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

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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)

(Last)     (First)     (Middle)

Valice, Debra D.

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

4.  Statement for Month/Year

          May 2001

  X Director
  X Officer (give title below)

     10% Owner
     Other (specify below)

Chief Financial Officer

(Street)
50 Briar Hollow Lane, 7th 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

Common stock, par value $.01

05/30/01

X

 

500

A

13.35975

 

 

 

 

Common stock, par value $.01

05/30/01

S

 

500

D

19.00000

 

 

 

 

Common stock, par value $.01

05/31/01

X

 

16,960

A

13.35975

149,896

 

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

Warrants - Right to Buy

$13.35975

05/30/01

X

 

 

500

06/04/96

06/04/01

Common Stock

500

 

 

 

 

Warrants - Right to Buy

$13.35975

05/31/01

X

 

 

16,960

06/04/96

06/04/01

Common Stock

16,960

 

285,745

D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Explanation of Responses:

 

 

 

 

 

 

 

 

 

 


/s/  Debra D. Valice                          


             06/08/01             

 

**Signature of Reporting Person

 

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.