TPY Tipperary Corp

Tipperary Corporation Completes Private Placement of Common Stock to Institutional Investors Raises $8 Million Through Sale of Two Million Shares of Common Stock DENVER, Sept. 24 /PRNewswire-FirstCall/ -- Tipperary Corporation (AMEX:TPY), an independent energy company, today announced it has completed a private placement of two million shares of its common stock. These shares were purchased by certain investment advisory clients of a large, Boston-based institutional investment adviser for $4.00 per share, resulting in $8 million in gross proceeds to Tipperary. The Company expects to use the net proceeds to further develop its Colorado and Nebraska properties and for general corporate purposes. The Company may also elect to use a portion of the proceeds to pay down debt outstanding to Slough Estates USA Inc., the Company's majority shareholder. In addition to the new shares issued by Tipperary, the investors purchased for $4.00 per share 1.5 million Tipperary Corporation shares held by Slough Estates USA Inc. and 500,000 shares held by an unrelated party. After these stock transactions, Slough Estates USA Inc. owns 54.5% of Tipperary's 41.3 million shares outstanding. David Bradshaw, president and CEO, said, "We are pleased to announce this placement at an attractive price to respected institutional energy investors. We are currently in the process of completing several new Niobrara wells in eastern Colorado, and anticipate accelerated activity in this play. These funds will enable us to keep pace with our partners, and also to continue and expand our pilot coalseam gas operations in western Colorado." Tipperary has agreed to file with the SEC within 30 days of the closing a registration statement, registering for resale the restricted shares purchased by the institutions. Tipperary Corporation is an independent energy company focused primarily on exploration for, and production of, coalseam and conventional natural gas. Headquartered in Denver, Colorado, Tipperary has producing operations in Queensland, Australia. Together with its affiliates, Tipperary holds a 73% capital interest and a 69.52% pre-royalty revenue interest in southeastern Queensland's Comet Ridge coalseam gas project and holds other exploration permits in Queensland totaling approximately 77,000 acres. Domestically, Tipperary holds interests in several exploration projects in Colorado and Nebraska covering approximately 623,000 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-K for the year ended December 31, 2003, for meaningful cautionary language disclosing why actual results may vary from those anticipated by management. DATASOURCE: Tipperary Corporation CONTACT: David L. Bradshaw, CEO of Tipperary Corporation, +1-303-293-9379; or Geoff High of Pfeiffer High Public Relations, Inc., +1-303-393-7044, for Tipperary Corporation

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