Edgar Filing: FRYE KIMBERLY R

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â FRYE KIMBERLY R

2. Date of Event Requiring Statement (Month/Day/Year)
10/08/2008

3. Issuer Name and Ticker or Trading Symbol
KEY ENERGY SERVICES INC [KEG]

(Last)

(First)

(Middle)

1301 MCKINNEY STREET,Â SUITE 1800

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
SVP, Gen Counsel and Secre

5. If Amendment, Date Original Filed(Month/Day/Year)
07/29/2008

(Street)

HOUSTON,Â TXÂ 77010

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security
(Instr. 4)

2. Amount of Securities Beneficially Owned
(Instr. 4)

3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)

4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽²⁾	10/18/2012	Common Stock	7,500	$ 9.58	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽²⁾	10/18/2012	Common Stock	4,500	$ 8.43	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽²⁾	05/07/2013	Common Stock	10,000	$ 11.81	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽²⁾	05/07/2013	Common Stock	5,000	$ 10.22	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽³⁾	03/15/2016	Common Stock	7,500	$ 15.05	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽⁴⁾	08/22/2017	Common Stock	12,000	$ 14.32	D	Â
Employee Stock Option (right to buy) ⁽¹⁾	Â ⁽⁵⁾	04/10/2018	Common Stock	8,500	$ 15.07	D	Â
Phantom Stock ⁽¹⁾	Â ⁽⁶⁾	12/22/2010	Common Stock	10,000	$ ⁽⁷⁾	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
FRYE KIMBERLY R 1301 MCKINNEY STREET SUITE 1800 HOUSTON,Â TXÂ 77010	Â	Â	Â SVP, Gen Counsel and Secre	Â

Signatures

Kimberly R. Frye		10/10/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	This grant was unintentionally omitted from the original Form 3 filed July 29, 2008.
(2)	The options were granted under the Key Energy Group, Inc. 1997 Incentive Plan and are fully vested and exercisable.
(3)	The option was granted under the Key Energy Group, Inc. 1997 Incentive Plan and is exercisable in three installments as follows: the first installment for 3,750 shares became exercisable on March 15, 2008; the second installment for 1,875 shares becomes exercisable on March 15, 2009; and the third installment for 1,875 shares becomes exercisable on March 15, 2010.
(4)	The option was granted under the Key Energy Group, Inc. 1997 Incentive Plan and is exercisable in three equal annual installments. The first installment became exercisable on August 22, 2008; and the second and third installments become exercisable on August 22, 2009 and 2010.
(5)	The option was granted under the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan and is exercisable in four equal annual installments beginning on April 10, 2009.
(6)	Each phantom share award granted December 22, 2006 shall vest in four equal annual installments on the anniversary of the grant date. The vested phantom shares are payable solely in cash within 20 days of the vesting date.
(7)	Each share of phantom stock is the economic equivalent of one share of KEG common stock.

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