<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-31-1998
<PERIOD-START>                                                  Aug-01-1997
<PERIOD-END>                                                    Jan-31-1998
<CASH>                                                            1,065,418

<SECURITIES>                                                      3,221,326
<RECEIVABLES>                                                       281,529
<ALLOWANCES>                                                              0
<INVENTORY>                                                               0
<CURRENT-ASSETS>                                                  6,283,404
<PP&E>                                                           49,329,279
<DEPRECIATION>                                                   21,140,872
<TOTAL-ASSETS>                                                   41,899,936
<CURRENT-LIABILITIES>                                             3,622,918
<BONDS>                                                                   0
<COMMON>                                                          2,178,297
<PREFERRED-MANDATORY>                                                     0
<PREFERRED>                                                               0
<OTHER-SE>                                                       26,556,025
<TOTAL-LIABILITY-AND-EQUITY>                                     41,899,936
<SALES>                                                                   0
<TOTAL-REVENUES>                                                  5,605,592
<CGS>                                                                     0
<TOTAL-COSTS>                                                             0
<OTHER-EXPENSES>                                                  4,262,031
<LOSS-PROVISION>                                                          0
<INTEREST-EXPENSE>                                                  418,432
<INCOME-PRETAX>                                                   1,057,761
<INCOME-TAX>                                                        386,000
<INCOME-CONTINUING>                                                 671,761
<DISCONTINUED>                                                            0
<EXTRAORDINARY>                                                           0
<CHANGES>                                                                 0
<NET-INCOME>                                                        671,761
<EPS-PRIMARY>                                                          0.31
<EPS-DILUTED>                                                          0.00