SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No.2____________)*
KEY ENERGY GROUP, INC.
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(Name of Issuer)
COMMON STOCK, $.10 PAR VALUE
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(Title of Class of Securities)
492914106
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
<PAGE>
CUSIP No.492914106 13D Page 02 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEPTUNE PARTNERS - 1989A, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D)OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 221,812
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 221,812
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
221,812
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No.492914106 13D Page 03 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEPTUNE 1989 INVESTORS LIMITED
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D)OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 145,233
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 145,233
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
145,233
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No.492914106 13D Page 04 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NEPTUNE 1989C OFFSHORE INVESTORS LIMITED
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D)OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 155,498
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 155,498
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
155,498
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No.492914106 13D Page 05 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FRANCISCO A. GARCIA
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D)OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
SPAIN
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 522,543
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,543
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,543
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No.492914106 13D Page06 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
A. TORREY READE
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00*
- -------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(D)OR 2(E)
[ ]
- -------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 522,543
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
522,543
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
522,543
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
Page 07 of 12 Pages
This filing is being made jointly on behalf of (i) Neptune -
Partners - 1989A, L.P., a limited partnership organized under
the laws of the State of Delaware ("Neptune A"); (ii) Neptune
1989 Investors Limited, a British Virgin Islands company ("Neptune
B"); (iii) Neptune 1989C Offshore Investors Limited, a British
Virgin Island company ("Neptune C", and collectively with Neptune
A and "Neptune B the "Neptune Entities"); and (iv) Francisco A.
Garcia ("Garcia") and A. Torrey Reade ("Reade"), who share voting
and investment power ith respect to the securities held by the
Neptune Entities. Such Filing persons are sometimesreferred to
herein as the "filing Persons." This filing constitutes Amendment
No.2 to an intial statement (the "Initial Statement") on Schedule
13D dated April 8, 1996, as amended, filed on behalf of the
Filing Persons. This Amendment No. 2 amends only those items of the
Initial Statement, as amended, specifically referred to herein.
Capitalized terms used herein and not otherwise defined shall have
the meanings assigned to them in the Initial Statement. This
Admendment No.2 to the Initial Statement is being filed to report
that each of the Filing Persons individually, and all of them in
the aggregate, have ceased to be the beneficial owner of more than
5% of the Key Stock.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended and restated in its entirety as
follows:
The table below shows the aggregate number of shares of Key Stock
and the percentage of Key Stock beneficially owned by each Neptune
Entity as of November 22, 1996:
<PAGE>
Page 08 of 12 Pages
Neptune Entity Number of shares of Key Percentage of
Stock Beneficially Owned (1) Key Stock (2)
Neptune A 221,812 2.1%
Neptune B 145,233 1.4%
Neptune C 155,498 1.5%
(1) Includes the following shares issuable upon the exercise of
Key Warrants by the Neptune Entities: Neptune A--33,679; Neptune B
--22,053; and Neptune C--23,616. Also includes shares of Key Stock
distributed to Garcia/Neptune Management Company, Inc., for Garcias
services as director of WellTech prior to consummation of the
Merger, which have been transfered to the Neptune Entities, as
follows: Neptune A--6,288; Neptune B--4,119 and Neptune C--4,409.
(2) Percentage ownership is calculated on the basis of (i) 10,425,176
outstanding shares of Key Stock, as reflected in the Issuer's most
recent Report on Form 10-Q and (ii) the pro forma excerise of Key
Warrants held by each Neptune Entity, with the resultant number of
shares of Key Stock added to both the numerator and the denominator
in making the calculation.
(b) As previously disclosed in the Initial Statement of this 13D
by virtue of the relationships described in Item 2, the Neptune
Entities may be deemed to be members of a group, although each such
person diclaims beneficial ownership of the shares of Key Stock
owned by the other Neptune Entities. By virtue of such relationships
, Garcia and Reade may be deemed to share power to direct the voting
of the Key Stock and the disposition of the Key Stock and Key
Warrants beneficially owned by Neptune Entities.
(c) The information set forth in Schedule A, which is incorporated
herein by reference, sets forth transactions in key Stock in the
60 days preceding the November 22 event requiring the filing of this
amendment. All such transactions took place on the American Stock
Exchange. Prices listed exclude commissions.
<PAGE>
Page 09 of 12 Pages
(e) As of November 22, 1996, each of the Filing Persons individually
and, all of them in the aggregate, have ceased to be the beneficial
owner of more than 5% of the Key Stock. Accordingly, the Filing
Persons have no further reporting obligation under Section 13(d) of
the Securities Exchange Act of 1934.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS
Exhibit (1)Joint Filing Agreement
SIGNATURES
December 2, 1996
NEPTUNE PARTNERS-1989A, L.P.
By its general partner Neptune Management Partners,L.P
By its general partner Neptune Management Co, Inc.
By: /s/FRANCISCO A. GARCIA
_______________________
Chairman of the Board
NEPTUNE 1989 INVESTORS LIMITED
By its investment manager
/s/FRANCISCO A. GARCIA
NEPTUNE 1989C OFFSHORE INVESTOR LIMITED
By its investment manager, Neptune Management Partners
, L.P.
By its general partner, Neptune Management Co, Inc,
By: /s/FRANCISCO A GARCIA
_____________________
Chairman of the Board
/s/ FRANCISCO A GARCIA
/S/ TORREY READE
<PAGE>
Page 10 of 12 Pages
JOINT FILING AGREEMENT FOR SCHEDULE 13D
The undersigned acknowledge and agree that the foregoing Amendment
No. 2 to Schedule 13D with respect to the Common Stock, par value
$.10 per share of Key Energy Group, Inc. shall be filed on behalf of
each of them and contains the information with respect to each such
person were filing singly.
December 2, 1996
NEPTUNE PARTNERS-1989A, L.P.
By its general partner Neptune Management Partners,L.P
By its general partner Neptune Management Co, Inc.
By: /s/FRANCISCO A. GARCIA
_______________________
Chairman of the Board
NEPTUNE 1989 INVESTORS LIMITED
By its investment manager
/s/FRANCISCO A. GARCIA
NEPTUNE 1989C OFFSHORE INVESTOR LIMITED
By its investment manager, Neptune Management Partners
, L.P.
By its general partner, Neptune Management Co, Inc,
By: /s/FRANCISCO A GARCIA
_____________________
Chairman of the Board
/s/ FRANCISCO A GARCIA
/S/ TORREY READE
<PAGE>
Page 11 of 12 Pages
KEY STOCK TRANSACTIONS DURING THE PAST 60 DAYS OR SINCE THE MOST RECENT
FILING ON SCHEDULE 13D
Shares Sold Shares Sold Shares Sold
Trade Date Average Price Neptune A Neptune B Neptune C
10/23/96 11.0000 4,200 2,800 3,000
11/05/96 11.7500 4,300 2,700 2,900
11/11/96 11.2095 1,500 1,100 1,100
11/12/96 11.1250 1,000 600 700
11/13/96 11.1250 339 222 239
11/14/96 11.1250 424 278 298
11/15/96 11.1250 1,612 1,056 1,132
11/18/96 11.1806 3,052 2,001 2,147
11/19/96 11.1607 7,420 4,863 5,217
11/20/96 11.2500 4,240 2,779 2,981
11/21/96 11.5000 8,480 5,558 5,962
11/22/96 11.3214 2,968 1,945 2,087
<PAGE>
Page 12 of 12 Pages
Item 15. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date:
By:
-------------------------------
