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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 STATEMENTS OF CASH FLOWS
              FOR THE YEARS ENDED DECEMBER 31, 1994, 1993 AND 1992

                                 (In Thousands)



                                                                                 1994              1993               1992
                                                                                ------            ------             -----
<S>                                                                            <C>             <C>                 <C>   

RECONCILIATION OF NET LOSS TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES:
Net loss                                                                          $(211)          $(5,207)           $(7,820)
Non-cash charges included in net loss:
   Depreciation and amortization                                                  2,775             3,095              3,572
   Investment valuation provision                                                     -               582              2,369
   Amortization of loan discount                                                      -               668              1,014
   Gain on disposition of assets                                                 (2,943)             (336)               (49)
   Equity in (earnings) losses of unconsolidated affiliates                         492               (88)               (68)
Changes in components of working capital:
   (Increase) decrease in accounts receivable, net                               (2,215)           (1,846)                73
   (Increase) decrease in prepaid insurance losses and expenses and
   other                                                                          1,573               622               (369)
   Increase (decrease) in accounts payable                                        3,236               (99)              (249)
   Increase (decrease) in accrued liabilities                                     1,948             1,484               (662)
   Increase in deferred interest                                                      -             2,020              1,740
   Other, net                                                                       (24)               38               (375)
                                                                                --------           ------              ------
   Net Cash Provided by (Used in) Operating Activities                            4,631               933               (824)
                                                                                -------             -----             -------

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment                                      2,764             1,942              1,809
Capital expenditures                                                            (13,738)           (1,748)            (1,979)
Cash distributions from Dawson WellTech, LLC                                        412               775                 --
Contributions to unconsolidated operations                                       (3,563)             (970)            (3,107)
                                                                                --------            ------            -------
   Net Cash Used in Investment Activities                                       (14,125)               (1)            (3,277)
                                                                                --------           -------           --------

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt                                                    5,555                44              2,337
Payments on notes payable and capital lease                                        (680)             (663)              (297)
Sale of common stock and conversion of debt                                       4,554              -                  -
                                                                                 ------           -------            -------
   Net Cash Provided by (Used in) Financing Activities                            9,429              (619)             2,040
                                                                                 ------            -------            ------
Increase (Decrease) in Cash and Cash Equivalents                                    (65)              313             (2,061)
Cash and Cash Equivalents, Beginning of Year                                        689               376              2,437
                                                                                  -----             -----            -------
Cash and Cash Equivalents, End of Year                                          $   624            $  689             $  376
                                                                                =======            ======             ======

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                     The accompanying notes are an integral
                      part of these consolidated financial
                                   statements.
    
                                      F-42