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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
                                               Consolidated Statements of Cash Flows

                                                                                                    Seven           Five Months
                                                              Year Ended        Year Ended       Months Ended           Ended
(In thousands)                                              June 30, 1995      June 30, 1994     June 30, 1993    November 30, 1992
====================================================================================================================================
<S>                                                          <C>                  <C>             <C>               <C>    

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net income                                                    $2,178              $1,345             $711             $4,986
  Extraordinary item                                                 -                   -                -             (2,868)
===================================================================================================================================
  Income before extraordinary item                               2,178               1,345              711              2,118
    Adjust accounts to fair value                                    -                   -                -             (1,868)
    Reorganization costs                                             -                   -                -                150

===================================================================================================================================
  Income from operations                                         2,178               1,345              711                400
===================================================================================================================================
  Adjustments to reconcile income from operations to
    net cash provided by operations:
  Depreciation, depletion and amortization                       2,738               1,371              406                505
  Deferred income taxes                                          1,370                 493              382                  -
  Other non-cash items                                            (312)                  -                -               (248)
  Change in assets and liabilities net of effects
     from the acquisitions:
    Increase in accounts receivable                             (1,327)               (389)            (253)              (489)
    Increase in other current assets                              (940)               (613)             (91)                22
    Decrease in accounts payable and
        accrued expenses                                          (154)               (392)          (1,250)              (387)
    (Decrease) increase in accrued interest                         56                  53               (4)               246
    (Decrease) increase in accrued taxes                          (273)                447               31                  -
    Increase in other assets                                       (78)               (473)             (55)               392
===================================================================================================================================
  Net cash (used in) provided by operating activities            3,258               1,842             (123)               441
===================================================================================================================================
CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures - Oilwell service operations             (2,839)             (4,395)          (1,033)              (537)
  Capital expenditures - Oil and gas operations                 (2,823)             (1,253)               -                  -
  Capital expenditures - Oil and gas well drilling operations     (143)                  -                -                  -
  Acquisitions                                                  (1,348)                  -                -                  -
  Purchase of restricted marketable securities and other            (1)                 40             (251)                 -
===================================================================================================================================
  Net cash used in investing activities                         (7,154)             (5,608)          (1,284)              (537)
===================================================================================================================================
CASH FLOWS FROM FINANCING ACTIVITIES:
  Principal payments on debt                                    (2,148)             (1,771)            (538)              (386)
  Principal payments, line-of-credit                                 -                   -          (14,024)            (9,458)
  Proceeds under line-of-credit                                      -                   -           14,159            (10,123)
  Borrowings (payments) under line-of-credit                      (605)              1,551                -                  -
  Decrease in cash overdraft                                         -                   -                -               (129)
  Proceeds from rights offering                                      -                   -                -              1,841
  Proceeds from debt                                             6,751               4,536              330                  -
===================================================================================================================================
  Net cash provided by (used in) financing activities            3,998               4,316              (73)             1,991
===================================================================================================================================
  Net increase (decrease) in cash and restricted cash              102                 550           (1,480)             1,895
  Cash and restricted cash at beginning of period                1,173                 623            2,103                208
===================================================================================================================================

  Cash and restricted cash at end of period                     $1,275              $1,173             $623             $2,103
===================================================================================================================================
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See the  accompanying  notes  which are an integral  part of these  consolidated
financial statements.


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