DENVER, Colorado -- Tipperary Corporation (AMEX-TPY), an independent oil and gas company, today announced results for the second quarter and six-month period ended June 30, 2002.

Second quarter revenue was $1,252,000 compared with $772,000 in the same quarter a year ago. The Company reported a net loss of $937,000, or 2 cents per basic and diluted share, compared with a net loss of $1,797,000, or 7 cents per basic and diluted share, in the second quarter last year. Through six months, revenue increased to $2,604,000 versus $1,641,000 in the same period last year. During the six-month period, Tipperary reported a net loss of $2,520,000, or 6 cents per basic and diluted share, compared with a net loss of $2,992,000, or 12 cents per basic and diluted share, last year. During the second quarter of 2002, the Company benefited from a non-cash gain of $766,000 associated with the recent sale of its West Buna properties.

Total gas sold during the second quarter of 2002 was 881,000 Mcf compared with 578,000 Mcf a year ago. Gas sales in Australia were 855,000 Mcf generating revenue of $1,043,000 compared with 556,000 Mcf and revenue of $610,000 in last year's second quarter.

Through six months, gas sales volumes were 1,700,000 Mcf compared with 1,091,000 in the prior year. Oil sales volumes were 13,900 barrels compared to 7,100 barrels in the same period last year.

David Bradshaw, Tipperary CEO, said, "Although a gain on property sales accounted for a large portion of the improvement over last year's second quarter, we are pleased with the increased gas sales and lower operating expenses per Mcf in Australia."

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 1.2 million acres. Domestically, Tipperary holds interests in several exploration projects in Colorado and Wyoming covering approximately 396,000 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.