<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from Form 10-QSB
for the quarterly period ended September 30, 1995 and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<CIK> 0000073759
<NAME> OCEANIC EXPLORATION COMPANY
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1996
<PERIOD-END>                               SEP-30-1995
<CASH>                                         117,540
<SECURITIES>                                         0
<RECEIVABLES>                                    4,585
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               124,364
<PP&E>                                      39,000,000
<DEPRECIATION>                              37,766,909
<TOTAL-ASSETS>                               1,357,928
<CURRENT-LIABILITIES>                          927,438
<BONDS>                                              0
<COMMON>                                       244,697
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                       6,665
<TOTAL-LIABILITY-AND-EQUITY>                 1,357,928
<SALES>                                              0
<TOTAL-REVENUES>                               202,243
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               510,850
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              78,042
<INCOME-PRETAX>                              (386,649)
<INCOME-TAX>                                  (59,200)
<INCOME-CONTINUING>                          (327,449)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (327,449)
<EPS-PRIMARY>                                    (.08)
<EPS-DILUTED>                                    (.08)