Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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 *
CARNETT JOHN
   2. Issuer Name and Ticker or Trading Symbol
KEY ENERGY SERVICES INC [KEG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
SVP, Pressure Pumping Services
(Last)
(First)
(Middle)
1301 MCKINNEY STREET, SUITE 1800		 3. Date of Earliest Transaction (Month/Day/Year)
11/01/2009
(Street)

HOUSTON, TX 77010		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               77,940 (1) (2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) $ 11.81               (3) 05/07/2013 Common Stock 16,667   16,667 (1) D  
Employee Stock Option (right to buy) $ 10.22               (3) 05/07/2013 Common Stock 8,333   8,333 (1) D  
Employee Stock Option (right to buy) $ 15.05               (3) 03/15/2016 Common Stock 25,000   25,000 (1) D  
Employee Stock Option (right to buy) $ 14.32               (3) 08/22/2017 Common Stock 24,000   24,000 (1) D  
Employee Stock Option (right to buy) $ 15.07               (4) 04/10/2018 Common Stock 15,000   15,000 (1) D  
Employee Stock Option (right to buy) $ 16.5               (4) 08/21/2018 Common Stock 15,750   15,750 (1) D  
Phantom Stock (5)               (6) 12/22/2010 Common Stock 20,000   20,000 (1) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CARNETT JOHN
1301 MCKINNEY STREET
SUITE 1800
HOUSTON, TX 77010		       SVP, Pressure Pumping Services  

Signatures

 By Robert B. Rapfogel, Attorney-in-fact for John Carnett   11/09/2009
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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) "Exit" Form 4 voluntarily filed solely to report that, although the filer still holds the office indicated in Box 5 above, the filer is no longer a Section 16 reporting person as of November 1, 2009. The number of securities reported above reflects the filer's ownership as of the filing date.
(2) All 77,940 shares are unvested shares of restricted stock granted under the Key Energy Services, Inc. 2007 Equity and Cash Incentive Plan ("2007 Plan").
(3) The options were granted under the Key Energy Group, Inc. 1997 Incentive Plan and are fully vested and exercisable.
(4) The options were granted under the 2007 Plan and are fully vested and exercisable.
(5) Each share of phantom stock is the economic equivalent of one share of Key Energy Services, Inc.'s common stock, which, pursuant to the plan under which it was granted, is required to be settled in cash based on the closing price on the date each share vests.
(6) The phantom share award granted on December 22, 2006 vests in four equal annual installments on the anniversary of the grant date. The vested phantom shares are payable solely in cash within 20 business days after the vesting date. Ther original grant was for 40,000 phantom shares, of which 10,000 shares vested on December 22, 2007 and 10,000 shares vested on December 22, 2008.

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