<ARTICLE>                     5
<LEGEND>
This schedule contains summary financial information extracted from the
consolidated balance sheets and consolidated statements of operations found on 
pages 2 and 3 of the Company's Form 10-QSB/A for the year to date, and is
qualified in its entirety by reference to such financial statements.
</LEGEND>

<CIK>                         0000318852
<NAME>                        COLORADO WYOMING RESERVE COMPANY
<MULTIPLIER>                  1
<CURRENCY>                    U.S. DOLLARS

        
                              
<PERIOD-TYPE>                       3-MOS
<FISCAL-YEAR-END>                Jun-30-1997
<PERIOD-START>                   Jul-01-1996
<PERIOD-END>                     Mar-31-1997
<EXCHANGE-RATE>                          1
<CASH>                             809,408
<SECURITIES>                             0
<RECEIVABLES>                       10,971
<ALLOWANCES>                             0
<INVENTORY>                              0
<CURRENT-ASSETS>                   820,379
<PP&E>                             689,242
<DEPRECIATION>                           0
<TOTAL-ASSETS>                   1,509,621
<CURRENT-LIABILITIES>                5,944
<BONDS>                                  0
<PREFERRED-MANDATORY>                    0
<PREFERRED>                              0
<COMMON>                            15,950
<OTHER-SE>                       1,487,727
<TOTAL-LIABILITY-AND-EQUITY>     1,509,621
<SALES>                             18,682
<TOTAL-REVENUES>                    26,131
<CGS>                                    0
<TOTAL-COSTS>                            0
<OTHER-EXPENSES>                   347,309
<LOSS-PROVISION>                         0
<INTEREST-EXPENSE>                       0
<INCOME-PRETAX>                   (321,178)
<INCOME-TAX>                             0
<INCOME-CONTINUING>               (321,178)
<DISCONTINUED>                           0
<EXTRAORDINARY>                          0
<CHANGES>                                0
<NET-INCOME>                      (321,178)
<EPS-PRIMARY>                        (0.20)
<EPS-DILUTED>                        (0.20)