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SEITEL REPORTS HIGHER SECOND-QUARTER EARNINGS, REVENUES; LAUNCHING OF OFFSHORE 3D SEISMIC PROGRAM, PURCHASE OF PETROLEUM-PRODUCING PROPERTY

 HOUSTON, July 28 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI and SEI.RA/SEI.F), a leading provider of U.S. seismic data and related geophysical expertise to the petroleum industry, announced several important developments at its Annual Stockholders Meeting here this morning.
 Paul A. Frame, president and chief executive officer, said that the company had a strong second quarter. Preliminary numbers indicate that revenues rose more than 70 percent to in excess of $7.4 million from $4.3 million in the 1992 second period. He said net income for the quarter also exceeded 70 percent to over $850,000, or $.15 per share, from the $480,000, or $.09 per share, earned in the year-ago period.
 He also told stockholders that the company recently commenced the first Seitel-designed, three dimensional (3D) seismic survey offshore, in the Gulf of Mexico.
 At the same time, the company is commencing its second onshore 3D survey, in Louisiana, utilizing a state-of-the-art recording system, which was recently purchased for complex 3D programs in the difficult marsh environment of the gulf coast that Seitel will be conducting. Frame said the company is planning additional 3Ds, offshore and onshore, this year.
 Seitel Purchases First Petroleum-Producing Property
 Seitel also reported that it's recently formed, wholly owned subsidiary, DDD Energy, Inc. has purchased, with one minority partner, a property in Texas primarily producing natural gas with associated liquids.
 The purchase represents Seitel's initial acquisition of a producing property. The property was purchased for cash but the amount was not disclosed.
 "We believe production from the property, located in a deep-gas area, can be increased through the implementation of advanced technology to pinpoint additional reserves," said Horace A. Calvert, executive vice president and chief operating officer of Seitel and president of the DDD Energy subsidiary, which has been established to enable Seitel's extensive geophysical expertise to participate directly in oil and gas development and production.
 "This is our first producing property and it will make a meaningful contribution to operating results this year, with considerable upside potential if production is increased in the future," Calvert added.
 -0- 7/28/93
 /CONTACT: Jay M. Green, director - investor relations of Seitel, Inc., 713-627-1990/
 (SEI)


CO: Seitel, Inc. ST: Texas IN: OIL SU: ERN

SH -- NY056 -- 7292 07/28/93 12:02 EDT
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Publication:PR Newswire
Date:Jul 28, 1993
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