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SEITEL REPORTS RECORD REVENUES AND SECOND HIGHEST EARNINGS FOR FIRST QUARTER

 SEITEL REPORTS RECORD REVENUES AND SECOND HIGHEST EARNINGS
 FOR FIRST QUARTER
 HOUSTON, April 27 /PRNewswire/ -- Seitel, Inc. (NYSE: SEI, SEI.F), a leading provider of seismic data to the petroleum industry, today reported record revenues and its second highest earnings for an opening quarter.
 For the first quarter ended March 31, 1992, operating revenues increased 13 percent to $5.2 million from $4.6 million in the 1991 quarter. Total revenues reached $5.9 million, up 4 percent from the $5.7 million registered in the year-ago period.
 Net income amounted to $1.0 million as compared to a record $1.2 million in the 1991 initial period. Earnings per share equaled $.18 vs. $.24, based on 4 percent more weighted average shares outstanding a year ago.
 "We had our best opening period in terms of revenues because our library resales were up 29 percent to $2.7 million from $2.1 million in the 1991 first quarter," reported Paul A. Frame, president. "One of our key assets is our high-quality, seismic data library, which generates a steady stream of sales in bad and good times," he added.
 "Earnings were down a little from last year's record opening because of two factors. Our management-fee income, which is earned from the supervision of new seismic surveys, was reduced by about half ($417,000 vs. $888,000) because of reduced data-creation activity at present due to the sluggish domestic oil and gas market," explained Frame. The company's data-creation sales in the first quarter were essentially flat, $2.54 million vs. $2.53 million a year ago.
 "As a result of existing market conditions, Seitel is investing a considerable amount of time and energy into some major expansions that will not contribute to results until later this year and next," he said.
 Seitel's expansions include its recent move into the international market and its forthcoming entry into the three-dimensional seismic field.
 The company creates proprietary seismic surveys and markets seismic data from its library. Up until now, it has specialized in high-grade, two-dimensional seismic data. Three-dimensional seismic data provides a more detailed depiction of the Earth's subsurface than 2D data, both forms of which are geoscientific information fundamental to the exploration and development of crude oil and natural gas. To date, too, the company has concentrated on seismic surveys onshore the Texas-Louisiana Gulf Coast.
 Seitel's first international survey was completed last week in the U.K. Irish Sea, which also represents its first marine seismic program.
 "We are already preparing for other international programs as opportunities to market our seismic services overseas are considerable. At the same time, we are concentrating on our first three-dimensional survey, which is slated to begin the latter part of this year, and we have also mapped out a number of other 3D survey prospects that we believe will be feasible to 'shoot,'" said the Seitel president.
 SEITEL, INC.
 Consolidated Condensed Statements of Operations
 (Unaudited)
 Three months ended March 31 1992 1991
 Total revenues $5,895,862 $5,666,377
 Amortization of data banks 2,168,485 1,729,306
 Selling, general and
 administrative expenses 1,902,016 1,847,796
 Depreciation expense 55,465 47,653
 Net interest expense 245,140 159,489
 Total expenses 4,371,106 3,784,244
 Income before provision for
 federal income taxes 1,524,756 1,882,133
 Provision for federal income taxes 522,991 639,925
 Net income $1,001,765 $1,242,208
 Net income per share $ .18 $ .24(A)
 Weighted average number of
 shares outstanding 5,452,299 5,237,268(A)
 (A) -- Restated to give retroactive effect to company's quarterly 1 percent stock dividend.
 -0- 4/27/92
 /CONTACT: Jay M. Green of Seitel, 203-629-1400/
 (SEI) CO: Seitel, Inc. ST: Texas IN: OIL SU: ERN


GK -- NY094 -- 3288 04/27/92 15:06 EDT
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Date:Apr 27, 1992
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/C O R R E C T I O N -- Seitel, Inc./(Correction Notice)
Seitel's Second Quarter Seismic Revenue Increases 48% Over 1Q00, Lead By a 97% Increase in Library Sales.
Seitel's Third Quarter Revenue Increases 82% Over 3Q99, Led By an Almost Three-Fold Increase in Library Sales.

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