EX-99.1 3 t2620967a.txt EXPLANATION OF RESPONSES Exhibit 99.1 Explanation of Responses (1) Third Point Management Company L.L.C. ("Third Point") may be deemed to have beneficial ownership over 5,926,003 shares (the "Shares") of Common Stock of Seitel, Inc. (the "Common Stock"), and over warrants to purchase Common Stock ("Warrants"), by virtue of the authority granted to Third Point by certain managed funds and accounts (collectively, the "Funds") to vote and to dispose of the Shares and to dispose of such Warrants. Mr. Daniel S. Loeb ("Mr. Loeb") serves as managing member of Third Point and by virtue of such position may be deemed to have beneficial ownership over the Shares and the foregoing Warrants. Mr. Loeb also serves as a director of Third Point Offshore Fund, Ltd. (the "Offshore Fund" and, together with Third Point and Mr. Loeb, the "Reporting Persons"), one of the Funds. This filing reports the beneficial ownership of the Reporting Persons in the event such filing was or is required. The Reporting Persons hereby disclaim any beneficial ownership of the securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934 (the "Act") except to the extent of their pecuniary interest therein as determined in accordance with the Act and the rules adopted thereunder. This report includes all Shares held as of the date upon which the Reporting Persons first became subject to the reporting requirements of Section 16 of the Act with respect to the Shares. All subsequent transactions in the Shares by the Reporting Persons shall be reported on Form 4.