<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                       2,596,274
<SECURITIES>                                         0
<RECEIVABLES>                                2,357,811
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             5,187,101
<PP&E>                                      84,186,444
<DEPRECIATION>                            (13,770,685)
<TOTAL-ASSETS>                              78,670,320
<CURRENT-LIABILITIES>                        4,258,081
<BONDS>                                              0
<PREFERRED-MANDATORY>                        6,000,000
<PREFERRED>                                          0
<COMMON>                                        93,922
<OTHER-SE>                                  54,168,527
<TOTAL-LIABILITY-AND-EQUITY>                78,670,320
<SALES>                                      5,332,968
<TOTAL-REVENUES>                             5,404,774
<CGS>                                                0
<TOTAL-COSTS>                                3,226,666
<OTHER-EXPENSES>                                 6,338
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             271,590
<INCOME-PRETAX>                              1,900,180
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          1,900,180
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 1,660,180<F1>
<EPS-PRIMARY>                                      .18<F2>
<EPS-DILUTED>                                        0
<FN>
<F1> Net income attributable to common stock after preferred stock dividends of 
$240,000
<F2> Per common share, after cash dividends paid on preferred stock
</FN>