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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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                         WELLTECH, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                        AS OF DECEMBER 31, 1994 AND 1993

                                 (In Thousands)

                      LIABILITIES AND STOCKHOLDERS' EQUITY


                                                      1994        1993

CURRENT LIABILITIES:
  Current maturities of long-term debt
    and capital lease obligation                  $    798    $    511
  Accounts payable                                   6,371       3,135
  Accrued payroll and related taxes                    680         207
  Accrued casualty insurance                         2,614       1,624
  Income taxes payable                                 557           -
  Other accrued and current liabilities              2,707       1,828
                                                  --------    --------
     Total Current Liabilities                      13,727       7,305
                                                  --------    --------


NON-CURRENT LIABILITIES:
  Long-term debt and capital lease obligation,
   net of current maturities                         6,620      32,782
  Deferred interest                                      -       4,764
  Accrued casualty insurance                         1,640       2,380
                                                    ------     -------
     Total Non-Current Liabilities                   8,260      39,926

COMMITMENTS AND CONTINGENCIES (Note 8)

STOCKHOLDERS' EQUITY (Deficit):
  Common stock, $1.00 par; 500,000 shares
   authorized; 347,471 and 311,256 issued
   and outstanding at December 31, 
   1994 and 1993, respectively                         347         311
  Capital in excess of par value                    92,003      52,971
  Accumulated deficit                              (56,161)    (55,950)
                                                   --------   ---------
     Total Stockholders' Equity (Deficit)           36,189      (2,668)
                                                  --------    ---------
     Total Liabilities and Stockholders' Equity   $ 58,176    $ 44,563
                                                  ========    ========


                     The accompanying notes are an integral
                      part of these consolidated financial
                                   statements.

                                      F-39