<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