DENVER, Colorado - Tipperary Corporation (AMEX-TPY), an independent oil and gas company, today announced results for the first quarter ended March 31, 2002.

First quarter revenue was $1,352,000 compared with $869,000 in the same quarter a year ago. The Company reported a net loss of $1,583,000, or 4 cents per share, compared with a net loss of $1,195,000, or 5 cents per share, in the first quarter last year. Management attributed the increase in revenue to a significant increase in gas volumes sold in Australia. The increased net loss was due primarily to increases in overhead and litigation expenses in the Company's action against the former operator of the Comet Ridge project in Queensland, Australia. Tipperary announced that it took over operations of the project on March 22, 2002, under an order of temporary injunction, which has been appealed by the former operator.

Total gas sold during the first quarter of 2002 was 819,000 Mcf compared with 513,000 Mcf a year ago. Gas sales in Australia were 759,000 Mcf generating revenue of $957,000 compared with 490,000 Mcf and revenue of $548,000 in last year's first quarter.

Oil production volumes in the quarter were 10,000 barrels versus 4,800 barrels in the same period last year. The volumes increased as a result of two new producing domestic wells.

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.