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S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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15.   INFORMATION ON OIL AND GAS ACTIVITIES (unaudited)




CAPITALIZED COSTS:                          June 30, 1995     June 30, 1994
                                            -------------     -------------
Oil and Gas Properties:
Proved properties                            $7,652,000          $4,430,000
Unproven properties                                   -                   -
Less accumulated depletion                     (766,000)           (386,000)
                                               ---------           ---------
Net Capitalized costs                        $6,886,000          $4,044,000
                                             ==========          ==========

                                             Year Ended          Year Ended
COSTS INCURRED:                             June 30, 1995       June 30, 1994
                                           -------------       -------------
Proved property acquisition costs            $1,054,000          $4,390,000
Development costs                             2,581,000              40,000
                                              ---------              ------
Total Costs Incurred                         $3,635,000          $4,430,000
                                             ==========          ==========
RESULTS OF OPERATIONS:
Oil and gas sales                            $1,793,000          $1,483,000
Production costs, including production
  taxes                                        (756,000)           (573,000)
Depletion                                      (398,000)           (386,000)
Income Taxes*                                  (217,000)           (178,000)
                                               ---------           ---------
Results of operations for oil and gas
  producing activities**                     $  422,000          $  346,000
                                             ==========          ==========

*   - Computed at the statutory rate of 34%.
** - Excludes corporate overhead and financing costs.


Oil and Gas Reserve Information

Estimates of OEI's proved oil and gas reserves as of June 30, 1995 and 1994 were
prepared in-house and reviewed by an independent petroleum reservoir engineering
firm. All estimates were made in accordance with  guidelines  established by the
Securities  and  Exchange  Commission.  Proved  oil  and  gas  reserves  are the
estimated  quantities  of  crude  oil  and  natural  gas  which  geological  and
engineering  data  demonstrate  with  reasonable  certainty to be recoverable in
future years from known  reservoirs  under existing  economic  conditions  (i.e.
prices and costs as of the date the estimate is made.) Prices  utilized  reflect
consideration   of  changes  in  existing   prices   provided   by   contractual
arrangements, if any, but not of escalations based upon future conditions.

Proved  developed  oil and gas reserves are reserves  that can be expected to be
recovered through existing equipment and operating methods.

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