<ARTICLE> 5 <PERIOD-TYPE> 12-MOS 1-MO <FISCAL-YEAR-END> DEC-31-1997 DEC-31-1996 <PERIOD-END> DEC-31-1997 DEC-31-1996 <CASH> 3,423,000 0 <SECURITIES> 0 0 <RECEIVABLES> 102,000 0 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 3,587,000 0 <PP&E> 19,935,000 0 <DEPRECIATION> 3,000 0 <TOTAL-ASSETS> 23,519,000 0 <CURRENT-LIABILITIES> 231,000 0 <BONDS> 0 0 <PREFERRED-MANDATORY> 4,500,000 0 <PREFERRED> 0 0 <COMMON> 4,971,000 0 <OTHER-SE> 13,607,000 0 <TOTAL-LIABILITY-AND-EQUITY> 23,519,000 0 <SALES> 0 0 <TOTAL-REVENUES> 421,000 5,000 <CGS> 0 0 <TOTAL-COSTS> 1,661,000 118,000 <OTHER-EXPENSES> 851,000 0 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 298,000 17,000 <INCOME-PRETAX> (2,389,000) (130,000) <INCOME-TAX> 0 0 <INCOME-CONTINUING> (2,389,000) (130,000) <DISCONTINUED> 0 0 <EXTRAORDINARY> (214,000) 0 <CHANGES> 0 0 <NET-INCOME> (2,603,000) (130,000) <EPS-PRIMARY> (.06) 0 <EPS-DILUTED> (.06) 0