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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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<TABLE>
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Oil and Gas Producing Activities:

                                                                         Oil and                  Natural
                                                                        Condensate                   Gas
                                                                         (Bbls)                     (Mcf)
Total Proved Reserves:
<S>                                                                   <C>                      <C>

Balance, July 1, 1993                                                       -                        -
         Purchases of minerals-in-place                                   129,291                 7,338,452
         Production                                                       (14,383)                 (552,791)
- -----------------------------------------------------------------------------------------------------------
Balance, June 30, 1994                                                    114,908                 6,785,661
         Revisions of previous estimates                                   92,080                 1,945,659
         Purchases of minerals-in-place                                 1,515,559                 6,036,937
         Production                                                       (40,330)                 (770,197)
- -----------------------------------------------------------------------------------------------------------
Balance, June 30, 1995                                                  1,682,217                13,998,060
===========================================================================================================
Proved Developed Reserves:
         July 1, 1993                                                           -                         -
         June 30, 1994                                                    114,908                 6,785,661
         June 30, 1995                                                    750,604                11,203,232
===========================================================================================================

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Standardized Measure of Discounted Future Cash Flows

The  following  schedules  present  estimates  of the  standardized  measure  of
discounted future net cash flows from Key's proved reserves as of June 30, 1995,
and an  analysis  of the  changes in these  amounts for the years ended June 30,
1995 and 1994.  Estimated future cash flows are determined using year-end prices
adjusted only for fixed and  determinable  increases for natural gas provided by
contractual  agreement (if any).  Estimated  future  production and  development
costs are based on economic conditions at year-end.  Future federal income taxes
are computed by applying  the  statutory  federal  income tax rate of 34% to the
difference  between the future pretax net cash flows and the tax basis of proved
oil and  gas  properties,  after  considering  investment  tax  credits  and net
operating loss carry forwards (if any), associated with these properties.

Discounted future cash flow estimates like those shown below are not intended to
represent  estimates of the fair value of oil and gas  properties.  Estimates of
fair value should also consider probable  reserves,  anticipated  future oil and
gas prices,  interest  rates,  changes in development  and production  costs and
risks   associated   with  future   production.   Because  of  these  and  other
considerations,  any  estimate  of fair  value  is  necessarily  subjective  and
imprecise.

                                      F-25