TPY Tipperary Corp

Tipperary Corporation Signs Additional Gas Delivery Contract DENVER, Jan. 7 /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 a gas supply agreement to be fulfilled by the Company's Comet Ridge coalseam gas project in Queensland, Australia. The agreement is the third contract TOGA has signed with Australian purchasers in the past two weeks. According to terms of the most recent agreement, which commenced January 1, 2005, Tipperary will sell to the purchaser a maximum of 9,700 Mcf and a minimum of 7,200 Mcf of natural gas per day through September 30, 2006. Last week, Tipperary also announced that TOGA had signed two other gas delivery contracts, which will also be supplied from the Comet Ridge project. David Bradshaw, Tipperary CEO, said, "We continue to be pleased with the recognition Comet Ridge has received from Australia's expanding gas markets. Tipperary has now seen the project evolve from an exploration prospect into the largest coalseam gas field in Australia, selling to multiple customers. As Eastern Australia's existing gas reserves continue to decline, we expect further opportunities to expand sales." Tipperary and its subsidiaries hold 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 these gas contracts for 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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