<ARTICLE> 5 <LEGEND> THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FINANCIAL STATEMENTS - BALANCE SHEETS AT MARCH 31, 1998 (UNAUDITED) AND THE STATEMENTS OF OPERATIONS AT MARCH 31, 1998 (UNAUDITED) OF MIDDLE BAY OIL COMPANY, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. </LEGEND> <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-END> MAR-31-1998 <CASH> 5,947,033 <SECURITIES> 0 <RECEIVABLES> 2,949,999 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 9,574,815 <PP&E> 83,542,655 <DEPRECIATION> (31,754,337) <TOTAL-ASSETS> 61,737,748 <CURRENT-LIABILITIES> 7,099,620 <BONDS> 24,499,568 <PREFERRED-MANDATORY> 0 <PREFERRED> 3,627,000 <COMMON> 157,059 <OTHER-SE> 32,962,632 <TOTAL-LIABILITY-AND-EQUITY> 61,737,748 <SALES> 2,632,248 <TOTAL-REVENUES> 2,756,890 <CGS> 1,929,761 <TOTAL-COSTS> 1,929,761 <OTHER-EXPENSES> 4,644,001 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 255,453 <INCOME-PRETAX> (2,142,564) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,414,092) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,482,037) <EPS-PRIMARY> (.22) <EPS-DILUTED> (.22)