<ARTICLE>                                     5
<LEGEND>
This schedule contains summary financial information extracted
from the first quarter Form 10-Q and is qualified in its entirety
by reference to such Form 10-Q.
</LEGEND>
<MULTIPLIER>                            1
       
                                     
<PERIOD-TYPE>                           3-MOS
<FISCAL-YEAR-END>                       Jul-31-1996
<PERIOD-START>                          Aug-01-1995
<PERIOD-END>                            Oct-31-1995
<CASH>                                      587,355
<SECURITIES>                              2,876,042
<RECEIVABLES>                               203,241
<ALLOWANCES>                                      0
<INVENTORY>                                       0
<CURRENT-ASSETS>                          4,386,113
<PP&E>                                   44,867,989
<DEPRECIATION>                           19,057,318
<TOTAL-ASSETS>                           36,494,946
<CURRENT-LIABILITIES>                     2,318,675
<BONDS>                                           0
<COMMON>                                  2,178,297
<PREFERRED-MANDATORY>                             0
<PREFERRED>                                       0
<OTHER-SE>                               25,071,555
<TOTAL-LIABILITY-AND-EQUITY>             36,494,946
<SALES>                                           0
<TOTAL-REVENUES>                          2,026,254
<CGS>                                             0
<TOTAL-COSTS>                                     0
<OTHER-EXPENSES>                          2,005,982
<LOSS-PROVISION>                                  0
<INTEREST-EXPENSE>                          167,103
<INCOME-PRETAX>                             (86,522)
<INCOME-TAX>                                (17,000)
<INCOME-CONTINUING>                         (69,522)
<DISCONTINUED>                                    0
<EXTRAORDINARY>                                   0
<CHANGES>                                         0
<NET-INCOME>                                (69,522)
<EPS-PRIMARY>                                  (.03)
<EPS-DILUTED>                                   .00