<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> U.S. DOLLARS <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1997 <PERIOD-END> MAR-31-1997 <EXCHANGE-RATE> 1 <CASH> 14,892,920 <SECURITIES> 18,379,008 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 34,021,662 <PP&E> 39,754,880 <DEPRECIATION> 12,438,147 <TOTAL-ASSETS> 62,521,347 <CURRENT-LIABILITIES> 4,975,685 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 167,433 <OTHER-SE> 31,851,998 <TOTAL-LIABILITY-AND-EQUITY> 62,521,347 <SALES> 340 <TOTAL-REVENUES> 514,656 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 8,667,288 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 807,155 <INCOME-PRETAX> (8,959,787) <INCOME-TAX> 0 <INCOME-CONTINUING> (8,959,787) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (8,959,787) <EPS-PRIMARY> (.54) <EPS-DILUTED> (.54)