<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-END> MAR-31-1996 <CASH> 1,849,383 <SECURITIES> 2,114,037 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 3,963,420 <PP&E> 16,987,773 <DEPRECIATION> 3,145,237 <TOTAL-ASSETS> 20,951,193 <CURRENT-LIABILITIES> 28,077 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 0 <OTHER-SE> 20,923,116 <TOTAL-LIABILITY-AND-EQUITY> 20,951,193 <SALES> 455,562 <TOTAL-REVENUES> 503,198 <CGS> 55,561 <TOTAL-COSTS> 55,561 <OTHER-EXPENSES> 228,246 <LOSS-PROVISION> 350,000 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (130,609) <INCOME-TAX> 0 <INCOME-CONTINUING> (130,609) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (130,609) <EPS-PRIMARY> (3.94) <EPS-DILUTED> (3.94)