Document:

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                           REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (the "Agreement") is entered into as of
February 11, 2000, by and between Tipperary Corporation, its successors and
assigns (the "Company"), and W. D. Kennedy (the "Holder").

     WHEREAS, this Agreement is made in connection with the sale to Holder of
three hundred seventy five thousand (375,000) shares of the common stock of the
Company (the "Shares") pursuant to that certain Purchase and Sale Agreement
effective as of January 1,  2000 (the "Purchase and Sale Agreement"), the terms
of which require the Company to provide Holder certain registration rights with
respect to the Shares.

     NOW THEREFORE, THE COMPANY AND THE HOLDER AGREE AS FOLLOWS:

                                     ARTICLE I

                                REGISTRATION RIGHTS

     Section 1.01.  CERTAIN DEFINITIONS.     In addition to the other terms
defined elsewhere in this Agreement, as used in this Agreement, the following
terms shall have the following respective meanings:

     (a)  "COMMISSION" shall mean the Securities and Exchange Commission or any
other federal agency administering the Securities Act.

     (b)  "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended, or any similar federal statute and the rules and regulations
thereunder, all as the same shall be in effect at the relevant times hereunder.

     (c)  "SECURITIES ACT" shall mean the Securities Act of 1933, as amended, or
any similar federal statute and the rules and regulations thereunder, all as the
same shall be in effect at the relevant times hereunder.

     (d)  "REGISTRABLE SECURITIES" means any of the following shares which have
not been sold to the public or which have not lost their registration rights as
provided herein:  (i) the Shares and (ii) any shares of Common Stock of the
Company, and any securities of the Company or any other corporation, issued as a
dividend or other distribution with respect to or in replacement of or exchange
for the Shares.

     (e)  The terms "REGISTER," "REGISTERED" and "REGISTRATION" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act, and the declaration or ordering of the
effectiveness of such registration statement.

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     (f)  "REGISTRATION EXPENSES" shall mean all expenses incurred by the
Company in complying with Article I hereof, including, without limitation, all
registration, qualification and filing fees, printing expenses, fees and
disbursements of counsel for the Company, blue sky fees and expenses, the
expenses related to listing the Registrable Shares for trading on the same
market as the Company's common stock, and the expense of any audits incident to
or required by any such registration, but excluding the compensation of regular
employees of the Company which shall be paid in any event by the Company and
excluding the fees and expenses of legal counsel for the Holder.

     (g)  "SELLING EXPENSES" shall mean all underwriting discounts and selling
commissions applicable to the sale of the Registrable Securities and all fees
and expenses of legal counsel for the Holder.

     Section 1.02.  REGISTRATION OF REGISTRABLE SECURITIES.

     (a)  DEMAND REGISTRATION.     The Company will file a registration
statement with the Commission with respect to the Registrable Securities if the
Company receives a written request from the Holder, or if rights hereunder are
transferred pursuant to Section 1.09 hereof, the Holders of a majority of the
Registrable Securities, at any time up to three years after the date of this
Agreement, provided that initial request shall be for a minimum of 150,000
Shares.  The Company will, as soon as practicable, use its diligent efforts to
effect such registration as would permit the sale of all or such portion of such
Registrable Securities as are specified in such request.  No additional request
may be made within six months of the expiration date of effectiveness of the
registration statement relating to the initial registration request.

     The Company will not be obligated to take any action pursuant to this
Section 1.02:

     (A)  After the Company has effected two such registrations pursuant to this
          Section 1.02 and such registrations have been declared or ordered
          effective; and

     (B)  During the period starting with the date 60 days prior to the
          Company's good faith estimate of the date of filing of, and ending on
          a date 180 days after the effective date of, a registration for a
          registered public offering of the Company's common stock by the
          Company involving an underwriting; provided the Company is actively
          employing in good faith all reasonable efforts to cause such
          registration statement to become effective.

     Subject to the foregoing clauses (A) and (B), the Company shall file a
registration statement covering the Registrable Securities so requested to be
registered as soon as practicable, but no later than 45 days after receipt of
the request or requests of the Holder; provided, however, that if (i) in the
good faith judgment of the Board of Directors of the Company, such registration
would be seriously detrimental to the Company and the

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Board of Directors concludes, as a result, that it is essential to defer the
filing of such registration statement at such time, and (ii) the Company shall
furnish to the Holder  a certificate signed by the President of the Company
stating that in the good faith judgment of the Board of Directors of the
Company, it would be seriously detrimental to the Company for such registration
to be filed in the near future and that it is, therefore, essential to deter the
filing of such registration statement, then the Company shall have the right to
defer such filing for the period during which such disclosure would be seriously
detrimental; provided, that the Company may not defer the filing for a period of
more than 100 days after receipt of the request of the Holder, and , further
provided, the Company shall not defer its obligation in this matter more than
once in any 12 month period.

     If the Holder chooses to sell the Registrable Securities in an underwritten
offering, the Holder shall select the underwriter.  The registration statement
filed pursuant to the request of the Holder may include other securities of the
Company and may include securities of the Company being sold for the account of
the Company or others only to the extent the underwriter determines, in its
reasonable judgment, that the addition of such securities would not adversely
effect the offering.

     (b)  PIGGYBACK REGISTRATION RIGHTS.

          (i)  If the Company at any time proposes to register any of its Common
               Stock under the Securities Act (other than registrations on Forms
               S-4 or S-8 or any successor forms thereto or registrations of
               securities in connection with a Rule 145 transaction), whether of
               its own accord or at the request of an holder or holders of its
               securities it shall each such time promptly give written notice
               to all Holders of its intention to do so.

          (ii) Upon the written request of a Holder delivered to the Company
               within 10 business days after receipt of any such notice, the
               Company shall use its best efforts (subject to the provisions of
               this Section 1.02(b)) to cause all Registrable Securities, the
               Holders of which shall have so requested registration thereof, to
               be registered under the Securities Act, all to the extent
               requisite to permit the sale or other disposition by the Holder
               of such Registrable Securities; provided however, the Company may
               elect not to file a registration statement pursuant to this
               Section 1.02(b) at any time prior to the effective date thereof.

         (iii) If the lead managing underwriter for the respective offering
               advises that marketing factors require the exclusion from such
               registration of some or all of the Registrable Securities sought
               to be registered by the Holder or that the total number of
               securities to be registered by the Holder should be limited due
               to marketing factors, the number of

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               Registrable Securities sought to be registered by such Holder and
               such other selling shareholders shall be reduced pro rata.

     (c)  REGISTRATION STATEMENT FORM.  The Company may, if permitted by law,
effect the registration pursuant to this Section 1.02 by filing a registration
statement on Form S-3 or any successor or similar short form registration
statement (or Form S-1 if Form S-3 is not available).  The Company may effect
the registration by filing a self registration statement with the Commission
pursuant to Rule 415 under the Securities Act covering the Registrable
Securities.

     Section 1.03.  EXPENSES OF REGISTRATION.     All Registration Expenses
incurred in connection with any registration, qualification or compliance
pursuant to Section 1.02 shall be borne by the Company.  Unless otherwise
stated, all Selling Expenses relating to securities registered on behalf of the
Holder shall be borne by the Holder.

     Section 1.04.  REGISTRATION PROCEDURES.  The Company will:

     (a)  use its best efforts to cause the registration statement filed
pursuant to Section 1.02 to become and remain effective for the lesser of (i)
one year, (ii) the period of time after which restrictions on sales of
securities by persons other than affiliates pursuant to Commission Rule 144(k)
(or any successor provision) terminate, or (iii) until the Holder no longer owns
any of the Registrable Securities;

     (b)  prepare and file with the Commission such amendments to such
registration statement and supplements to the prospectus contained therein as
may be necessary to keep such registration statement effective for the periods
set forth in Section 1.04(a);

     (c)  furnish to the Holder such reasonable number of copies of the
registration statement, preliminary prospectus, final prospectus and such other
documents as the Holder may reasonably request to facilitate the public offering
of the Registrable Securities;

     (d)  use its diligent good faith efforts to register or qualify the
Registrable Securities covered by such registration statement under such state
securities or Blue Sky laws of such jurisdictions as the Holder may reasonably
request, provided the Company shall be obligated to take any action to effect
any such registration or qualification pursuant to this Section 1.04(d) in any
particular jurisdiction in which the Company would be required to execute a
general consent to service of  process in effecting such registration or
qualification unless the Company is already subject to service in such
jurisdiction and except as may be required by the Securities Act;

     (e)  notify counsel for the Holder. promptly after it shall receive notice
thereof, of the time when such registration statement has become effective under
the Securities Act or a supplement to any prospectus forming a part of such
registration statement has been filed;

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     (f)  notify counsel for the Holder promptly of any request by the
Commission for the amending or supplementing of such registration statement or
prospectus or for additional information;

     (g)  prepare and file with the Commission, promptly upon the request of the
Holder, any amendments or supplements to such registration statement or
prospectus which, in the opinion of counsel for the Holder (and reasonably
concurred by counsel for the Company), is required under the Securities Act or
the rules and regulations thereunder in connection with the distribution of the
Registrable Securities;

     (h)  prepare and promptly file with the Commission and promptly notify
counsel for the Holder of the filing of such amendment or supplement to any such
registration statement or prospectus as may be necessary to correct any
statements or omissions if, at the time when a prospectus relating to the
Registrable Securities is required to be delivered under the Securities Act, any
event shall have occurred as the result of which any such prospectus or any
other prospectus as then in effect would include an untrue statement of a
material fact or omit to state any material fact necessary to make the
statements therein, in the light of the circumstances in which they were made,
not misleading;

     (i)  advise counsel for the Holder, promptly after it shall receive notice
or obtain knowledge thereof, of the issuance of any stop order by the Commission
suspending the effectiveness of such registration statement under the Securities
Act or the initiation or threatening of any proceeding for such purpose, and
promptly use its best efforts to prevent the issuance of any stop order or to
obtain its withdrawal if such stop order should be issued, with it being
provided further that the effective requirements for the registration statement
referred to in Section 1.04(a) will be extended for any such time as there shall
exist any stop order in respect of the registration statement; and

     (j)  not file any amendment or supplement to such registration statement or
prospectus if, in the opinion of counsel for the Holder, such amendment or
supplement does not comply in all material respects with the requirements of the
Securities Act or the rules and regulations thereunder, after having been
furnished with a copy substantially in the form thereof at least two business
days before the filing thereof; provided, however, that if in the opinion of
counsel for the Company the filing of such amendment or supplement is reasonably
necessary to protect the Company from any liabilities under any applicable
federal or state law and such filing will not violate applicable law, the
Company may make such filings.

     Section 1.05.  INDEMNIFICATION.

     (a)  The Company will indemnify, hold harmless and defend the Holder, its
officers, directors, partners, legal counsel and accountants, each underwriter
of the Registrable Securities and each person who controls a Holder or any such
underwriter

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within the meaning of Section 15 of the Securities Act, against any and all
expenses, claims, losses, damages and liabilities (or actions in respect
thereof), including any of the foregoing incurred in settlement of any
litigation, commenced or threatened, arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any
registration statement, prospectus, offering circular or other document, or any
amendment or supplement thereof, incident to any registration or qualification
of the Registrable Securities, or which arise out of or are based on any
omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading, or any violation by the
Company of any other rule or regulation promulgated under the Securities Act or
any state securities laws applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration,
qualification or compliance, and will reimburse each such indemnified party for
any legal and any other expenses reasonably incurred by them in connection with
investigating, preparing or defending any such claim, loss, damage, liability or
action, provided that the Company will not be liable, in any such case to the
extent that any such claim, loss, damage, liability or expense arises out of or
is based on any untrue statement or omission, made in reliance upon and in
conformity with written information furnished to the Company by the Holder or
such underwriter, as the case may be, for the specific purpose of including such
information in such registration statement, prospectus or other document.

     (b)  The Holder will, if Registrable Securities held by the Holder are
included in the securities as to which such registration, qualification or
compliance is being effected, indemnify the Company, and each of its officers,
directors, legal counsel and accountants, and each person who controls the
Company with the meaning of Section 15 of the Securities Act, against all
claims, losses, damages and liabilities (or action in respect thereof) arising
out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any such registration statement, prospectus, offering
circular or other document, or any omission (or alleged omission) to state
therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse each such indemnified
person for any legal or any other expenses reasonably incurred by them in
connection with investigating, preparing or defending any such claims, loss,
damage, liability or action, in each case to the extent, but only to the extent,
that such untrue statement (or alleged omission) was contained in written
information furnished to the Company by the Holder for the specific purpose of
including such information in such registration statement, prospectus or other
document.

     (c)  Each person to be indemnified pursuant to this Section 1.05 (the
"Indemnified Party") will, promptly after its receipt of written notice of the
commencement of any action against such Indemnified Party in respect of which
indemnity may be sought from an indemnifying person this Section 1.05 (the
"Indemnifying Party") notify the Indemnifying Party in writing of the
commencement thereof; provided, however, that the failure of any person to give
notice as provided herein shall not relieve the Indemnifying Party of its
obligations under this Agreement

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except to the extent that such Indemnifying Party is actually prejudiced by such
failure to give notice.  If any such action shall be brought against any
Indemnified Party and it shall notify an Indemnifying Party of the commencement
thereof, the Indemnifying Party will be entitled to participate therein and, to
the extent it may desire, jointly with any other Indemnifying Party similarly
notified, to assume the defense thereof, the Indemnifying Party will not be
liable to such Indemnified party under this Section 1.05 for any legal or other
expenses subsequently incurred by such Indemnified Party in connection with the
defense thereof other than reasonable costs of investigation unless (i) the
Indemnified Party shall have employed counsel in an action in which the
Indemnified Party and Indemnifying Party are both defendants and there is a
conflict of interest between such parties that would prevent counsel from
adequately representing both parties, (ii) the Indemnifying Party shall not have
employed counsel satisfactory within the exercise of reasonable judgment of the
Indemnified Party to represent the Indemnified party within a reasonable time
after the notice of the commencement of the action or (iii) the Indemnifying
Party has authorized the employment of counsel for the Indemnified Party at the
expense of the Indemnifying Party.  The undertaking contained in this Section
1.05 shall be in addition to any liabilities which the Indemnifying Party may
have pursuant to law.

     (d)  If the indemnification provided for in this Section 1.05 is held by a
court of competent jurisdiction to be unavailable to an Indemnified Party with
respect to any loss, liability, claim, damage or expense referred to therein,
then the Indemnifying Party, in lieu of indemnifying such Indemnified Party
thereunder, shall contribute to the amount paid or payable by such Indemnified
Party as a result of such loss, liability, claim, damage or expense in such
proportion as is appropriate to reflect the relative fault of the Indemnifying
Party on the one hand and of the Indemnified Party on the other in connection
with the statements, actions or omission which resulted in such loss, liability,
claim, damage or expense as well as any other relevant equitable considerations.
The relative fault of the Indemnifying Party and of the Indemnified Party shall
be determined reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission to state a material fact
relates to information supplied by the Indemnifying Party or by the Indemnified
Party and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.

     Section 1.06.  LOCKUP AGREEMENT.   In consideration for the Company
agreeing to its obligations under this Article I, the Holder agrees in
connection with any firmly underwritten public offering of the Company's Common
Stock, upon request of the underwriters managing such offering, not to sell,
make any short sale of, loan, grant any option for the purchase of, or otherwise
dispose of an Registrable Securities without the prior written consent of such
underwriters for such period of time from the effective date of such
registration the underwriters may specify, but not to exceed 180 days; provided,
however, that the Holder shall have no obligation to enter into the agreement
described herein unless executive officers and directors of the Company and all
other holders of more than 5% of the Company's outstanding Common Stock enter
into similar

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agreements.  Notwithstanding any provision in this Agreement to the contrary,
Holder shall not be required to agree to any of the foregoing lockup provisions
of this Section 1.06 after two years from the date hereof.

     Section 1.07   INFORMATION BY HOLDER.   The Holder shall furnish to the
Company such information regarding the Holder and the distribution of proceeds
by the Holder as the Company may request in writing and as shall be required in
connection with an registration, qualification or compliance referred to in
Section 1.02 of this Agreement.

     Section 1.08   RULE 144 REPORTING. With a view to making available to the
Holder the benefits of certain rules and regulations of the Commission which at
any time permit the sale of the Registrable Securities to the public without
registration, the Company agrees to:

     (a)  make and keep public information available, as those terms are
understood and defined in Rule 144 under the Securities Act;

     (b)  file with the commission in a timely manner all reports and other
documents required of the Company under the Securities Act and Exchange Act; and

     (c)  so long as any Holder owns any unregistered Registrable Securities,
furnish to the Holder forthwith upon request a written statement by the Company
as to its compliance with the reporting requirements of said Rule 144 and of the
Securities Act and Exchange Act, a copy of the most recent annual or quarterly
report of the Company and such other reports and documents of the Company as the
Holder may reasonably request in availing Holder of any rule or regulation of
the Commission allowing the sale of any such securities without registration.

     Section 1.09.  TRANSFER OF REGISTRATION RIGHTS.   The rights of the Holder
to have the Company register the Registrable Securities granted to the Holder by
the Company under this Agreement may be assigned by the Holder to not more than
five transferees or assignees of any of the Holder's Registrable Securities,
provided that the Company is given written notice by the Holder at the time of
or within a reasonable time after said transfer, stating the name and address of
said transferee or assignee and identifying the securities with respect to which
such registration rights are being assigned, provided that no such assignment
shall increase the number of registrations that the Company may be required to
effect under this Agreement.  Any person who, in accordance with the provisions
of this Section 1.09, becomes a transferee or assignee of any of the Registrable
Securities shall, upon agreeing in writing to be bound by the terms of this
Agreement, be included in the terms "Holder" and "Holder" so long as such person
holds such Registrable Securities and shall be entitled to take benefits of this
Agreement; provided, however, that any action by the "Holder" hereunder shall
require the consent of such persons holding a majority of the Registrable
Securities.

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                                     ARTICLE II

                                   MISCELLANEOUS

     Section 201.   AMENDMENT.     Any modification, amendment or waiver of this
Agreement or any provision hereof shall be effective only if in writing and
executed by the Holder and the Company.

     Section 2.02.  GOVERNING LAW. This Agreement shall be governed in all
respects by the laws of the State of Texas without regard to its conflicts of
law principles.

     Section 2.03.  SUCCESSORS AND ASSIGNS.  Except as otherwise expressly
provided herein, the provisions hereof shall inure to the benefit of, and be
binding upon, the successors, assigns, heirs, executors and administrators of
the parties hereto.

     Section 2.04.  NOTICES.  All notices, requests, demands, consents, and
other communications hereunder shall be transmitted in writing and shall be
deemed to have been duly given when hand-delivered or sent by certified mail,
postage prepaid, with return receipt requested, addressed to the parties as
follows:  to Tipperary at First Interstate Tower North, 633 Seventeenth Street,
Suite 1550, Denver, Colorado 80202;  and to Holder as follows:  W. D. Kennedy,
550 West Texas Avenue, Suite 1225, Midland, Texas 79701.  Any party may change
its address for purposes of this Section by giving written notice as provided
herein.

     Section 2.05.  SEVERABILITY.  If any provision of this Agreement shall be
judicially determined to be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions of this Agreement shall
not in any way be affected or impaired.

     Section 2.06.  ENTIRE AGREEMENT.   This Agreement constitutes the full and
entire understanding and agreement between the parties with regard to the
subject matter hereof.

     Section 2.07.  COUNTERPARTS.  This Agreement may be executed in any number
of counterparts, each of which shall be an original, but all of which together
shall constitute one instrument.

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     IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
by their respective representatives thereunto duly authorized as of the date
first above written.

     TIPPERARY CORPORATION

     By: /s/ David L. Bradshaw
        ---------------------------------
        David L. Bradshaw President and
        Chairman of the Board

     HOLDER

     /s/ W. D. Kennedy
     ------------------------------------
     W. D. Kennedy

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                            REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this "Agreement") is made this 9th day
of February, 2000, by and between Tipperary Corporation, a Texas corporation
(the "Company"), whose principal place of business is 633 Seventeenth Street,
Suite 1550, Denver, Colorado 80202, and James H. Marshall, an individual (the
"Holder"), located at 27261 Lakeway Court, Bonita Springs, FL 34134.

     WHEREAS, the parties have entered into a Subscription Agreement of even
date herewith (the "Subscription Agreement") under which the Holder is
purchasing from the Company 759,494 shares of the Company's Common Stock, $.02
par value (the "Stock"); and

     NOW THEREFORE, in consideration of the mutual promises and covenants
contained herein and in the Subscription Agreement, the parties hereto agree as
follows:

     1.   REGISTRATION RIGHTS OF SUBSEQUENT HOLDERS.  This Agreement shall be
deemed to be assigned by the Holder or any subsequent holder to each transferee
of shares of the Stock; provided, however, that no such assignment shall be
deemed to have occurred unless and until the transfer of the shares of such
Stock is registered on the books of the Company.  Each Holder shall provide a
copy of this Agreement to each transferee of any shares of the Stock.

     2.   DEMAND REGISTRATION RIGHTS.

     (a)  The Holders who, in the aggregate, own a majority of the total number
of shares of Stock set forth above may request that the Company prepare and file
a registration statement under the Securities Act to permit the public offering
and sale of the Stock on one occasion.  Such registration requested pursuant to
this Section 2 shall be referred to as the "Demand Registration."  The Company
shall within 10 days thereafter give written notice to all Holders which do not
request the Demand Registration, and each such Holder shall, within 30 days
thereafter, provide a written request to the Company as to those shares which it
desires to include in such registration.  The Company shall use its best efforts
to cause all of the shares of Stock held by the Holder to be registered under
the Securities Act, all to the extent requisite to permit the sale or other
disposition (in accordance with the intended methods thereof as aforesaid) by
the Holders of such shares; provided, however, that no such request need be
honored by the Company if all Holders making the request for the Demand
Registration hold less that 100,000 shares.

     (b)  The Demand Registration shall not be deemed to have been effected if
(i) such registration statement, after it has become effective, is the subject
of any stop order, injunction or other order or requirement of the SEC or other
governmental agency or court for any reason not solely attributable to the
selling Holders, (ii) the conditions to closing specified in the purchase
agreement or underwriting agreement entered into in connection with such
registration statement are not satisfied, other than by reason of a failure on
the part of the selling Holders, or (iii) the Holders are not able to register
and sell all of the shares requested to be included in such registration.

     (c)  With respect to the Demand Registration, an investment banker or
investment bankers that may be chosen to manage the offering will be selected by
the Holders of at least a majority of the shares included in such offering;
provided that the selection of any such investment banker or investment bankers
is subject to consent by the Company, which consent shall not be unreasonably
withheld.

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     (d)  Any securities to be included in the Demand Registration shall be
reduced to the extent determined necessary by the managing underwriter of such
offering if such managing underwriter shall have advised the selling Holders in
writing (with a copy to the Company) that, in their opinion, the number of
securities requested to be included in such registration exceeds the number
which can be sold within a price range acceptable to the selling Holders of a
majority of the shares requested to be included in such registration.  If no
such notice or letter is provided, the Company may include Common Stock for its
own account or for the account of other shareholders of the Company, if and to
the extent consented to by the Holders of at least a majority of the shares
included in such offering.

     (e)  The Company, if requested by at least a majority of the shares to be
included in the Demand Registration, (i) shall agree not to, and shall cause its
executive officers and directors not to, effect any public sale or distribution
of its Common Stock or similar securities or securities convertible into, or
exchangeable or exercisable for, Common Stock during the 180-day period
following the effective date of a registration statement relating to a public
offering of shares if the managing underwriter or underwriters determine such
public sale or distribution would have a material adverse effect on such
offering and (ii) shall (x) cause each securityholder of the Company's privately
placed equity securities issued in connection with a financing transaction
involving at least 5% of the Company's then outstanding equity securities at any
time after the date hereof and (y) use its reasonable best efforts to cause each
other securityholder of the Company owning at least 10% of the Company's then
outstanding equity securities (other than a securityholder permitted to file a
Schedule 13G under the Securities Exchange Act of 1934, as amended (the
"Exchange Act")) to agree not to effect a public sale or distribution of the
Common Stock during the 180-day period following the effective date of a
registration statement relating to a public offering of the shares if the
managing underwriter or underwriters determine such public sale or distribution
would have a material adverse effect on such offering.

     3.   PIGGYBACK REGISTRATION RIGHTS.  If the Company at any time proposes to
register any issuance of its securities under the Securities Act (other than a
registration on Form S-8 in connection with an employee stock purchase or option
plan or on Form S-4 in connection with mergers, acquisitions or exchange
offerings), the Company will at such time give prompt written notice to the
Holders of its intention to do so.  Upon the written request of a Holder, given
within 30 days after receipt of any such notice (which request shall state the
intended method of disposition of the shares to be transferred by the Holder),
the Company shall use its best efforts to cause all of the shares of Stock held
by the Holder to be registered under the Securities Act, all to the extent
requisite to permit the sale or other disposition (in accordance with the
intended method thereof as aforesaid) by the Holder of such shares; provided,
however, that no such request need be honored by the Company if all Holders
making such a request hold less that 100,000 shares.  The rights granted
pursuant to this Section 3 shall not be effective with respect to the Holder in
the case of an underwritten public offering of securities of the Company by the
Company unless the Holder agrees to the terms and conditions, including
underwriting discounts and allowances, specified by the managing underwriter of
such offering with respect to such shares.  The Company shall have the right to
reduce the number of shares of the Holder to be included in a registration
statement pursuant to the exercise of the rights granted by this Section 3 if,
and to the extent that, the managing underwriter of such offering is of the good
faith opinion, supported by written reasons therefor that the inclusion of such
shares would materially adversely affect the marketing of the securities of the
Company to be offered.

                                        -2-

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     4.   REGISTRATION PROCEDURE.  If and whenever the Company is required by
the provisions of the Section 2 or 3 to use its best efforts to effect the
registration of any transfer of shares of Stock under the Securities Act, the
Company will, as expeditiously as possible,

     (a)  prepare and file with the Commission a registration statement with
respect to such transfer and use its best efforts to cause such registration
statement to become and remain effective, but not for any period longer than
nine months;

     (b)  prepare and file with the Commission such amendments and supplements
to such registration statement and the prospectus used in connection therewith
as may be necessary to keep such registration statement effective, and to comply
with the provisions of the Securities Act with respect to the transfer of all
securities covered by such registration statement, including, without
limitation, taking all necessary actions whenever the Holder, with respect to
such shares covered by such registration statement, shall desire to dispose of
the same;

     (c)  furnish to the Holders such number of copies of a prospectus,
including a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents, as the Holders may reasonably request
in order to facilitate the disposition of the shares owned by the Holders and
covered by such registration statement;

     (d)  use its best efforts to register or qualify the securities covered by
such registration statement under such other securities or blue sky laws of such
jurisdictions as the Holders shall request, and use its best efforts to do any
and all other acts and things which may be reasonably necessary to enable the
Holders to consummate the disposition in such jurisdiction of the shares owned
by the Holders and covered by such registration statement; provided that,
notwithstanding the foregoing, the Company shall not be required to register in
any jurisdiction as a broker or dealer of securities or to grant its consent to
service of process in any such jurisdiction solely on account of such intended
disposition by the Holders;

     (e)  furnish to the Holders a signed copy of an opinion of counsel for the
Company, in form and substance acceptable to the Holders, to the effect that:
(A) a registration statement covering such dispositions of shares has been filed
with the Commission under the Securities Act and has been made effective by
order of the Commission, (B) such registration statement and the prospectus
contained therein and any amendments or supplements thereto comply as to form in
all material respects with the requirements of the Securities Act, and nothing
has come to such counsel's attention which would cause him to believe that the
registration statement or such prospectus, amendment or supplement, at the time
such registration statement or amendment became effective or such supplement was
filed with the Commission, contained any untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein (in the case of such prospectus, amendment or
supplement, in the light of the circumstances under which they were made) not
misleading (provided that such counsel need not render any opinion with respect
to the financial statements and other financial, engineering and statistical
data included therein), and (C) to the best of such counsel's knowledge, no stop
order has been issued by the Commission suspending the effectiveness of such
registration statement and no proceedings for the issuance of such a stop order
are threatened or contemplated;

     (f)  furnish to the Holders a blue sky survey in the form and of the
substance customarily prepared by counsel for the Company and accepted by
sellers of securities in similar offerings, discussing

                                        -3-

<PAGE>

and describing the application provisions of the securities or blue sky laws of
each state or jurisdiction in which the Company shall be required, pursuant to
Section 4(d), to register or quality such intended dispositions of such shares,
or, in the event counsel for the underwriters in such offering shall be
preparing a blue sky survey, cause such counsel to furnish such survey to, and
to allow reliance thereon by, the Holders;

     (g)  otherwise use its best efforts to comply with all applicable rules and
regulations of the Commission under the Securities Act and the Exchange Act,
insofar as they relate to such registration and such registration statement;

     (g)  use its best efforts to list such shares on any securities exchange on
which any securities of the Company are then listed or to admit such shares for
trading in any national market system in which any securities of the Company are
then admitted for trading, if the listing or admission of such securities is
then permitted under the rules of such exchange or system; and

     (h)  notify each Holder, at any time when a prospectus relating to the
shares is required to be delivered under the Securities Act, of the happening of
any event as a result of which the prospectus included in such registration
statement contains an untrue statement of a material fact or omits any fact
necessary to make the statements therein not misleading, and, at the request of
any such Holder, the Company shall prepare a supplement or amendment to such
prospectus so that, as thereafter delivered to the purchasers of such shares,
such prospectus shall not contain an untrue statement of a material fact or omit
to state any fact necessary to make the statements therein not misleading.

     5.   EXPENSES OF REGISTRATION.  With respect to the registration by the
Company of transfers of shares of Stock under the Securities Act pursuant this
Agreement, the Company shall pay all expenses incurred by it (including, without
limitation, all registration and filing fees, printing expenses, blue sky fees
and expenses, costs and expenses of audits, and reasonable fees and
disbursements of counsel for the Company and one special counsel designated by
the Holders of a majority of the Shares to be registered, but specifically
excluding any underwriting discounts and allowances that are allocable to the
shares being sold by, and which shall be paid by, the Holders.

     6.   INFORMATION ON HOLDERS.  It shall be a condition precedent to the
obligations of the Company to take any action pursuant to Section 2, 3 or 4 that
the Holders shall furnish to the Company such written information regarding the
securities held by the Holders as the Company shall reasonably request and as
shall be required in connection with the action to be taken by the Company.

     7.   INDEMNIFICATION.

     (a)  In the event of any registration of any transfer of shares of Stock
under the Securities Act pursuant to Section 2 or 3, the Company will indemnify
and hold harmless the Holder, each of its officers, directors and partners, and
each other person, if any, who controls the Holder within the meaning of the
Securities Act, and each underwriter, if any, who participates in the offering
of such securities, against any losses, claims, damages or liabilities, or
actions in respect thereof, joint or several, to which the Holder and each
officer, director or partner, controlling person or underwriter may become
subject under the Securities Act or otherwise, insofar as such losses, claims,
damages or liabilities, or actions in respect thereof arise out of or are based
upon any untrue statement or alleged untrue statement of any material fact
contained, on the

                                        -4-

<PAGE>

effective date thereof, in any registration statement under which such transfer
of securities was registered under the Securities Act, any preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto, or arise out of or are based upon the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, or any violation by the Company of the
Securities Act, and will reimburse the Holder and each of its officers,
directors and partners, and each such controlling person or underwriter, for any
legal or any other expenses reasonably incurred by the Holder or its officers,
directors and partners or controlling persons or by each such underwriter, in
connection with investigating or defending any such loss, claim, damage,
liability or action; provided, however, that the Company will not be liable in
any such case to the extent that any such loss, claim, damage or liability
arises out of or is based upon an untrue statement or alleged untrue statement
or omission or alleged omission made in such registration statement, preliminary
prospectus or prospectus or such amendment or supplement in reliance upon and in
conformity with written information furnished to the Company through an
instrument duly executed by the Holder specifically for use in the preparation
thereof.  In the event of any registration by the Company or any transfer of
securities under the Securities Act pursuant to Section 2 or 3, the Holder will
indemnify and hold harmless the Company, each other person, if any, who controls
the Company within the meaning of the Securities Act and each officer and
director of the Company to the same extent that the Company agrees to indemnity
it, but only with respect to the written information relating to the Holder
furnished to the Company by the Holder specifically for use in such registration
statement; provided that the obligation to indemnify shall be individual, not
joint and several, for each Holder and shall be limited to the net amount of
proceeds received by such Holder from the sale of shares pursuant to such
registration statement.

     (b)  Each indemnified party shall, as promptly as practicable upon receipt
of notice of the commencement of any action against such indemnified party or
its officers, directors or partners, or any controlling person of such
indemnified party, in respect of which indemnity may be sought from an
indemnifying party on account of the indemnity agreement contained in Section
7(a), notify the indemnifying party in writing of the commencement thereof.  The
omission of such indemnified party to so notify the indemnifying party of any
such action shall not relieve the indemnifying party from any liability which it
may have on account of the indemnity agreement contained in Section 7(a) to the
extent that the failure to receive such notice within a reasonable period of
time shall not have caused harm, loss or damage to the indemnifying party,
provided that, conversely, if such failure to receive notice shall have caused
any harm, loss or damage to the indemnifying party, such failure shall
constitute a defense to any liability which such indemnifying party may have on
account of such agreement to the extent of the harm, loss or damage so caused.
In case any such action shall be brought against any indemnified party, its
officers, directors and partners, or any such controlling person, and such
indemnified party shall notify the indemnifying party of the commencement
thereof, the indemnifying party shall be entitled to participate in (and, to the
extent that the indemnifying party shall wish, to direct) the defense thereof at
the indemnifying party's own expense, in which event the defense shall be
conducted by recognized counsel chosen by the indemnifying party and approved by
the indemnified party (whose approval shall not unreasonably be withheld) and
the indemnified party may participate in such defense at its own expense (unless
it is advised by counsel that actual or potential differing interests or
defenses exist or may exist, in which case such expenses shall be paid by the
indemnifying party, provided that the indemnifying party shall not be required
to pay the expenses for more than one counsel for all such indemnified parties).

                                        -5-

<PAGE>

     8.   MISCELLANEOUS.

     8.1  GOVERNING LAW.  The provisions hereof will be construed in accordance
with the laws of the State of Texas.  The Company and the Holder hereby submit
to the jurisdiction of the state and federal courts located in Denver, Colorado
or Chicago, Illinois.

     8.2  INDEMNIFICATION.  The Holder agrees to indemnify and hold harmless the
Company and its officers, directors and persons who control the Company, from
and against all damages, losses, costs and expenses (including reasonable
attorneys' fees) which they may incur by reason of the failure of the Holder to
fulfill any of the terms or conditions of this Agreement.  The Company agrees to
indemnify and hold harmless the Holder and its officers, directors and persons
who control the Holder, from and against all damages, losses, costs and expenses
(including reasonable attorneys' fees) which they may incur by reason of the
failure of the Company to fulfill any of the terms or conditions of this
Agreement.

     8.3  ENTIRE AGREEMENT; AMENDMENT.  This Agreement constitutes the entire
understanding of the parties hereto and supersedes all prior agreements or
understandings with respect to the subject matter hereof.  This Agreement may
not be amended or modified except by an instrument in writing signed by the
party against whom enforcement is sought.

     8.4  SEVERABILITY.  The invalidity or unenforceability of any particular
provisions of this Agreement shall not affect the other provisions hereof, and
this Agreement shall be construed in all respects as if such invalid or
unenforceable provisions were omitted.

     8.5  HEADINGS.  The section headings contained herein are for convenience
only and are not intended to define or limit the contents of such sections.

     8.6  NEUTRAL INTERPRETATION.  This Agreement constitutes the product of the
negotiation of the parties hereto, and the enforcement hereof shall be
interpreted in a neutral manner, and not more strongly for or against any party
based upon the source of the draftsmanship hereof.

     8.7  COUNTERPARTS.  This Agreement may be executed in counterparts, which
shall be deemed to constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties have executed this Agreement the day and
year first above written.

TIPPERARY CORPORATION                   HOLDER

By: /s/ David L. Bradshaw               By:  /s/ James H. Marshall
   --------------------------------        ----------------------------------
   David L. Bradshaw, President and        James H. Marshall
   Chief Executive Officer

                                        -6-

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