On June 10, 1993, at approximately 1845 mountain daylight time, a Beech 95-A55, N8606M, sustained substantial damage near Edgewood, New Mexico, during a forced landing following a loss of right engine power. The commercial pilot and one passenger did not sustain injuries. Visual meteorological conditions prevailed for the cross country flight. The pilot reported the following information to the Safety Board. The airplane was being flown for the first time following the annual inspection. During the initial takeoff climb from runway 27 at the Edgewood, New Mexico, airport when the gear was raised a total loss of right engine power occurred. At approximately 50 feet above the ground and an airspeed of 100 miles per hour, the airplane would not maintain altitude to clear the surrounding terrain. During the forced landing, the airplane cleared a highline and landed, with the gear retracted, on sloping terrain. An examination of the engine by the Federal Aviation Administration inspector, statement enclosed, revealed that the magneto grounding leads for the right engine had not been secured during the annual inspection. This was the first flight after the annual inspection. The airplane was released to the owner following the investigation.