DENVER, Colorado -- Tipperary Corporation (AMEX-TPY), an independent energy company, today announced results for its fiscal year and fourth quarter ended September 30, 1999.

The Company reported a net loss for fiscal 1999 of $9.3 million, or 63 cents per share, on revenue of $7.9 million compared with a net loss of $6.4 million, or 49 cents per share, on revenue of $9.1 million a year ago. The net loss for fiscal 1999 included a first quarter $5.7 million non-cash write-down of the Company's domestic property values due to low oil and gas prices. Decreased revenue was attributable to lower domestic production volumes as well as lower domestic oil and gas prices received throughout much of the fiscal year.

For the fourth fiscal quarter, Tipperary reported a loss of $273,000, or 2 cents per share, on revenue of $2.5 million compared with a net loss of $1.6 million, or 13 cents per share, on revenue of $2 million in the fourth quarter a year ago. Increased revenue and the reduced net loss for the quarter were primarily attributable to higher domestic oil and gas prices and significantly improved sales from the Company's Comet Ridge Coalbed Methane project in Queensland, Australia.

For fiscal 1999, oil production volumes were 352,000 barrels compared with 426,000 barrels in the prior year. Oil production volumes in the fourth quarter were 83,000 barrels versus 107,000 barrels in the same period last year. U.S. gas production volumes for the fiscal year were 1,183,000 Mcf versus 1,320,000 Mcf in the prior fiscal year. Domestic gas production during the fourth quarter was 264,000 Mcf compared with 337,000 Mcf a year ago. Volume decreases were due primarily to production curtailments in response to lower energy prices and to naturally declining production rates.

Domestic production declines during the fourth quarter and fiscal year were offset by increased gas sales in Australia. Gas production sold from the Company's Comet Ridge project totaled 283,000 Mcf during the fourth quarter compared with 187,000 Mcf in the same period a year ago. Fiscal year gas volumes sold in Australia were 904,000 Mcf versus 371,000 Mcf in the prior year period. Gas sales from the Comet Ridge project commenced during the second quarter of fiscal 1998 and have increased significantly under a five-year contract that began in January 1999.

David Bradshaw, Tipperary's President and CEO, said, "The fiscal 1999 loss can be attributed to extremely low crude oil prices and our decision to direct the great majority of capital investment to Australia. In November, we announced that our U.S. oil and gas properties will be sold and that we will focus on coalbed methane development in Australia, the United States and perhaps other countries. We believe this will result in greater reserve growth, longer reserve life and less product price volatility."

Tipperary is a Denver-based independent energy company. Its 90% owned subsidiary, Tipperary Oil & Gas (Australia) Pty Ltd, holds a 55.75% interest in the Comet Ridge Coalbed Methane project and a 370,000-acre Authority to Prospect in Queensland, Australia. In addition to its Australia interests, Tipperary has producing properties in the United States.

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 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.