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SEC Filings

S-4/A
KEY ENERGY SERVICES INC filed this Form S-4/A on 03/08/1996
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relatively  major  expenditure  is required  for  recompletion  or  secondary or
tertiary  recovery.  Reserves assigned to undrilled acreage are limited to those
drilling units that offset  productive  units  reasonably  certain of production
when  drilled.  The  following  table  summarizes  oil and gas reserve data with
respect to Odessa Exploration's proved oil and gas reserves at June 30, 1995 and
1994:

                                                       June 30,
                                              1995             1994
      Proved developed reserves
               Oil (bbls)                     750,604       114,908
               Gas (mcf)                   11,203,232     6,785,661

      Proved undeveloped reserves
               Oil (bbls)                     931,613             -
               Gas (mcf)                    2,794,828             -

         Management  is not aware of any major  discovery or other  favorable or
adverse  event  which has  occurred  since July 1, 1995 and which is believed to
have caused a significant change in the estimated proved oil and gas reserves of
Odessa Exploration. The estimate of reserves has not been filed with or included
in  reports  to  any  federal  agency  other  than  the  Commission.  Additional
information concerning estimated proved oil and gas reserves is included in Note
15 of Notes to the Consolidated Financial Statements of Key.

         Production.  The  following  table  summarizes  the  net  oil  and  gas
production,  average sales prices,  and average  production  (lifting) costs per
equivalent barrel of oil for the years ended June 30, 1995 and 1994:
                                                         1995            1994
                                                       --------         -----
         Oil
                  Production (bbls)                      40,330         4,383
                  Average sales price per bbls           $15.02         13.54

         Natural Gas
                  Production (mcf)                      770,197       552,791
                  Average sales price per mcf           $  1.54       $  2.33

         Production Costs
                  Production (lifting) costs per
                  equivalent barrel of oil (boe)        $  4.48       $  5.38

         Oil and Gas  Drilling.  Clint Hurt  operates  four  drilling rigs which
drill for oil and natural gas for independent and major oil companies, primarily
in West Texas.  Clint Hurt  completed 18 wells at an average depth of 7,900 feet
during the three months ended September 30, 1995.

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