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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
                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
              FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1994

                                 (In Thousands)



                                                               1995       1994
                                                              -----       ----
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED
BY (USED IN) OPERATING ACTIVITIES:
Net Income                                                      234        980
Non-cash charges included in net income:
   Depreciation and amortization                              2,524      2,228
   Gain on disposition of assets                               (390)    (2,499)
   Equity in earnings of unconsolidated investees              (552)      (295)
   Minority interest net income                                 139       --
Changes in components of working capital:
   Increase in accounts receivable, net                      (2,533)      (595)
   (Increase) decrease in prepaid insurance losses
   and expenses and other                                      (322)     1,301
   Decrease in accounts payable                              (1,570)      (577)
   Increase in accrued liabilities                              503         71
Other, net                                                      164          5
                                                            -------    -------
   Net Cash Provided by (used in) Operating Activities       (1,803)       619
                                                            -------    -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property and equipment                  1,038      2,166
Capital expenditures                                         (5,103)    (9,024)
Cash distributions from unconsolidated investees                362        344
Contributions to unconsolidated operations                     --       (1,179)
                                                            -------    -------
   Net Cash Used in Investing Activities                     (3,703)    (7,693)
                                                            -------    -------
CASH FLOWS FROM FINANCING ACTIVITIES:
   Equity investment                                           --        4,561
   Additions to long term debt                                9,282      3,678
   Repayments of debt                                        (3,278)      (608)
   Debt issue costs                                            (313)      --
                                                            -------    -------
         Net Cash Provided by Financing Activities            5,691      7,631
                                                            -------    -------
Increase in Cash and Cash Equivalents                           185        557
Cash and Cash Equivalents, Beginning of Year                    828        689
                                                            -------    -------
Cash and Cash Equivalents, End of Year                      $ 1,013    $ 1,246
                                                            =======    =======


     See accompanying notes to unaudited consolidated financial statements.

                                      F-58