<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED FINANCIAL STATEMENTS OF ARAXAS ENERGY CORPORATION AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
       
                                                  
<PERIOD-TYPE>                   YEAR                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1996
<PERIOD-START>                             JAN-01-1996             JAN-01-1997
<PERIOD-END>                               DEC-31-1996             SEP-30-1997
<CASH>                                         917,619                 667,009
<SECURITIES>                                 2,624,119                       0
<RECEIVABLES>                                3,213,284               4,282,718
<ALLOWANCES>                                         0                       0
<INVENTORY>                                          0                       0
<CURRENT-ASSETS>                             6,784,538               5,507,647
<PP&E>                                      26,214,017              46,197,777
<DEPRECIATION>                               2,524,542               4,764,043
<TOTAL-ASSETS>                              32,831,932              54,496,140
<CURRENT-LIABILITIES>                        6,178,605              44,585,859
<BONDS>                                     20,845,893               1,556,667
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                         2,752                   4,709
<OTHER-SE>                                   5,804,682               8,348,905
<TOTAL-LIABILITY-AND-EQUITY>                32,831,932              54,496,140
<SALES>                                      6,043,259               6,536,341
<TOTAL-REVENUES>                             7,787,923               8,117,148
<CGS>                                        2,169,279               2,201,608
<TOTAL-COSTS>                                7,578,325               8,973,354
<OTHER-EXPENSES>                             2,709,417               3,141,496 
<LOSS-PROVISION>                                     0                       0
<INTEREST-EXPENSE>                           2,075,591               2,823,108
<INCOME-PRETAX>                            (2,499,819)             (3,997,702)
<INCOME-TAX>                                  (35,957)                       0
<INCOME-CONTINUING>                        (2,463,862)             (3,997,702)
<DISCONTINUED>                                       0                       0
<EXTRAORDINARY>                                      0             (3,908,965)
<CHANGES>                                            0                       0
<NET-INCOME>                               (2,463,862)             (7,906,667)
<EPS-PRIMARY>                                        0                       0
<EPS-DILUTED>                                   (0.55)                  (2.60)