<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> US DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <EXCHANGE-RATE> 1 <CASH> 853,051 <SECURITIES> 0 <RECEIVABLES> 62,867 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 915,918 <PP&E> 11,947,352 <DEPRECIATION> 911,869 <TOTAL-ASSETS> 13,292,865 <CURRENT-LIABILITIES> 475,975 <BONDS> 11,076,350 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,661,452 <COMMON> 815,200 <OTHER-SE> (736,112) <TOTAL-LIABILITY-AND-EQUITY> 13,292,865 <SALES> 0 <TOTAL-REVENUES> 579,777 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 263,477 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 358,320 <INCOME-PRETAX> (42,020) <INCOME-TAX> 0 <INCOME-CONTINUING> (42,020) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (42,020) <EPS-PRIMARY> (0.05) <EPS-DILUTED> (0.05)