HUNTSVILLE, Texas, Sept. 25 /PRNewswire-FirstCall/ -- Mitcham Industries, Inc. (Nasdaq: MIND) announced today that it has entered into a new $25 million revolving credit facility with First Victoria National Bank.

The new facility has a two year term, maturing September 24, 2010, and is secured with Mitcham's domestic assets. The agreement also provides Mitcham with the option, at any time up until the maturity of the revolving facility, to convert any portion, or all, of outstanding amounts into 48 month amortizing notes.

Bill Mitcham, President and Chief Executive Officer, stated, 'This new facility doubles our existing line of credit and provides us with capital flexibility for further purchases of lease pool equipment. We believe this is an important development as we see continued strength in our core seismic equipment leasing business, both domestically and internationally. The additional working capital provided by this facility will also significantly improve our planning options in terms of the timing of lease pool purchases and the repatriation of funds from foreign operations.'

Mitcham Industries, Inc., a geophysical equipment supplier, offers for lease or sale, new and 'experienced' 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.

     Contacts:  Billy F. Mitcham, Jr., President & CEO
                Mitcham Industries, Inc.
                936-291-2277
                Jack Lascar / Karen Roan
                Dennard Rupp Gray & Easterly (DRG&E)
                713-529-6600

SOURCE Mitcham Industries, Inc.