<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> APR-30-1997 <PERIOD-END> JUL-31-1996 <CASH> 26,090 <SECURITIES> 0 <RECEIVABLES> 596,786 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 745,114 <PP&E> 6,628,343 <DEPRECIATION> 1,061,651 <TOTAL-ASSETS> 6,348,351 <CURRENT-LIABILITIES> 1,467,459 <BONDS> 2,249,061 <PREFERRED-MANDATORY> 23,577,304 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 6,348,351 <SALES> 0 <TOTAL-REVENUES> 534,048 <CGS> 0 <TOTAL-COSTS> 344,776 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 58,483 <INCOME-PRETAX> (666,534) <INCOME-TAX> 0 <INCOME-CONTINUING> 0 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (666,534) <EPS-PRIMARY> (.05) <EPS-DILUTED> (.05)