DENVER, Colorado -- Tipperary Corporation (AMEX-TPY), an independent energy company, today announced results for the second fiscal quarter and six-month period ended March 31, 2000.

Second quarter revenue advanced 88% to $3.02 million compared with $1.61 million in the same quarter a year ago. The Company reported net income of $140,000, or less than one cent per share, compared with a net loss of $1,108,000, or 7 cents per share, in the second fiscal quarter last year.

Through six months, revenue increased 77% to $5.94 million versus $3.36 million in the same period last year. Tipperary reported net income of $139,000, or less than one cent per share, compared with a net loss of $8,444,000, or 59 cents per share, for the six-month period last year.

Increased revenue for the quarter and six-month period was attributable to higher oil and gas prices. The improvement in the Company's bottom-line results was also attributable to higher oil and gas prices, as well as to a decrease in depreciation, depletion and amortization (DD&A). No DD&A was recorded for most of the six-month period for the Company's domestic oil and gas properties which, as previously announced, are being sold. The net loss for the six-month period last year included a first-quarter, $5.7 million write-down of the Company's domestic properties, which resulted from a significant decline in oil and gas prices in that period.

Oil production volumes in the second quarter were 72,000 barrels versus 84,000 barrels in the same quarter last year. Through six months, oil production volumes were 155,000 barrels versus 182,000 barrels in the prior-year period. The volumes decreased as a result of naturally declining production rates and sales of producing properties.

Total gas production during the quarter was 650,000 Mcf compared with 521,000 Mcf a year ago. For the six-month period, gas production was 1,246,000 Mcf compared with 1,029,000 in the prior-year period. Increased gas production volumes were due to increased sales from the Comet Ridge coalbed methane project in Australia. The Company's revenue from the Comet Ridge project was $515,000 on sales of 391,000 Mcf in the second quarter and $937,000 on sales of 707,000 Mcf in the six-month period.

David Bradshaw, president and CEO, said, "While the substantial increase in oil and gas prices caused a significant improvement in our revenue performance, the sales of domestic properties will obviously result in lower revenues in the near term. However, we are pleased with the increasing gas sales in Australia, which we believe will continue to grow and replace lost domestic revenues."

During the six-month period, the Company has progressed in its transition toward coalbed methane exploration and development. Tipperary increased its interest in the Comet Ridge Project in Queensland, Australia and acquired a 49% working interest in a project in the Hanna Basin of Wyoming. The Company also recently announced it has eliminated its bank debt following the sales of certain domestic oil and gas properties.

Through the Company's 90% owned subsidiary -Tipperary Oil & Gas (Australia) Pty Ltd-Tipperary owns exploration permits and a 61.25% interest in the Comet Ridge Coalbed Methane project in Queensland, Australia. Also, the Company has producing oil and gas properties in the United States which are being sold in connection with a shift in the Company's direction toward increasing reserves and production from coalbed methane properties in the United States, Australia and possibly other countries.

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 Form 10-K for the Fiscal Year Ended September 30, 1999, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.