Tipperary Corporation Announces Results for Transition Period

Company Changes to December 31 Fiscal Year End; Reports Interim Performance



Apr 04, 2001, 01:00 ET from Tipperary Corporation

    DENVER, April 4 /PRNewswire/ -- Tipperary Corporation (Amex:   TPY), an
 independent energy company, today announced results for the interim fiscal
 quarter ended December 31, 2000.  The quarter represents the transition period
 resulting from the Company's decision to change its fiscal year end from
 September 30 to December 31.
     The Company reported a net loss for the quarter of $1,120,000 or five
 cents per share, on revenue of $864,000 compared with a net loss of $1,000, or
 less than one cent per share, on revenue of $2.9 million in the comparable
 period a year ago.  Sales of a significant portion of the Company's domestic
 producing properties were primarily responsible for the decrease in revenue.
 However, the Company received significantly higher oil and gas prices as
 compared with the prior year's fiscal quarter and had an increase in sales
 from the Comet Ridge coalbed methane project in Australia.
     Total gas sold during the 2000 quarter was 497,000 Mcf compared with
 595,000 Mcf a year ago.  Domestic production declines resulting from asset
 sales were partially offset by increased sales from the Comet Ridge coalbed
 methane project in Australia.  In the 2000 transition quarter, gas production
 sold in Australia was 466,000 Mcf generating revenue of $525,000 compared with
 316,000 Mcf and revenue of $422,000 in last year's quarter.
     Oil production volumes in the quarter were 3,000 barrels versus
 83,000 barrels in the same period last year.  The volumes decreased as a
 result of the previously discussed sales of producing properties.
     "Although we have seen decreased revenues related to the sales of our
 domestic properties, our progress in Australia has been promising," said David
 Bradshaw, Tipperary's president and CEO.  "Our gas reserves in the Comet Ridge
 project have increased and we are optimistic about our potential both in
 Queensland and domestically, including our newest exploratory acreage in
 Colorado."
     Tipperary Corporation is an independent energy company focused primarily
 on exploration for and production of coalbed methane.  Headquartered in
 Denver, Colorado, Tipperary owns 90% of Queensland, Australia-based Tipperary
 Oil & Gas (Australia) Pty Ltd.  This subsidiary holds a 62.25% interest in
 southeastern Queensland's Comet Ridge coalbed methane project and other
 exploration permits in Queensland.  Domestically, Tipperary holds a 49%
 interest in the Hanna Draw coalbed methane exploration project in Wyoming and
 approximately 68,000 net undeveloped acres in Moffat County, Colorado.
 
     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
 Corporation 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-KSB for the transition period ended
 December 31, 2000, for meaningful cautionary language disclosing why actual
 results may vary materially from those anticipated by management.
 
 
     EARNINGS RECAP
 
                                                       Three Months Ended
                                                           December 31,
 
                                                       2000          1999
 
     Revenue                                         $864,000     $2,919,000
     Net income (loss)                             (1,120,000)        (1,000)
     Net income (loss) per common share                $(.05)         $(.00)
     Weighted average shares
      outstanding -- basic and diluted             24,471,000     15,436,000
 
 
     OPERATING DATA
 
                                                       Three Months Ended
                                                           December 31,
 
                                                        2000           1999
     United States
     Net oil production (barrels)                       3,000         83,000
     Net gas production (Mcf)                          31,000        279,000
     Avg. oil price per barrel                         $30.33         $21.52
     Avg. gas price per Mcf                             $5.75          $2.38
 
     Australia
     Net gas production (Mcf)                         466,000        316,000
     Avg. gas price per Mcf (US$)                       $1.13          $1.34
 
 

SOURCE Tipperary Corporation
    DENVER, April 4 /PRNewswire/ -- Tipperary Corporation (Amex:   TPY), an
 independent energy company, today announced results for the interim fiscal
 quarter ended December 31, 2000.  The quarter represents the transition period
 resulting from the Company's decision to change its fiscal year end from
 September 30 to December 31.
     The Company reported a net loss for the quarter of $1,120,000 or five
 cents per share, on revenue of $864,000 compared with a net loss of $1,000, or
 less than one cent per share, on revenue of $2.9 million in the comparable
 period a year ago.  Sales of a significant portion of the Company's domestic
 producing properties were primarily responsible for the decrease in revenue.
 However, the Company received significantly higher oil and gas prices as
 compared with the prior year's fiscal quarter and had an increase in sales
 from the Comet Ridge coalbed methane project in Australia.
     Total gas sold during the 2000 quarter was 497,000 Mcf compared with
 595,000 Mcf a year ago.  Domestic production declines resulting from asset
 sales were partially offset by increased sales from the Comet Ridge coalbed
 methane project in Australia.  In the 2000 transition quarter, gas production
 sold in Australia was 466,000 Mcf generating revenue of $525,000 compared with
 316,000 Mcf and revenue of $422,000 in last year's quarter.
     Oil production volumes in the quarter were 3,000 barrels versus
 83,000 barrels in the same period last year.  The volumes decreased as a
 result of the previously discussed sales of producing properties.
     "Although we have seen decreased revenues related to the sales of our
 domestic properties, our progress in Australia has been promising," said David
 Bradshaw, Tipperary's president and CEO.  "Our gas reserves in the Comet Ridge
 project have increased and we are optimistic about our potential both in
 Queensland and domestically, including our newest exploratory acreage in
 Colorado."
     Tipperary Corporation is an independent energy company focused primarily
 on exploration for and production of coalbed methane.  Headquartered in
 Denver, Colorado, Tipperary owns 90% of Queensland, Australia-based Tipperary
 Oil & Gas (Australia) Pty Ltd.  This subsidiary holds a 62.25% interest in
 southeastern Queensland's Comet Ridge coalbed methane project and other
 exploration permits in Queensland.  Domestically, Tipperary holds a 49%
 interest in the Hanna Draw coalbed methane exploration project in Wyoming and
 approximately 68,000 net undeveloped acres in Moffat County, Colorado.
 
     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
 Corporation 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-KSB for the transition period ended
 December 31, 2000, for meaningful cautionary language disclosing why actual
 results may vary materially from those anticipated by management.
 
 
     EARNINGS RECAP
 
                                                       Three Months Ended
                                                           December 31,
 
                                                       2000          1999
 
     Revenue                                         $864,000     $2,919,000
     Net income (loss)                             (1,120,000)        (1,000)
     Net income (loss) per common share                $(.05)         $(.00)
     Weighted average shares
      outstanding -- basic and diluted             24,471,000     15,436,000
 
 
     OPERATING DATA
 
                                                       Three Months Ended
                                                           December 31,
 
                                                        2000           1999
     United States
     Net oil production (barrels)                       3,000         83,000
     Net gas production (Mcf)                          31,000        279,000
     Avg. oil price per barrel                         $30.33         $21.52
     Avg. gas price per Mcf                             $5.75          $2.38
 
     Australia
     Net gas production (Mcf)                         466,000        316,000
     Avg. gas price per Mcf (US$)                       $1.13          $1.34
 
 SOURCE  Tipperary Corporation