SEITEL INC
4, 1997-08-11
OIL & GAS FIELD EXPLORATION SERVICES
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- -----------                                        -----------------------------
| FORM 4  |                                        |         OMB APPROVAL      |
- -----------                                        |---------------------------|
 --                                                |Estimated average burden   |
|  | Check this box if no longer                   |hours per response......0.5|
 --  subject to Section 16, Form 4                 -----------------------------
     or Form 5 obligations may
     continue. See Instruction 1(b).


                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                 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(f) of the Investment Company Act of 1940

- --------------------------------------------------------------------------------
1.   Name and Address of Reporting Person         | 2.   Issuer Name and Ticker
                                                  |      or Trading Symbol
    Lawi,           David             S.          |
- --------------------------------------------------|       Seitel, Inc.    SEI
    (Last)          (First)        (Middle)       |
                                                  |-----------------------------
                                                  | 3.   IRS or Social Security
    93 Mason Street                               |      Number of Reporting
- --------------------------------------------------|      Person(Voluntary)
                    (Street)                      |
                                                  |
     Greenwich,        CT          06830          |          
- --------------------------------------------------|
     (City)         (State)        (Zip)          |
- --------------------------------------------------------------------------------
4.   Statement for Month/Year   July, 1997
- --------------------------------------------------------------------------------
5. If Amendment, | 6. Relationship of Reporting Person   | 7.  Individual or
   Date of       |    to Issuer (Check all applicable)   |     Joint/Group
   Original      |     X  Director             10% Owner |     Filing
   (Month/Day/   |   -----                -----          |
   Year)         |        Officer              Other     |  X  Form filed by
                 |   -----                -----          | --- One Reporting
                 | (give title below)   (specify below)  |     Person
                 |                                       |
                 |                                       |     Form filed by
                 |                                       | --- more than One
                 |                                       |     Reporting Person
- --------------------------------------------------------------------------------
<PAGE>
                  Table I - Non-Derivative Securities Acquired,
                            Disposed of, or Beneficially Owned

- --------------------------------------------------------------------------------
1.   Title of Security                              |  2.   Transaction Date
     (Instr. 3)                                     |       (Month/Day/Year)
- ----------------------------------------------------|---------------------------
(a)  Common Stock                                   |          07/17/97   
- ----------------------------------------------------|---------------------------
(b)                                                 |          07/17/97  
- ----------------------------------------------------|---------------------------
(c)                                                 |          07/17/97  
- ----------------------------------------------------|---------------------------
(d)                                                 |          07/17/97  
- ----------------------------------------------------|---------------------------
(e)                                                 |          07/17/97  
- ----------------------------------------------------|---------------------------
(f)                                                 |          07/17/97
- ----------------------------------------------------|---------------------------
(g)                                                 |          07/22/97  
- ----------------------------------------------------|---------------------------
(h)                                                 |          07/22/97
- ----------------------------------------------------|---------------------------
(i)                                                 |          07/23/97  
- ----------------------------------------------------|---------------------------
(j)                                                 |          07/23/97  
- ----------------------------------------------------|---------------------------
(k)                                                 |          07/23/97  
- ----------------------------------------------------|---------------------------
(l)                                                 |          07/23/97
- ----------------------------------------------------|---------------------------
(m)                                                 |          07/29/97  
- ----------------------------------------------------|---------------------------
(n)                                                 |          07/29/97  
- ----------------------------------------------------|---------------------------
(o)                                                 |          07/30/97  
- ----------------------------------------------------|---------------------------
(p)                                                 |          07/30/97  
- --------------------------------------------------------------------------------
<PAGE>
FORM 4 - Table I (continued)

- --------------------------------------------------------------------------------
3.   Transaction Code       |  4.  Securities Acquired (A) or Disposed of (D)
     (Instr. 8)             |      (Instr. 3, 4 and 5)
                            |
- ----------------------------|---------------------------------------------------
    Code   |       V        |       Amount     |     (A) or (D)     |   Price
- -----------|----------------|------------------|--------------------|-----------
(a)  C     |                |    17,323        |         A          | 13.1886
- -----------|----------------|------------------|--------------------|-----------
(b)  C     |                |     3,077        |         A          | 13.05   
- -----------|----------------|------------------|--------------------|-----------
(c)  S     |                |     5,000        |         D          | 41.50   
- -----------|----------------|------------------|--------------------|-----------
(d)  S     |                |     5,000        |         D          | 41.5625 
- -----------|----------------|------------------|--------------------|-----------
(e)  S     |                |     6,850        |         D          | 41.625  
- -----------|----------------|------------------|--------------------|-----------
(f)  S     |                |     3,550        |         D          | 41.75   
- -----------|----------------|------------------|--------------------|-----------
(g)  C     |                |     4,350        |         A          | 13.05   
- -----------|----------------|------------------|--------------------|-----------
(h)  S     |                |     4,350        |         D          | 40.50   
- -----------|----------------|------------------|--------------------|-----------
(i)  C     |                |     5,750        |         A          | 13.05   
- -----------|----------------|------------------|--------------------|-----------
(j)  S     |                |       650        |         D          | 40.50   
- -----------|----------------|------------------|--------------------|-----------
(k)  S     |                |     5,000        |         D          | 40.625  
- -----------|----------------|------------------|--------------------|-----------
(l)  S     |                |        50        |         D          | 40.1875 
- -----------|----------------|------------------|--------------------|-----------
(m)  C     |                |     4,900        |         A          | 13.05   
- -----------|----------------|------------------|--------------------|-----------
(n)  S     |                |     4,950        |         D          | 40.75   
- -----------|----------------|------------------|--------------------|-----------
(o)  C     |                |    15,000        |         A          | 13.05   
- -----------|----------------|------------------|--------------------|-----------
(p)  S     |                |    15,000        |         D          | 41.00
- --------------------------------------------------------------------------------
<PAGE>

FORM 4 - Table I (continued)

- --------------------------------------------------------------------------------
5.   Amount of Securities  | 6.   Ownership Form:   | 7.   Nature of Indirect 
     Beneficially Owned    |      Direct (D) or     |      Beneficial
     at End of Month       |      Indirect (I)      |      Ownership   
     (Instr. 3 and 4)      |      (Instr. 4)        |      (Instr. 4)
- ---------------------------|------------------------|---------------------------
(a)                        |                        |
- ---------------------------|------------------------|---------------------------
(b)                        |                        |
- ---------------------------|------------------------|---------------------------
(c)                        |                        |
- ---------------------------|------------------------|---------------------------
(d)                        |                        |
- ---------------------------|------------------------|---------------------------
(e)                        |                        |
- ---------------------------|------------------------|---------------------------
(f)                        |                        |
- ---------------------------|------------------------|---------------------------
(g)                        |                        |
- ---------------------------|------------------------|---------------------------
(h)                        |                        |
- ---------------------------|------------------------|---------------------------
(i)                        |                        |
- ---------------------------|------------------------|---------------------------
(j)                        |                        |
- ---------------------------|------------------------|---------------------------
(k)                        |                        |
- ---------------------------|------------------------|---------------------------
(l)                        |                        |
- ---------------------------|------------------------|---------------------------
(m)                        |                        |
- ---------------------------|------------------------|---------------------------
(n)                        |                        |
- ---------------------------|------------------------|---------------------------
(o)                        |                        |
- ---------------------------|------------------------|---------------------------
(p)    51,713              |           D            |
- --------------------------------------------------------------------------------
<PAGE>

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

- --------------------------------------------------------------------------------
1.   Title of Derivative Security           | 2.  Conversion | 3.  Transaction
     (Instr. 3)                             |     or Exercise|     Date (Month/
                                            |     Price of   |     Day/Year)
                                            |     Derivative |
                                            |     Security   |
- --------------------------------------------|----------------|------------------
(a)  Options - Right To Buy                 |       25.125   |              
- --------------------------------------------|----------------|------------------
(b)  Employee Warrants                      |       24.00    |      
- --------------------------------------------|----------------|------------------
(c)  Contract Warrants - A                  |       13.1886  |    07/17/97
- --------------------------------------------|----------------|------------------
(d)  Contract Warrants - B                  |       13.05    |    07/17/97
                                            |                |    07/22/97
                                            |                |    07/23/97
                                            |                |    07/29/97
                                            |                |    07/30/97
- --------------------------------------------|----------------|------------------
(e)  Employee Warrants                      |       32.00    |     
- --------------------------------------------|----------------|------------------
(f)  Employee Warrants                      |       43.00    |             
- --------------------------------------------|----------------|------------------
(g)  Employee Warrants                      |       41.625   |             
- --------------------------------------------|----------------|------------------
(h)  Employee Warrants                      |       41.00    |             
- --------------------------------------------|----------------|------------------
(i)  Employee Warrants                      |       40.50    |             
- --------------------------------------------|----------------|------------------
(j)  Employee Warrants                      |       40.00    |             
- --------------------------------------------|----------------|------------------
(k)  Employee Warrants                      |       40.00    |             
- --------------------------------------------|----------------|------------------
(l)  Employee Warrants                      |       41.5625  |     07/31/97
- --------------------------------------------|----------------|------------------
(m)  Employee Warrants                      |       41.625   |     07/31/97
- --------------------------------------------|----------------|------------------
(n)  Employee Warrants                      |       41.75    |     07/31/97
- --------------------------------------------|----------------|------------------
(o)  Employee Warrants                      |       41.75    |     07/31/97
- --------------------------------------------|----------------|------------------
(p)  Employee Warrants                      |       40.50    |     07/31/97
- --------------------------------------------|----------------|------------------
(q)  Employee Warrants                      |       40.5625  |     07/31/97
- --------------------------------------------|----------------|------------------
(r)  Employee Warrants                      |       40.625   |     07/31/97
- --------------------------------------------|----------------|------------------
(s)  Employee Warrants                      |       40.75    |     07/31/97
- --------------------------------------------|----------------|------------------
(t)  Employee Warrants                      |       40.8125  |     07/31/97
- --------------------------------------------|----------------|------------------
(u)  Employee Warrants                      |       41.0625  |     07/31/97
- --------------------------------------------------------------------------------
<PAGE>

FORM 4 - Table II (continued)

- --------------------------------------------------------------------------------
4.   Transaction   |  5.   Number of Derivative  | 6.   Date Exercisable and
     Code          |       Securities Acquired   |      Expiration Date
    (Instr. 8)     |                             |      (Month/Day/Year)
- -------------------|-----------------------------|------------------------------
     T     |   V   |     (A)     |     (D)       |   Date        | Expiration
           |       |             |               | Exercisable   |      Date
- -----------|-------|-------------|---------------|---------------|--------------
(a)        |       |             |               |      (1)      |  11/29/05
- -----------|-------|-------------|---------------|---------------|--------------
(b)        |       |             |               |    04/11/94   |  04/11/99
- -----------|-------|-------------|---------------|---------------|--------------
(c)  C     |       |             |  17,323       |    12/10/90   |  12/10/97
- -----------|-------|-------------|---------------|---------------|--------------
(d)  C     |       |             |   3,077       |    12/10/90   |  12/10/00
     C     |       |             |   4,350       |               |           
     C     |       |             |   5,750       |               |           
     C     |       |             |   4,900       |               |           
     C     |       |             |  15,000       |               |           
- -----------|-------|-------------|---------------|---------------|--------------
(e)        |       |             |               |    04/28/95   |  04/28/00
- -----------|-------|-------------|---------------|---------------|--------------
(f)        |       |             |               |    12/05/96   |  11/26/01
- -----------|-------|-------------|---------------|---------------|--------------
(g)        |       |             |               |    12/05/96   |  11/27/01
- -----------|-------|-------------|---------------|---------------|--------------
(h)        |       |             |               |    12/05/96   |  11/29/01
- -----------|-------|-------------|---------------|---------------|--------------
(i)        |       |             |               |    12/05/96   |  12/02/01
- -----------|-------|-------------|---------------|---------------|--------------
(j)        |       |             |               |    12/05/96   |  12/03/01
- -----------|-------|-------------|---------------|---------------|--------------
(k)        |       |             |               |    12/05/96   |  12/04/01
- -----------|-------|-------------|---------------|---------------|--------------
(l)  A     |   V   |   10,000    |               |    07/31/97   |  07/17/02
- -----------|-------|-------------|---------------|---------------|--------------
(m)  A     |   V   |    6,850    |               |    07/31/97   |  07/17/02
- -----------|-------|-------------|---------------|---------------|--------------
(n)  A     |   V   |      473    |               |    07/31/97   |  07/17/02
- -----------|-------|-------------|---------------|---------------|--------------
(o)  A     |   V   |    3,077    |               |    07/31/97   |  07/17/02
- -----------|-------|-------------|---------------|---------------|--------------
(p)  A     |   V   |    4,350    |               |    07/31/97   |  07/22/02
- -----------|-------|-------------|---------------|---------------|--------------
(q)  A     |   V   |      700    |               |    07/31/97   |  07/23/02
- -----------|-------|-------------|---------------|---------------|--------------
(r)  A     |   V   |    5,000    |               |    07/31/97   |  07/23/02
- -----------|-------|-------------|---------------|---------------|--------------
(s)  A     |   V   |       50    |               |    07/31/97   |  07/23/02
- -----------|-------|-------------|---------------|---------------|--------------
(t)  A     |   V   |    4,900    |               |    07/31/97   |  07/29/02
- -----------|-------|-------------|---------------|---------------|--------------
(u)  A     |   V   |   15,000    |               |    07/31/97   |  07/30/02
- --------------------------------------------------------------------------------
<PAGE>

FORM 4 - Table II (continued)

- --------------------------------------------------------------------------------
7.   Title and Amount of Underlying                 |  8.   Price of
     Securities (Instr. 3 and 4)                    |       Derivative
- ----------------------------------------------------|       Security
             Title                 |Amount or Number|       (Instr. 5)
                                   |   of Shares    |
- -----------------------------------|----------------|---------------------------
(a)  Common Stock                  |     25,000     |
- -----------------------------------|----------------|---------------------------
(b)  Common Stock                  |     43,635     |
- -----------------------------------|----------------|---------------------------
(c)  Common Stock                  |     17,323     |
- -----------------------------------|----------------|---------------------------
(d)  Common Stock                  |      3,077     |
                                   |      4,350     |
                                   |      5,750     |
                                   |      4,900     |
                                   |     15,000     |
- -----------------------------------|----------------|---------------------------
(e)  Common Stock                  |     40,000     |
- -----------------------------------|----------------|---------------------------
(f)  Common Stock                  |      1,381     |
- -----------------------------------|----------------|---------------------------
(g)  Common Stock                  |        733     |
- -----------------------------------|----------------|---------------------------
(h)  Common Stock                  |      4,982     |
- -----------------------------------|----------------|---------------------------
(i)  Common Stock                  |      6,883     |
- -----------------------------------|----------------|---------------------------
(j)  Common Stock                  |      6,957     |
- -----------------------------------|----------------|---------------------------
(k)  Common Stock                  |      1,355     |
- -----------------------------------|----------------|---------------------------
(l)  Common Stock                  |     10,000     |
- -----------------------------------|----------------|---------------------------
(m)  Common Stock                  |      6,850     |
- -----------------------------------|----------------|---------------------------
(n)  Common Stock                  |        473     |
- -----------------------------------|----------------|---------------------------
(o)  Common Stock                  |      3,077     |
- -----------------------------------|----------------|---------------------------
(p)  Common Stock                  |      4,350     |
- -----------------------------------|----------------|---------------------------
(q)  Common Stock                  |        700     |
- -----------------------------------|----------------|---------------------------
(r)  Common Stock                  |      5,000     |
- -----------------------------------|----------------|---------------------------
(s)  Common Stock                  |         50     |
- -----------------------------------|----------------|---------------------------
(t)  Common Stock                  |      4,900     |
- -----------------------------------|----------------|---------------------------
(u)  Common Stock                  |     15,000     |
- --------------------------------------------------------------------------------
<PAGE>

FORM 4 - Table II (continued)

- --------------------------------------------------------------------------------
9.   Number of Derivative   | 10.  Ownership Form   | 11.  Nature of Indirect
     Securities Beneficially|      of Derivative    |      Beneficial
     Owned at End of Month  |      Security: Direct |      Ownership
     (Instr. 4)             |      (D) or Indirect  |      (Instr. 4)
                            |      (I) (Instr. 4)   |
- ----------------------------|-----------------------|---------------------------
(a)       25,000            |            D          |
- ----------------------------|-----------------------|---------------------------
(b)       43,635            |            D          |
- ----------------------------|-----------------------|---------------------------
(c)            0            |            D          |
- ----------------------------|-----------------------|---------------------------
(d)       46,537            |            D          |
- ----------------------------|-----------------------|---------------------------
(e)       40,000            |            D          |
- ----------------------------|-----------------------|---------------------------
(f)        1,381            |            D          |
- ----------------------------|-----------------------|---------------------------
(g)          733            |            D          |
- ----------------------------|-----------------------|---------------------------
(h)        4,982            |            D          |
- ----------------------------|-----------------------|---------------------------
(i)        6,883            |            D          |
- ----------------------------|-----------------------|---------------------------
(j)        6,957            |            D          |
- ----------------------------|-----------------------|---------------------------
(k)        1,355            |            D          |
- ----------------------------|-----------------------|---------------------------
(l)       10,000            |            D          |
- ----------------------------|-----------------------|---------------------------
(m)        6,850            |            D          |
- ----------------------------|-----------------------|---------------------------
(n)          473            |            D          |
- ----------------------------|-----------------------|---------------------------
(o)        3,077            |            D          |
- ----------------------------|-----------------------|---------------------------
(p)        4,350            |            D          |
- ----------------------------|-----------------------|---------------------------
(q)          700            |            D          |
- ----------------------------|-----------------------|---------------------------
(r)        5,000            |            D          |
- ----------------------------|-----------------------|---------------------------
(s)           50            |            D          |
- ----------------------------|-----------------------|---------------------------
(t)        4,900            |            D          |
- ----------------------------|-----------------------|---------------------------
(u)       15,000            |            D          |
- --------------------------------------------------------------------------------


Explanation of Responses:


1.   Options  have  ten  year  terms,  0%  exercisable  on  date of  grant,  33%
     exercisable on first  anniversary,  66% exercisable on second  anniversary,
     and 100% exercisable on third anniversary.




                                   
                                   /s/ David S. Lawi                  
                                   by Marcia H. Kendrick                8/08/97
                                  ---------------------------------  -----------
                                  **Signature of Reporting Person        Date


**   Intentional misstatements or omission of facts constitute Federal Criminal
     Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).




                                  AUTHORIZATION


     The undersigned, David S. Lawi hereby authorizes Marcia Kendrick to execute
any Form 3,  Form 4, or Form 5 to be  filed  with the  Securities  and  Exchange
Commission  with respect to Seitel,  Inc. for a period of one year from the date
hereof.


Date:  August 1, 1997



                                                  /s/ David S. Lawi    
                                                  ------------------------------
                                                  David S. Lawi      





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