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<SEC-DOCUMENT>0001299933-07-007477.txt : 20071227
<SEC-HEADER>0001299933-07-007477.hdr.sgml : 20071227
<ACCEPTANCE-DATETIME>20071227162635
ACCESSION NUMBER:		0001299933-07-007477
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20071221
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20071227
DATE AS OF CHANGE:		20071227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MITCHAM INDUSTRIES INC
		CENTRAL INDEX KEY:			0000926423
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359]
		IRS NUMBER:				760210849
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25142
		FILM NUMBER:		071329344

	BUSINESS ADDRESS:	
		STREET 1:		8141 SH 75 SOUTH
		STREET 2:		PO BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
		BUSINESS PHONE:		9362912277

	MAIL ADDRESS:	
		STREET 1:		P O BOX 1175
		CITY:			HUNTSVILLE
		STATE:			TX
		ZIP:			77342
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_24682.htm
<DESCRIPTION>LIVE FILING
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<TITLE> Mitcham Industries, Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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<BR>
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	December 21, 2007
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	Mitcham Industries, Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Texas
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	000-25142
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	76-0210849
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	&nbsp;&nbsp;
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	8141 SH 75 South, P.O. Box 1175, Huntsville, Texas
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	&nbsp;
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	77342
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	936-291-2277
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<P ALIGN="CENTER">
<FONT SIZE="2">
	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
</FONT>
<P ALIGN="CENTER">
<FONT SIZE="2">
	&nbsp;
</FONT>
<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<FONT SIZE="2">Top of the Form</FONT>
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<B>
	Item 8.01 Other Events.
</B>
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<FONT SIZE="2">
Mitcham Industries, Inc. ("Mitcham")announced today that its Seamap unit completed an agreement with the principals of Tanglesolve Instrumentation Ltd. ("Tanglesolve") on December 21, 2007, to acquire all intellectual property rights related to the source controller software utilized in its GunLink product line for approximately $1.5 million in cash to be paid to the former principals of Tanglesolve. Prior to the acquistion , Mitcham was paying royalties to Tanglesolve for the use of the software in its GunLink product line.<br><br>As part of the acquisition agreement, the former principals of Tanglesolve commited to providing ongoing support and collaboration, as well as agreeing to non-compete provisions.
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits<br><br>99.1  Press release dated December 27, 2007.
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Mitcham Industries, Inc.
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	&nbsp;&nbsp;
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<I>
	December 27, 2007
</I>
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	&nbsp;
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<I>
	By:
</I>
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</TD>
<TD>
<FONT SIZE="2">
	&nbsp;
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<I>
	/s/ Robert P. Capps
</I>
<BR>
</FONT>
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	&nbsp;
</FONT>
</TD>
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	&nbsp;
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<FONT SIZE="2">
	&nbsp;
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	&nbsp;
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	&nbsp;
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	&nbsp;
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<I>
	Name: Robert P. Capps
</I>
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	&nbsp;
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<I>
	Title: Chief Financial Officer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	99.1
</DIV>
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<FONT SIZE="2">
	&nbsp;
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Press released dated December 27, 2007
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<DOCUMENT>
<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
<DESCRIPTION>EX-99.1
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<TITLE> EX-99.1 </TITLE>
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><FONT style="font-size: 24pt"><B><I>NEWS RELEASE</I></B>
</FONT>

<P align="left" style="font-size: 24pt"><FONT style="font-size: 12pt"><B>FOR IMMEDIATE RELEASE</B>
</FONT>
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
</TR>

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<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 10pt">Contacts:</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">Billy F. Mitcham, Jr., President &#038; CEO</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">Mitcham Industries, Inc</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">936-291-2277</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">Jack Lascar / Karen Roan</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">Dennard Rupp Gray &#038; Easterly (DRG&#038;E)</FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 10pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 10pt">713-529-6600</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><FONT style="font-size: 14pt"><B>MITCHAM INDUSTRIES ACQUIRES SOFTWARE RIGHTS</B></FONT>



<P align="left" style="font-size: 14pt"><FONT style="font-size: 13pt"><B><I>Arrangement Includes Collaboration Agreement for Future Upgrades and Products</I></B>
</FONT>

<P align="left" style="font-size: 13pt"><FONT style="font-size: 12pt"><B>HUNTSVILLE, TX &#150; DECEMBER 27, 2007 </B>&#150; Mitcham Industries, Inc. (NASDAQ: MIND) (&#147;Company&#148;)
announced today that its Seamap unit has completed an agreement with the principals of Tanglesolve
Instrumentation Ltd. to acquire all intellectual property rights related to the source controller
software utilized in its GunLink product line. This software had been developed by Tanglesolve
under a cooperation agreement with Seamap.
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 4%">Under the prior agreement, Tanglesolve received a royalty for each GunLink unit sold by
Seamap. With the new agreement, there will be no royalties on future sales of existing GunLink
products. The arrangement also includes ongoing support and collaboration agreements with the
principals of Tanglesolve, as well as a non-compete provision with Seamap in related areas. The
total cost of acquiring these rights, less certain accrued royalties which will not be paid,
amounts to approximately $1.5&nbsp;million.


<P align="left" style="font-size: 12pt; text-indent: 4%">Bill Mitcham, the Company&#146;s President and CEO, stated, &#147;We are pleased with this agreement
which gives us greater control over the intellectual property and related software, improved
flexibility in the utilization of intellectual property and, more importantly, will result in
enhanced margins due to the elimination of future royalty payments. We anticipate that the
collaboration agreement for development of new products will also benefit Seamap.&#148;


<P align="left" style="font-size: 12pt">Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and
&#147;experienced&#148; seismic equipment to the oil and gas industry, seismic contractors, environmental
agencies, government agencies and universities. Headquartered in Texas, with sales and services
offices in Calgary, Canada; Brisbane, Australia; Singapore; Ufa, Bashkortostan, Russia; and the
United Kingdom and with associates throughout Europe, South America and Asia, Mitcham conducts
operations on a global scale and is the largest independent exploration equipment lessor in the
industry.


<P align="left" style="font-size: 12pt"><FONT style="font-size: 10pt"><I>This press release includes forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical facts
included herein, including statements regarding potential future results of operations, demand for
the Company&#146;s products and services, business strategy and other plans and objectives for future
operations, are forward-looking statements. Actual results may differ materially from such
forward-looking statements. Important factors that could cause or contribute to such differences
include the inherent volatility of oil and gas prices and the related volatility of demand for the
Company&#146;s services; loss of significant customers; significant defaults by customers on amounts due
to the Company; international economic and political instability; dependence upon additional lease
contracts; the risk of technological obsolescence of the Company&#146;s lease pool; vulnerability of
seismic activity and demand to weather conditions and seasonality of operating results; dependence
upon few suppliers; and other factors that are disclosed in the Company&#146;s 2007 Annual Report on
Form&nbsp;10-K and its other Securities and Exchange Commission filings and available from the Company
without charge. All information in this release is as of the date of this release and the Company
undertakes no duty to update any forward-looking statement to conform the statement to actual
results or changes in the company&#146;s expectations.</I>
</FONT>

<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"># # #</FONT>




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