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SEC Filings

S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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Proved undeveloped oil and gas reserves are proved reserves that are expected to
be recovered from new wells on undrilled  acreage or from existing wells where a
relatively  major  expenditure  is required  for  recompletion  or  secondary or
tertiary  recovery.  Reserves assigned to undrilled acreage are limited to those
drilling units that offset  productive  units  reasonably  certain of production
when drilled.

No major  discovery or other  favorable or adverse event has occurred since July
1, 1995 which is believed to have caused a  significant  change in the estimated
proved oil and gas reserves of OEI.

OEI's estimate of reserves has not been filed with or included in reports to any
federal agency other than the Securities and Exchange Commission.

Oil and gas reserve  quantity  estimates  are subject to numerous  uncertainties
inherent  in  the  estimation  of  quantities  of  proved  reserves  and  in the
projection  of  future  rates  of  production  and  the  timing  of  development
expenditures.  The  accuracy of such  estimates  is a function of the quality of
available data and of engineering  and geological  interpretation  and judgment.
Results of subsequent  drilling,  testing and production may cause either upward
or downward revision of previous estimates.  Further,  the volumes considered to
be  commercially  recoverable  fluctuate  with  changes in prices and  operating
costs. Key emphasizes that reserve  estimates are inherently  imprecise and that
estimates  of new  discoveries  are  more  imprecise  than  those  of  currently
producing oil and gas properties.  Accordingly,  these estimates are expected to
change as additional information becomes available in the future.

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