<ARTICLE> 5 <PERIOD-TYPE> 9-MOS 9-MOS <FISCAL-YEAR-END> DEC-31-1998 DEC-31-1997 <PERIOD-END> SEP-30-1998 SEP-30-1997 <CASH> 3,991,000 3,423,000 <SECURITIES> 0 0 <RECEIVABLES> 249,000 102,000 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 5,094,000 3,587,000 <PP&E> 29,204,000 19,935,000 <DEPRECIATION> 13,000 3,000 <TOTAL-ASSETS> 35,294,000 23,519,000 <CURRENT-LIABILITIES> 1,523,000 231,000 <BONDS> 0 0 <PREFERRED-MANDATORY> 0 0 <PREFERRED> 4,575,000 4,500,000 <COMMON> 5,829,000 4,971,000 <OTHER-SE> 23,157,000 13,607,000 <TOTAL-LIABILITY-AND-EQUITY> 35,294,000 23,519,000 <SALES> 0 0 <TOTAL-REVENUES> 805,000 271,000 <CGS> 0 0 <TOTAL-COSTS> 2,213,000 1,044,000 <OTHER-EXPENSES> 1,223,000 520,000 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 189,000 189,000 <INCOME-PRETAX> 2,820,000 1,482,000 <INCOME-TAX> 0 0 <INCOME-CONTINUING> 2,820,000 1,482,000 <DISCONTINUED> 0 0 <EXTRAORDINARY> 236,000 0 <CHANGES> 0 0 <NET-INCOME> 3,056,000 1,482,000 <EPS-PRIMARY> (.058) (.037) <EPS-DILUTED> (.058) (.037)