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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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                     Key Energy Group, Inc. and Subsidiaries
                      Consolidated Statements of Cash Flows
                                   (unaudited)


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                                                                      Six                    Six
                                                                 Months Ended            Months Ended
                                                              December 31, 1995       December 31, 1994
                                                             (In thousands, except per share data)

<S>                                                              <C>                    <C>    

CASH FLOWS FROM OPERATING ACTIVITIES:

   Net income                                                      $1,494                  $1,011

Adjustments to reconcile net income to
     net cash provided by operations:

   Depreciation, depletion and amortization                         1,794                   1,245
   Deferred income   taxes                                            730                     476

Changes in operating assets and liabilities, net of
     effects from the acquisitions:

   Increase in accounts receivable                                   (219)                   (960)
   Increase (decrease) in other
      current assets                                                   90                     (71)
   Decrease in accounts payable and
      accrued expenses                                               (807)                 (1,564)
   (Decrease) increase in accrued interest                             23                     (16)
   Decrease in accrued taxes                                          (50)                     -
   (Increase) decrease in other assets                                 (9)                     -
                                                                 ---------                 -------
   Net cash provided by operating activities                        3,046                     121
                                                                 ---------                 -------


CASH FLOWS FROM INVESTING ACTIVITIES:

   Capital expenditures - Oilwell service operations               (1,727)                 (1,899)
   Capital expenditures - Oil and gas operations                       (7)                     (7)
   Capital expenditures - Oil and gas well
      drilling operations                                            (360)                      -
Expenditures for oil and gas properties                            (2,150)                 (1,211)
                                                                 ---------                 -------
Net cash used in investing activities                              (4,244)                 (3,117)
                                                                ----------                --------


CASH FLOWS FROM FINANCING ACTIVITIES:

   Principal payments on debt                                      (1,418)                 (1,047)
   Borrowings (payments) under line-of-credit                         (28)                    971
   Proceeds from long-term debt                                     2,324                   2,866
                                                                 --------                 -------
Net cash provided by financing activities                             878                   2,790
                                                                ---------                 -------
Net increase (decrease) in cash and restricted cash                  (320)                   (206)
Cash and restricted cash at beginning of period                     1,275                   1,173
                                                                  -------                --------
Cash and restricted cash at end of period                       $     955               $     967
                                                                =========               =========


Supplemental cash flow disclosures:

   Interest paid                                                $    854                $     611

Supplemental schedule of non-cash
   investing and financing transactions:
   Fair market value of Common Stock
   issued as payment for the WellTech

   West Texas equipment                                        $        -                  $8,584

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See the  accompanying  notes  which are an integral  part of these  consolidated
financial statements.

                                      F-32