----

** UNITED STATESSECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**

----

**FORM 10-Q**

| [ X ] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2006

 

OR

 

[    ]

TRANSITION REPORT PURSUANT TO SECTION  13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 0-14488

 

**SEITEL, INC.**

(Exact name of registrant as specified in its charter)
   
Delaware

76-0025431

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)
      
10811 S. Westview Circle Drive
   
Building C, Suite 100

Houston, Texas

77043

(Address of principal executive offices)

(Zip Code)
      
Registrant's telephone  number, including area code:

(713) 881-8900

 

Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to filesuch reports), and (2) has been subject to such filing requirements for thepast 90 days.

Yes

[X]

No

[  ]

 

Indicate by check markwhether the registrant is a large accelerated filer, an accelerated filer, or anon-accelerated filer.  See definition of "accelerated filer and largeaccelerated filer" in Rule 12b-2 of the Exchange Act.  (Check one):

 

Large accelerated filer

[  ]

Accelerated filer

[X]

Non-accelerated filer

[  ]

 

Indicateby check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).

 

Yes

[  ]

No

[X]

Indicate by check mark whether theregistrant has filed all documents and reports required to be filed by Section12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to thedistribution of securities under a plan confirmed by a court.

 

Yes

[X]

No

[  ]

As of October 31,2006, there were 155,272,250 shares of the Company's common stock, par value$.01 per share outstanding.

Page 1 of 40

 

**INDEX**

 

Page
PART I.

FINANCIAL  INFORMATION

 

Item 1.

Financial Statements

 

3

Condensed  Consolidated Balance Sheets as of

September  30, 2006 (Unaudited) and December 31, 2005

 

3

Condensed  Consolidated Statements of Operations (Unaudited)

for the  Three Months Ended September 30, 2006 and 2005

 

4

Condensed  Consolidated Statements of Operations (Unaudited)

for the Nine  Months Ended September 30, 2006 and 2005

 

5

Condensed  Consolidated Statements of Comprehensive Income (Loss) (Unaudited)  

for the  Three and Nine Months Ended September 30, 2006 and 2005

 

6

Condensed  Consolidated Statements of Stockholders' Equity

for the Nine  Months Ended September 30, 2006 (Unaudited)

 

7

Condensed Consolidated  Statements of Cash Flows (Unaudited)

for the Nine  Months Ended September 30, 2006 and 2005

 

8

Notes to Condensed  Consolidated Interim Financial Statements

 

9

Item 2.

Management's  Discussion and Analysis of

Financial  Condition and Results of Operations

 

27

Item 3.

Quantitative  and Qualitative Disclosures About Market Risk

 

36

Item 4.

Controls  and Procedures

 

37

PART II.

OTHER  INFORMATION

 

Item 1.

Legal  Proceedings

 

37

Item 1.A.

Risk  Factors

 

37

Item 2.

Unregistered  Sales of Equity Securities and Use of Proceeds

 

38

Item 6.

Exhibits

 

38

Signatures

39

Page 2 of 40

*(INDEX)* 
 **PART I - FINANCIAL INFORMATION****Item 1.     FINANCIAL STATEMENTS******SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS*(In thousands, except share and per share amounts)* 
(Unaudited)

September 30,

December 31,

2006

2005
                     
ASSETS

     Cash and cash  equivalents

$

96,973

$

78,097

     Restricted cash

103

85

     Receivables

         Trade, net of  allowance for doubtful accounts of

            $1,035 and  $900, respectively

34,090

27,385

         Notes and  other, net of allowance for doubtful accounts

            of $275 and  $275, respectively

454

509

     Net seismic data  library, net of accumulated amortization

         of $948,196 and  $879,365, respectively

122,422

111,946

     Net property and equipment, net of  accumulated depreciation

         and amortization of $29,044 and $27,552,  respectively

8,258

9,456

     Oil and gas  operations held for sale

29

194

     Investment in  marketable securities

60

54

     Prepaid expenses,  deferred charges and other 

11,977

13,071

     Deferred income  taxes

6,097

5,874

     TOTAL ASSETS

$

280,463

$

246,671

     

LIABILITIES AND  STOCKHOLDERS' EQUITY

     LIABILITIES

         Accounts  payable and accrued liabilities

$

27,127

$

25,666

         Income taxes  payable

61

276

         Oil and gas  operations held for sale

34

40

         Debt

            Senior  Notes

185,653

185,272

            Notes  payable

349

378

         Obligations  under capital leases

3,054

2,950

         Deferred  revenue

39,635

43,250

     TOTAL LIABILITIES

255,913

257,832

     

COMMITMENTS AND  CONTINGENCIES 

     

STOCKHOLDERS' EQUITY

         Preferred  stock, par value $.01 per share; authorized

            5,000,000  shares; none issued

-

-

         Common stock,  par value $.01 per share; authorized

            400,000,000  shares; issued and outstanding 155,343,662 shares

            at September  30, 2006 and 153,604,345 shares at December 31, 2005

1,553

1,536

         Additional  paid-in capital

239,918

241,289

         Retained  deficit

(223,109

)

(256,227

)

         Deferred  compensation - restricted stock

-

(2,944

)

         Notes  receivable from officers and employees for stock purchases 

-

(1

)

         Accumulated  other comprehensive income

6,188

5,186

     TOTAL  STOCKHOLDERS' EQUITY (DEFICIT)

24,550

(11,161

)

TOTAL LIABILITIES AND  STOCKHOLDERS' EQUITY

$

280,463

$

246,671
 The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 3 of 40

*(INDEX)*

 
SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)*(In thousands, except per share amounts)*       
Three Months Ended    
September 30,

2006

2005
                     
REVENUE

$

45,877

$

24,550
                     
EXPENSES

       Depreciation and amortization

21,027

19,441

       Cost of sales

40

55

       Selling, general and administrative expenses

8,373

7,680

29,440

27,176
                     
INCOME (LOSS) FROM OPERATIONS

16,437

(2,626

)
                     
Interest expense, net

(4,873

)

(5,593

)

Foreign currency exchange gains (losses)

(9

)

1,978

Loss on sale of security

(1

)

-
                     
Income (loss) from continuing operations before income taxes

11,554

(6,241

)
                     
Benefit for income taxes

(2,462

)

(3,878

)
                     
Income (loss) from continuing operations

14,016

(2,363

)
                     
Income (loss) from discontinued operations	

(146

)

22
                     
NET INCOME (LOSS)

$

13,870

$

(2,341

)
                     
Income (loss) per share:

       Basic:

              Income (loss)  from continuing operations

$

.09

$

(.02

)

              Income (loss) from  discontinued operations

-

-

              Net income (loss)

$

.09

$

(.02

)

       Diluted:

              Income (loss)  from continuing operations

$

.08

$

(.02

)

              Income (loss)  from discontinued operations

-

-

              Net income (loss)

$

.08

$

(.02

)
                     
Weighted average number of common and

       common equivalent shares:

              Basic

150,975

152,745

              Diluted

166,569

152,745
 The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 4 of 40

*(INDEX)*
 SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)*(In thousands, except per share amounts)*     Nine Months Ended       
September 30,   2006

2005                     
REVENUE

$

139,117

$

107,817
                     
EXPENSES

       Depreciation and amortization

67,839

76,363

       Gain on sale of seismic data

(231

)

-

       Cost of sales

203

143

       Selling, general and administrative expenses

26,309

23,018

94,120

99,524
                     
INCOME FROM OPERATIONS

44,997

8,293
                     
Interest expense, net

(14,770

)

(17,572

)

Foreign currency exchange gains	

1,125

1,161

Loss on sale of security

(1

)

(11

)
                     
Income (loss) from continuing operations before income taxes	

31,351

(8,129

)
                     
	 Benefit	 for income taxes

(2,079

)

(4,906

)
                     
Income (loss) from continuing operations	

33,430

(3,223

)
                     
Income (loss) from discontinued operations	

(142

)

41
                     
NET INCOME (LOSS)	

$

33,288

$

(3,182

)
                     
Income (loss) per share:

       Basic:

              Income (loss)  from continuing operations

$

.22

$

(.02

)

              Income (loss) from  discontinued operations

-

-

              Net income (loss)

$

.22

$

(.02

)

       Diluted:

              Income (loss)  from continuing operations

$

.20

$

(.02

)

              Income (loss) from  discontinued operations

-

-

              Net income (loss)

$

.20

$

(.02

)
                     
Weighted average number of common and

       common equivalent shares:

              Basic

150,852

152,294

              Diluted

166,019

152,294
 The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 5 of 40

*(INDEX)*

 
SEITEL, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)*(In thousands)*
Three Months Ended
 

Nine Months Ended

September 30,

September 30,

2006
 

2005
 

2006

2005
                                       
Net income (loss)

$

13,870

$

(2,341

)

$

33,288

$

(3,182

)
                                       
Unrealized gains  (losses) on securities held as

       available for  sale:

       Unrealized net  holding gains arising

              during  period

-

30

19

40

       Less:  Reclassification adjustment for

              losses  included in income

1

-

1

11
                                       
Foreign currency  translation adjustments

7

1,424

982

1,241
                                       
Comprehensive income  (loss)

$

13,878

$

(887

)

$

34,290

$

(1,890

)
   The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 6 of 40

*(INDEX)*

 

SEITEL, INC.AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY(Unaudited)

*(Inthousands, except share amounts)*

 

Accum- 

Deferred

Notes

ulated 

Compen-

Receivable

Other

Additional

Retained

sation - 

from

Compre- 

Common Stock

Paid-In

Earnings 

Restricted

Officers &

hensive 

Shares

Amount

Capital

(Deficit)

Stock

Employees

Income 
                                                                  
Balance, December 31, 2005

153,604,345

$

1,536

$

241,289

$

(256,227

)

$

(2,944

)

$

(1

)

$

5,186

 Reclass of deferred compensation - restricted

      stock upon adoption of SFAS No. 123(R)

-

-

(2,944

)

-

2,944

-

-

 Issuance of restricted stock

1,840,522

18

(18

)

-

-

-

-

 Issuance of common stock to employees

108,327

1

225

-

-

-

-

 Cancellation of restricted stock

(17,202

)

-

(16

)

-

-

-

-

 Amortization of stock-based compensation costs

-

-

1,349

-

-

-

-

 Accrual for restricted stock issuance

      for performance equity awards

-

-

456

-

-

-

-

 Retirement of stock to satisfy employee

      tax withholding

(192,330

)

(2

)

(423

)

(170

)

-

-

-

 Payments received on notes receivable

      from officers and employees

-

-

-

-

-

1

-

 Net income

-

-

-

33,288

-

-

-

 Foreign currency translation adjustments

-

-

-

-

-

-

982

 Unrealized gain on marketable securities	

-

-

-

-

-

-

19

 Reclassification adjustment for losses on

      marketable securities included in income

-

-

-

-

-

-

1

Balance, September 30, 2006 

155,343,662

$

1,553

$

239,918

$

(223,109

)

$

-

$

-

$

6,188

 
 The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 7 of 40

*(INDEX)*

 

SEITEL, INC. ANDSUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)

*(in thousands)*

 
      Nine Months Ended          September 30,   
2006

2005
                     
Cash flows from operating activities:

Reconciliation of net loss to net cash provided by operating activities

       of continuing operations:

              Net income (loss)

$

33,288

$

(3,182

)

              Loss (income) from discontinued operations, net of tax

142

(41

)

              Depreciation and amortization

67,839

76,363

              Deferred income tax provision (benefit)

24

(5,512

)

              Amortization of deferred financing costs

889

1,115

              Amortization of debt discount

381

426

              Amortization of deferred compensation

1,349

556

              Allowance for collection of trade receivables

160

10

              Non-cash compensation expense

666

904

              Non-cash expense related to stock options

-

22

              Non-cash revenue

(11,029

)

(12,404

)

              Loss (gain) on sale of property and equipment

(5

)

1

              Gain on sale of seismic data

(231

)

-

              Loss on sale of security

1

11

              Decrease (increase) in receivables

(4,533

)

10,485

              Decrease in other assets

184

1,385

              Decrease in deferred revenue

(859

)

(4,275

)

              Decrease in accounts payable and other liabilities

(8,491

)

(8,942

)

                    Net cash provided by operating activities of  continuing operations 

79,775

56,922

Cash flows from investing activities:

       Cash invested in seismic data	

(58,624

)

(43,614

)

       Cash from sale of seismic data

231

-

       Cash paid to acquire property and equipment

(912

)

(670

)

       Cash received from disposal of property and equipment

3

13

       Cash from sale of security

12

4

       Decrease (increase) in restricted cash

(18

)

78

              Net cash used in investing activities of continuing  operations

(59,308

)

(44,189

)

Cash flows from financing activities:

       Principal payments on senior notes

-

(4,000

)

       Principal payments on notes payable

(29

)

(309

)

       Principal payments on capital lease obligations

(29

)

(1,320

)

       Borrowings on line of credit

25

-

       Payments on line of credit

(25

)

-

       Costs of debt and equity transactions

-

(185

)

       Purchases of common stock subsequently retired

(595

)

-

       Payments on notes receivable from officers and employees

14

38

              Net cash used in financing activities of continuing  operations

(639

)

(5,776

)

Effect of exchange rate changes	

(969

)

(840

)

Net cash provided by discontinued operations (revised):

       Cash provided by operating activities

8

151

       Cash provided by investing activities

9

-

Net increase in cash and equivalents

18,876

6,268

Cash and equivalents at beginning of period

78,097

43,285

Cash and equivalents at end of period

$

96,973

$

49,553

Supplemental disclosure of cash flow information:

       Cash paid during the period for:

              Interest

22,433

23,818

              Income taxes

284

8

       Income tax refunds received

393

-

Supplemental schedule of non-cash investing activities:

       Additions to seismic data library

8,889

6,640
 The accompanying notes are an integral part of these condensed consolidated financial statements. 
Page 8 of 40

*(INDEX)*

 
**SEITEL, INC. AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited)September 30, 2006****NOTE A-BASIS OF PRESENTATION**
The accompanying unaudited financial statements of Seitel, Inc. and itssubsidiaries (the "Company") have been prepared in accordance withgenerally accepted accounting principles for interim financial information andwith the instructions of Regulation S-X.  Accordingly, they do not include allof the information and notes required by accounting principles generallyaccepted in the United States for complete financial statements.  In theopinion of management, all adjustments (consisting of normal recurring adjustments)considered necessary for a fair presentation have been included.  In preparingthe Company's financial statements, a number of estimates and assumptions aremade by management that affect the accounting for and recognition of assets,liabilities, revenues and expenses.  The Company has separately disclosed theoperating and investing portion of the cash flows attributable to itsdiscontinued operations, which in 2005 were reported on a combined basis as asingle amount.  The condensed consolidated balance sheet of the Company as ofDecember 31, 2005, has been derived from the audited balance sheet of theCompany as of that date.  Operating results for the nine months ended September30, 2006 are not necessarily indicative of the results that may be expected forthe year ending December 31, 2006.  These unaudited financial statements shouldbe read in conjunction with the financial statements and notes thereto for theyear ended December 31, 2005 contained in the Company's Annual Report filed onForm 10-K with the Securities and Exchange Commission ("SEC").

**Contractual Obligations:**    Asof September 30, 2006, the Company had approximately $312.8 million ofoutstanding debt and lease obligations, with aggregate contractual cashobligations summarized as follows (in thousands):

 

Payments due by  period

Remainder of

2012 and

Contractual cash obligations

Total

2006

2007-2009

2010-2011

thereafter
                                 
Debt obligations (1)(2)

$

300,517

$

18

$

66,838

$

233,559

$

102

Capital lease obligations (2)

5,702

75

987

665

3,975

Operating lease obligations

6,560

285

3,312

2,072

891

Total contractual cash obligations

$

312,779

$

378

$

71,137

$

236,296

$

4,968

 

(1)   Debtobligations include the face amount of the 11.75% senior notes totaling $189.0million.

(2)   Amountsinclude interest related to such obligations.

 

**NOTE B-REVENUE RECOGNITION**
*Revenue from Data Acquisition*
The Company generates revenue when it creates a newseismic survey that is initially licensed by one or more of its customers touse the resulting data.  The initial licenses usually provide the customer witha limited exclusivity period, which will normally last for six months afterfinal delivery of the processed data.  The payments for the initial exclusivelicenses are sometimes referred to as underwriting or prefunding.  Customersmake periodic payments throughout the creation period, which generallycorrespond to costs incurred and work performed.  These payments arenon-refundable.

Revenue from the creation of new seismic data isrecognized throughout the creation period using the proportional performance methodbased upon costs incurred and work performed to date as a percentage of totalestimated costs and work required.  Management believes that this method is themost reliable and representative measure of progress for its data creationprojects.  The duration of most data creation projects is generally less thanone year.  Under these contracts, the Company creates new seismic data designedin conjunction with its customers and specifically suited to the geology of thearea using the most appropriate technology available. 

Page 9 of 40

*(INDEX)*

The Company outsources the substantial majority of thework required to complete data acquisition projects to third partycontractors.  The Company's payments to these third party contractors comprisethe substantial majority of the total estimated costs of the project and arepaid throughout the creation period.  A typical survey includes specificactivities required to complete the survey; each activity has value to thecustomers.  Typical activities, that often occur concurrently, include:
-  permittingfor land access, mineral rights, and regulatory approval;
-  surveying;
-  drillingfor the placement of energy sources;
-  recordingthe data in the field; and
-  processingthe data.

The customers paying for the initial exclusive licensesreceive legally enforceable rights to any resulting product of each activity. The customers also receive access to and use of the newly acquired, processeddata.  

The customers' access to and use of the results of thework performed and of the newly acquired, processed data is governed by alicense agreement, which is a separate agreement from the acquisition contract.The Company's acquisition contracts require the customer either to have alicense agreement in place or to execute one at the time the acquisitioncontract is signed. The Company maintains sole ownership of the newly acquireddata, which is added to its library, and is free to license the data to othercustomers when the original customers' exclusivity period ends.  
*Revenue from Non-Exclusive Data Licenses*
TheCompany recognizes a substantial portion of its revenue from data licenses soldafter any exclusive license period.  These are sometimes referred to as resalelicensing revenue, post acquisition license sales or shelf sales.

These sales fall under the following four basic forms ofnon-exclusive license contracts.
- Specific license contract - The     customer licenses and selects data from the data library at the time the     contract is entered into and holds this license for a long-term period.
- Library card license contract -     The customer initially receives only access to data. The customer may then     select specific data, from the collection of data to which it has access,     to hold long-term under its license agreement. The length of the selection     periods under the library card contracts is limited in time and varies     from customer to customer.
- Review and possession license     contract - The customer obtains the right to review a certain quantity of     data for a limited period of time. During the review period, the customer     may select specific data from that available for review to hold long-term     under its license agreement. Any data not selected for long-term licensing     must be returned to the Company at the end of the review period.
- Review only license contract -     The customer obtains rights to review a certain quantity of data for a     limited period of time, but does not obtain the right to select specific     data to hold long-term.

The Company's non-exclusive license contracts specify the following:
-  that all customers must sign a license agreement governing theuse of data;
-  the specific payment terms, generally ranging from 30 days to 18months, and that such payments are non-cancelable and non-refundable; 
-  the actual data that is accessible to the customer; and 
-  that the data is licensed in     its present form, where is and as is and the Company is under no     obligation to make any enhancements, modifications or additions to the     data unless specific terms to the contrary are included.  
Page 10 of 40

*(INDEX)*

Revenue from the non-exclusive licensing of seismic data isrecognized when the following criteria are met:
-  the Company has an arrangement with the customer that isvalidated by a signed contract;
-  the sales price is fixed and determinable; 
-  collection is reasonably assured; 
-  the customer has selected the specific data or the contract hasexpired without full selection; and
-  the license term has begun.

Copies of the data are available to the customerimmediately upon request.

For licenses that have been invoiced but have not met theaforementioned criteria, the revenue is deferred along with the related directcosts (primarily sales commissions).  This normally occurs under the librarycard license contracts, review and possession license contracts or review only licensecontracts because the data selection may occur over time.  Additionally, if thecontract allows licensing of data that is not currently available orenhancements, modifications or additions to the data are required per thecontract, revenue is deferred until such time that the data is available.
*Revenue from Non-Monetary Exchanges*
In certain cases, the Company will take ownership of acustomer's seismic data or revenue interest (collectively referred to as"data") in exchange for a non-exclusive license to selected seismic datafrom the Company's library.  Occasionally, in connection with specific dataacquisition contracts, the Company receives both cash and ownership of seismicdata from the customer as consideration for the underwriting of new dataacquisition.  These exchanges are referred to as non-monetary exchanges.  Anon-monetary exchange always complies with the following criteria:
-  thedata license delivered is always distinct from the data received; 
-  thecustomer forfeits ownership of its data; and
-  theCompany retains ownership in its data.

In non-monetary exchange transactions, the Company recordsa data library asset for the seismic data received at the time the contract isentered into and recognizes revenue on the transaction in equal value inaccordance with its policy on revenue from data licenses, which is, when thedata is selected by the customer, or revenue from data acquisition, asapplicable.  The data license to the customer is in the form of one of the fourbasic forms of contracts discussed above.  These transactions are valued at thefair value of the data received or delivered, whichever is more readilydeterminable.

Fair value of the data exchanged is determined using amulti-step process as follows.
- First, the Company considers     the value of the data received from the customer. In determining the value     of the data received, the Company considers the age, quality, current     demand and future marketability of the data and, in the case of 3D seismic     data, the cost that would be required to create the data.  In addition,     the Company applies a limitation on the value it assigns per square mile     on the data received.   
- Second, the Company determines     the value of the license granted to the customer.  The range of cash     transactions by the Company for licenses of similar data during the prior     six months are evaluated. In evaluating the range of cash transactions,     the Company does not consider transactions that are disproportionately     high or low.
- Third, the Company obtains concurrence     from an independent third party on the portfolio of all non-monetary     exchanges of $500,000 or more in order to support the Company's valuation     of the data received.  The Company obtains this concurrence on an annual     basis, usually in connection with the preparation of its annual financial     statements.

Page 11 of 40

*(INDEX)*

Due to the Company's revenuerecognition policies, revenue recognized on non-monetary exchange transactionsmay not occur at the same time the seismic data acquired is recorded as anasset.  The activity related to non-monetary exchanges was as follows (inthousands):

 

Three Months

Nine Months

Ended September 30,

Ended September 30,

2006

2005

2006

2005
                                       
Seismic data library  additions

$

2,077

$

1,851

$

8,889

$

6,640
                                       
Revenue recognized  based on specific

    data licenses or selections  of data

2,998

678

8,082

10,472
                                       
Revenue recognized  related to

    acquisition  contracts

391

1,235

2,927

1,932
                                       
Revenue recognized  related to data

    management services

13

-

20

-
*Revenue from Seitel Solutions*
Revenue from Seitel Solutions("Solutions") is recognized as the services for reproduction anddelivery of seismic data are provided to customers.

**NOTE C-SEISMIC DATA LIBRARY**

 

The Company's seismic datalibrary consists of seismic surveys that are offered for license to customerson a non-exclusive basis. Costs associated with creating, acquiring orpurchasing the seismic data library are capitalized and amortized principallyon the income forecast method subject to a straight-line amortization period offour years, applied on a quarterly basis at the individual survey level.

 

*Costs of Seismic Data Library* 

For purchased seismic data, the Company capitalizes the purchase price of theacquired data.  

For data received through a non-monetary exchange, the Company capitalizes anamount equal to the fair value of the data received by the Company or the fairvalue of the license granted to the customer, whichever is more readilydeterminable.  See Note B for discussion of the process used to determine fairvalue.

For internally created data, the capitalized costs include costs paid to thirdparties for the acquisition of data and related permitting, surveying and otheractivities associated with the data creation activity.  In addition, theCompany capitalizes certain internal costs related to processing the createddata.  Such costs include salaries and benefits of the Company's processingpersonnel and certain other costs incurred for the benefit of the processingactivity.  The Company believes that the internal processing costs capitalizedare not greater than, and generally are less than, those that would be incurredand capitalized if such activity were performed by a third party.  Capitalizedcosts for internal data processing were $464,000 and $433,000 for the threemonths ended September 30, 2006 and 2005, respectively, and $1,369,000 and $1,274,000for the nine months ended September 30, 2006 and 2005, respectively. 

*Data Library Amortization*

The Company amortizes its seismic data library investment using the greater ofthe amortization that would result from the application of the income forecastmethod subject to a minimum amortization rate or a straight-line basis over theuseful life of the data.  With respect to each survey in the data library, theuseful life policy is applied from the time such survey is available forlicensing to customers on a non-exclusive basis, since some data in the librarymay not be licensed until an exclusivity period (usually six months) haslapsed.

Page 12 of 40

*(INDEX)*

The Company applies the incomeforecast method by forecasting the ultimate revenue expected to be derived froma particular data library component over the estimated useful life of eachsurvey comprising part of such component.  This forecast is made by the Companyannually and reviewed quarterly.  If, during any such review, the Companydetermines that the ultimate revenue for a library component is expected to besignificantly different than the original estimate of total revenue for suchlibrary component, the Company revises the amortization rate attributable tofuture revenue from each survey in such component.  The lowest amortizationrate the Company applies using the income forecast method is 70%.  In addition,in connection with the forecast reviews and updates, the Company evaluates therecoverability of its seismic data library investment, and if required underStatement of Financial Accounting Standards ("SFAS") No. 144,"Accounting for the Impairment and Disposal of Long-Lived Assets,"records an impairment charge with respect to such investment.  See discussionon *"Seismic Data Library Impairment"* below.

The actual aggregate rate of amortization depends on the specific seismicsurveys licensed and selected by the Company's customers during the period.  Asof October 1, 2006, the amortization rate utilized under the income forecastmethod for all components is 70%.  Additionally, certain seismic surveys havebeen fully amortized; consequently, no amortization expense is required onrevenue recorded for these seismic surveys.

The greater of the income forecast or straight-line amortization policy isapplied quarterly on a cumulative basis at the individual survey level. Underthis policy, the Company first records amortization using the income forecastmethod.  The cumulative amortization recorded for each survey is then comparedwith the cumulative straight-line amortization. If the cumulative straight-lineamortization is higher for any specific survey, additional amortization expenseis recorded, resulting in accumulated amortization being equal to thecumulative straight-line amortization for such survey.  This requirement isapplied regardless of future-year revenue estimates for the library componentof which the survey is a part and does not consider the existence of deferredrevenue with respect to the library component or to any survey.  

 

*Seismic Data LibraryImpairment*

******The Company evaluates its seismic data library investment by groupingindividual surveys into components based on its operations and geological andgeographical trends, resulting in the following data library segments forpurposes of evaluating impairments:  (I) Gulf of Mexico offshore comprised ofthe following components:  (a) multi-component data, (b) ocean bottom cabledata, (c) shelf data, (d) deep water data, and (e) value-added products; (II) North America onshore comprised of the following components: (a) Texas GulfCoast, (b) northern, eastern and western Texas, (c) southernLouisiana/Mississippi, (d) northern Louisiana, (e) Rocky Mountains, (f) NorthDakota, (g) other United States, (h) Canada and (i) value-added products, and(III) international data outside North America.  The Company believes thatthese library components constitute the lowest levels of independentlyidentifiable cash flows.

 

As events or conditions require,the Company evaluates the recoverability of its seismic data library investmentin accordance with SFAS No. 144.  The Company evaluates its seismic datalibrary investment for impairment whenever events or changes in circumstancesindicate that the carrying amounts may not be recoverable.  The Companyconsiders the level of sales performance in each component compared toprojected sales, as well as industry conditions, among others, to be keyfactors in determining when its seismic data investment should be evaluated forimpairment.  In evaluating sales performance of each component, the Companygenerally considers three consecutive quarters of actual performance belowforecasted sales, among other things, to be an indicator of potentialimpairment.

****In accordance with SFAS No. 144, the impairment evaluation is based firston a comparison of the undiscounted future cash flows over each component'sremaining estimated useful life with the carrying value of each librarycomponent.  If the undiscounted cash flows are equal to or greater than thecarrying value of such component, no impairment is recorded.  If undiscountedcash flows are less than the carrying value of any component, the forecast offuture cash flows related to such component is discounted to fair value andcompared with such component's carrying amount. The difference between thelibrary component's carrying amount and the discounted future value of theexpected revenue stream is recorded as an impairment charge.

For purposes of evaluating potential impairment losses, the Company estimatesthe future cash flows attributable to a library component by evaluating, amongother factors, historical and recent revenue trends, oil and gas prospectivityin particular regions, general economic conditions affecting its customer baseand expected changes in technology and other factors that the Company deemsrelevant. The cash flow estimates exclude expected future revenues attributableto non-monetary data exchanges and future data creation projects.

Page 13 of 40

*(INDEX)*

The estimation of future cashflows and fair value is highly subjective and inherently imprecise.  Estimatescan change materially from period to period based on many factors, includingthose described in the preceding paragraph. Accordingly, if conditions changein the future, the Company may record further impairment losses relative to itsseismic data library investment, which could be material to any particularreporting period.

 

The Company did not have any impairment charges during the nine monthsended September 30, 2006 or 2005.
 NOTE D-DEBT
The following is a summary of the Company's debt (in thousands):

 

September 30,

December 31,

2006

2005

                     
11.75% Senior Notes

$

189,000

$

189,000

Revolving Credit Facility

-

-

Subsidiary revolving line of credit

-

-

Note payable to former executive

349

378

189,349

189,378

Less:  Debt discount

(3,347

)

(3,728

)

$

186,002

$

185,650

 

**11.75%Senior Unsecured Notes:**  On July 2, 2004, the Company issued, in a private placement, $193.0million aggregate principal amount, of 11.75% Senior Unsecured Notes ("SeniorNotes").  The Senior Notes were offered at a discount of 2.325% from theirprincipal amount and mature July 15, 2011.  As required by their terms, theSenior Notes were exchanged for senior notes of like amounts and terms in apublicly registered exchange offer in February 2005.  As of September 30, 2006,$189.0 million aggregate principal amount of Senior Notes is outstanding.  Intereston the Senior Notes is payable semi-annually in arrears on January 15 and July15 of each year.  The Senior Notes are unsecured and are guaranteed bysubstantially all of the Company's U.S. subsidiaries on a senior basis.  TheSenior Notes contain restrictive covenants that limit the Company's ability to,among other things, incur additional indebtedness, make capital expenditures inexcess of specified amounts, pay dividends and complete mergers, acquisitionand sales of assets.  

From time to time on or before July 15, 2007, theCompany may redeem up to 35% of the aggregate principal amount of the SeniorNotes with the net proceeds of equity offerings at a redemption price equal to111.75% of the principal amount, plus accrued and unpaid interest.  Subject tocertain conditions, if at the end of each fiscal year the Company has excesscash flow (as defined in the indenture) in excess of $5.0 million, the Company isrequired to use 50% of the excess cash flow to fund an offer to repurchase theSenior Notes on a pro rata basis at 100% of its principal amount, plus accruedand unpaid interest.  If the Company has less than $5.0 million in excess cashflow at the end of any fiscal year, such excess cash flow will be carriedforward to succeeding years, and such repurchase offer is required to be madein the first year in which the cumulative excess cash flow for all years in whichthere has not been an offer is at least $5.0 million.  Such repurchase offer isrequired only if there is no event of default under the Company's revolvingcredit facilities prior to and after giving effect to the repurchase payment.  Becauseof excess cash flow generated for the year ended December 31, 2005, in thefirst quarter of 2006, the Company made a repurchase offer for up to $8.5million aggregate principal amount of Senior Notes.  No Senior Notes weretendered in the 2005 excess cash flow offer.  In connection with the 2004excess cash flow offer, $4.0 million aggregate principal amount of Senior Noteswere tendered and accepted.  Upon a change of control (as defined in theindenture), each holder of the Senior Notes will have the right to require theCompany to offer to purchase all of such holder's notes at a price equal to101% of the principal amount, plus accrued and unpaid interest.

**Revolving Credit Facility:** On April 16, 2004, the Company entered into a revolving credit facility with WellsFargo Foothill, Inc., as lender, to which a revolving loan commitment of $30.0million, subject to borrowing base limitations, was made available on July 2,2004.  Interest is payable at an applicable margin above either LIBOR or theprime rate.  Borrowings under the revolving credit facility are secured by afirst priority, perfected security interest in and lien on substantially all ofthe Company's U.S. assets and a pledge of all of the issued and outstandingcapital stock of the Company's U.S. subsidiaries.  The facility expires on July2, 2007.  The revolving credit facility contains covenants requiring theCompany to achieve and maintain certain financial results, and restricts, amongother things, the amount of capital expenditures, the ability to incuradditional indebtedness and the ability to grant additional liens.  Therevolving credit facility requires the payment of an unused line fee of .375%per annum payable in arrears.

Page 14 of 40

*(INDEX)*

**Subsidiary Revolving****Lineof Credit:**  The Company's wholly owned subsidiary, Olympic Seismic Ltd.("Olympic"), has a revolving credit facility, which allows it toborrow up to $5.0 million (Canadian) subject to an availability formula by wayof prime-based loans, bankers' acceptances or letters of credit. The interest rateapplicable to borrowings is the bank's prime rate plus 0.35% per annum and 1.50%per annum for bankers' acceptances.  Letter of credit fees are based onscheduled rates in effect at the time of issuance. The facility is secured bythe assets of Olympic, SEIC Trust Administration Ltd. (as sole trustee of, andfor and on behalf of, SEIC Business Trust) and SEIC Holdings, Ltd., but is notguaranteed by the Company or any of its other U.S. subsidiaries.  However, allintercompany debt owing by Olympic, SEIC Trust Administration Ltd., SEICBusiness Trust or SEIC Holdings, Ltd. to the Company, SEIC Partners' LimitedPartnership or to any other U.S. subsidiary of the Company (approximately $32.8million (Canadian) at September 30, 2006) has been subordinated to therepayment of Olympic's obligations under the revolving credit facility. Available borrowings under the facility are equivalent to a maximum of $5.0million (Canadian), subject to a requirement that such borrowings may notexceed 75% of good accounts receivable (as defined in the agreement) of SEICTrust Administration, less prior-ranking claims, if any, relating to inventoryor accounts. The facility is subject to repayment upon demand and is availablefrom time to time at the bank's sole discretion.

**Note Payable to FormerExecutive:**  In connection with the settlement of certain litigation, theCompany entered into a note payable to a former executive with remainingpayments of $6,000 per month until May 2013.  The note isnon-interest bearing.  The note is guaranteed by Olympic.  

**NOTE E-EARNINGS PER SHARE**

In accordance with SFAS No. 128, "Earnings per Share," basic earningsper share is computed based on the weighted average shares of common stockoutstanding during the periods.  Diluted earnings per share is computed basedon the weighted average shares of common stock plus the assumed issuance ofcommon stock for all potentially dilutive securities.  The computationsfor basic and diluted net income (loss) per share consist of the following (inthousands, except per share amounts):

 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2006

2005

2006

2005
                                       
Income  (loss) from continuing operations

$

14,016

$

(2,363

)

$

33,430

$

(3,223

)

Income (loss)  from discontinued operations

(146

)

22

(142

)

41

Net income  (loss)

$

13,870

$

(2,341

)

$

33,288

$

(3,182

)
                                       
Basic weighted  average shares

150,975

152,745

150,852

152,294

Effect of  dilutive securities: (1)

              Options  and warrants

12,228

-

12,000

-

              Employee  restricted stock awards

3,366

-

3,167

-

Diluted  weighted average shares

166,569

152,745

166,019

152,294
                                       
Income (loss)  per share:

Basic:

              Income  (loss) from continuing operations 

$

.09

$

(.02

)

$

.22

$

(.02

)

              Income  (loss) from discontinued operations

-

-

-

-

              Net  income (loss)

$

.09

$

(.02

)

$

.22

$

(.02

)

Diluted:

              Income  (loss) from continuing operations 

$

.08

$

(.02

)

$

.20

$

(.02

)

              Income  (loss) from discontinued operations

-

-

-

-

              Net  income (loss)

$

.08

$

(.02

)

$

.20

$

(.02

)

(1)         Aweighted average number of options and warrants to purchase 6,878,000 and 6,569,000shares of common stock were outstanding during the three and nine months ended September30, 2005, respectively, but were not included in the computation of diluted pershare net income because they were anti-dilutive. 

Page 15 of 40

*(INDEX)*

**NOTE F-STOCK-BASED COMPENSATION**

The Company's board of directorsand stockholders adopted the Seitel, Inc. 2004 Stock Option Plan (the"Stock Option Plan") on July 2, 2004 and December 15, 2004, respectively.Under the Stock Option Plan, 7,500,000 shares of common stock were initiallyreserved and available for stock-based awards, including options, restrictedstock or other stock-based awards.  The exercise price, term and otherconditions applicable to each award granted under the Stock Option Plan aregenerally determined by the Compensation Committee at the time of grant and mayvary with each award granted. As of September 30, 2006, 2,570,481 shares remainavailable for issuance under the Stock Option Plan.

On July 2, 2004, the Companygranted its chairman of the board ten-year non-statutory options to purchase100,000 shares of its common stock at an exercise price of $1.30, the marketprice of the common stock on such date.  Such options became exercisable onJuly 2, 2005.  Such options were not granted under the Company's Stock OptionPlan.  These options were subject to variable plan accounting.

Prior to January 1,2006, as permitted under SFAS No. 123, "Accounting for Stock-BasedCompensation," the Company accounted for its stock option plans followingthe recognition and measurement principles of Accounting Principles Board (APB)Opinion No. 25, "Accounting for Stock Issued to Employees," andrelated interpretations.  Accordingly, no stock-based compensation wasreflected in net income (loss) on stock options granted with an exercise priceat least equal to the market price of the stock on the date of grant. 

In December 2004, theFinancial Accounting Standards Board (FASB) issued SFAS No. 123(R),"Share-Based Payment."  This Statement revised SFAS No. 123 byeliminating the option to account for employee stock options under APB No. 25and requires companies to recognize the cost of employee services received inexchange for awards of equity instruments based on the grant-date fair value ofthose awards (the "fair-value-based" method). 

Effective January 1, 2006, theCompany adopted the fair value recognition provisions of SFAS No. 123(R) usingthe modified prospective application method. The adoption of SFAS No. 123(R) increasedthe Company's net income by $0.6 million, or less than $.01 per basic anddiluted share, for the three months ended September 30, 2006 and by $1.9 million,or $.01 per basic and diluted share, for the nine months ended September 30,2006.

Compensation expense related tothe amortization of restricted stock awards was recognized prior to theimplementation of SFAS No. 123(R).  Upon implementation of SFAS 123(R), the Company modified the amortization period over whichit recognizes compensation expense for its restricted stock issuances relatedto key executive awards and performance equity awards.  Prior to January 1,2006, the Company recognized compensation expense for these restricted stockissuances over the service period.  Beginning in 2006, the Company nowrecognizes compensation expense for these restricted stock issuances beginningwith the service inception date through the end of the vesting period resultingin a longer amortization period (less expense recognition) in 2006 than in theprior year. 

Total stock based compensationexpense totaled $0.6 million and $0.7 million during the three months ended September30, 2006 and 2005, respectively, and $2.0 million and $1.5 million during the ninemonths ended September 30, 2006 and 2005, respectively.  

Page 16 of 40

*(INDEX)*

Underthe modified prospective application method, results for prior periods have notbeen restated to reflect the effects of implementing SFAS No. 123(R).  Thefollowing pro-forma information, as required by SFAS No. 148, "Accountingfor Stock-Based Compensation-Transition and Disclosure, an amendment of FASBStatement No. 123," is presented for comparative purposes and illustratesthe effect on net loss and net loss per common share for the period presented asif the Company had applied the fair value recognition provisions of SFAS No.123 to stock-based employee compensation prior to January 1, 2006 (inthousands, except per share data):

 

Three Months Ended

September 30, 2005

Nine Months Ended

September 30, 2005
                     
Net loss:

              As reported

$

(2,341

)

$

(3,182

)

              Less:     Total  stock-based employee expense

                           determined  under SFAS No. 123, net of tax

-

-

              Pro forma

$

(2,341

)

$

(3,182

)

Basic and diluted loss per share:

              As reported

$

(.02

)

$

(.02

)

              Pro forma

$

(.02

)

$

(.02

)

The following summarizes stockoption activity during the nine months ended September 30, 2006 (shares inthousands):
                                 
Weighted

Weighted

Average

Aggregate

Average

Remaining

Intrinsic

Exercise

Contractual

Value

Options

Price

Life in Years

(000's)
                                 
Outstanding at beginning of year

100

$1.30

       Granted

-

-

       Exercised

-

-

       Cancelled

-

-

Outstanding at September 30, 2006

100

$1.30

7.75

$237

Options exercisable at September 30, 2006

100

$1.30

7.75

$237

Options vested or expected to vest at

       September 30, 2006

100

$1.30

7.75

$237

 

The Company grantsshares of its common stock to its employees and directors that are subject torestrictions on transfer and risk of forfeiture until fulfillment of applicableservice conditions and, in certain cases, holding periods ("RestrictedStock"). For the year ended December 31, 2005, the Company recorded thegrant date fair value of nonvested shares of Restricted Stock as unearnedstock-based compensation ("Deferred Compensation"). In accordancewith SFAS No. 123(R), on January 1, 2006, the Company reclassified the balanceof Deferred Compensation against additional paid-in capital. 

The following table summarizesthe activity of non-vested Restricted Stock during the nine months ended September30, 2006 (shares in thousands):

Weighted

Average Grant

Date Fair

Shares

Value
               
Non-vested at beginning of year

2,965

$1.36

Granted

1,841

$2.92

Vested

(443

)

$1.40

Forfeited

(17

)

$1.86

Non-vested at September 30,  2006

4,346

$2.01

Page 17 of 40

*(INDEX)*

The fair value of non-vestedshares is determined based on the closing stock price on the grant date.  As ofSeptember 30, 2006, there was $4.1 million of total unrecognized compensationcost related to non-vested restricted stock-based compensation, which is expectedto be recognized over a weighted average period of 1.99 years.

During the nine months ended September30, 2006, 108,327 shares of common stock were awarded to employees at anaverage fair value of $2.99.

**NOTE G-STATEMENT OF CASH FLOWINFORMATION**

****

The Company had restricted cashat September 30, 2006 and December 31, 2005 of $103,000 and $85,000,respectively, related to collateral on a seismic operations bond.

During the nine months ended September30, 2006 and 2005, the Company had non-cash additions to its seismic datalibrary comprised of the following (in thousands):  

* *

Nine Months Ended September 30,

2006

2005
                     
Non-monetary exchanges  related to resale licensing revenue

$

5,718

$

6,970

Non-monetary exchanges  from underwriting of new data acquisition

1,430

2,109

Non-monetary exchanges  related to data management services

52

-

Completion of data in  progress from prior non-monetary exchanges

2,476

1,964

Less:  Non-monetary  exchanges for data in progress

(787

)

(4,403

)

Total non-cash  additions to seismic data library

$

8,889

$

6,640

Non-cashrevenue consisted of the following for the nine months ended September 30, 2006and 2005 (in thousands):
            
* *

Nine Months Ended September 30,

2006

2005
                     
Acquisition revenue on underwriting from non-monetary

       exchange contracts

$

2,927

$

1,932

Licensing revenue from specific data licenses or selections

       on non-monetary exchange contracts

8,082

10,472

Data management revenue

20

-

Total non-cash revenue

$

11,029

$

12,404

 

**NOTE H-COMMITMENTS AND CONTINGENCIES**
*Litigation*
 

On July 18, 2002, Paul Frame, theCompany's former chief executive officer, sued the Company in the 113th  Judicial District Court of Harris County, No. 2002-35891. Mr. Frame alleged abreach of his employment contract and defamation. He also sought a declaratoryjudgment that certain funds he received from the Company were proper and do nothave to be repaid.  Mr. Frame filed claims totaling $20.2 million in theCompany's chapter 11 cases, which have been disallowed by order of theBankruptcy Court.  On April 1, 2005, the Company filed a motion for summaryjudgment seeking dismissal of Mr. Frame's complaint in the District Court.  Inlate April 2005, Mr. Frame filed a motion for leave to file an amendedcomplaint in the District Court.  Hearing dates have not been set for theseApril 2005 motions.  In 2002, the Company filed a counter suit to recoverapproximately $4.2 million in corporate funds that the Company believes Mr.Frame inappropriately caused the Company to pay him or for his benefit plusover $800,000 due on two notes that were accelerated pursuant to theirrespective terms. The Company also holds a judgment against Mr. Frame in theamount of at least $590,000 relating to a loan made to Mr. Frame by Bank OneN.A. and guaranteed by the Company.  The parties filed a joint motion to abatethe above proceedings.  The case continues to remain in abatement.

Page 18 of 40

*(INDEX)*

The Company and its subsidiary,Seitel Data, Ltd., were parties to a class action lawsuit for geophysicaltrespass entitled *Juan O. Villarreal v. Grant Geophysical, Inc.*, et al.,Cause No. DC-00-214, in the 229th District Court of Starr County, Texas that was initiated on April 1, 2002. The plaintiffs sued a number of defendants,including the Company and Seitel Data, Ltd. The plaintiffs alleged that certaindefendants conducted unauthorized 3-D seismic exploration of the mineralinterests by obtaining seismic data on adjoining property, and sold theinformation obtained to other defendants. The plaintiffs sought an unspecifiedamount of damages. All defendants obtained summary judgments dismissing theplaintiffs' claims, and the plaintiffs appealed to the San Antonio Court ofAppeals under Cause No. 04-02-00674-CV. During the pendency of the Company'sbankruptcy proceedings, the San Antonio Court of Appeals affirmed the trial court'sdecision as to the Company's co-defendants and stayed the appeal as to theCompany. The Texas Supreme Court denied plaintiffs Petition for Certiorari,refusing to hear the matter.  The plaintiffs filed an unliquidated claim(amount unspecified) in the chapter 11 cases. The Company objected to thisclaim, which was withdrawn by order of the Bankruptcy Court dated June 29, 2005.  This June 2005 order includes the plaintiffs' agreement to dismiss theirappeal.  The parties' joint motion for dismissal with the San Antonio Court ofAppeals is pending.

 

On February 21, 2003, the Companysued its former in-house counsel and law firm in *Seitel, Inc. v. CynthiaMoulton and Franklin Cardwell & Jones, P.C.,* Cause No. 2003-09151 inthe 127th Judicial District Court of Harris County, Texas. The suit alleges negligence, breach of fiduciary duty, breach of contract and fraudin relation to the Company's engagement of the law firm Franklin Cardwell &Jones to manage its legal matters and surrounding the settlement of a personallawsuit against the former chief executive officer and other aspects ofrepresentation. The Company is seeking recovery for fees paid of approximately$750,000, disgorgement of attorneys' fees, and related expenses.  The parties'attempt at mediation was not successful.  Discovery is underway and the trialhas been reset to December 4, 2006.  The defendants have joined Paul Frame andKevin Fiur, both of whom were former chief executive officers of the Company,in the action. 

 

In addition to the lawsuitsdescribed above, the Company is involved from time to time in ordinary, routineclaims and lawsuits incidental to its business. In the opinion of management,uninsured losses, if any, resulting from the ultimate resolutions of thesematters should not be material to the Company's financial position or resultsof operation. 

 

It is not possible to predict ordetermine the outcomes of the legal actions brought against it or by it, or toprovide an estimate of all additional losses, if any, that may arise. At September30, 2006, the Company did not have any amounts accrued related to the claimsset forth above, as the Company believes it is not probable that any amountswill be paid relative to such litigation and claims.  However, if one or moreof the parties were to prevail against the Company in one or more of the casesdescribed above that have not been settled, the amounts of any judgmentsagainst the Company or settlements that the Company may enter into, could bematerial to the Company's financial statements for any particular reportingperiod.

 
NOTE I-SUPPLEMENTAL GUARANTORSCONSOLIDATING CONDENSED FINANCIAL INFORMATION
** **

On July 2, 2004, the Companycompleted a private placement of Senior Notes in the aggregate principal amountof $193.0 million, of which $189.0 million was outstanding at September 30,2006. Seitel, Inc.'s (the "Parent") payment obligations under theSenior Notes are jointly and severally guaranteed by certain of its 100% owned U.S. subsidiaries ("Guarantor Subsidiaries"). All subsidiaries of Seitel, Inc.that do not guaranty the Senior Notes are referred to as Non-GuarantorSubsidiaries. 

The consolidating condensedfinancial statements are presented below and should be read in connection withthe Condensed Consolidated Financial Statements of the Company. Separatefinancial statements of the Guarantors are not presented because (i) theGuarantors are wholly-owned and have fully and unconditionally guaranteed theSenior Notes on a joint and several basis, and (ii) the Company's managementhas determined such separate financial statements are not material toinvestors. 

The following consolidatingcondensed financial information presents: the consolidating condensed balancesheets as of September 30, 2006 and December 31, 2005, and the consolidatingcondensed statements of operations and statements of cash flows for the ninemonths ended September 30, 2006 and 2005 of (a) the Parent; (b) the GuarantorSubsidiaries; (c) the Non-Guarantor Subsidiaries; (d) elimination entries; and(e) the Parent, the Guarantor Subsidiaries and the Non-Guarantor Subsidiarieson a consolidated basis. 

Investments in subsidiaries areaccounted for on the equity method. The principal elimination entries eliminateinvestments in subsidiaries, intercompany balances, intercompany transactionsand intercompany sales. 

Page 19 of 40

*(INDEX)*

**CONSOLIDATINGCONDENSED BALANCE SHEET**

**As of September30, 2006**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
ASSETS

    Cash and cash equivalents

$

-

$

92,065

$

4,908

$

-

$

96,973

    Restricted cash

-

103

-

-

103

    Receivables

      Trade, net

-

25,282

8,808

-

34,090

      Notes and other,  net

59

236

159

-

454

    Intercompany  receivables (payables)

260,337

(263,833

)

3,765

(269

)

-

    Investment in  subsidiaries

(56,236

)

249,985

42,067

(235,816

)

-

    Net seismic data  library

-

84,159

41,943

(3,680

)

122,422

    Net other property and equipment

-

4,386

3,872

-

8,258

    Oil and gas  operations held for sale

-

29

-

-

29

    Investment in  marketable securities

-

-

60

-

60

    Prepaid expenses,  deferred charges

      and other assets

4,943

6,290

744

-

11,977

    Deferred income  taxes

-

-

6,097

-

6,097
                                                
    TOTAL ASSETS

$

209,103

$

198,702

$

112,423

$

(239,765

)

$

280,463
                                                
LIABILITIES AND STOCKHOLDERS'

    EQUITY

    Accounts payable  and accrued liabilities

$

4,726

$

17,578

$

4,823

$

-

$

27,127

    Income taxes  payable

22

-

39

-

61

    Oil and gas  operations held for sale

-

34

-

-

34

    Senior Notes

185,653

-

-

-

185,653

    Notes payable

349

-

-

-

349

    Obligations under  capital leases

-

-

3,054

-

3,054

    Deferred revenue

-

29,168

10,467

-

39,635

TOTAL LIABILITIES

190,750

46,780

18,383

-

255,913
                                                
STOCKHOLDERS' EQUITY

    Common stock

1,553

-

-

-

1,553

    Additional paid-in  capital

239,918

-

-

-

239,918

    Parent investment

-

209,770

22,158

(231,928

)

-

    Retained earnings  (deficit)

(223,109

)

(57,839

)

65,712

(7,873

)

(223,109

)

    Accumulated other  comprehensive

      income (loss)

(9

)

(9

)

6,170

36

6,188

TOTAL STOCKHOLDERS'  EQUITY 

18,353

151,922

94,040

(239,765

)

24,550
                                                
TOTAL LIABILITIES AND

    STOCKHOLDERS'  EQUITY 

$

209,103

$

198,702

$

112,423

$

(239,765

)

$

280,463

Page 20 of 40

*(INDEX)*

**CONSOLIDATINGCONDENSED STATEMENT OF OPERATIONS**

**For the NineMonths Ended September 30, 2006**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
REVENUE

$

-

$

109,736

$

31,038

$

(1,657

)

$

139,117
                                                
EXPENSES:

    Depreciation and  amortization

-

45,950

22,389

(500

)

67,839

    Gain on sale of  seismic data

-

(2,377

)

-

2,146

(231

)

    Cost of sales

-

183

20

-

203

    Selling, general  and

       administrative  expenses

1,571

16,777

9,618

(1,657

)

26,309

1,571

60,533

32,027

(11

)

94,120
                                                
INCOME (LOSS) FROM  OPERATIONS

(1,571

)

49,203

(989

)

(1,646

)

44,997
                                                
Interest expense, net

(1,302

)

(12,441

)

(1,027

)

-

(14,770

)

Foreign currency  exchange gains 

-

63

1,062

-

1,125

Loss on sale of  security

-

-

(1

)

-

(1

)
                                                
Income (loss) from  continuing operations 

    before income taxes  and equity in 

    income of  subsidiaries 

(2,873

)

36,825

(955

)

(1,646

)

31,351

Benefit for income  taxes

-

(1,909

)

(170

)

-

(2,079

)

Equity in income (loss)  of subsidiaries

36,161

(784

)

-

(35,377

)

-
                                                
Income (loss) from  continuing operations 

33,288

37,950

(785

)

(37,023

)

33,430
                                                
Loss from discontinued  operations,

    net of tax

-

(142

)

-

-

(142

)
                                                
NET INCOME (LOSS)

$

33,288

$

37,808

$

(785

)

$

(37,023

)

$

33,288

Page 21 of 40

*(INDEX)*

**CONSOLIDATINGCONDENSED STATEMENT OF CASH FLOWS**

**For the NineMonths Ended September 30, 2006**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
Cash flows  from operating activities:

              Net  cash provided by (used in) 

                    operating  activities of

                    continuing  operations

$

(25,683

)

$

84,007

$

21,451

$

-

$

79,775
                                                
Cash flows from investing activities:

        Cash  invested in seismic data

-

(46,613

)

(14,157

)

2,146

(58,624

)

        Cash  from sale of seismic data

-

2,377

-

(2,146

)

231

        Cash  paid to acquire property

              and  equipment

-

(703

)

(209

)

-

(912

)

        Cash  received from disposal of property

              and  equipment

-

3

-

-

3

        Cash  from sale of security

-

-

12

-

12

        Increase  in restricted cash

-

(18

)

-

-

(18

)

              Net  cash used in investing activities 

                   	of continuing operations

-

(44,954

)

(14,354

)

-

(59,308

)
                                                
Cash flows from financing activities:

        Principal  payments on notes payable

(29

)

-

-

-

(29

)

        Principal  payments on capital

(29

)

-

(29

)

              lease  obligations

-

-

-

        Borrowings  on line of credit

-

-

25

-

25

        Payments  on line of credit

-

-

(25

)

-

(25

)

        Purchases  of common stock 

              subsequently  retired

(595

)

-

-

-

(595

)

        Payments  on notes receivable from 

              officers  and employees 

-

14

-

-

14

        Intercompany  transfers

26,307

(18,449

)

(7,858

)

-

-

              Net  cash provided by (used in) 

                     financing  activities of

                     continuing  operations

25,683

(18,435

)

(7,887

)

-

(639

)
                                                
Effect of  exchange rate changes

-

-

(969

)

-

(969

)

Net cash provided  by discontinued

        operations:

              Cash  provided by operating activities

-

8

-

-

8

              Cash  provided by investing activities

-

9

-

-

9

    Net  increase in cash and equivalents

-

20,635

(1,759

)

-

18,876

Cash and  equivalents at beginning of period

-

71,430

6,667

-

78,097

Cash and  equivalents at end of period

$

-

$

92,065

$

4,908

$

-

$

96,973

Page 22 of 40

*(INDEX)*

**CONSOLIDATINGCONDENSED BALANCE SHEET**

**As of December 31,2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
ASSETS

    Cash and cash equivalents

$

-

$

71,430

$

6,667

$

-

$

78,097

    Restricted cash

-

85

-

-

85

    Receivables

      Trade, net

-

17,150

10,235

-

27,385

      Notes and other,  net

59

40

410

-

509

    Intercompany  receivables (payables)

268,213

(269,191

)

978

-

-

    Investment in  subsidiaries

(92,421

)

251,704

41,454

(200,737

)

-

    Net seismic data  library

-

69,056

44,950

(2,060

)

111,946

    Net property and equipment

-

4,825

4,631

-

9,456

    Oil and gas  operations held for sale

-

194

-

-

194

    Investment in  marketable securities

-

-

54

-

54

    Prepaid expenses,  deferred charges

      and other	

5,794

6,559

718

-

13,071

    Deferred income  taxes

-

-

5,874

-

5,874
                                                
    TOTAL ASSETS

$

181,645

$

151,852

$

115,971

$

(202,797

)

$

246,671
                                                
LIABILITIES AND  STOCKHOLDERS'

    EQUITY

    LIABILITIES

       Accounts payable  and accrued liabilities

$

12,350

$

8,947

$

4,369

$

-

$

25,666

       Income taxes  payable

-

-

276

-

276

       Oil and gas  operations held for sale

-

40

-

-

40

       Senior Notes

185,272

-

-

-

185,272

       Notes payable

378

-

-

-

378

       Obligations  under capital leases

-

-

2,950

-

2,950

       Deferred revenue

-

28,752

14,498

-

43,250

    TOTAL LIABILITIES

198,000

37,739

22,093

-

257,832
                                                
STOCKHOLDERS' EQUITY

       Common stock

1,536

-

-

-

1,536

       Additional  paid-in capital

241,289

-

-

-

241,289

       Parent  investment

-

209,770

22,186

(231,956

)

-

       Retained  earnings (deficit)

(256,227

)

(95,647

)

66,497

29,150

(256,227

)

       Deferred  compensation - restricted stock 

(2,944

)

-

-

-

(2,944

)

       Notes receivable  from officers

         and employees

-

(1

)

-

-

(1

)

       Accumulated  other comprehensive

         income (loss)

(9

)

(9

)

5,195

9

5,186

    TOTAL STOCKHOLDERS'  EQUITY

      (DEFICIT)

(16,355

)

114,113

93,878

(202,797

)

(11,161

)
                                                
TOTAL LIABILITIES AND 

    STOCKHOLDERS'  EQUITY 

$

181,645

$

151,852

$

115,971

$

(202,797

)

$

246,671
** **
Page 23 of 40

*(INDEX)*

**CONSOLIDATINGCONDENSED STATEMENT OF OPERATIONS**

**For the NineMonths Ended September 30, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
REVENUE

$

-

$

70,315

$

40,772

$

(3,270

)

$

107,817
                                                
EXPENSES:

    Depreciation and  amortization

-

48,208

28,428

(273

)

76,363

    Cost of sales

-

123

20

-

143

    Selling, general  and

       administrative  expenses

1,504

14,836

9,948

(3,270

)

23,018

1,504

63,167

38,396

(3,543

)

99,524
                                                
INCOME (LOSS) FROM  OPERATIONS

(1,504

)

7,148

2,376

273

8,293
                                                
Interest expense, net

(1,517

)

(14,696

)

(1,359

)

-

(17,572

)

Foreign currency  exchange gains (losses)

-

5

1,156

-

1,161

Loss on sale of  security

-

-

(11

)

-

(11

)

Dividend income from  subsidiary

-

96

-

(96

)

-
                                                
Income (loss) from  continuing operations 

    before income taxes  and equity in 

    income of  subsidiaries 

(3,021

)

(7,447

)

2,162

177

(8,129

)

Provision (benefit) for  income taxes

-

230

(5,136

)

-

(4,906

)

Equity in income of  subsidiaries

(161

)

7,306

-

(7,145

)

-
                                                
Income (loss) from  continuing operations 

(3,182

)

(371

)

7,298

(6,968

)

(3,223

)
                                                
Income from  discontinued operations,

    net of tax

-

41

-

-

41
                                                
NET INCOME (LOSS)

$

(3,182

)

$

(330

)

$

7,298

$

(6,968

)

$

(3,182

)

Page 24 of 40
*(INDEX)*
**CONSOLIDATINGCONDENSED STATEMENT OF CASH FLOWS**

**For the NineMonths Ended September 30, 2005**

(In thousands)

** **

** **

** **

** **

** **

** **

** **

** **

**Non-**

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

** **

**Guarantor**

** **

** **

**Guarantor**

** **

** **

**Consolidating**

** **

** **

**Consolidated**

** **

** **

**Parent**

** **

** **

**Subsidiaries**

** **

** **

**Subsidiaries**

** **

** **

**Eliminations**

** **

** **

**Total**

** **
                                                
Cash flows  from operating activities:

              Net  cash provided by (used in) 

                     operating  activities of

                     continuing  operations

$

(24,959

)

$

51,903

$

29,978

$

-

$

56,922
                                                
Cash flows from investing activities:

        Cash  invested in seismic data

-

(21,281

)

(22,333

)

-

(43,614

)

        Cash  paid to acquire property

              and  equipment

-

(494

)

(176

)

-

(670

)

        Cash  received from disposal of property

              and  equipment

-

-

13

-

13

        Cash  from sale of security

-

-

4

-

4

        Decrease  in restricted cash

-

78

-

-

78

              Net  cash used in investing activities of 

              continuing operations

-

(21,697

)

(22,492

)

-

(44,189

)
                                                
Cash flows from financing activities:

        Principal  payments on senior notes

(4,000

)

-

-

-

(4,000

)

        Principal  payments on notes payable

(27

)

(282

)

-

-

(309

)

        Principal  payments on capital

              lease  obligations

(1,295

)

-

(25

)

-

(1,320

)

        Costs  of debt and equity transactions

(185

)

-

-

-

(185

)

        Payments  on notes receivable from 

              officers,  employees and director

-

38

-

-

38

        Intercompany  transfers

30,466

(22,521

)

(7,945

)

-

-

              Net  cash provided by (used in) 

                     financing  activities of

                     continuing  operations

24,959

(22,765

)

(7,970

)

-

(5,776

)
                                                
Effect of  exchange rate changes

-

-

(840

)

-

(840

)

Net cash  provided by discontinued

        operations  (revised):

              Cash  provided by operating activities

-

151

-

-

151

Net increase (decrease)  in cash

        and  equivalents

-

7,592

(1,324

)

-

6,268

Cash and  equivalents at beginning of period

-

30,745

12,540

-

43,285

Cash and  equivalents at end of period

$

-

$

38,337

$

11,216

$

-

$

49,553

Page 25 of 40

*(INDEX)*

**NOTE K-RECENT ACCOUNTINGPRONOUNCEMENTS**

InDecember 2004, the FASB issued SFAS No. 123(R), "Share-BasedPayment," which supersedes SFAS No. 148 - "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of FASB Statement No.123."  SFAS No. 123(R) establishes standards for transactions in which anentity exchanges its equity instruments for goods or services.  This standardrequires a public entity to measure the cost of employee services received inexchange for an award of equity instruments based on the grant-date fair valueof the award.  This eliminates the exception to account for such awards usingthe intrinsic method previously allowable under APB Opinion No. 25.  TheCompany adopted SFAS No. 123(R) effective January 1, 2006.  Adoption of thisstandard increased the Company's net income by $1.9 million for the nine monthsended September 30, 2006. 

In December 2004, the FASB issuedSFAS No. 153, "Exchanges of Nonmonetary Assets - an amendment of APB OpinionNo. 29".  This statement addresses the measurement of exchanges of nonmonetaryassets.  It eliminates the exception from fair value measurement for nonmonetaryexchanges of similar productive assets in paragraph 21(b) of APB Opinion No.29, "Accounting for Nonmonetary Transactions," and replaces it withan exception for exchanges that do not have commercial substance.  Thisstatement specifies that a nonmonetary exchange has commercial substance if thefuture cash flows of the entity are expected to change significantly as aresult of the exchange.  The Company adopted SFAS No. 153 effective January 1,2006.  Adoption of this standard did not have any financial impact on theCompany.

In June2005, the FASB issued SFAS No. 154, "Accounting Changes and ErrorCorrections, a replacement of APB Opinion No. 20, Accounting Changes, andStatement No. 3, Reporting Accounting Changes in Interim Financial Statements."SFAS No. 154 changes the requirements for the accounting for and reporting of achange in accounting principle. Previously, most voluntary changes inaccounting principles required recognition via a cumulative effect adjustmentwithin net income of the period of the change. SFAS No. 154 requiresretrospective application to prior periods' financial statements, unless it isimpracticable to determine either the period-specific effects or the cumulativeeffect of the change. Other than the adoption of SFAS No. 123(R), the Companydid not have any accounting changes or error corrections; therefore, theadoption of SFAS No. 154 on January 1, 2006 did not have an impact on theCompany's consolidated financial position, results of operations or cash flows.

 

In July 2006, the FASB issued FASBInterpretation No. 48, "Accounting for Uncertainty in Income Taxes-aninterpretation of FASB Statement No. 109," ("FIN 48") whichclarifies the accounting for uncertainty in tax positions. This interpretation prescribes a recognition threshold andmeasurement attribute for the financial statement recognition and measurementof a tax position taken or expected to be taken in a tax return.  Additionally,FIN 48 provides guidance on derecognition, classification, interest and penalties,accounting in interim periods and disclosure requirements for uncertain taxpositions. The provisions of FIN 48 are effective for fiscal yearsbeginning after December 15, 2006, with the cumulative effect of the change inaccounting principle recorded as an adjustment to opening retained earnings.The Company is currently assessing the impact of adopting FIN 48 on itsconsolidated financial position, results of operations and cash flows. 

InSeptember 2006, the SEC staff issued Staff Accounting Bulletin("SAB") 108, "Consideringthe Effects of Prior Year Misstatements when Quantifying Misstatements inCurrent Year Financial Statements."  SAB 108 provides interpretiveguidance on how the effects of the carryover or reversal of prior yearmisstatements should be considered in quantifying a potential current yearmisstatement. Prior to SAB 108, companiesmight evaluate the materiality of financial-statement misstatements using either the income statement or balanceapproach, with the income statement approach focusing on new misstatementsadded in the current year, and the balance sheet approach focusing onthe cumulative amount of misstatement present in a company's balance sheet. Misstatements that would bematerial under one approach could be viewed as immaterial under anotherapproach, and not be corrected. SAB 108 now requires that companies viewfinancial statement misstatements as material if they are material according toeither the income statement or balance sheet approach. The guidance in SAB 108must be applied to annual financial statements for fiscal years ending afterNovember 15, 2006. The Company is currently assessing the impact of adoptingSAB 108 but does not expect that it will have a material effect on itsconsolidated financial position, results of operations or cash flows.

InSeptember 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with generally acceptedaccounting principles, and expands disclosure about fair value measurements.SFAS No. 157 is effective for financial statements issued for fiscal yearsbeginning after November 15, 2007 and interim periods within those fiscalyears. The Company is currently assessing the impact of adopting SFAS No. 157but does not expect that it will have a material effect on its consolidatedfinancial position, results of operations or cash flows.

Page 26 of 40

*(INDEX)*

 

**Item 2.  MANAGEMENT'SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

**CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING INFORMATION**

****This Quarterly Report on Form 10-Q contains forward-looking statements.  Statementscontained in this report about Seitel, Inc.'s future outlook, prospects,strategies and plans, and about industry conditions, demand for seismicservices and the future economic life of our seismic data are forward-looking. All statements that express belief, expectation, estimates or intentions, aswell as those that are not statements of historical fact, are forward looking.The words "proposed," "anticipates," "anticipated,""will," "would," "should," "estimates"and similar expressions are intended to identify forward-looking statements. Forward-looking statements represent our reasonable present belief and arebased on our current expectations and assumptions with respect to futureevents. While we believe our expectations and assumptions are reasonable, theyinvolve risks and uncertainties beyond our control that could cause the actualresults or outcome to differ materially from the expected results or outcomereflected in our forward-looking statements.  In light of these risks,uncertainties and assumptions, the forward-looking events discussed in this quarterlyreport may not occur.  Such risks and uncertainties include, without limitation,our ability to comply with the terms of our final judgment of permanentinjunction by the SEC, the impact on our results of operations of oursignificant amount of debt service and interest expense, our ability to obtainand maintain normal terms with our vendors and service providers, our abilityto maintain contracts that are critical to our operations, changes in the oiland gas industry or the economy generally, changes in the exploration budgetsof our customers, actual customer demand for our seismic data and related services,the timing and extent of changes in commodity prices for natural gas, crude oiland condensate and natural gas liquids and conditions in the capital marketsduring the periods covered by the forward-looking statements.  The foregoingand other risk factors are identified in our Annual Report on Form 10-K filedwith the SEC for the fiscal year ended December 31, 2005.  

The forward-lookingstatements contained in this report speak only as of the date hereof.  Exceptas required by federal, state and securities law, we undertake no obligation topublicly update or revise any forward-looking statements, whether as a resultof new information, future events or any other reason.  All forward-lookingstatements attributable to Seitel, Inc. or any person acting on its behalf areexpressly qualified in their entirety by the cautionary statements contained orreferred to in our Annual Report filed on Form 10-K and in our future periodicreports filed with the SEC. 

 

**Overview**

**General**

** **

We have ownership in an extensivelibrary of onshore and offshore seismic data that we offer for license to oiland gas companies.  Oil and gas companies use seismic data in oil and gasexploration and development efforts to increase the probability of drillingsuccess.  We believe that our library of onshore seismic data is one of thelargest, if not the largest, available for licensing in the United States and Canada. Our library of offshore data covers parts of the U.S. Gulf of Mexico shelfand certain deep water areas in the western and central U.S. Gulf of Mexico. Wegenerate revenue primarily by licensing data from our data library and from newdata creation projects, which are substantially underwritten or paid for byclients.  By participating in underwritten, nonexclusive surveys or purchasinglicenses to existing data, oil and gas companies can obtain access to surveysat reduced costs as compared to acquiring seismic data on a proprietary basis.

 

Our primary areas of focus areonshore U.S. and Canada and, to a lesser extent, offshore U.S. Gulf of Mexico. These markets continue to experience major changes.  Having spent several yearsincreasing their focus on international exploration opportunities, severalmajor oil companies are becoming more active in the U.S. market than in thepast few years.  Independent oil and gas companies continue to be responsiblefor a significant portion of current U.S. drilling activity.  Productiondecline rates are accelerating worldwide and are the most pronounced in maturefields of North America, while commodity prices foroil and natural gas remain a positive driver.  We expect demand fornatural gas to continue to increase exploration activity over the next two tothree years in the U.S. and Canada.

Since 2002, we have focused onour core business activities of seismic data licensing, improved our capital spendingdiscipline and reduced operating costs.  We believe our operating coststructure is aligned with our current level of business.  The principal amountof our outstanding indebtedness has been reduced to $188.9 million at September30, 2006 and our cash balance has grown to $97.0 million at September 30,2006.  

Page 27 of 40

*(INDEX)*

Over the last two years, wehave achieved an average return on investment in excess of 40% on newly createddata.  In addition, during 2006, we have added significant amounts of datathrough purchases and trades as compared to recent years.  We believe that thisdata will meet the expected returns for purchased data.  We determine return oninvestment by dividing the amount of non-exclusive data license revenue earnedon data added to our library by the amount of the gross investment in the data,net of underwriting.  This percentage is useful because it reflects our abilityto recover the capital investment on data added to our library, but should notbe considered as an alternative to net income, as an indicator of our operatingperformance or as a measure of liquidity, including as an alternative to cashflows from operating activities.  We believe that we will be able to sustainthe improvement of our return on investment over the next year provided theoverall demand for seismic data remains strong.   Ourclients continue to seek our services to create data in the U.S. and in Canada.  Our current commitment for underwriting on new data creation projects is $20.5 million. Licensing data "off the shelf" doesnot require the longer planning and lead times like new data creation and thusis more likely to fluctuate quarter to quarter.

 

**Principal FactorsAffecting Our Business**

** **

Our business isdependent upon a variety of factors, many of which are beyond our control. Thefollowing are those that we consider to be principal factors affecting ourbusiness.

 

***Demand for Seismic Data.***  Demand for ourproducts and services is cyclical due to the nature of the energy industry.  Inparticular, demand for our seismic data services depends upon exploration,production, development and field management spending by oil and gas companiesand, in the case of new data creation, their willingness to forgo ownership inthe seismic data. Capital expenditures by oil and gas companies depend uponseveral factors, including actual and forecasted oil and natural gas commodityprices, prospect availability and the companies' own short-term and strategic plans.These capital expenditures may also be affected by worldwide economic orindustry-wide conditions. Demand for our seismic data is more likely to beinfluenced by natural gas prices rather than crude oil prices due to thegeographic areas covered by our seismic data. 

 

***Availability of Capitalfor Our Customers.***  Many of our customers consist of independent oil and gascompanies and private prospect-generating companies that rely primarily onprivate capital markets to fund their exploration, production, development andfield management activities. Significant changes in the private capital marketand the availability of capital could have a material impact on the ability of thesecompanies to obtain funding necessary to purchase our seismic data.

 

***Merger and AcquisitionActivity.*** In recent years, there has been an increase in the level ofmerger and acquisition activity within our client base. This activity couldhave a negative impact on seismic companies that operate in markets with alimited number of participating clients. However, we believe that, over time,this activity could have a positive impact on our business, as it shouldgenerate re-licensing fees, result in increased vitality in the trading ofmineral interests and result in the creation of new independent customersthrough the rationalization of staff within those companies affected by thisactivity.

 

***Natural Gas ReserveReplacement.***  Oil and gas reserves are currently being depleted at a rateestimated by industry analysts of 5% to 10% per year for the major oil and gasoperators. As a result, we believe there is an increasing need in the oil andgas industry to replace these reserves, which we anticipate will increase thedemand for our seismic data.

 

***Government Regulation.***  Our operations aresubject to a variety of federal, provincial, state, foreign and local laws andregulations, including environmental and health and safety laws. We investfinancial and managerial resources to comply with these laws and related permitrequirements. Modification of existing laws or regulations and the adoption ofnew laws or regulations limiting or increasing exploration or productionactivities by oil and gas companies may have a material effect on our businessoperations.

** **

Page 28 of 40
*(INDEX)*
**Seasonality andTiming Factors**

****Our results of operations fluctuate from quarter to quarter due to a numberof factors. Our results are influenced by oil and gas industry capitalexpenditure budgets and spending patterns. These budgets are not necessarilyspent in equal or progressive increments during the year, with spendingpatterns affected by individual oil and gas company requirements as well asindustry-wide conditions. In addition, under our revenue recognition policy, whenwe recognize revenue from data licensing contracts is dependent, among otherthings, upon when the customer selects the data. As a result, our seismic datarevenue does not necessarily flow evenly or progressively during a year or fromyear to year. Although the majority of our data licensing transactions providefor fees to us of under $500,000 per transaction, occasionally a single datalicense transaction from our library, including those resulting from the mergerand acquisition of our oil and gas company customers, may be substantiallylarger. Such large license transactions or an unusually large number of, orreduction in, data selections by customers can materially impact our resultsduring a quarter, creating an impression of a revenue trend that may not berepeated in subsequent periods. In our data creation activities,weather-related or other events outside our control may impact or delay surveysduring any given quarter.

** **

**Key Performance Measures**

** **

Management considers avariety of performance measures in evaluating and managing our financial conditionand operating performance at various times and from time to time. Certain ofthese performance measures are non-GAAP financial measures. Generally, anon-GAAP financial measure is a numerical measure of a company's performance,financial position or cash flows that either excludes or includes amounts thatare not normally excluded or included in the most directly comparable measurecalculated and presented in accordance with United States generally acceptedaccounting principles, or GAAP. These non-GAAP measures are not in accordancewith, nor are they a substitute for, GAAP measures. These non-GAAP measures areintended to supplement our presentation of our financial results that areprepared in accordance with GAAP.

 

The following are thekey performance measures considered by management.

 

**Cash Resales**

 

Cash resales representnew contracts for data licenses from our library, payable in cash. We expectcash resales to generally follow a consistent trend over several quarters,while considering our normal seasonality. Volatility in this trend over severalconsecutive quarters could indicate changing market conditions.  The followingis a reconciliation of this non-GAAP financial measure to the most directlycomparable GAAP financial measure, total revenue (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2006

2005

2006

2005
                                       
Cash resales

$

26,280

$

20,278

$

86,864

$

65,510

Other revenue components:

      Acquisition revenue

12,199

3,643

36,193

19,482

      Non-monetary exchanges

1,439

129

5,718

6,970

      Revenue deferred

(5,224

)

(8,948

)

(33,202

)

(33,672

)

      Recognition of revenue previously

             deferred

9,794

8,216

37,341

45,629

      Solutions and other

1,389

1,232

6,203

3,898

Total revenue, as reported

$

45,877

$

24,550

$

139,117

$

107,817

Page 29 of 40

*(INDEX)*

**Cash Margin**

Cash margin includes cash resales plusall other cash revenues other than from data acquisitions, gain on sale ofseismic data, less cash selling, general and administrative expenses and costof goods sold.  We believe this measure is helpful in determining the level ofcash from operations we have available for debt service and funding of capitalexpenditures (net of the portion funded or underwritten by our customers).  Thefollowing is a reconciliation of this non-GAAP financial measure to the mostdirectly comparable GAAP financial measure, operating income (in thousands):

 

Three  Months Ended

Nine  Months Ended

September  30,

September  30,

2006

2005

2006

2005
                                       
Cash margin 

$

19,861

$

14,497

$

68,782

$

47,729

Add (subtract) other revenue  components not 

       included in cash margin:

              Acquisition revenue

12,199

3,643

36,193

19,482

              Non-monetary  exchanges

1,439

129

5,718

6,970

              Revenue deferred

(5,224

)

(8,948

)

(33,202

)

(33,672

)

              Recognition of  revenue previously

                     deferred

9,794

8,216

37,341

45,629

              Non-cash Solutions  revenue

13

-

20

-

Less:

              Depreciation and  amortization

(21,027

)

(19,441

)

(67,839

)

(76,363

)

              Non-cash operating  expenses

(618

)

(722

)

(2,016

)

(1,482

)

Operating income (loss), as  reported

$

16,437

$

(2,626

)

$

44,997

$

8,293

 

**Growth of our Seismic Data Library**

 

We regularly add to our seismic datalibrary through four different methods: (1) recording new data; (2) buyingownership of existing data for cash; (3) obtaining ownership of existing datasets through non-monetary exchanges; and (4) creating new value-added productsfrom existing data within our library.  For the period from January 1, 2006 to October31, 2006, we completed the addition of approximately 2,100square miles of seismic data to our library, including a purchase ofapproximately 600 square miles of seismic data.  For the year ended December31, 2005, we completed the addition of approximately 2,100 square miles ofseismic data to our library.  As of October 31, 2006, we had approximately 670 square miles of seismic data inprogress.

 

**Critical Accounting Policies**

We operate in one business segment, which is made up of seismic dataacquisition, seismic data licensing, seismic data processing and seismicreproduction services.  

 

As of January 1, 2006, we adopted SFASNo. 123(R), "Share-Based Payment," to account for stock basedemployee compensation.  SFAS 123(R) requires us to record the cost ofstock options and other equity-based compensation in our income statement basedupon the estimated fair value of those awards. Other than the adoption of SFAS No. 123(R), therehave not been any changes in our critical accounting policies since December31, 2005.  See "- Recent Accounting Pronouncements" for more on SFASNo. 123(R).

****

Page 30 of 40

*(INDEX)*

**Results ofOperations**

****The following tablesummarizes the components of our revenue for the three and nine months ended September30, 2006 and 2005 (in thousands):

 
      Three Months Ended      Nine Months Ended   
September 30,

September 30,
      
2006
 

2005
 

2006
 

2005
                                          
Acquisition revenue:

       Cash underwriting

$

11,808

$

2,408

$

33,266

$

17,550

       Underwriting from non-monetary exchanges

391

1,235

2,927

1,932

       Total acquisition revenue

12,199

3,643

36,193

19,482

Licensing revenue:

       Cash resales	

26,280

20,278

86,864

65,510

       Non-monetary exchanges

1,439

129

5,718

6,970

       Revenue deferred

(5,224

)

(8,948

)

(33,202

)

(33,672

)

       Recognition of revenue previously deferred

9,794

8,216

37,341

45,629

       Total resale revenue

32,289

19,675

96,721

84,437

Solutions and other

1,389

1,232

6,203

3,898

Total revenue

$

45,877

$

24,550

$

139,117

$

107,817

Total revenueincreased 87% in the third quarter of 2006 compared to the same period of 2005and was driven by an increase in acquisition revenue on new seismic shoots aswell as an increase in licensing revenue from our data library.  Acquisitionrevenue in the third quarter of 2006 increased 235% from that recorded in the thirdquarter of 2005.  This increase was the result of the increase in the numberand size of seismic surveys being shot in the 2006 period as compared to the2005 period.  The increase in licensing revenue was primarily the result of a 30%increase in the level of cash resales between the quarters reflecting thecontinued strong demand for our seismic data as drilling activity has remainedstrong throughout North America.  Non-monetary exchanges fluctuate quarter toquarter depending upon the data available for trade and were higher in the thirdquarter of 2006 compared to 2005.  In the third quarter of 2006, the level oftiming of revenue recognition (i.e., revenue deferred and recognition ofrevenue previously deferred) increased to $4.6 million compared to $(0.7)million in the third quarter of 2005.  Solutions and other revenue increased inthe third quarter of 2006 by 13% from the third quarter of 2005 primarily dueto an increase in the level of reproduction and delivery services provided andthe types of products delivered.

Total revenuefor the first nine months of 2006 increased 29% compared to the 2005 period andwas primarily due to the increase in acquisition revenue as discussed above aswell as an increase in licensing revenue from our data library.  Cash resalesincreased 33% between the nine month periods.  This increase was offset by areduction of $7.8 million in the level of timing of revenue recognition (i.e.,revenue deferred and recognition of revenue previously deferred).  The first ninemonths of 2005 included an unusually high level of revenue recognized frompreviously deferred contracts, or selections, resulting in an $8.3 milliondecrease between periods.  Solutions and other revenue increased by 59% duringthe first nine months of 2006 primarily resulting from the level of licensingactivity and the types of products delivered.

At September 30, 2006, we had a deferred revenue balance of $39.6 million,compared to the December 31, 2005 balance of $43.3 million.  The deferredrevenue will be recognized when selection of the data is made by the customeror upon expiration of the selection period, whichever occurs first.

Seismic data library amortization amounted to $20.3 million in the third quarterof 2006 compared to $18.8 million in the third quarter of 2005 and $65.8 millionfor the first nine months of 2006 compared to $73.9 million for the first ninemonths of 2005.  The amount of seismic data library amortization fluctuatesbased on the level and location of specific seismic surveys licensed (includinglicensing resulting from new data acquisition) and selected by our customersduring any period as well as the amount of straight-line amortization requiredunder our accounting policy.  

Page 31 of 40

*(INDEX)*

Seismic data amortization as a percentageof seismic licensing revenue is summarized as follows (in thousands):

 
                     
Three Months Ended

Percentage of

Components of Amortization

September 30,

Revenue

2006

2005

2006

2005

Income forecast

$

13,053

$

7,347

29

%

31

%

Straight-line

7,290

11,408

16

%

49

%

Total

$

20,343

$

18,755

45

%

80

%
                     
Nine Months Ended

Percentage of

Components of Amortization

September 30,

Revenue

2006

2005

2006

2005

Income forecast

$

44,509

$

40,121

34

%

39

%

Straight-line

21,304

33,807

16

%

32

%

Total

$

65,813

$

73,928

50

%

71

%

The decrease in the percentageof income forecast amortization to revenue in 2006 is primarily due to the mixof data being licensed, including the effects of the level of revenuerecognized on fully amortized data. In the third quarter of 2006, 79% of resalerevenue recognized was from data whose costs were fully amortized as comparedto 64% in the third quarter of 2005.  This percentage was 71% in the first ninemonths of 2006 compared to 54% for the same period of 2005.  The decrease inthe amount of straight-line amortization principally comes from surveys thatwere less than four years of age at the time of the revision in useful life;the majority of these surveys have become fully amortized.

In January of 2006, we soldcertain seismic surveys located in Canada as required by an agreement enteredinto in 1993.  We recorded a gain of $231,000 related to such sale for the ninemonths ended September 30, 2006.

Selling,general and administrative ("SG&A") expenses were $8.4 million inthe third quarter of 2006 compared to $7.7 million in the third quarter of 2005and $26.3 million inthe first nine months of 2006 compared to $23.0 million in the first ninemonths of 2005.  The increase in SG&A expenses in the third quarter wasprincipally due to (1) an increase in commission expense resulting from thehigher level of revenue in the 2006 third quarter and (2) an increase inprofessional fees incurred.  The increase in SG&A expenses for the ninemonth period was primarily due to (1) an increase in compensation expenseresulting from performance based compensation expense associated with theCompany's incentive compensation plan as well as expense related to restrictedstock awards and (2) an increase in professional fees incurred.  

Interest expense, net, was $4.9million and $5.6 million in the third quarters of 2006 and 2005, respectively,and was $14.8 million and $17.6 million for the nine months ended September 30,2006 and 2005, respectively.  The decrease in expense is due to a higher levelof interest income resulting from increased cash balances as well as improvedrates of return.

Income tax benefitwas $2.5 million and $3.9 million in the third quarters of 2006 and 2005,respectively, and $2.1 million and $4.9 million for the nine months ended September30, 2006 and 2005, respectively.  The benefit in the 2006 periods resulted from(1) the reversal of a reserve totaling $2 million on a U.S. tax position which we no longer deemed necessary and (2) a benefit on Canadian operations.  Additionally,in the 2006 periods the income tax expense recorded on our U.S. operations was substantially offset by a reduction in our deferred tax asset valuationallowance resulting in $22,000 tax expense in the U.S. for estimatedalternative minimum tax for the 2006 periods.  In 2005, we determined that itwas more likely than not that a portion of the deferred tax asset related tothe Canadian operations would be realized.  Therefore, in the third quarter andfirst nine months of 2005, $3.8 million and $6.2 million, respectively, of thevaluation allowance previously provided against this deferred tax asset wasreversed resulting in the tax benefit.

In the thirdquarter of 2006, we disposed of our remaining oil and gas properties.  As aresult, we recorded a loss from discontinued operations of $146,000 in thethird quarter of 2006 and $142,000 for the nine months ended September 30,2006.

Page 32 of 40

*(INDEX)*
**Liquidity and Capital Resources**Sources and Uses of Liquidity
*** ***

***U.S. CreditFacility.***  We have a revolving credit facility and can borrow up to $30.0million, subject to borrowing base limitations.  The borrowing base isdetermined from time to time based on the lesser of:
-  $30.0million,
-  0.75 times our U.S. cash operatingincome (defined as cash revenue, derived primarily from seismic dataacquisition revenue, cash library licensing revenue and Solutions revenue, lesscost of sales and SG&A, before depreciation and amortization expense forthe trailing 12-month period), or
-  the sum of (1) 85% of eligible U.S.short term accounts (defined as accounts that are not long term accounts andwithin 90 days of invoice date), (2) 50% of eligible U.S. long term accounts(defined as accounts with contracts for periods of performance from one monthto 18 months, where the account debtor makes payments over the term of thecontract), and (3) $20.0 million.

Interest is payable at an applicable margin above eitherLIBOR or the prime rate.  The facility is secured by a first priority,perfected security interest in substantially all of our U.S. assets and a pledge of all of the issued and outstanding capital stock of our U.S. subsidiaries.  The facility expires on July 2, 2007.  At October 30, 2006, there was nooutstanding balance under the facility and we could borrow up to $30.0million.  Covenants in the agreement limit our ability to, among other things,incur additional indebtedness, pay dividends, and complete mergers,acquisitions and sales of assets.  In addition, the agreement requires us tomaintain certain financial ratios.  We were in compliance with all covenantsand financial ratios as of September 30, 2006.

***Canadian Credit Facility.***  Our wholly ownedsubsidiary, Olympic Seismic Ltd. ("Olympic"), has a revolving creditfacility which allows it to borrow up to $5.0 million (Canadian), subject to anavailability formula, by way of prime-based loans, bankers' acceptances orletters of credit. The interest rate applicable to borrowings is the bank'sprime rate plus 0.35% per annum and 1.50% per annum for bankers' acceptances.Letter of credit fees are based on scheduled rates in effect at the time ofissuance. The facility is secured by the assets of Olympic, SEIC TrustAdministration Ltd. (as sole trustee of, and for and on behalf of, SEICBusiness Trust) and SEIC Holdings, Ltd., but is not guaranteed by us or any ofour other U.S. subsidiaries. However, all intercompany debt owing by Olympic,SEIC Trust Administration Ltd., SEIC Business Trust or SEIC Holdings, Ltd. tous, SEIC Partners Limited Partnership or to any of our U.S. subsidiaries(approximately $32.8 million (Canadian) at September 30, 2006) has beensubordinated to the repayment of Olympic's obligations under the revolvingcredit facility. Available borrowings under the facility are equivalent to amaximum of $5.0 million (Canadian), subject to a requirement that suchborrowings may not exceed 75% of good accounts receivable (as defined in theagreement) of SEIC Trust Administration, less prior-ranking claims, if any,relating to inventory or accounts. The facility is subject to repayment upondemand and is available from time to time at the bank's sole discretion. As of October31, 2006, no amounts were outstanding on this revolving credit facility and $3.9million (Canadian) was available on the revolving credit facility. Olympic isnot a party to any of the debt issued by us other than the note payable to aformer executive.

***11.75% Senior Unsecured Notes.***  On July 2,2004, we issued, in a private placement, $193.0 million aggregate principalamount of 11.75% senior unsecured notes.  These notes were offered at adiscount of 2.325% from their principal amount and mature on July 15, 2011.  Asrequired by their terms, our 11.75% senior notes were exchanged for seniornotes of like amounts and terms in a publicly registered exchange offer inFebruary 2005. As of October 31, 2006, $189.0 million aggregate principalamount was outstanding.  Interest is payable in cash, semi-annually in arrearson January 15 and July 15 of each year, commencing on January 15, 2005. The11.75% senior notes are unsecured and are guaranteed by substantially all ofour domestic subsidiaries on a senior basis.  The 11.75% senior notes containrestrictive covenants which limit our and our subsidiaries' ability to, amongother things, incur additional indebtedness, make capital expenditures inexcess of specified amounts, pay dividends and complete mergers, acquisitionsand sales of assets.

Page 33 of 40

*(INDEX)*

From time to time on or before July 15, 2007, we mayredeem up to 35% of the aggregate principal amount of our 11.75% senior noteswith the net proceeds of equity offerings at a redemption price equal to111.75% of the principal amount, plus accrued and unpaid interest.  Subject tocertain conditions, if at the end of each fiscal year we have excess cash flow(as defined in the indenture) in excess of $5.0 million, we are required to use50% of the excess cash flow to fund an offer to repurchase our 11.75% seniornotes on a pro rata basis at 100% of its principal amount, plus accrued andunpaid interest.  If we have less than $5.0 million in excess cash flow at theend of any fiscal year, such excess cash flow will be carried forward tosucceeding years, and such repurchase offer will be required to be made in thefirst year in which the cumulative excess cash flow for all years in whichthere has not been an offer is at least $5.0 million.  We are required to makea repurchase offer only if there is no event of default under our revolvingcredit facilities prior to and after giving effect to the repurchase payment.  InMarch 2006, we made a repurchase offer for up to $8.5 million aggregateprincipal amount of senior notes under the excess cash flow requirement.  Nonotes were tendered in connection with this offer.  In connection with our 2004excess cash flow offer in March 2005, $4.0 million aggregate principal amountof senior notes were tendered and accepted.  Upon a change of control (asdefined in the indenture), each holder of our 11.75% senior notes will have theright to require us to offer to purchase all of such holder's notes at a priceequal to 101% of the principal amount, plus accrued and unpaid interest.

 

As of September 30, 2006, we had outstanding debt and lease obligations,with aggregate contractual cash obligations summarized as follows (inthousands):

 

Payments due by  period

Remainder of

2012 and

Contractual cash obligations

Total

2006

2007-2009

2010-2011

thereafter
                                 
Debt obligations (1)(2)

$

300,517

$

18

$

66,838

$

233,559

$

102

Capital lease obligations (2)

5,702

75

987

665

3,975

Operating lease obligations

6,560

285

3,312

2,072

891

Total contractual cash obligations

$

312,779

$

378

$

71,137

$

236,296

$

4,968

 

(1)         Debt obligations include the face amount of our11.75% senior notes totaling $189.0 million.

(2)         Amounts include interest related to suchobligations.

*** ***

***Operating Activities*.** Cash flows provided by operating activities from continuing operations were $79.8million and $56.9 million for the nine months ended September 30, 2006 and2005, respectively.  The increase from 2005 to 2006 was primarily due to anincrease in the amount of cash received from customers, an increase in interestincome and a decrease in interest paid.  

***Investing Activities***.  Cash flows used in investing activitiesfrom continuing operations were $59.3 million and $44.2 million for the ninemonths ended September 30, 2006 and 2005, respectively.  Cash expenditures forseismic data were $58.6 million and $43.6 million for the nine months ended September30, 2006 and 2005, respectively.  

***Financing Activities****.*  Cash flowsused in financing activities were $0.6 million and $5.8 million for the ninemonths ended September 30, 2006 and 2005, respectively.  During the nine monthsended September 30, 2006 payments on senior notes, term loans and capitalleases equaled $58,000, as compared to $5.6 million in the 2005 period.  Thedecrease between periods is primarily due to the 2005 period including paymentson our Senior Notes totaling $4.0 million in connection with our 2004 excesscash flow offer.

 

***Anticipated Liquidity.***  Our ability to make required payments of principaland interest on our 11.75% senior notes, and comply with our various debtcovenants, will depend primarily on our ability to generate substantialoperating cash flows. Over the next 12 months, we expect to obtain the fundsnecessary to pay our operating, capital and other expenses and principal andinterest on our 11.75% senior notes and our other indebtedness, from ouroperating cash flows, cash and cash equivalents on hand and, if required, fromadditional borrowings (to the extent available under our revolving creditfacilities and otherwise subject to the borrowing base). Our ability to satisfyour payment obligations depends substantially on our future operating andfinancial performance, which necessarily will be affected by, and subject to,industry, market, economic and other factors. We will not be able to predict orcontrol many of these factors, such as economic conditions in the markets wherewe operate and competitive pressures. 
 
Page 34 of 40
*(INDEX)*Deferred Taxes
 

As of September 30, 2006, we had a net deferred tax assetof $6.1 million attributable to our Canadian operations, which was partiallyoffset by a valuation allowance of $51,000.  In the U.S., we had a net deferredtax asset of $80.3 million, all of which was fully offset by a valuationallowance.  The recognition of the U.S. deferred tax asset will not occur untilsuch time that it is more likely than not that some portion or all of thedeferred tax asset will be realized.  As of September 30, 2006, the recovery ofthe U.S. deferred tax asset is not assured of realization.

 

Section 382 of the Internal Revenue Code places a limit oncertain tax attributes which were in existence prior to a greater than 50%change in ownership.  The rules use a rolling three-year period fordetermination of such change.  We do not believe an ownership change occurredprior to 2006.  However, significant share transfers have taken place during2006, potentially causing an ownership change when analyzed over a three-yearperiod.  Any limitation on the net operating loss carryforwards as a result ofan ownership change during 2006 should not materially impact our ability tooffset future taxable income.

**Off-Balance Sheet Transactions**

 

Other than operating leases, we donot maintain any off-balance sheet transactions, arrangements, obligations orother relationships with unconsolidated entities or others that are reasonablylikely to have a material current or future effect on our financial condition,changes in financial condition, revenue or expense, results of operations,liquidity, capital expenditures or capital resources.

 

**Capital Expenditures**

****During the first nine monthsof 2006, capital expenditures for seismic data and other property and equipmentamounted to $75.5 million.  Our capital expenditures for the remainderof 2006 are presently estimated to be $21.7 million.  The first nine months of 2006actual and 2006 estimated remaining capital expenditures are comprised of thefollowing (in thousands):  

 

Actual for

Nine Months 

Ended

Estimate For

Total

September 30, 

Remainder of

Estimate

2006

2006

for 2006
                              
New data acquisition

$

49,357

$

15,000

$

64,357

Cash purchases of seismic data  and other

16,351

1,200

17,551

Non-monetary exchanges

8,889

5,200

14,089

Other property and equipment

949

300

1,249

Total capital expenditures

75,546

21,700

97,246

Less: Non-monetary exchanges

(8,889

)

(5,200

)

(14,089

)

Changes in working capital

(7,121

)

-

(7,121

)

Cash investment per statement  of cash flows

$

59,536

$

16,500

$

76,036

 

The capital expendituresdiscussed above are within the capital expenditure limitations imposed by our11.75% senior notes and U.S. revolving credit facility.

Capitalexpenditures funded from operating cash flow are as follows (in thousands):

Actual for

Nine Months 

Ended

Estimate For

Total

September 30,

Remainder of

Estimate

2006

2006

for 2006
                              
Total capital expenditures

$

75,546

$

21,700

$

97,246

Less:

Non-cash additions

(8,889

)

(5,200

)

(14,089

)

Cash underwriting

(33,266

)

(10,100

)

(43,366

)

Capital expenditures funded from operations

$

33,391

$

6,400

$

39,791

Page 35 of 40
*(INDEX)*
As of October 31, 2006, we had capital expenditurecommitments related to data acquisition projects for an estimated $28.2 millionfor which we have obtained approximately $19.4 million of cash underwriting and$1.1 million of underwriting from non-monetary exchanges.

**Recent Accounting Pronouncements**

InDecember 2004, the FASB issued SFAS No. 123(R), "Share-BasedPayment," which supersedes SFAS No. 148 - "Accounting for Stock-BasedCompensation - Transition and Disclosure - an amendment of FASB Statement No.123."  SFAS No. 123(R) establishes standards for transactions in which anentity exchanges its equity instruments for goods or services.  This standardrequires a public entity to measure the cost of employee services received inexchange for an award of equity instruments based on the grant-date fair valueof the award.  This eliminates the exception to account for such awards usingthe intrinsic method previously allowable under APB Opinion No. 25.  We adoptedSFAS No. 123(R) effective January 1, 2006.  Adoption of this standard increasedour net income by $1.9 million for the nine months ended September 30, 2006.

In December 2004, the FASB issuedSFAS No. 153, "Exchanges of Nonmonetary Assets - an amendment of APB OpinionNo. 29".  This statement addresses the measurement of exchanges of nonmonetaryassets.  It eliminates the exception from fair value measurement fornonmonetary exchanges of similar productive assets in paragraph 21(b) of APBOpinion No. 29, "Accounting for Nonmonetary Transactions", andreplaces it with an exception for exchanges that do not have commercialsubstance.  This statement specifies that a nonmonetary exchange has commercialsubstance if the future cash flows of the entity are expected to changesignificantly as a result of the exchange.  We adopted SFAS No. 153 effectiveJanuary 1, 2006.  We did not have any financial impact upon adoption of thisstandard.

In September2005, the FASB issued SFAS No. 154, "Accounting Changes and ErrorCorrections, a replacement of APB Opinion No. 20, Accounting Changes, andStatement No. 3, Reporting Accounting Changes in Interim FinancialStatements." SFAS No. 154 changes the requirements for the accounting forand reporting of a change in accounting principle. Previously, most voluntarychanges in accounting principles required recognition via a cumulative effectadjustment within net income of the period of the change. SFAS No. 154 requiresretrospective application to prior periods' financial statements, unless it isimpracticable to determine either the period-specific effects or the cumulativeeffect of the change. Other than the adoption of SFAS No. 123(R), we did nothave any accounting changes or error corrections; therefore, the adoption ofSFAS No. 154 on January 1, 2006 did not have an impact on our consolidated financialposition, results of operations or cash flows.

 

In July 2006, the FASB issued FASBInterpretation No. 48, "Accounting for Uncertainty in Income Taxes-aninterpretation of FASB Statement No. 109," ("FIN 48") whichclarifies the accounting for uncertainty in tax positions. This interpretation prescribes a recognition threshold andmeasurement attribute for the financial statement recognition and measurementof a tax position taken or expected to be taken in a tax return.  Additionally,FIN 48 provides guidance on derecognition, classification, interest andpenalties, accounting in interim periods and disclosure requirements foruncertain tax positions. The provisions of FIN 48 are effective forfiscal years beginning after December 15, 2006, with the cumulative effect ofthe change in accounting principle recorded as an adjustment to openingretained earnings. We are currently assessing the impact of adopting FIN 48 on ourconsolidated financial position, results of operations and cash flows. 

InSeptember 2006, the SEC staff issued Staff Accounting Bulletin("SAB") 108 "Considering theEffects of Prior Year Misstatements when Quantifying Misstatements in CurrentYear Financial Statements."  SAB 108 provides interpretive guidance on howthe effects of the carryover or reversal of prior year misstatements should beconsidered in quantifying a potential current year misstatement. Prior to SAB 108, Companies might evaluate the materiality offinancial-statement misstatements usingeither the income statement or balance approach, with the income statementapproach focusing on new misstatements added in the current year, and thebalance sheet approach focusing on the cumulative amount of misstatementpresent in a company's balance sheet.Misstatements that would be material under one approach could be viewed asimmaterial under another approach, and not be corrected. SAB 108 now requiresthat companies view financial statement misstatements as material if they arematerial according to either the income statement or balance sheet approach.The guidance in SAB 108 must be applied to annual financial statements forfiscal years ending after November 15, 2006. We are currently assessing theimpact of adopting SAB 108 but do not expect that it will have amaterial effect on our consolidated financial position, results of operationsor cash flows.

Page 36 of 40
*(INDEX)*
InSeptember 2006, the FASB issued SFAS No. 157, "Fair Value Measurements." SFAS No. 157 defines fair value, establishes a framework for measuring fair value in accordance with generally acceptedaccounting principles, and expands disclosure about fair value measurements.SFAS No. 157 is effective for financial statements issued for fiscal yearsbeginning after November 15, 2007 and interim periods within those fiscalyears. We are currently assessing the impact of adopting SFAS No. 157 but do notexpect that it will have a material effect on our consolidatedfinancial position, results of operations or cash flows.

 

**Item 3.  QUANTITATIVE AND QUALITATIVEDISCLOSURES ABOUT MARKET RISK**

 

We are exposed tomarket risk, including adverse changes in interest rates and foreign currencyexchange rates.  

**Interest Rate Risk**

****We may enter into variousfinancial instruments, such as interest rate swaps, to manage the impact ofchanges in interest rates.  As of September 30, 2006, we did not have any open interestrate swap or interest rate lock agreements.  Therefore, our exposure to changesin interest rates primarily results from our short-term and long-term debt withboth fixed and floating interest rates.

**Foreign Currency Exchange Rate Risk**

****Our Canadian subsidiaries conduct business in the Canadian dollarand are therefore subject to foreign currency exchange rate risk on cash flowsrelated to sales, expenses, financing and investing transactions in currenciesother than the U.S. dollar. Currently, we do not have any open forward exchangecontracts.

We have not had any significant changes in our market risk exposures during thequarter ended September 30, 2006.

 

**Item4.  CONTROLS AND PROCEDURES**

 

**(a)   Evaluation of Disclosure Controls and Procedures**

 

As of the end of the period covered by this report, ourmanagement carried out an evaluation, under the supervision and with theparticipation of our President and Chief Executive Officer and our ChiefFinancial Officer, of the effectiveness of the design and operation of theCompany's disclosure controls and procedures (as such term is defined in Rules13a-15(e) and 15d-15(e) under the Exchange Act), pursuant to Exchange Act Rule13a-15. Based upon that evaluation, our President and Chief Executive Officeralong with our Chief Financial Officer concluded that the Company's disclosurecontrols and procedures as of September 30, 2006 are effective in ensuring thatinformation required to be disclosed in the reports we file or submit under theExchange Act is recorded, processed, summarized, and reported within the timeperiods specified in the rules and forms of the SEC, and that such informationis accumulated and communicated to our management, including our President andChief Executive Officer and our Chief Financial Officer, as appropriate, toallow timely decisions regarding required disclosures.

 

**(b)   Changes in Internal Control Over Financial Reporting**

       

There have been no changes in our internal controls overfinancial reporting during the quarter ended September 30, 2006 that havematerially affected, or are reasonably likely to materially affect, ourinternal controls over financial reporting.

** **

**PART II - OTHER INFORMATION**

**Item 1.  LEGAL PROCEEDINGS**

See Part I, Item 1, Note I toConsolidated Financial Statements, which is incorporated herein by reference.

 

**Item1.A.  RISK FACTORS**

 

There have been no material changesfrom the risk factors as previously disclosed in our Annual Report on Form 10-Kfor the year ended December 31, 2005.

Page 37 of 40
*(INDEX)*Item 2.  UNREGISTEREDSALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table contains information about our purchasesof equity securities for the periods indicated:

Period

Total Number of  Shares Purchased(1)
   
Average  Price Paid per Share
   
Total Number of  Shares Purchased as Part of Publicly Announced Plans or Programs
   
Maximum Number of  Shares that May Yet Be Purchased Under the Plans or Programs
                                 
July 1, 2006 - July 31, 2006

44,169
   
$3.89
   
-
   
-

August 1, 2006 - August 31, 2006

-
   
-  
   
-
   
-

September 1, 2006 - September 30, 2006

-
   
-
   
-
   
-

Total

44,169
   
$3.89
   
-
   
-

 

		(1)
		Represents shares that were withheld by or returned to us to satisfy tax		withholding obligations that arose upon the issuance of common stock to		employees or the vesting of restricted stock previously granted to		employees.  Such shares have been retired.
**Item 3., 4. and 5.**  Not applicable.

**Item 6.  EXHIBITS**

3.1

Amended and Restated  Certificate of Incorporation of the Company (incorporated by reference from  Exhibit 3.1 to Post Effective Amendment No. 1 to the Registration Statement  on Form S-1, No. 333-113446, as filed with the SEC on July 2, 2004).

 

3.2

Certificate of  Amendment to Certificate of Incorporation dated December 15, 2004  (incorporated by reference from Exhibit 3.2 to the Registration Statement on  Form S-4, No. 333-121476, as filed with the SEC on December 21, 2004).

 

3.3

Amended and Restated  Bylaws of Seitel, Inc., adopted October 19, 2005 (incorporated by reference  from Exhibit 3.1 to the quarterly report on Form 10-Q for the quarter ended  September 30, 2005, as filed with the SEC on November 9, 2005).

 

31.1

*

Certification of  Robert D. Monson pursuant to Rule 13a-14(a)/15d-14(a).

 

31.2

*

Certification of  William J. Restrepo pursuant to Rule 13a-14(a)/15d-14(a).

 

32.1

**

Certification of  Robert D. Monson pursuant to Section 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes−Oxley Act of 2002.

 

32.2

**

Certification of  William J. Restrepo pursuant to Section 18 U.S.C. Section 1350, as adopted  pursuant to Section 906 of the Sarbanes−Oxley Act of 2002.

_______________

*            Filed herewith.

**           Furnished, not filed, pursuant to 601(b)(32) ofRegulation S-K.

Page 38 of 40
*(INDEX)*
**SIGNATURES**

Pursuant to the  requirements of the Securities and Exchange Act of 1934, the registrant has  duly caused this report

to be signed on its  behalf by the undersigned thereunto duly authorized.

**SEITEL, INC.**

Dated: November

1,

2006

/s/

Robert D. Monson

Robert D. Monson

Chief Executive Officer  and President

Dated: November 

1,

2006

/s/

William J. Restrepo

William J. Restrepo

Chief Financial Officer

Page 39 of 40
*(INDEX)*
EXHIBIT

INDEX

Exhibit

Title

Page

Number 

               
31.1

*

Certification of Principal  Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

41

31.2

*

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 302 Of The Sarbanes-Oxley Act of 2002

 

43

32.1

**

Certification of Principal  Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 906 Of The Sarbanes-Oxley Act of 2002

 

45

32.2

**

Certification of Principal  Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to  Section 906 Of The Sarbanes-Oxley Act of 2002

47

_______________

*      Filed herewith.

**    Furnished, notfiled, pursuant to Item 601(b)(32) of Regulation S-K.

Page 40 of 40 |
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