<ARTICLE> 5 <LEGEND> This schedule contains summary financial information extracted from the contained quarterly 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-31-1997 <PERIOD-START> Aug-01-1996 <PERIOD-END> Oct-31-1996 <CASH> 463,877 <SECURITIES> 2,853,293 <RECEIVABLES> 211,244 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 4,296,356 <PP&E> 46,292,245 <DEPRECIATION> 19,946,592 <TOTAL-ASSETS> 37,439,587 <CURRENT-LIABILITIES> 2,625,158 <BONDS> 0 <COMMON> 2,178,297 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 25,093,227 <TOTAL-LIABILITY-AND-EQUITY> 37,439,587 <SALES> 0 <TOTAL-REVENUES> 2,442,009 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,162,820 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 178,045 <INCOME-PRETAX> 163,000 <INCOME-TAX> 63,000 <INCOME-CONTINUING> 100,000 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 100,000 <EPS-PRIMARY> 0.05 <EPS-DILUTED> 0.00