<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> MAR-31-1998 <CASH> 1,800 <SECURITIES> 0 <RECEIVABLES> 5,510 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 7,577 <PP&E> 98,050 <DEPRECIATION> 0 <TOTAL-ASSETS> 107,508 <CURRENT-LIABILITIES> 13,374 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 123 <OTHER-SE> 42,619 <TOTAL-LIABILITY-AND-EQUITY> 107,508 <SALES> 3,143 <TOTAL-REVENUES> 3,257 <CGS> 0 <TOTAL-COSTS> 602 <OTHER-EXPENSES> 2,599 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 985 <INCOME-PRETAX> (929) <INCOME-TAX> (314) <INCOME-CONTINUING> (615) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (615) <EPS-PRIMARY> (.05) <EPS-DILUTED> (.05)