<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-START> JAN-01-1999 <PERIOD-END> MAR-31-1999 <CASH> 1,834,437 <SECURITIES> 0 <RECEIVABLES> 3,927,229 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 6,715,379 <PP&E> 59,097,733 <DEPRECIATION> 0 <TOTAL-ASSETS> 66,119,995 <CURRENT-LIABILITIES> 14,849,063 <BONDS> 0 <PREFERRED-MANDATORY> 31,503,330 <PREFERRED> 0 <COMMON> 103,750 <OTHER-SE> 9,819,447 <TOTAL-LIABILITY-AND-EQUITY> 66,119,995 <SALES> 1,842,314 <TOTAL-REVENUES> 1,842,314 <CGS> 0 <TOTAL-COSTS> 1,686,895 <OTHER-EXPENSES> 707,525 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 0 <INCOME-PRETAX> (545,621) <INCOME-TAX> 7,002 <INCOME-CONTINUING> (552,623) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 77,731 <NET-INCOME> (630,354) <EPS-PRIMARY> (.14) <EPS-DILUTED> (.14)