<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-START>                             APR-01-1995
<PERIOD-END>                               JUN-30-1995
<CASH>                                       1,449,077
<SECURITIES>                                         0
<RECEIVABLES>                                1,368,877
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             2,910,979
<PP&E>                                      45,666,526
<DEPRECIATION>                            (11,293,248)
<TOTAL-ASSETS>                              39,243,587
<CURRENT-LIABILITIES>                        2,216,883
<BONDS>                                              0
<COMMON>                                        56,722
<PREFERRED-MANDATORY>                        3,750,000
<PREFERRED>                                          0
<OTHER-SE>                                  31,578,685
<TOTAL-LIABILITY-AND-EQUITY>                39,243,587
<SALES>                                        469,629
<TOTAL-REVENUES>                               508,029
<CGS>                                          668,733
<TOTAL-COSTS>                                  870,993
<OTHER-EXPENSES>                               (7,709)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               9,214
<INCOME-PRETAX>                              (364,469)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (364,469)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (364,469)
<EPS-PRIMARY>                                    (.08)<F1>
<EPS-DILUTED>                                        0
<FN>
<F1>PER COMMON SHARE AFTER CASH DIVIDENDS PAID ON PREFERRED STOCK.