<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <CASH> 27,914,539 <SECURITIES> 63,364,202 <RECEIVABLES> 3,312,323 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 71,895,992 <PP&E> 54,251,454 <DEPRECIATION> 20,405,281 <TOTAL-ASSETS> 129,068,259 <CURRENT-LIABILITIES> 9,697,387 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 4,346 <OTHER-SE> 101,042,656 <TOTAL-LIABILITY-AND-EQUITY> 129,068,259 <SALES> 0 <TOTAL-REVENUES> 6,213,635 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 11,934,757 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 207,727 <INCOME-PRETAX> (5,928,849) <INCOME-TAX> 0 <INCOME-CONTINUING> (5,928,849) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (5,928,849) <EPS-PRIMARY> (0.23) <EPS-DILUTED> (0.22)