MIND TECHNOLOGY, INC — Director's Dealing 2006

Apr 29, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: MITCHAM INDUSTRIES INC (MIND)
CIK: 0000926423
Period of Report: 2006-04-26

Reporting Person: SCHWALBE JOHN F (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-04-26	Common Stock	M	1000	$7.375	Acquired	7000	Direct
2006-04-26	Common Stock	M	5000	$5.13	Acquired	12000	Direct
2006-04-26	Common Stock	M	9000	$4.75	Acquired	21000	Direct
2006-04-26	Common Stock	S	15000	$16.42	Disposed	6000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-04-26	Stock Option (Right to Buy)	$7.375	M	1000	Acquired	2006-06-12	Common Stock (1000)	Direct
2006-04-26	Stock Option (Right to Buy)	$5.13	M	5000	Acquired	2010-07-27	Common Stock (5000)	Direct
2006-04-26	Stock Option (Right to Buy)	$4.75	M	9000	Acquired	2013-09-01	Common Stock (9000)	Direct