MIND TECHNOLOGY, INC — Director's Dealing 2006

Jul 31, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MITCHAM INDUSTRIES INC (MIND)
CIK: 0000926423
Period of Report: 2006-07-27

Reporting Person: SCHWALBE JOHN F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-07-27	Stock Option (Right to Buy)	$12.20	A	30000	Acquired	2016-07-27	Common Stock (30000)	Direct

Footnotes

F1: Options vest 1/3 each year for 3 years beginning on 7/27/2007 and being fully vested on 7/27/2009.