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SEC Filings

KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
Entire Document

         The following sets forth  selected  financial  information  relative to
WellTech's  West  Texas  operations  which  are  included  in  the  consolidated
financial statements for 1993 (in thousands):

                                                              December 31, 1993
Balance Sheet
         Current Assets                                             $  558
         Total Assets                                             $  5,826
         Current Liabilities                                     $     674

Statement of Operations
         Revenues                                                  $13,591
         Direct Operating Expenses                                 $11,543
         General and Administrative Expenses                     $   1,443
         Depreciation                                            $     669

         In August 1994, the transaction was approved by Key's  shareholders and
1,635,000  shares of Key stock and warrants  were issued to WellTech in exchange
for its West Texas  Operations.  The investment in the Key stock was recorded at
the market value of the stock on the date of the shareholders'  approval ($5.125
per share) and a gain of approximately $3 million was recognized.  On that date,
WellTech's  investment  exceeded  its pro rata  share of  Key's  equity  by $3.9
million.  This amount is being  amortized and charged against equity in earnings
of Key over a period of 10 years.  At December 31, 1994, the market value of the
stock was $4.625 per share.

         Key's condensed financial information presented below (in thousands) as
of December 31, 1994 and for the six months then ended is  unaudited.  As stated
above,  WellTech  acquired  its  ownership  interest  in Key in  August of 1994,
consequently information for periods prior to 1994 has not been presented.

                                                              December 31, 1994
Balance Sheet
Current Assets                                                     $  9,992
Noncurrent Assets                                                   $29,387
Current Liabilities                                                $  6,253
Noncurrent Liabilities                                              $14,265

Statement of Operations
Revenues                                                            $21,962
Gross Margin                                                       $  3,641
Income Before Taxes                                                $  1,487
Net Income                                                         $  1,011

         Servicios  WellTech  - In  July  1992,  WellTech  entered  into a joint
venture agreement with two Argentinean entities to form Servicios WellTech, S.A.
("SWT") to provide oil and gas well servicing in Argentina.