<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 11,800,235 <SECURITIES> 0 <RECEIVABLES> 3,100,382 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 16,932,076 <PP&E> 53,276,520 <DEPRECIATION> 0 <TOTAL-ASSETS> 70,512,387 <CURRENT-LIABILITIES> 6,703,454 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 28,558,424 <COMMON> 103,750 <OTHER-SE> 32,746,589 <TOTAL-LIABILITY-AND-EQUITY> 70,512,387 <SALES> 2,338,882 <TOTAL-REVENUES> 2,338,882 <CGS> 1,388,950 <TOTAL-COSTS> 1,388,950 <OTHER-EXPENSES> 834,352 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,085 <INCOME-PRETAX> 305,998 <INCOME-TAX> 120,463 <INCOME-CONTINUING> 185,535 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 185,535 <EPS-PRIMARY> (.05) <EPS-DILUTED> (.05)