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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 March 2001

(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

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.

EX-99.B1NOTIC/SHLDR

AUTHORIZATION

The undersigned, Walter M. Craig, Jr., hereby authorizes Marcia H. Kendrick to execute any Form 3, Form 4, or Form 5 to be filed with the Securities and Exchange Commission with respect to Seitel, Inc. for a period of one year from the date hereof.

Date: August 1, 2000

/s/ Walter M. Craig, Jr.

Walter M. Craig, Jr.