0001047469-05-007665 Sample Contracts

EIGHTH AMENDMENT TO GAS SALES AGREEMENT
Gas Sales Agreement • March 24th, 2005 • Tipperary Corp • Crude petroleum & natural gas

This Eighth Amendment to Gas Sales Agreement ("Amendment") is executed as of September 30, 2004, 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").

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MR JEFFREY T. OBOURN EMPLOYMENT AND CONFIDENTIALITY AGREEMENT
Employment Agreement • March 24th, 2005 • Tipperary Corp • Crude petroleum & natural gas • Colorado

This Employment Agreement (this "Agreement") is made between TIPPERARY CORPORATION, a Texas Corporation, with its principal place of business at 633 Seventeenth Street, Suite 1550, Denver, Colorado 80202 (the "Company") and Jeffrey T. Obourn, residing at 5585 Cherryville Way, Greenwood Village, Colorado 80121 ("Executive").

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Credit Facility Agreement dated 21st March 2003 made between Slough Trading Estate Limited (the 'Lender') an English limited company, and Tipperary Corporation (the 'Borrower') a Texas, USA corporation.
Facility Agreement • March 24th, 2005 • Tipperary Corp • Crude petroleum & natural gas

We refer to the above facility which was used for 'Redeeming Promissory Notes issued to Slough Estates USA Inc. and for general corporate purposes' and confirm that the following terms be amended:

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HOULIHAN LOKEY HOWARD & ZUKIN LETTERHEAD]
Tipperary Corp • March 24th, 2005 • Crude petroleum & natural gas • New York

This letter confirms the understanding and agreement (the "Agreement") between Tipperary Corporation (together with its subsidiaries and affiliates, the "Company") and Houlihan Lokey Howard & Zukin Capital, Inc. ("Houlihan Lokey") as follows:

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Term Sheet between Tipperary Oil & Gas (Australia) Pty Ltd & Santos QNT Pty Ltd Santos Term Sheet
Tipperary Corp • March 24th, 2005 • Crude petroleum & natural gas
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TIPPERARY OIL & GAS (AUSTRALIA) PTY. LTD. (ABN 46 077 536 871) [LOGO] And ENERGEX RETAIL Pty Ltd (ABN 97 078 849 055) [LOGO] GAS SUPPLY AGREEMENT
Gas Sales Agreement • March 24th, 2005 • Tipperary Corp • Crude petroleum & natural gas • Queensland
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