the SEC reports of Tipperary, particularly its Annual Report on Form 10-KSB(A) for the Transition Period Ended December 31, 2000, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.