<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAR-31-1997
<PERIOD-START>                             APR-01-1996
<PERIOD-END>                               SEP-30-1996
<CASH>                                       1,131,629
<SECURITIES>                                         0
<RECEIVABLES>                                1,493,098
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             3,214,653
<PP&E>                                      66,575,422
<DEPRECIATION>                            (12,124,859)
<TOTAL-ASSETS>                              60,415,132
<CURRENT-LIABILITIES>                        2,651,531
<BONDS>                                              0
<PREFERRED-MANDATORY>                        7,500,000
<PREFERRED>                                          0
<COMMON>                                        71,021
<OTHER-SE>                                  39,426,925
<TOTAL-LIABILITY-AND-EQUITY>                60,415,132
<SALES>                                      2,021,275
<TOTAL-REVENUES>                             2,140,037
<CGS>                                          841,580
<TOTAL-COSTS>                                1,656,908
<OTHER-EXPENSES>                                 8,633
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             108,455
<INCOME-PRETAX>                                366,041
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                             66,041
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                    66,041
<EPS-PRIMARY>                                     0.01 <F1>
<EPS-DILUTED>                                        0
<FN>
<F1>PER COMMON SHARE AFTER CASH DIVIDENDS PAID ON PREFERRED STOCK.
</FN>