<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> MAR-31-1996 <CASH> 5,440,276 <SECURITIES> 0 <RECEIVABLES> 4,207,768 <ALLOWANCES> (35,900) <INVENTORY> 95,200 <CURRENT-ASSETS> 9,885,098 <PP&E> 95,624,773 <DEPRECIATION> (31,369,541) <TOTAL-ASSETS> 75,628,247 <CURRENT-LIABILITIES> 5,705,731 <BONDS> 29,598,660 <COMMON> 58,048 <PREFERRED-MANDATORY> 0 <PREFERRED> 457 <OTHER-SE> 37,447,602 <TOTAL-LIABILITY-AND-EQUITY> 75,628,247 <SALES> 0 <TOTAL-REVENUES> 4,532,418 <CGS> 0 <TOTAL-COSTS> 3,046,129 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 857,705 <INCOME-PRETAX> 628,584 <INCOME-TAX> 0 <INCOME-CONTINUING> 628,584 <DISCONTINUED> 0 <EXTRAORDINARY> 121,123 <CHANGES> 0 <NET-INCOME> 507,461 <EPS-PRIMARY> .08 <EPS-DILUTED> .08