<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               SEP-30-1997
<CASH>                                       2,099,333
<SECURITIES>                                         0
<RECEIVABLES>                                2,284,642
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             4,591,472
<PP&E>                                      88,205,664
<DEPRECIATION>                            (14,498,709)
<TOTAL-ASSETS>                              81,912,196
<CURRENT-LIABILITIES>                        4,561,375
<BONDS>                                              0
<PREFERRED-MANDATORY>                        6,000,000
<PREFERRED>                                          0
<COMMON>                                        94,695
<OTHER-SE>                                  55,660,074
<TOTAL-LIABILITY-AND-EQUITY>                81,912,196
<SALES>                                      8,771,630
<TOTAL-REVENUES>                             9,101,054
<CGS>                                                0
<TOTAL-COSTS>                                5,106,117
<OTHER-EXPENSES>                               146,298
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             511,359
<INCOME-PRETAX>                              3,337,280
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          3,337,280
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 2,977,280<F1>
<EPS-PRIMARY>                                      .32<F2>
<EPS-DILUTED>                                        0
<FN>
<F1>NET INCOME ATTRIBUTABLE TO COMMON STOCK AFTER PREFERRED STOCK DIVIDENDS OF
$360,000.
<F2>PER COMMON SHARE, AFTER CASH DIVIDENDS PAID ON PREFERRED STOCK.
</FN>