Key Energy extends consent solicitation

New York, July 15 - Key Energy Services, Inc. said it has extended its consent solicitation from noteholders to give it more time to prepare its 10-K for 2003 and 2004 10-Q reports.

The offer will now expire at 5 p.m. ET on July 19 instead of 5 p.m. ET on July 15.

The company announced the solicitation on July 6.

On June 1, the company received a notice from the indenture trustee that it had 90 days to file the reports or face default.

Key Energy said it believes the notice may be invalid because it does not meet certain requirements for giving notice as required by the indentures. Contrary to the letter from the trustee, the indentures actually would require the company to cure the deficiency within 60 days of the receipt of a notice, it said.

In any event, the Midland, Texas-based oil well services firm is asking for consents from holders of its 6 3/8% senior notes due 2013 and 8 3/8% senior notes due 2008.

Holders who provide their consents will get a payment of $2.50 per $1,000 of notes.

A majority of both series must give their consents.

Lehman Brothers (800 438-3242 or 212 528-7581) is the solicitation agent and D.F. King & Co., Inc. at (800 848-2998 or 212 269-5550) is the information agent and tabulation agent for the offering.

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