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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
                   UNAUDITED PRO FORMA COMBINED BALANCE SHEET

                             as of December 31, 1995

                                 (In thousands)


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<S>                                                      <C>           <C>                 <C>            <C>      <C> 
                                                                                              Pro Forma              Pro Forma
                                                               Key     WellTech, Inc          Entries                Combined


LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities

      Accounts payable                                    $   3,804     $   5,789           (1,650)     (c)        $    7,943
      Other accrued liabilities                               1,931         5,884             2,000     (a)             9,815
    Accrued interest                                            168           505             (400)     (c)               273
    Accrued income taxes                                        124           257                                         381
    Deferred tax liability                                      118             -                                         118
    Current portion of long-term debt                         1,590         5,697           (4,948)     (c)             2,339

- -----------------------------------------------------------------------------------                               -----------------

  Total Current Liabilities                                   7,735        18,132                                      20,869

- -----------------------------------------------------------------------------------                               -----------------

  Long-term debt, less current portion                       15,237         9,505             8,298     (c)            33,040
  Deferred income taxes                                       2,934             -                                       2,934
  Accrued casualty insurance                                      -         2,219                                       2,219
  Minority interest in consolidated subsidiary                    -         1,364                                       1,364


  Commitments and contingencies
  Stockholders' equity:

    Common stock                                                691           353               (3)     (a)             1,041
    Additional paid-in capital                               15,186        92,456          (55,809)     (a)            36,086
                                                                                           (15,747)     (b)
    Retained earnings (deficit)                               5,728       (56,497)          56,497      (a)             5,728
  Total Stockholders' Equity                                 21,605        36,312                                      42,855

- -----------------------------------------------------------------------------------                               -----------------

  Total Liabilities and Stockholders' Equity                $47,511       $67,532                                    $103,281

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See accompanying notes to unaudited pro forma combined financial statements.




                                      F-65