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
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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)

(Last)     (First)     (Middle) Valice, Debra D.

3.  I.R.S. Identification     Number of Reporting     Person, if an entity     (voluntary)

4.  Statement for Month/Year           May 2001

X Director   X Officer (give title below)

10% Owner      Other (specify below)

Chief Financial Officer

(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

05/30/01

X

500

A

13.35975

Common stock, par value $.01

05/30/01

S

500

D

19.00000

Common stock, par value $.01

05/31/01

X

16,960

A

13.35975

149,896

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

$13.35975

05/30/01

X

500

06/04/96

06/04/01

Common Stock

500

Warrants - Right to Buy

$13.35975

05/31/01

X

16,960

06/04/96

06/04/01

Common Stock

16,960

285,745

D

Explanation of Responses:
		/s/  Debra D. Valice	06/08/01
	**Signature of Reporting Person		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.