<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> JUN-30-1998 <CASH> 1,922,105 <SECURITIES> 0 <RECEIVABLES> 3,516,416 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 8,833,978 <PP&E> 62,428,200 <DEPRECIATION> 0 <TOTAL-ASSETS> 71,567,800 <CURRENT-LIABILITIES> 7,989,641 <BONDS> 0 <PREFERRED-MANDATORY> 29,233,362 <PREFERRED> 0 <COMMON> 103,750 <OTHER-SE> 31,898,371 <TOTAL-LIABILITY-AND-EQUITY> 71,567,800 <SALES> 4,187,647 <TOTAL-REVENUES> 4,187,647 <CGS> 0 <TOTAL-COSTS> 2,903,176 <OTHER-EXPENSES> 1,392,633 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 3,085 <INCOME-PRETAX> 162,290 <INCOME-TAX> 83,529 <INCOME-CONTINUING> 78,761 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 78,761 <EPS-PRIMARY> (.13) <EPS-DILUTED> (.13)