0000928385-03-000861 Sample Contracts

Contract
Tipperary Corp • March 26th, 2003 • Crude petroleum & natural gas • Texas

This Warrant and the rights represented hereby shall not be transferable at any time unless (i) a registration statement under the Securities Act of 1933, as amended, shall be in effect with respect to this Warrant or the Shares issuable hereunder at such time, or (ii) the transfer is made in compliance with the provisions of Section 5.

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STRICTLY CONFIDENTIAL - Tipperary Oil & Gas (Australia) Pty Ltd and Origin Energy Retail Limited Gas Supply Term Sheet
Tipperary Corp • March 26th, 2003 • Crude petroleum & natural gas • Queensland

* Material has been omitted pursuant to a request for confidential treatment, and such material has been filed separately with the Securities and Exchange Commission.

THIRD AMENDMENT TO GAS SALES AGREEMENT
Gas Sales Agreement • March 26th, 2003 • Tipperary Corp • Crude petroleum & natural gas

This Third Amendment to Gas Sales Agreement (“Amendment”) is executed as of January 1, 2003, by Tipperary Oil & Gas (Australia) Pty Ltd (ACN 077 536 871) of GPO Box 1100, Brisbane, Queensland, Australia 4001 (“Seller”), and QUEENSLAND FERTILISER ASSETS LIMITED (ACN 011 062 294) of 76 Arthur Street, Roma, Queensland, Australia (“Buyer”).

EMPLOYMENT AND CONFIDENTIALITY AGREEMENT
Employment and Confidentiality Agreement • March 26th, 2003 • Tipperary Corp • Crude petroleum & natural gas • Colorado

This Employment Agreement (this “Agreement”) is made between TIPPERARY CORPORATION, a Colorado corporation, with its principal place of business at 633 Seventeenth Street, Suite 1550, Denver, Colorado 80202 (the “Company”) and KENNETH L. ANCELL, residing at 8848 Cedarspur, Houston, Texas 77055 (“Executive”).

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