<ARTICLE>                     5
<MULTIPLIER>                                   1
<CURRENCY>                                     US DOLLARS
       

                             
<PERIOD-TYPE>                   3-MOS

<FISCAL-YEAR-END>                              OCT-31-1998
<PERIOD-START>                                 NOV-01-1997
<PERIOD-END>                                   JUL-31-1998
<EXCHANGE-RATE>                                          1
<CASH>                                           5,877,000
<SECURITIES>                                             0
<RECEIVABLES>                                    2,154,000
<ALLOWANCES>                                             0
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                         149,744,000
<DEPRECIATION>                                 126,624,000
<TOTAL-ASSETS>                                 146,277,000
<CURRENT-LIABILITIES>                            3,014,000
<BONDS>                                         19,440,000
<PREFERRED-MANDATORY>                           33,462,000
<PREFERRED>                                              0
<COMMON>                                       118,999,000
<OTHER-SE>                                     (31,246,000)
<TOTAL-LIABILITY-AND-EQUITY>                   146,277,000
<SALES>                                                  0
<TOTAL-REVENUES>                                18,508,000
<CGS>                                                    0
<TOTAL-COSTS>                                    5,632,000
<OTHER-EXPENSES>                                 5,221,000
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                               1,798,000
<INCOME-PRETAX>                                  5,857,000
<INCOME-TAX>                                             0
<INCOME-CONTINUING>                              5,857,000
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                     4,082,000
<EPS-PRIMARY>                                          .40
<EPS-DILUTED>                                          .39