Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CAPPS ROBERT P
  2. Issuer Name and Ticker or Trading Symbol
MITCHAM INDUSTRIES INC [MIND]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chief Financial Officer
(Last)
(First)
(Middle)
8141 SH 75 SOUTH
3. Date of Earliest Transaction (Month/Day/Year)
12/12/2011
(Street)

HUNTSVILLE, TX 77342
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
MII Common Stock 12/12/2011   M   23,334 A $ 4.65 47,764 D  
MII Common Stock 12/12/2011   M   10,000 A $ 6.4 57,764 D  
MII Common Stock 12/12/2011   M   21,110 A $ 8.98 78,874 D  
MII Common Stock 12/12/2011   S   61,943 D $ 20.82 (1) 16,931 D  
MII Common Stock 12/13/2011   M   3,890 A $ 8.98 20,821 D  
MII Common Stock 12/13/2011   S   3,890 D $ 20.6 (2) 16,931 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option to Purchase Common Stock $ 4.65 12/12/2011   M     11,667 07/23/2010 07/23/2019 MII Common Stock 11,667 $ 4.65 0 D  
Option to Purchase Common Stock $ 4.65 12/12/2011   M     11,667 07/23/2011 07/23/2019 MII Common Stock 11,667 $ 4.65 0 D  
Option to Purchase Common Stock $ 6.4 12/12/2011   M     5,000 05/27/2010 05/27/2020 MII Common Stock 5,000 $ 6.4 0 D  
Option to Purchase Common Stock $ 6.4 12/12/2011   M     5,000 05/27/2011 05/27/2020 MII Common Stock 5,000 $ 6.4 0 D  
Option to Purchase Common Stock $ 8.98 12/12/2011   M     21,110 07/21/2006 07/21/2015 MII Common Stock 21,110 $ 8.98 3,890 D  
Option to Purchase Common Stock $ 8.98 12/13/2011   M     3,890 07/21/2006 07/21/2015 MII Common Stock 3,890 $ 8.98 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CAPPS ROBERT P
8141 SH 75 SOUTH
HUNTSVILLE, TX 77342
  X     Chief Financial Officer  

Signatures

 /s/ Robert P. Capps   12/13/2011
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.75 to $20.90, inclusive. The reporting person undertakes to provide to Mitcham Industries, Inc., any security holder of Mitcham Industries, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnotes (1) and (2) of this Form 4.
(2) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $20.60 to $20.70, inclusive. .

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