FORM 4

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)

_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


March 2001

(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

Common Stock, par value $.01

03/07/01

M

18,844

A

13.72914

Common Stock, par value $.01

03/07/01

M

250

A

11.57434

Common Stock, par value $.01

03/07/01

S

2,500

D

21.75000

Common Stock, par value $.01

03/07/01

S

2,500

D

21.72000

Common Stock, par value $.01

03/07/01

S

2,500

D

21.80000

Common Stock, par value $.01

03/07/01

S

6,594

D

21.05000

Common Stock, par value $.01

03/07/01

S

2,500

D

21.25000

Common Stock, par value $.01

03/07/01

S

2,500

D

20.75000

Common Stock, par value $.01

03/13/01

X

10,000

A

13.72914

Common Stock, par value $.01

03/13/01

S

5,000

D

22.80000

Common Stock, par value $.01

03/13/01

S

5,000

D

22.85000

7,008

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

13.72914

03/07/01

M

18,844

09/11/97

9/11/02

Common Stock

18,844

0

D

Warrants-Right to Buy

11.57434

03/07/01

M

250

10/02/98

10/02/03

Common Stock

250

0

D

Warrants-Right to Buy

20.75000

03/07/01

A

V

250

03/07/01

10/02/03

Common Stock

250

250

D

Warrants-Right to Buy

13.72914

03/13/01

X

10,000

04/28/95

12/10/01

Common Stock

10,000

11,230

D

Explanation of Responses:

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

04/09/01
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.