DENVER, Colorado --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.