WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  


<ARTICLE>                     5
<CIK>                         882074
<NAME>                        PANACO, Inc.
       
                             
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                              DEC-31-1996
<PERIOD-START>                                 JAN-01-1996
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<EPS-PRIMARY>                                         (.16)
<EPS-DILUTED>                                         (.16)