DENVER, Colorado --Tipperary Corporation (Amex-TPY), an independent gas company, today announced that its Australian subsidiary has entered into a long-term agreement to supply natural gas to Origin Energy Retail Limited (OERL), a subsidiary of Origin Energy Limited. Tipperary Oil & Gas (Australia) Pty Ltd (TOGA) will supply the gas from the Comet Ridge coalbed methane project in Queensland along with other Comet Ridge owners electing to participate.

Under the contract term, which is from 2007 to 2020, 15 petajoules, or approximately 15 billion cubic feet, will be sold per year. The share for TOGA and affiliates (Tipperary) will approximate 9 petajoules per annum, or around 25 million cubic feet per day. This contract represents expected revenues to Tipperary of over US$11 million per year.

OERL will transport the gas for sale into the New South Wales and South Australia gas markets. Origin Energy Limited is listed on the Australian Stock Exchange and is involved in gas production, power generation and energy retailing.

David Bradshaw, Tipperary CEO, stated, "The signing of this contract is another milestone in the development of the Comet Ridge project. Coalseam gas is now being recognized as an important fuel source in Australia as it has been in the United States. We are pleased to be working with Origin to bring the resource to major markets in eastern 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 varying interests in several exploration projects in Colorado covering approximately 400,000 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.