<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-START>                             JUL-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                           3,076
<SECURITIES>                                         0
<RECEIVABLES>                                   46,783
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                                49,859
<PP&E>                                      14,999,477
<DEPRECIATION>                                 (1,087)
<TOTAL-ASSETS>                              15,048,249
<CURRENT-LIABILITIES>                        3,558,994
<BONDS>                                        575,716
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                     6,224,784
<OTHER-SE>                                   4,688,756
<TOTAL-LIABILITY-AND-EQUITY>                15,048,249
<SALES>                                              0
<TOTAL-REVENUES>                                     0
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               176,259
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             429,226
<INCOME-PRETAX>                              (605,485)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                              2,056,474
<CHANGES>                                            0
<NET-INCOME>                                 1,450,989
<EPS-PRIMARY>                                      .05
<EPS-DILUTED>                                      .05