<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 444 <SECURITIES> 0 <RECEIVABLES> 2,956 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 3,417 <PP&E> 123,497 <DEPRECIATION> 37 <TOTAL-ASSETS> 129,825 <CURRENT-LIABILITIES> 3,567 <BONDS> 0 <COMMON> 256 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 100,369 <TOTAL-LIABILITY-AND-EQUITY> 129,825 <SALES> 0 <TOTAL-REVENUES> 170 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 2,297 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 806 <INCOME-PRETAX> (2,933) <INCOME-TAX> 1,391 <INCOME-CONTINUING> (4,324) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (4,324) <EPS-PRIMARY> (0.18) <EPS-DILUTED> (0.18)