<ARTICLE> 5 <PERIOD-TYPE> 3-MOS 3-MOS <FISCAL-YEAR-END> DEC-31-1999 DEC-31-1998 <PERIOD-END> MAR-31-1999 MAR-31-1998 <CASH> 1,183,000 121,100 <SECURITIES> 0 0 <RECEIVABLES> 569,000 445,000 <ALLOWANCES> 0 0 <INVENTORY> 0 0 <CURRENT-ASSETS> 2,543,000 1,398,000 <PP&E> 34,713,000 32,354,000 <DEPRECIATION> 23,000 17,000 <TOTAL-ASSETS> 37,696,000 34,324,000 <CURRENT-LIABILITIES> 5,570,000 1,685,000 <BONDS> 0 0 <PREFERRED-MANDATORY> 4,938,000 4,850,000 <PREFERRED> 0 0 <COMMON> 0 0 <OTHER-SE> 26,978,000 27,579,000 <TOTAL-LIABILITY-AND-EQUITY> 37,696,000 34,324,000 <SALES> 0 0 <TOTAL-REVENUES> 406,000 202,000 <CGS> 0 0 <TOTAL-COSTS> 438,000 882,000 <OTHER-EXPENSES> 503,000 332,000 <LOSS-PROVISION> 0 0 <INTEREST-EXPENSE> 54,000 0 <INCOME-PRETAX> (589,000) (1,012,000) <INCOME-TAX> 0 0 <INCOME-CONTINUING> (589,000) (1,012,000) <DISCONTINUED> 0 0 <EXTRAORDINARY> 0 0 <CHANGES> 0 0 <NET-INCOME> (589,000) (1,012,000) <EPS-BASIC> (.69) (1.25) <EPS-DILUTED> (.69) (1.25)