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

Third quarter revenue was $1,092,000 compared with $881,000 in the same quarter a year ago. The Company reported a net loss of $1.63 million, or 4 cents per basic and diluted share, compared with a net loss of $1.59 million, or 6 cents per basic and diluted share, in the third quarter last year. Through nine months, revenue increased to $3.70 million versus $2.52 million in the same period last year. During the nine-month period, Tipperary reported a net loss of $4.15 million, or 11 cents per basic and diluted share, compared with a net loss of $4.58 million, or 19 cents per basic and diluted share, last year.

Nearly all third quarter revenues were attributable to coalbed methane produced and sold in Australia. Total gas sold in Australia during the third quarter of 2002 was 1,002,000 Mcf, an increase of 50% compared with 666,000 Mcf a year ago.

Through nine months, gas sales volumes in Australia increased 53% to 2,616,000 Mcf compared with 1,712,000 Mcf in the prior year.

David Bradshaw, CEO, stated, "During the past quarter and nine months, we have increased drilling activity in the Comet Ridge project substantially. We are currently connecting new wells to sales lines, and experienced a sharp increase in Australian gas production for the quarter over last year's quarter. With proceeds from the new debt financing we are currently seeking, we would further accelerate development of the Comet Ridge project while continuing our U.S. exploration efforts."

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" or "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 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.