TPY Tipperary Corp

Tipperary Corporation Signs Two Gas Delivery Contracts in Australia Both Contracts to Be Supplied by Company's Comet Ridge Coalseam Gas Project DENVER, Dec. 29 /PRNewswire-FirstCall/ -- Tipperary Corporation (AMEX:TPY), an independent oil and gas company, today announced that its subsidiary, Tipperary Oil & Gas (Australia) Pty Ltd (TOGA) has entered into two separate agreements to supply gas from the Comet Ridge coalseam gas project in Queensland, Australia. TOGA has agreed to extend an existing contract with Energex Retail Pty. The new agreement commences on June 1, 2005, and is a 23-month extension to an existing contract that expires the same day. According to terms of the new agreement, Energex will purchase a minimum of 7,300 and a maximum of 14,500 Mcf of natural gas per day. The new contract is similar in terms to the existing contract, which commenced on June 1, 2000. Based in Queensland, ENERGEX distributes electricity, natural gas and a range of value-added products and services to more than 1.1 million residential, industrial and commercial customers. TOGA also has agreed to a 10-year gas supply contract with Orica Australia Pty Ltd (Orica). The contract will commence on June 26, 2006, and provides that Orica will purchase a minimum of 3,000 and a maximum of 4,800 Mcf of gas per day. The gas will be used to supply an Orica manufacturing facility in Queensland. Orica is a subsidiary of Melbourne, Australia-based Orica Ltd., a public company generating more than A$4 billion in annual revenue within the mining services, fertilizer, chemical and consumer product industries. David Bradshaw, Tipperary CEO, said, "Our Comet Ridge gas sales have recently increased as a result of various new short-term sales agreements. These two additional contracts will help to solidify our sales position in the medium to longer term." Together with its subsidiaries, Tipperary holds a 75.25% capital interest and a 71.7% pre-royalty revenue interest in the Comet Ridge project. The other working interest owners may elect to participate in the new contracts by up to 28.3% of gas deliveries. Headquartered in Denver, Colorado, Tipperary Corporation is an independent energy company focused primarily on exploration for, and production of, coalseam and conventional natural gas. In addition to its interests in the Comet Ridge project, the Company holds other exploration permits in Queensland totaling approximately 77,000 acres. In the United States, 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 Web site: http://www.tipperarycorp.com/

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