<ARTICLE> 5 <CIK> 0000095254 <NAME> CASPEN OIL INC <PERIOD-TYPE> 6-MOS <FISCAL-YEAR-END> JUL-31-1997 <PERIOD-START> AUG-01-1996 <PERIOD-END> JAN-31-1997 <CASH> 128,318 <SECURITIES> 0 <RECEIVABLES> 196,391 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 324,709 <PP&E> 20,179,006 <DEPRECIATION> 17,110,465 <TOTAL-ASSETS> 4,293,335 <CURRENT-LIABILITIES> 2,983,435 <BONDS> 0 <PREFERRED-MANDATORY> 210,922 <PREFERRED> 600,000 <COMMON> 425,000 <OTHER-SE> 4,578 <TOTAL-LIABILITY-AND-EQUITY> 4,293,335 <SALES> 504,830 <TOTAL-REVENUES> 533,833 <CGS> 166,345 <TOTAL-COSTS> 590,294 <OTHER-EXPENSES> 539,550 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (596,011) <EPS-PRIMARY> (.03) <EPS-DILUTED> 0