-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LILefzBYtkyy00YWXRM9lm/Rb8oik4UTTy4+gZyUWYJ1CcnujiGClSn6m+6kL2kn
 PMGQvsCzGq7XjRTNCltKIw==

<SEC-DOCUMENT>0001181431-05-023940.txt : 20050427
<SEC-HEADER>0001181431-05-023940.hdr.sgml : 20050427
<ACCEPTANCE-DATETIME>20050427182745
ACCESSION NUMBER:		0001181431-05-023940
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050426
FILED AS OF DATE:		20050427
DATE AS OF CHANGE:		20050427

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KRAMER DOUGLAS
		CENTRAL INDEX KEY:			0001239170

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-07796
		FILM NUMBER:		05777726

	MAIL ADDRESS:	
		STREET 1:		DRAPER & KRAMER
		STREET 2:		33 W MONROE
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60603

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TIPPERARY CORP
		CENTRAL INDEX KEY:			0000098410
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				751236955
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		633 17TH ST STE 1550
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		3032939379

	MAIL ADDRESS:	
		STREET 1:		633 SEVENTEENTH ST
		STREET 2:		SUITE 1550
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIPPERARY LAND & EXPLORATION CORP
		DATE OF NAME CHANGE:	19730522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIPPERARY LAND CORP
		DATE OF NAME CHANGE:	19690521
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd76839.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-04-26</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000098410</issuerCik>
        <issuerName>TIPPERARY CORP</issuerName>
        <issuerTradingSymbol>TPY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001239170</rptOwnerCik>
            <rptOwnerName>KRAMER DOUGLAS</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>33 WEST MONROE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60603</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>TPY Common Stock, $.02 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>TPY Warrants</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>4.95</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-04-26</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2005-04-26</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F2"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>25000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>25000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The warrants become exercisable as follows: 8,334 warrants on January 10, 2006; 8,333 warrants on January 10, 2007; and 8,333 options on January 10, 2008.</footnote>
        <footnote id="F2">Warrants expire two years following termination of directorship.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Douglas Kramer</signatureName>
        <signatureDate>2005-04-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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