<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,343,983 <SECURITIES> 2,264,249 <RECEIVABLES> 19,519,475 <ALLOWANCES> 119,537 <INVENTORY> 0 <CURRENT-ASSETS> 6,269,978 <PP&E> 24,675,105 <DEPRECIATION> 5,188,227 <TOTAL-ASSETS> 49,272,231 <CURRENT-LIABILITIES> 3,829,569 <BONDS> 31,767,953 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 354,861 <OTHER-SE> 10,359,443 <TOTAL-LIABILITY-AND-EQUITY> 49,272,231 <SALES> 0 <TOTAL-REVENUES> 3,269,880 <CGS> 0 <TOTAL-COSTS> 1,564,890 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 651,145 <INCOME-PRETAX> 435,086 <INCOME-TAX> 0 <INCOME-CONTINUING> 435,086 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 435,086 <EPS-PRIMARY> 0.12 <EPS-DILUTED> 0.12