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Exhibit 4.4    
    

This Promissory Note has not been registered under the Securities Act of 1933, as amended (the "Act"), or applicable state securities laws (the "State Acts"), and shall
not be sold, pledged, hypothecated, donated or otherwise transferred (whether or not for consideration) by the holder except upon the issuance to Tipperary Corporation of a favorable opinion of the
holder's counsel or submission to Tipperary Corporation of such other evidence as may be satisfactory to counsel to Tipperary Corporation, to the effect that any such transfer shall not be in
violation of the Act and the State Acts.

PROMISSORY NOTE  

	$5,000,000	 	Denver, Colorado

March 15, 2005

        Tipperary
Corporation, a Texas corporation ("Maker"), hereby promises to pay to the order of Slough Estates USA Inc., a Delaware corporation ("Lender"), at its office located at
444 North Michigan Avenue, Suite 3230, Chicago, Illinois 60611, or at any other place the holder hereafter designates, the principal sum of Five Million and No/100 Dollars ($5,000,000),
together with interest thereon in lawful money of the United States as herein provided. 

        1.     Interest. The unpaid principal balance of this Note shall bear interest on the amounts received, commencing on the
following dates: (i) the sum of One Million and No/100 Dollars ($1,000,000), received on July 29, 2002; (ii) the sum of Two Million and No/100 Dollars ($2,000,000), received on
October 30, 2002; (iii) the sum of One Million and No/100 Dollars ($1,000,000), received on November 18, 2002; (iv) the sum of Five Hundred Thousand and No/100 Dollars to
be received on March 19, 2005; and (v) the sum of Five Hundred Thousand and No/100 Dollars to be received on March 28, 2005. The applicable annual interest rate hereunder,
adjusted monthly, shall be the sum of (i) the one month London Interbank Offered Rate on the first day of each calendar month ("LIBOR") plus (ii) 3.5% per year until such date as the
unpaid principal balance of this Note becomes due and payable and (ii) 6.0% per year after such date as the unpaid principal balance of this Note becomes due and payable, whether
at maturity or pursuant to other default as provided hereunder. Each monthly interest payment shall be payable in arrears in calendar monthly installments, due and payable by the second business day
of the following calendar month. Interest shall be calculated based on the actual number of days the principal balance remains outstanding in a year of 365 days. 

        2.     Maturity. The unpaid principal balance of this Note, together with accrued and unpaid interest, shall be due and payable
on April 30, 2006. 

        3.     Prepayment. The unpaid principal balance of the Note, together with accrued and unpaid interest, may be paid in whole or
in part at any time in the sole discretion of Maker without penalty. Any prepayment in part by Maker shall be first allocated to any accrued and unpaid interest, with any remaining amount being
allocated to the unpaid principal. 

        4.     Default. If any of the following events occurs, all indebtedness owing by Maker hereunder shall become forthwith due and
payable to Lender, upon delivery by Lender to Maker of a written notice of default and demand for payment, and the expiration of the following periods from the delivery of such notice, during which
periods Maker shall have the ability to cure such default: (i) in the case of (a) below, ten days, (ii) in the case of (b), (c) or (d) below, 30 days
and, (iii) in the case of (e) below, 15 days, or, if it is not practicable for Maker to cure such default within said 15-day period and Maker is diligently proceeding
to cure such default, such time longer than 15 days as is reasonable for Maker to cure such default. 

        (a)   Any
default by Maker in the payment, when due, of any part of the principal of or interest on this Note and the payment of any other sums payable by Maker
pursuant to the terms of this Note. 

 

        (b)   The
insolvency or bankruptcy of Maker or any of its direct or indirect subsidiaries, the execution by Maker or any of its direct or indirect subsidiaries of an
assignment for the benefit of creditors of substantially all of the assets of Maker or any such direct or indirect subsidiary, or Maker's or any of its direct or indirect subsidiary's consent to the
appointment of a trustee or a receiver or other officer of a court or other tribunal. 

        (c)   The
appointment of a trustee or receiver or other officer of a court for Maker or any of its direct or indirect subsidiaries, or for a substantial part of their
properties, without the consent of Maker or of such direct or indirect subsidiary, where no discharge is effected within 30 days. 

        (d)   The
institution of bankruptcy, reorganization, insolvency, or liquidation proceedings by or against Maker or any of its direct or indirect subsidiaries, and if against
Maker or such a direct or indirect subsidiary, where such proceeding is consented to by Maker or such subsidiary or remains undismissed for 30 days. 

        (e)   Any
other breach or failure of Maker to perform any term or condition of this Note. 

        5.     Collection. Maker and all guarantors and endorsers of this Note shall pay all costs and expenses of collection and
enforcement of this Note, including reasonable attorneys' fees. 

        6.     Waiver. Demand, presentment for payment, notice of dishonor, protest and notice of protest are hereby waived. 

        7.     Proceeds. The proceeds from this Note have previously been advanced to Maker by Lender. 

        8.     Assignment. This Note may not be assigned by Lender or Maker without the express written consent of the other
party; provided, however, that Lender may assign this Note to any of its affiliates without such consent. Such an affiliate, for purposes of this Section 9, is any person of which Lender
owns directly or indirectly more than 50% of the voting equity interests, or such person as owns directly or indirectly more than 50% of the voting equity interests of Lender. 

        9.     Governing Law. This Note is made and is being executed in the State of Colorado, and the provisions hereof will be
construed in accordance with the laws of the State of Colorado. Furthermore, Lender and Maker (and their lawful assignees, successors and endorsers) further agree that in the event of default this
Note may be enforced in any court of competent jurisdiction in the States of Colorado or Illinois, and they do hereby submit to such jurisdiction in the States of Colorado or Illinois. 

        10.   Severability. Invalidation of any of the provisions of this Note shall not affect the remainder of this Note. 

        11.   Amendment. This Note may not be amended or modified except by an instrument in writing signed by both parties. 

	

 	
 	

TIPPERARY CORPORATION
	

 	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      
 David L. Bradshaw, President and

Chief Executive Officer

2

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Exhibit 4.5  

sloughestates
  International 

        Slough
Trading Estate Limited

234 Bath Road

Slough SL1 4EE 

        Tel:
+44 (0) 1753 537171

Fax: +44 (0) 1753 820585 

        www.sloughestates.com

 
 

Letter of Variation    
    

        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.

        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: 

	Amount:	 	The facility shall be increased from $US 8.5 Million to $US 11.5 Million on 25th November 2003

        All
other terms and conditions remain unchanged. 

	

Signed for and on behalf of	
 	

Signed for and on behalf of
	Slough Trading Estate Limited	 	Tipperary Corporation
	

By:	
 	

/s/  R. D. KINGSTON      
	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      

	Director	 	Director

 
sloughestates
  International 

        Slough
Trading Estate Limited

234 Bath Road

Slough SL1 4EE 

        Tel:
+44 (0) 1753 537171

Fax: +44 (0) 1753 820585 

        www.sloughestates.com 

Second Letter of Variation  

        Credit Facility Agreement dated 21st March 2003 and Letter of Variation dated 21st November 2003
between Slough Trading Estate Limited (the 'Lender') an English limited company, and Tipperary Corporation (the 'Borrower') a Texas, USA corporation.

        We
refer to the above facility and Letter of Variation 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: 

	Amount:	 	The facility shall be increased from $US 11.5 Million to $US 12 Million on 2nd July 2004

        All
other terms and conditions remain unchanged. 

	

Signed for and on behalf of	
 	

Signed for and on behalf of
	Slough Trading Estate Limited	 	Tipperary Corporation
	

By:	
 	

/s/  R. D. KINGSTON      
	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      

	Director	 	Director

2

 
sloughestates
  International 

        Slough
Trading Estate Limited

234 Bath Road

Slough SL1 4EE 

        Tel:
+44 (0) 1753 537171

Fax: +44 (0) 1753 820585 

        www.sloughestates.com 

Third Letter of Variation  

        Credit Facility Agreement dated 21st March 2003 and Letters of Variation dated 21 November 2003 and 1
July 2004 between Slough Trading Estate Limited (the 'Lender') an English limited company, and Tipperary Corporation (the 'Borrower') a Texas, USA corporation.

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

	Amount:	 	The facility shall be increased from $US 12 Million to $US 12.5 Million on 3rd August 2004

        All
other terms and conditions remain unchanged. 

	

Signed for and on behalf of	
 	

Signed for and on behalf of
	Slough Trading Estate Limited	 	Tipperary Corporation
	

By:	
 	

/s/  R. D. KINGSTON      
	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      

	Director	 	Director

3

 
sloughestates
  International 

        Slough
Trading Estate Limited

234 Bath Road

Slough SL1 4EE 

        Tel:
+44 (0) 1753 537171

Fax: +44 (0) 1753 820585 

        www.sloughestates.com 

Fourth Letter of Variation  

        Credit Facility Agreement dated 21st March 2003 and Letter of Variation dated 21 November 2003, 1
July 2004 and 3 August 2004 between Slough Trading Estate Limited (the 'Lender') an English limited company, and Tipperary Corporation (the 'Borrower') a Texas, USA
corporation.

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

	Amount:	 	The facility shall be increased from $US 12.5 Million to $US 13 Million on 3 September 2004

        All
other terms and conditions remain unchanged. 

	

Signed for and on behalf of	
 	

Signed for and on behalf of
	Slough Trading Estate Limited	 	Tipperary Corporation
	

By:	
 	

/s/  R. D. KINGSTON      
	
 	

By:	
 	

/s/  DAVID L. BRADSHAW      

	Director	 	Director

4

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Letter of Variation

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