<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