<ARTICLE> 5 <PERIOD-TYPE> YEAR YEAR <FISCAL-YEAR-END> DEC-31-1996 DEC-31-1995 <PERIOD-END> DEC-31-1996 DEC-31-1995 <CASH> 10,620,477 3,365,603 <SECURITIES> 43,795 43,795 <RECEIVABLES> 1,241,430 43,642 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 11,905,702 3,453,522 <PP&E> 159,713,568 675,515 <DEPRECIATION> 111,334 37,671 <TOTAL-ASSETS> 171,533,207 4,170,437 <CURRENT-LIABILITIES> 2,805,665 120,305 <BONDS> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 45,652,120 0 <COMMON> 6,781,384 6,170,117 <OTHER-SE> 119,548,227 0 <TOTAL-LIABILITY-AND-EQUITY> 171,533,207 4,170,437 <SALES> 233,682 0 <TOTAL-REVENUES> 575,281 152,383 <CGS> 0 0 <TOTAL-COSTS> 2,831,815 2,272,368 <OTHER-EXPENSES> 0 0 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 0 0 <INCOME-PRETAX> (2,256,534) (2,119,985) <INCOME-TAX> 2,338 0 <INCOME-CONTINUING> (2,194,637) (2,119,985) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (2,194,637) (2,119,985) <EPS-PRIMARY> (.17) (.23) <EPS-DILUTED> 0 0