FORM 4
___Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

(Print or Type Responses)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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

OMB APPROVAL

OMB Number: 3235-0287

Expires: December 31, 2001

Estimated average burden
hours per response. . . . 0.5

1. Name and Address of Reporting Person*

2. Issuer Name and Tickler or Trading Symbol

Seitel, Inc.                SEI

6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_x_Director
___10% Owner

___Officer (give title below)
___Other (specify below)

(Last) (First) (Middle)

Craig, Walter M., Jr.

3. I.R.S. Identification Number of Reporting Person, if an entity (voluntary)

4. Statement for Month/Year


December 2000

(Street)

50 Briar Hollow Lane, 7^th Floor West
Houston, Texas 77027

5. If Amendment, Date of Original (Month/Year)

7. Individual or Joint/Group Filing (Check Applicable Line)

_x_Form filed by One Reporting Person

___Form filed by More than One Reporting Person

(City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security
(Instr. 3)

2. Transaction Date


(Month/Day/Year)

3. Transaction Code
(Instr. 8)

4. Securities Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

5. Amount of Securities Beneficially Owned at End of Month

(Instr. 3 and 4)

6 Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)

7. Nature of Indirect Beneficial Ownership

(Instr. 4)

Code

V

Amount

(A) or (D)

Price

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

1. Title of Derivative Security
(Instr.3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date
(Month/Day/
Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities
Acquired (A)
or Disposed of (D)
(Instr. 3, 4 and 5)

6. Date Exerciseable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)

10. Ownership Form of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Options-Right to Buy

$11.37500

07/26/00

A

V

15,000

(1)

07/26/10

Common Stock

15,000

15,000

D

Warrants-Right to Buy

$13.72914

07/26/00

A (2)

V

21,230

4/28/95

4/28/02

Common Stock

21,230

21,230

D

Options-Right to Buy

$16.18750

10/19/00

A

V

2,000

10/19/01

10/19/05

Common Stock

2,000

2,000

D

Explanation of Responses:

(1)

Options are exercisable as follows: 33% on first anniversary; 66% on second anniversary; and 100% on third anniversary.

(2)

The expiration date of these warrants was originally 4/28/01. On July 26,2000, the Company's Board of Directors approved a one-year extension of the expiration date to 4/28/02 in accordance with Rule 16 b-3.

/s/ Walter M. Craig, Jr.
By Marcia H. Kendrick
**Signature of Reporting Person

01/10/01
Date

Reminder:

Report on a separate line for each class of securities beneficially owned directly or indirectly.

*

If the form is filed by more than one reporting person, see Instruction 4(b)(v).

**

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

Note:

File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure