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
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 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*
OBOURN JEFF T
(Last) (First) (Middle)
633 SEVENTEENTH STREET, SUITE 1550
(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)
Director 10% Owner
X Officer (give title below) Other (specify below)
Senior Vice President
3. Date of Earliest Transaction (Month/Day/Year)
01/22/2004
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 01/22/2004 M 15,000 A $2.75 95,814 D
TPY Common Stock, $.02 par value 01/22/2004 S 100 D $3.48 95,714 D
TPY Common Stock, $.02 par value 01/22/2004 S 14,900 D $3.4 80,814 D
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 1987 Employee Stock Option Plan $2.75 01/22/2004 M 15,000 01/25/1994(1) 01/25/2004 Common Stock 15,000 $0 0 D
Options from 1987 Employee Stock Option Plan $4.75 10/13/1995(2) 10/13/2005 Common Stock 10,000 10,000 D
Options from 1987 Employee Stock Option Plan $4.63 01/24/1996(3) 01/24/2006 Common Stock 40,000 40,000 D
Options from 1987 Employee Stock Option Plan $3.63 10/09/1996(4) 10/09/2006 Common Stock 20,000 20,000 D
Options from 1997 Long-Term Incentive Plan $4.38 10/01/1997(5) 10/01/2007 Common Stock 25,000 25,000 D
Options from 1997 Long-Term Incentive Plan $2.5 10/01/1998(6) 10/01/2008 Common Stock 20,000 20,000 D
Options from 1997 Long-Term Incentive Plan $1.5 09/24/1999(7) 09/24/2009 Common Stock 20,000 20,000 D
TPY Warrants $3.75 01/30/2001(8) (9) Common Stock 50,000 50,000 D
TPY Warrants $1.81 02/03/2003(10) (9) Common Stock 20,000 20,000 D
Explanation of Responses:
1. The options became exercisable as follows: 5,000 options on January 25, 1995; 5,000 options on January 25, 1996; and 5,000 options on January 25, 1997.
2. The options became exercisable as follows: 3,334 options on October 13, 1996; 3,333 options on October 13, 1997; and 3,333 options on October 13, 1998.
3. The options became exercisable as follows: 13,334 options on January 24, 1997; 13,333 options on January 24, 1998; and 13,333 options on January 24, 1999.
4. The options became exercisable as follows: 6,667 options on October 9, 1997; 6,667 options on October 9, 1998; and 6,666 options on October 9, 1999.
5. The options became exercisable as follows: 8,334 options on October 1, 1998; 8,333 options on October 1, 1999; and 8,333 options on October 1, 2000.
6. The options became exercisable as follows: 6,667 options on October 1, 1999; 6,667 options on October 1, 2000; and 6,666 options on October 1, 2001.
7. The options became exercisable as follows: 6,667 options on September 24, 2000; 6,667 options on September 24, 2001; and 6,666 options on September 24, 2002.
8. The warrants became and will become exercisable as follows: 16,667 warrants on January 30, 2002; 16,667 warrants on January 30, 2003; and 16,666 options on January 30, 2004.
9. Warrants expire two years following termination of employment
10. The warrants become exercisable as follows: 6,667 warrants on February 3, 2004; 6,667 warrants on February 3, 2005; and 6,666 options on February 3, 2006.
/s/ Jeff T. Obourn 01/23/2004
** 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).
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