<ARTICLE> 5 <MULTIPLIER> 1 <CURRENCY> US Dollars <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <EXCHANGE-RATE> 1 <CASH> 1,330,580 <SECURITIES> 0 <RECEIVABLES> 57,870 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 1,388,450 <PP&E> 11,947,360 <DEPRECIATION> 1,212,410 <TOTAL-ASSETS> 13,350,550 <CURRENT-LIABILITIES> 608,600 <BONDS> 11,076,350 <PREFERRED-MANDATORY> 0 <PREFERRED> 1,661,450 <COMMON> 815,200 <OTHER-SE> (811,050) <TOTAL-LIABILITY-AND-EQUITY> 13,350,550 <SALES> 0 <TOTAL-REVENUES> 1,742,300 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 784,300 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,074,960 <INCOME-PRETAX> (116,960) <INCOME-TAX> 0 <INCOME-CONTINUING> (116,960) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (116,960) <EPS-PRIMARY> (0.14) <EPS-DILUTED> (0.14)