DENVER, Colorado -- Tipperary Corporation (AMEX-TPY), an independent oil and gas company, today announced it has restated its per share loss for the first quarter of fiscal 1999 ended December 31, 1998. The Company also announced it has been granted an Authority to Prospect ("ATP") by the Queensland government and has received $1 million in additional financing from Slough Estates USA Inc., its largest shareholder.

The Company has filed an amendment to its first quarter filing with the Securities and Exchange Commission reducing the weighted average number of shares outstanding in the calculation of its net loss per share. As amended, Tipperary’s net loss per share increased from 49 cents to 55 cents per share for the quarter ended December 31, 1998. The weighted average number of shares outstanding was adjusted to properly reflect two million shares of common stock, which were issued on December 22, 1998 to Slough Estates USA Inc.

Tipperary also announced it will be granted a new Authority to Prospect in the Bowen Basin located in Queensland, Australia. The ATP will be granted by the Queensland Department of Mines and Energy to Tipperary Oil and Gas (Australia) Pty Ltd., subject to compliance with native title legislation. The Company believes the 368,000-acre ATP area is prospective for both conventional and coalbed methane gas.

The holder of the ATP may be granted petroleum leases upon establishing, to the satisfaction of the Queensland government, that commercial deposits of petroleum have been discovered. The Company also has a major interest in the Comet Ridge coalbed methane project, which is located on a nearby ATP covering approximately 1,088,000 acres in the Bowen Basin, of which 167,000 acres are covered by petroleum leases.

In other news, the Company announced it received funding of $1 million from Slough Estates USA Inc. on March 11, 1999. The loan is in addition to the $5.5 million that Slough had previously loaned the Company. The new note for $6.5 million will have a three-year term and bear interest at the London Interbank Offered Rate (LIBOR) plus 3.5%.

In addition to its interest in the Comet Ridge 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.