Keep it up - it's amazing how fast you'll be able to add distance.
I started at 5'8" and 220 lbs. I'm still 5'8", but I've lost about 35 lbs. Now I can't say that all of that is biking (Charles Barkley and I did weight watchers), but I'm sure it helped. I started spinning in December, biking in the spring, and on the 4th of July I did a solo, self supported 100 Km (62 mile) ride. On my steel front suspension mountain bike with 1.95 heavy tread tires.
That's when I decided it was time to upgrade. New Trek DS 8.4 should be here any day.
Like I said, it's amazing how fast you'll add distance - even on a heavy bike.