TPY Tipperary Corp

Tipperary Corporation Completes Settlement of Litigation With Tri-Star Petroleum DENVER, Dec. 17 /PRNewswire-FirstCall/ -- Tipperary Corporation (AMEX:TPY), an independent oil and gas company, today announced that the Company and its subsidiary, Tipperary Oil & Gas Australia Pty Ltd ("TOGA"), have completed the settlement of their litigation with Tri-Star Petroleum Company and its owners. Tipperary reported on November 2, 2004, that it had agreed to the settlement, which called for, among other provisions, Tri-Star's assignment to Tipperary of substantially all of Tri-Star's rights in the Comet Ridge coalseam gas project in Queensland, Australia. The transfer of titles could not be affected without the consents of certain Australian state and federal government officials, and those consents have now been received. Pursuant to the settlement, the parties' respective claims in all litigation proceedings in both the United States and Australia have been dismissed. TOGA will continue as the project operator. 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 subsidiaries, Tipperary holds a 75.25% capital interest and a 71.7% 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 Web site: http://www.tipperarycorp.com/

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