MIND TECHNOLOGY, INC — Director's Dealing 2005

Dec 21, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MITCHAM INDUSTRIES INC (MIND)
CIK: 0000926423
Period of Report: 2005-12-16

Reporting Person: SCHWALBE JOHN F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-16	Common Stock	M	5000	$4.06	Acquired	11000	Direct
2005-12-16	Common Stock	M	20000	$1.99	Acquired	31000	Direct
2005-12-16	Common Stock	M	15000	$5.00	Acquired	46000	Direct
2005-12-16	Common Stock	M	10000	$5.13	Acquired	56000	Direct
2005-12-16	Common Stock	S	5000	$17.88	Disposed	51000	Direct
2005-12-16	Common Stock	S	5000	$17.87	Disposed	46000	Direct
2005-12-16	Common Stock	S	2500	$17.74	Disposed	43500	Direct
2005-12-16	Common Stock	S	5000	$17.80	Disposed	38500	Direct
2005-12-16	Common Stock	S	7500	$17.76	Disposed	31000	Direct
2005-12-16	Common Stock	S	2500	$17.853	Disposed	28500	Direct
2005-12-16	Common Stock	S	10000	$17.85	Disposed	18500	Direct
2005-12-16	Common Stock	S	11500	$17.84	Disposed	7000	Direct
2005-12-16	Common Stock	S	1000	$17.83	Disposed	6000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-12-16	Stock Option (Right to Buy)	$1.99	M	20000	Acquired	2012-08-15	Common Stock (20000)	Direct
2005-12-16	Stock Option (Right to Buy)	$4.06	M	5000	Acquired	2009-07-23	Common Stock (5000)	Direct
2005-12-16	Stock Option (Right to Buy)	$5.00	M	15000	Acquired	2011-07-18	Common Stock (15000)	Direct
2005-12-16	Stock Option (Right to Buy)	$5.13	M	10000	Acquired	2010-07-27	Common Stock (10000)	Direct