SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BRADSHAW DAVID L (Last) (First) (Middle) 633 SEVENTEENTH STREET, SUITE 1800 (Street) DENVER CO 80202 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol TIPPERARY CORP [ TPY ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) Chief Executive Officer
	3. Date of Earliest Transaction (Month/Day/Year) 10/28/2005
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
TPY Common Stock, $.02 par value	10/28/2005		D		33,688	D	$7.43	0	D
TPY Common Stock, $.02 par value	10/28/2005		D		4,440	D	$7.43	0	I	Common Stock held by Spouse

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options from TPY 1987 Employee Stock Option Plan	$3.63	10/28/2005		D			25,000	10/09/1996(3)	10/09/2006	Common Stock	25,000	$7.43(4)	0	D
TPY Warrants	$4.63	10/28/2005		D			50,000	04/01/1996(3)	(1)	Common Stock	50,000	$7.43(4)	0	D
TPY Warrants	$4.25	10/28/2005		D			50,000	08/26/1997(3)	(1)	Common Stock	50,000	$7.43(4)	0	D
TPY Warrants	$1.5	10/28/2005		D			50,000	09/24/1999(3)	(1)	Common Stock	50,000	$7.43(4)	0	D
TPY Warrants	$1.5	10/28/2005		D			100,000	01/03/2000(3)	(1)	Common Stock	100,000	$7.43(4)	0	D
TPY Warrants	$1.81	10/28/2005		D			40,000	02/03/2003(3)	(1)	Common Stock	40,000	$7.43(4)	0	D
TPY Warrants	$2	10/28/2005		D			201,900	10/01/1990(3)	(2)	Common Stock	201,900	$7.43(4)	0	D
TPY Warrants	$4.95	10/28/2005		D			200,000	04/26/2005(3)	(1)	Common Stock	200,000	$7.43(4)	0	D

Explanation of Responses:

1. Warrants expire two years following termination of employment

2. Warrants expire six months following termination of employment

3. Derivative security vesting provisions accelerated with the merger transaction.

4. Cancellation of derivative security for consideration equal to the per share acquisition price paid by the acquiror as part of a merger and Section 13e going private transaction.

	/s/ David L. Bradshaw	10/28/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.