A catheter particularly suitable for bipolar mapping and ablating comprises an elongated flexible body having a distal region and at least one lumen extending therethrough. A tip electrode is mounted on the distal region. The tip electrode has an exposed distal region having an outer diameter, a recessed central region having an outer surface proximal to the exposed distal region, and a proximal region having an outer diameter and an outer surface proximal to the central region. The recessed central region has an outer diameter less than the outer diameters of the exposed distal region and the proximal region. The central region and the proximal region are provided with an electrically insulating and thermally conductive layer over at least a portion of their outer surfaces. A ring electrode is mounted on the recessed central region. The ring electrode has an outer diameter less than the outer diameters of the exposed distal region and the proximal region. With this design, the exposed region of the tip electrode is in direct contact with the heart tissue, and thus senses both the local activation energy (near-field signals) at the point of contact with the heart tissue and far field activation energy (far-field signals) received by the exposed region through the blood. However, the recessed electrode is protected from direct contact with the heart tissue, but does contact with surrounding blood. The close proximity of the recessed electrode to the exposed region enables the recessed electrode to receive approximately the same far-field signals as the exposed region. However, the recessed electrode does not pick up the local activation potential (near-field signals) that are received by the exposed region. This design permits the creation of high resolution electrograms.