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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 Stockholders' Equity (Deficit)

                                                  Preferred Stock      Common Stock
                                               Number of            Number of              Additional      Retained
                                                 Shares    Amount    Shares       Amount    Paid-in        Earnings
(In thousands)                                Outstanding  at par Outstanding     at par    Capital       (Deficit)          Total
==================================================================================================================================
<S>                                           <C>         <C>      <C>          <C>      <C>             <C>             <C>

Balance at June 30, 1992                         1,151      $115      17,942      $1,794  $  24,811       $(31,658)       $(4,938)
==================================================================================================================================

1992 Reorganization Plan:
  Exchange of "old" preferred and common
    stock for "new" common stock               (1,151)     (115)     (17,942)    (1,794)      1,757               -           (152)
  Issuance of "new" common stock                     -         -       1,520         152          -               -            152
  Exchange of debt for "new" common stock            -         -       2,634         263      4,985           2,868          8,116
  Issuance of "new" common stock for cash            -         -         970          97          -               -             97
  "Fresh-start" reporting adjustments                -         -           -           -    (25,878)         23,804         (2,074)
Net income (for the five months ended
   November 30, 1992)                                -         -           -           -          -           4,986          4,986
==================================================================================================================================
Balance at November 30, 1992                         -         -       5,124        $512     $5,675               -         $6,187
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Change in valuation allowance related to
  deferred tax assets                                -         -           -           -        382               -            382
 Net income (for the seven months ended
June 30, 1993).                                      -         -           -           -          -             711            711
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Balance at June 30, 1993                             -         -      $5,124        $512     $6,057            $711         $7,280
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Issuance of common stock for Odessa
  Exploration                                        -         -         150          15        623               -            638
Net income                                           -         -           -           -          -           1,345          1,345
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Balance at June 30, 1994                             -         -       5,274        $527     $6,680          $2,056         $9,263
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Issuance of common stock for WellTech
  West Texas assets                                  -         -       1,635         164      8,420               -          8,584
Issuance of warrants for WellTech West
  Texas assets                                       -         -           -           -         63               -             63
Issuance of common stock for Clint Hurt
  Drilling assets                                    -         -           5           -         23               -             23
Net income                                           -         -           -           -          -           2,178          2,178

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Balance at June 30, 1995                             -         -       6,914        $691    $15,186          $4,234        $20,111
==================================================================================================================================
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See the  accompanying  notes  which are an integral  part of these  consolidated
financial statements.

                                      F-7