<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> Jan-31-1997 <CASH> 287,279 <SECURITIES> 2,774,877 <RECEIVABLES> 164,808 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 4,383,662 <PP&E> 47,103,943 <DEPRECIATION> 20,184,711 <TOTAL-ASSETS> 38,150,498 <CURRENT-LIABILITIES> 2,604,636 <BONDS> 0 <COMMON> 2,178,297 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 25,210,968 <TOTAL-LIABILITY-AND-EQUITY> 38,150,498 <SALES> 0 <TOTAL-REVENUES> 4,914,667 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 4,402,770 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 351,980 <INCOME-PRETAX> 285,877 <INCOME-TAX> 86,000 <INCOME-CONTINUING> 199,877 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 199,877 <EPS-PRIMARY> 0.09 <EPS-DILUTED> 0.00