<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> SEP-30-1997 <PERIOD-END> DEC-31-1997 <CASH> 1,972,100 <SECURITIES> 0 <RECEIVABLES> 1,319,719 <ALLOWANCES> (13,276) <INVENTORY> 191,945 <CURRENT-ASSETS> 4,121,388 <PP&E> 66,282,930 <DEPRECIATION> (9,750,112) <TOTAL-ASSETS> 62,206,889 <CURRENT-LIABILITIES> 50,077,075 <BONDS> 0 <PREFERRED-MANDATORY> 3,250,000 <PREFERRED> 0 <COMMON> 7,179 <OTHER-SE> 7,415,232 <TOTAL-LIABILITY-AND-EQUITY> 62,206,889 <SALES> 0 <TOTAL-REVENUES> 11,163,712 <CGS> 0 <TOTAL-COSTS> 9,933,683 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,004,303 <INCOME-PRETAX> (773,680) <INCOME-TAX> 0 <INCOME-CONTINUING> (773,680) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (807,338) <EPS-PRIMARY> .112 <EPS-DILUTED> .112