0001104659-04-018606 Sample Contracts

SECURITY AGREEMENT
Security Agreement • June 30th, 2004 • Tipperary Corp • Crude petroleum & natural gas • Texas

THIS SECURITY AGREEMENT (this “Agreement”) is made as of 9 June, 2004, by Tipperary CSG Inc., a Colorado corporation (“TCSG”), and Tipperary Oil & Gas (Australia) Pty Limited (“Borrower”) (TCSG and Borrower are sometimes collectively referred to herein as “Debtors” and each individually as a “Debtor”) in favor of ANZ Fiduciary Services Pty Ltd., as Security Trustee of the trust established under the Security Trust Deed (described in the Facilities Agreement) (“Secured Party”).

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GUARANTY
Guaranty • June 30th, 2004 • Tipperary Corp • Crude petroleum & natural gas • Texas

THIS GUARANTY is made as of 9 June, 2004, by Tipperary Corporation, a Texas corporation (“TC”), Tipperary Oil & Gas Corporation, a Texas corporation (“TOGC”), Tipperary CSG Inc., a Colorado corporation (“TCSG”), and Slough Estates USA Inc., a Delaware corporation (“Slough”; TC, TOGC, TCSG, and Slough are sometimes collectively referred to herein as “Guarantors” and each individually as “Guarantor”), in favor of ANZ Fiduciary Services Pty Ltd, as Security Trustee of the trust established under the Security Trust Deed (described in the Facilities Agreement) (in such capacity “Guaranty Trustee”) and each Security Beneficiary.

STOCK PLEDGE AGREEMENT
Stock Pledge Agreement • June 30th, 2004 • Tipperary Corp • Crude petroleum & natural gas • Texas

THIS STOCK PLEDGE AGREEMENT (this “Agreement”) is made as of 9 June, 2004, by Tipperary Oil & Gas Corporation, a Texas corporation (“TOGC”), and Slough Estates USA Inc., a Delaware corporation (“Slough”; TOGC and Slough are sometimes collectively referred to herein as “Debtors” and each individually as “Debtor”), in favor of ANZ Fiduciary Services Pty Ltd, as Security Trustee of the trust established under the Security Trust Deed (described in the Facilities Agreement) (herein called “Secured Party”).

SECURITY AGREEMENT
Security Agreement • June 30th, 2004 • Tipperary Corp • Crude petroleum & natural gas • Texas

THIS SECURITY AGREEMENT (this “Agreement”) is made as of 9 June, 2004, by Tipperary Corporation, a Texas corporation (“TC”), and Tipperary Oil & Gas Corporation, a Texas corporation (“TOGC”) (TC and TOGC are sometimes collectively referred to herein as “Debtors” and each individually as a “Debtor”) in favor of ANZ Fiduciary Services Pty Ltd., as Security Trustee of the trust established under the Security Trust Deed (described in the Facilities Agreement) (“Secured Party”).

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