<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM FORM 10-QSB
FOR THE QUARTER ENDED DECEMBER 31, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000073759
<NAME> OCEANIC EXPLORATION COMPANY
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-END>                               DEC-31-1997
<CASH>                                         108,773
<SECURITIES>                                         0
<RECEIVABLES>                                    7,804
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               118,559
<PP&E>                                      39,000,000
<DEPRECIATION>                            (38,456,565)
<TOTAL-ASSETS>                                 664,714
<CURRENT-LIABILITIES>                        1,623,697
<BONDS>                                              0
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       619,759
<OTHER-SE>                                     155,696
<TOTAL-LIABILITY-AND-EQUITY>                   664,714
<SALES>                                              0
<TOTAL-REVENUES>                               670,207
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               678,139
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              68,019
<INCOME-PRETAX>                               (75,951)
<INCOME-TAX>                                    89,573
<INCOME-CONTINUING>                          (165,524)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (165,524)
<EPS-PRIMARY>                                    (.02)
<EPS-DILUTED>                                    (.02)