<ARTICLE> 5 <CIK> 0000095254 <NAME> CASPEN OIL INC <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> JUL-31-1998 <PERIOD-START> AUG-01-1997 <PERIOD-END> APR-30-1998 <CASH> 262,173 <SECURITIES> 0 <RECEIVABLES> 95,482 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 362,574 <PP&E> 19,732,146 <DEPRECIATION> 17,180,802 <TOTAL-ASSETS> 3,724,045 <CURRENT-LIABILITIES> 1,132,856 <BONDS> 0 <PREFERRED-MANDATORY> 600,000 <PREFERRED> 425,000 <COMMON> 210,922 <OTHER-SE> (589,259) <TOTAL-LIABILITY-AND-EQUITY> 3,724,045 <SALES> 388,662 <TOTAL-REVENUES> 567,742 <CGS> 145,191 <TOTAL-COSTS> 642,982 <OTHER-EXPENSES> 809,325 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> 0 <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (884,565) <EPS-PRIMARY> (.04) <EPS-DILUTED> 0