DENVER, Colorado -- Tipperary Corporation (AMEX-TPY), an independent oil and gas company, today announced that Tipperary Oil & Gas (Australia) Pty Ltd., the Company’s Australian subsidiary, has recently opened an office in Brisbane, Queensland.

Additionally, Tipperary has appointed Richard A. Barber as the General Manager in Brisbane to oversee the Company’s operations in Australia. Barber recently retired from PricewaterhouseCoopers after having been a partner for 23 years. He is assisted in Queensland by Neal Ambrose, a director of Tipperary Australia who, along with Barber, has an extensive background in legal and commercial activities.

David L. Bradshaw, Tipperary Corporation’s President and CEO, said, "We are pleased to have Richard’s assistance in overseeing our Australian operations. In addition to our interest in the Comet Ridge project, we are in the process of being granted a new exploration permit in the Bowen Basin near Authority to Prospect (ATP) 526. We believe Richard will play a key role in managing these developments."

Tipperary Oil & Gas (Australia) Pty Ltd. owns a 55.75% interest in the Comet Ridge Coalbed Methane project in Queensland. The project is situated on the 1,088,000-acre ATP 526 located in the Bowen Basin, approximately 250 miles northwest of Brisbane. Drilling to date has established over 120 Bcf of proved gas reserves, net to the interest of Tipperary Oil & Gas (Australia) Pty Ltd.

During a recent visit to Queensland, Bradshaw said, "We are excited about the future of coalbed methane in Queensland. The reserves are potentially of a magnitude to fuel many of the major projects planned in the state. This could mean significant job creation and economic gain for Queensland."

Tipperary Corporation owns 90% of the stock of Tipperary Oil & Gas (Australia) Pty Ltd. The remaining 10% ownership is held by Slough Estates USA Inc., Tipperary Corporation's largest shareholder.

In other news, Tipperary Oil & Gas (Australia) Pty Ltd will receive the first advance this week from Slough Estates USA under the $6 million project-financing loan arranged in December 1998. This advance will be used to pay initial costs of an eight-well drilling program. Well locations are now being completed, and drilling is expected to begin soon.

Tipperary is a Denver-based oil and gas company. In addition to its major interest in the Australia coalbed methane project, Tipperary has producing properties primarily in the Rocky Mountain region and in the Permian Basin of west Texas and southeast New Mexico.

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, 1998, for meaningful cautionary language disclosing why actual results may vary materially from those anticipated by management.