August 3, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Mitcham Industries, Inc. (NASDAQ: MIND) said that it has entered into an amended revolving credit agreement with First Victoria National Bank and The Frost National Bank. According to Mitcham, the credit agreement provides for total borrowings of up to $35 million on a revolving basis through May 31, 2012, up from the $25 million available previously.

Borrowings under the amended facility bear interest at 50 basis points over prime, according to the company. Mitcham said that other terms of the agreement are essentially unchanged from the company's previous $25 million credit facility with the banks.

In addition, Mitcham said that it now expects additions to its lease pool to total between $22 million and $25 million in the fiscal year ending January 31, 2011.

Bill Mitcham, the company's president and CEO, said, "We are seeing increased inquiries and bid activity from our customers in many parts of the world. Accordingly, we have made the decision to commit additional capital to our lease pool so that we can respond quickly to increased demand.”

Mitcham said that the company is adding equipment including 7,500 stations of Sercel Unite cable-free technology, additional traditional land channels, geophones, marine equipment, as well as other items.

The company said it has taken delivery of more than half of the expected purchases and expect to take delivery of the balance of the equipment during the course of the next few months.

Texas-based Mitcham Industries, a geophysical equipment supplier, offers for lease or sale, new and used seismic equipment to the oil and gas industry, seismic contractors, environmental agencies, government agencies and universities.

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