DENVER, Colorado --Tipperary Corporation (AMEX-TPY), an independent energy company, today announced it has sold additional oil and gas properties for net proceeds of approximately $4 million. The Company announced earlier that it had received net proceeds of approximately $12 million from previous domestic asset sales. These property sales are being made in connection with Tipperary's previously announced plan to divest its U.S. conventional oil and gas properties and focus on coalbed methane production and development.

Property sales to date include all of Tipperary's operated oil and gas properties and approximately 80% of the Company's total proved domestic oil and gas reserve volumes as of its fiscal year ended September 30, 1999. Tipperary has used a portion of these net sales proceeds to pay off all of its bank debt and plans to use cash on hand and future sales proceeds to fund coalbed methane exploration and development operations in Australia and the United States and possibly reduce other debt.

Through the Company's 90% owned subsidiary - Tipperary Oil & Gas (Australia) Pty Ltd - Tipperary holds a 61.25% interest in the currently producing Comet Ridge Coalbed Methane project and 100% of two other exploration permits in Queensland, Australia.

Information in this release 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 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.