<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               JUN-30-1996
<CASH>                                         1440449
<SECURITIES>                                         0
<RECEIVABLES>                                  1505919
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               3249540
<PP&E>                                        51236937
<DEPRECIATION>                              (11746864)
<TOTAL-ASSETS>                                44554952
<CURRENT-LIABILITIES>                          2233284
<BONDS>                                              0
<PREFERRED-MANDATORY>                          7500000
<PREFERRED>                                          0
<COMMON>                                         58998
<OTHER-SE>                                    31463759
<TOTAL-LIABILITY-AND-EQUITY>                  44554952
<SALES>                                         717253
<TOTAL-REVENUES>                                778880
<CGS>                                           562532
<TOTAL-COSTS>                                   711802
<OTHER-EXPENSES>                                (2337)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                9385
<INCOME-PRETAX>                                (89970)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                            (89970)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (89970)
<EPS-PRIMARY>                                    (.02)<F1>
<EPS-DILUTED>                                        0
<FN>
<F1>Per Common Share after cash dividends paid on Preferred Stock.
</FN>