5

Form 5 __  Check box if no longer subject to 
      Section 16. Form 4 or Form 5 obligations
      may continue. See Instruction 1(b). __ Form 3 Holdings Reported __ Form 4 Transactions Reported UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549


ANNUAL STATEMENT OF CHANGES 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
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1.  Name and Address of Reporting Person*  Craig, Walter M., Jr.	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)  50 Briar Hollow Lane,  7th Floor West	3.  I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)		4.  Statement for Month/Year             12/01
(Street)  Houston, Texas 77027			5.  If Amendment, Date of Original    (Month/Year)			7.  Individual or Joint/Group Reporting             (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 the end of Issuer's Fiscal Year  (Instr. 3 and 4)	6.Ownership Form: Direct  (D) or Indirect (I)  (Instr. 4)	7.Nature of Indirect Beneficial Ownership  (Instr. 4)
			Amount	(A) or (D)	Price
Common Stock, par value $.01						1,758	D

* If the form is filed by more than one reporting person, see instruction 4(b)(v).

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.Trans-    action    Date    (Month/    Day/    Year)

4.Trans-    action    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 at End    of Year    (Instr. 4)

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

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Options-Right to Buy

$18.26

6/5/01

A

2,000

6/5/02

6/5/06

Common Stock

2,000

Options-Right to Buy

$11.00

8/31/01

A

11,250

8/31/02

8/31/11

Common Stock

11,250

70,960

D

Explanation of Responses:

          Walter M. Craig            
by: /s/ Marcia H. Kendrick          
**Signature of Reporting Person        2/12/02     
Date

**	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 provided is insufficient, see Instruction 6 for procedure.

EX-99.B11

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: January 1, 2002

/s/ Walter M. Craig, Jr.                         

Walter M. Craig, Jr.