<ARTICLE> 5 <PERIOD-TYPE> 12-MOS <FISCAL-YEAR-END> DEC-31-1997 <PERIOD-START> JAN-01-1997 <PERIOD-END> DEC-31-1997 <CASH> 793,358 <SECURITIES> 844,000 <RECEIVABLES> 3,021,734 <ALLOWANCES> 24,989 <INVENTORY> 0 <CURRENT-ASSETS> 4,812,304 <PP&E> 41,335,653 <DEPRECIATION> 8,869,783 <TOTAL-ASSETS> 37,537,918 <CURRENT-LIABILITIES> 4,705,242 <BONDS> 18,500,000 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,546,318 <COMMON> 1,046,481 <OTHER-SE> 11,739,877 <TOTAL-LIABILITY-AND-EQUITY> 37,537,918 <SALES> 11,351,586 <TOTAL-REVENUES> 12,901,361 <CGS> 0 <TOTAL-COSTS> 13,561,954 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,416,675 <INCOME-PRETAX> (1,388,964) <INCOME-TAX> 0 <INCOME-CONTINUING> (1,388,964) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (1,388,964) <EPS-PRIMARY> (.50) <EPS-DILUTED> (.50)