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)
Chip Craig
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
06/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[X] Director [ ] 10% Owner
[ ] Officer (give title below) [ ] Other (specify below)
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
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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 06/03/99 M 3,000 A $11.750000 D
Common Stock 06/03/99 S 3,000 D $16.000000 7,266 D
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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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>
Non-Qualified Stock Option $11.750000 06/03/99 M 3,000 10/02/98 10/02/03
(right to buy)
Non-Qualified Stock Option $16.000000 06/03/99 A V 3,000 06/03/99 10/02/03
(right to buy)
Non-Qualified Stock Option $11.9375(1)<F1> 02/08/99 A V 20,000 12/03/99 12/03/03
(right to buy)
<PAGE>
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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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>
Non-Qualified Stock Option 06/03/99 Common Stock 3,000 D
(right to buy)
Non-Qualified Stock Option 06/03/99 Common Stock 3,000 D
(right to buy)
Non-Qualified Stock Option 02/08/99 Common Stock 20,000 D
(right to buy)
<FN>
Explanation of Responses:
(1)<F1> As a result of a dividend of Eagle Geophysical, Inc. common stock paid
by the Company on June 10, 1999, the option price was adjusted to
$11.759040 pursuant to the option agreement.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ By: Marcia H. Kendrick
For: Walter M. Craig
DATE 7/9/99
