UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
1. Name and Address of Reporting Person(s)
Frame, Paul A.
50 Briar Hollow Lane, 7th Floor W.
Houston, Texas
77027
2. Issuer Name and Ticker or Trading Symbol
Seitel, Inc. - Options (SEI)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
05/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Chief Executive Officer
President and Director
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C><C> <C> <C> <C>
Common Stock 05/20/99 X 45,000 A $12.000000 D
Common Stock 05/20/99 S 45,000 D $16.000000 D
Common Stock 05/20/99 X 11,000 A $12.000000 D
Common Stock 05/20/99 S 11,000 D $16.062500 D
Common Stock 05/20/99 X 10,000 A $12.000000 D
Common Stock 05/20/99 S 10,000 D $16.062500 D
Common Stock 05/20/99 X 10,000 A $12.000000 D
Common Stock 05/20/99 S 10,000 D $16.125000 D
Common Stock 05/21/99 X 57,038 A $12.000000 D
Common Stock 05/21/99 S 57,038 D $16.125000 D
Common Stock 05/21/99 X 6,100 A $12.000000 D
Common Stock 05/21/99 S 6,100 D $16.000000 D
Common Stock 05/21/99 X 20,900 A $12.000000 D
Common Stock 05/21/99 S 20,900 D $16.187500 D
Common Stock 05/28/99 M 100 A $11.750000 D
Common Stock 05/28/99 S 100 D $16.125000 431,264 D
<PAGE>
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Warrants $12.000000 05/20/99 X 76,000 7/10/95 04/11/00
(right to buy)
Warrants $12.000000 05/21/99 X 84,038 7/10/95 04/11/00
(right to buy)
Warrants $11.750000 05/28/99 M 100 10/02/98 10/02/03
(right to buy)
Non-Qualified Stock Option $16.000000 05/20/99 A V 45,000 5/20/99 05/20/04
(right to buy)
Non-Qualified Stock Option $16.062500 05/20/99 A V 10,000 5/20/99 05/20/04
(right to buy)
Non-Qualified Stock Option $16.062500 05/20/99 A V 11,000 5/20/99 05/20/04
(right to buy)
Non-Qualified Stock Option $16.125000 05/20/99 A V 10,000 5/20/99 05/20/04
(right to buy)
Non-Qualified Stock Option $16.000000 05/21/99 A V 6,100 5/21/99 05/21/04
(right to buy)
Non-Qualified Stock Option $16.125000 05/21/99 A V 57,038 5/21/99 05/21/04
(right to buy)
Non-Qualified Stock Option $16.187500 05/21/99 A V 20,900 5/21/99 05/21/04
(right to buy)
Warrant $16.125000 05/28/99 A V 100 5/28/99 10/02/03
(right to buy)
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
- ------------------------------------------------------------------------------------------------------------------------------------
1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Warrants 05/20/99 Common Stock 76,000 D
(right to buy)
Warrants 05/21/99 Common Stock 84,038 0 D
(right to buy)
Warrants 05/28/99 Common Stock 100 74,900 D
(right to buy)
Non-Qualified Stock Option 05/20/99 Common Stock 45,000 45,000 D
(right to buy)
Non-Qualified Stock Option 05/20/99 Common Stock 10,000 10,000 D
(right to buy)
Non-Qualified Stock Option 05/20/99 Common Stock 11,000 11,000 D
(right to buy)
Non-Qualified Stock Option 05/20/99 Common Stock 10,000 10,000 D
(right to buy)
Non-Qualified Stock Option 05/21/99 Common Stock 6,100 6,100 D
(right to buy)
Non-Qualified Stock Option 05/21/99 Common Stock 57,038 57,038 D
(right to buy)
Non-Qualified Stock Option 05/21/99 Common Stock 20,900 20,900 D
(right to buy)
Warrant 05/28/99 Common Stock 100 100 D
(right to buy)
<FN>
Explanation of Responses:
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Marcia H. Kendrick
For: Paul A. Frame
DATE: 6/9/99
