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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES 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(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * MELLON HBV ALTERNATIVE STRATEGIES LLC   2. Issuer Name and Ticker or Trading Symbol SEITEL INC [SELA] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 200 PARK AVE 3. Date of Earliest Transaction (Month/Day/Year) 11/22/2004 (Street) NEW YORK, NY 10166-3399 4. If Amendment, Date Original Filed(Month/Day/Year) 11/22/2004 6. 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) 2A. Deemed Execution Date, if any (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 Following Reported Transaction(s) (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 11/22/2004   J   250,000 A $ 1.0587 21,480,483 (2) I See Footnotes (1)

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

3A. Deemed Execution Date, if any (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 Exercisable 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 Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

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

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Standby Warrants (3)

$ 0.72

08/12/2004

J

15,037,568

08/12/2004

07/02/2011

Common Stock

15,037,568

$ 0

0

I (1)

See Footnote

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MELLON HBV ALTERNATIVE STRATEGIES LLC 200 PARK AVE NEW YORK, NY 10166-3399		X

Signatures

/s/ William F. Harley III, CEO		02/27/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	As indicated in its Amended Schedule 13D filing Mellon HBV Alternative Strategies LLC (the "Adviser), beneficially owns, pursuant to Rules 16a-1(a)(1) and 13d-3 of the Securitieis Exchange Act of 1934, as amended, more than 10% of the outstanding Common Stock of Issuer. The Reporting Person has indirect ownership interests in the shares reported herein.
(2)	This amount represents shares of the Issuer's common stock that were reportable in the Reporting Person's Form 4 originally filed with the Commission on Nov. 22, 2004, consistent with, and as reported on the Reporting Person's Schedule 13D Amendment No. 3 filed on November 2, 2004. The shares reported herein include the exercise of certain Standby Warrants.
(3)	Pursuant to a Standby Purchase Agreement and previously reported, on Aug. 12, 2004 the Issuer issued to the Reporting Person Standby Warrants exercisable for up to 15,037,568 shares of common stock at a price of $0.72 per share which expire July 2, 2011.

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