On June 11, 1995, at 1800 central daylight time (all times in this report will remain in central standard time), a Cessna 150L, N10964, and a Cessna 150M, N66362, sustained minor damage during a midair collision near Levelland, Texas. Neither of the private pilots received injuries. The airplane was being operated by Steven C. Bernstein under Title 14 CFR Part 91. The local formation flight operated during visual meteorological conditions without flight plans. The operator reported that both pilots were enrolled in a commercial/instrument pilot certification course. On the Pilot/Operator Reports the pilots stated the following information. Prior to the departure from the Levelland Municipal Airport, the pilot of N66362 agreed to photograph N10964 in a steep turn. The flights departed the airport at 1700 and climbed to a maneuvering altitude of 5,300 to 5,500 feet MSL. The pilot of N66362 positioned the airplane above and to the right of N10964. The pilot of N10964 maneuvered the airplane into a steep turn (45 degree bank) to the right. During the completion of the steep turn, the outboard section of the left wing tip of N10964 struck the lower wing surface and the outboard end of the left aileron of N66362. Both airplanes returned to the airport and landed at 1800 without further incident. Examination of the airplanes by the owner/operator and the Federal Aviation Administration (FAA) inspector revealed that the left wing tip of N10964 was crushed and the navigation light was missing. Scratches were found about 1.5 feet inboard from the left wing tip of N66362, a dent extended from the leading edge of the wing through the forward half of the left aileron with the skin separated at the rivet heads. During interviews, conducted by the FAA inspector, both pilots stated that they did not have any prior experience in formation flying.