<ARTICLE> 5 <LEGEND> This schedule contains summary financial infomation extracted from the contained quarterly 10-Q and is qualified in its entirety by reference to such Form 10-Q. </LEGEND> <MULTIPLIER> 1 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> JUL-31-1998 <PERIOD-START> AUG-01-1997 <PERIOD-END> JUL-31-1998 <CASH> 1,047,979 <SECURITIES> 137,721 <RECEIVABLES> 461,770 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,709,738 <PP&E> 49,869,521 <DEPRECIATION> 21,628,465 <TOTAL-ASSETS> 41,374,924 <CURRENT-LIABILITIES> 1,626,593 <BONDS> 0 <COMMON> 2,178,297 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 27,881,200 <TOTAL-LIABILITY-AND-EQUITY> 41,374,924 <SALES> 0 <TOTAL-REVENUES> 11,881,859 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,451,475 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 812,297 <INCOME-PRETAX> 0 <INCOME-TAX> 1,050,000 <INCOME-CONTINUING> 1,837,733 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,837,733 <EPS-PRIMARY> 0.86 <EPS-DILUTED> 0.00