HOUSTON, March 11 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (NYSE: KEG) announced today its February 2010 consolidated rig hours, which increased 1% and trucking hours, which decreased 5% over the previous month, respectively. Hourly activity levels for the month of February 2010 and comparable periods are as follows:

Comparable 2009 and 2008 monthly information is available on Key's website at www.keyenergy.com under "Investor Relations."

Chairman, President and CEO Dick Alario commented, "Our U.S. rig service hours increased 4% in February, led by an 8% increase in activity from our larger customers. We also saw a slight increase in our February composite rate with favorable work mix and regional price improvements. Our international operations, particularly in Mexico, tend to work 7 days a week and on a per calendar day basis, hours were up 2% compared to January. Likewise, our fluids management business operates 7 days a week, and hours per calendar day were up 5% during the month. We are pleased to see activity continue to strengthen and we believe underlying demand for our services will improve with better weather conditions."

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any matters that are not of historic fact are forward-looking statements. These forward-looking statements are based on Key's current expectations, estimates and projections, its industry, its management's beliefs and certain assumptions made by management. No assurance can be given that such expectations, estimates or projections will prove to have been correct. Whenever possible, these forward-looking statements are identified by words such as "expects," "believes," "anticipates" and similar phrases.

A number of factors could cause actual results to differ materially from the expectations, estimates and projections expressed in this press release, including, but not limited to: risks affecting activity levels for Key's services, including the impact of declines or instability of commodity prices, future decreases or other changes in the capital budgets of customers, the impact of activity levels not recovering, or even decreasing in the future, among Key's larger customers, changes in the demand for the mix of services that Key provides and Key's ability to improve or maintain pricing on its services; risks associated with the prolonged economic downturn and credit market instability; risks affecting Key's foreign operations and investments; and risks affecting Key's ability to maintain or improve operations, including its ability to maintain prices for services under increasing pricing pressures, the impact of rig capacity in the market and weather risk.

Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Other important risk factors that may affect Key's business, results of operations and financial position are discussed in its most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K and in other Securities and Exchange Commission filings. Unless otherwise required by law, Key also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. However, readers should review carefully reports and documents that Key files periodically with the Securities and Exchange Commission.

About Key Energy Services

Key Energy Services is the largest provider of onshore well service rigs in the world, based on current industry data. Key provides a complete range of well services, including rig-based well maintenance, workover, well completion and recompletion services, fluid management services, pressure pumping services, fishing and rental services, wireline services and ancillary oilfield services. Key has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina, Mexico and Russia. Additionally, Key has a technology development group based in Canada and ownership interests in two oilfield services companies in Canada.

SOURCE Key Energy Services, Inc.

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