DENVER, Colorado --Tipperary Corporation (AMEX-TPY), an independent oil and gas company, today announced that Joseph Feiten has been named the Company's new CFO. Feiten replaces Lisa Wilson, who has served as CFO since 1998, but will leave the Company to explore other personal and professional opportunities. In the coming months, Wilson will serve as a consultant to the Company to ensure a smooth transition.

Feiten has 25 years experience serving the oil and gas industry as a CPA with PricewaterhouseCoopers. From 1991 to 1998, he was the director of Coopers & Lybrand's US oil and gas industry program. After the merger with Price Waterhouse in 1998, Feiten served as the director of training for the firm's Global Energy & Mining industry program. He has held numerous positions in auditing, taxation, business consulting, and forensic accounting for the oil and gas industry. He co-authored Petroleum Accounting Principles, Procedures, & Issues, the leading textbook and reference book of its kind in the world. Feiten received his undergraduate degree in accounting and an MBA from the University of Denver.

Wilson joined Tipperary in 1991 when she was hired as tax manager. In 1994, she became responsible for Securities and Exchange Commission reporting and was appointed CFO in 1998.

"We have been fortunate to have Lisa on our staff for the past 11 years," said David Bradshaw, Tipperary CEO. "She has been an asset to the Company and we are also pleased she will continue to work with the Company during the transition. We wish her the very best in her future endeavors.

"Joe has a national reputation in the oil and gas industry, so we are obviously very pleased he has joined the Company. We are confident that his extensive experience will add value as we pursue our domestic and overseas growth strategies."

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.