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OMB APPROVAL
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OMB Number 3235-0287
Expires: September 30, 1998
Estimated average burden
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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(f) of the Investment Company Act of 1940
[_] Check box if no longer subject of Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
______________________________________________________________________________
1. Name and Address of Reporting Person*
Flynn Edward L.
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(Last) (First) (Middle)
75-11 Myrtle Avenue
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(Street)
Glendale NY 11385
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
TGC Industries, Inc. ("TGCI")
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3. IRS Identification Number of Reporting Person, if an Entity (Voluntary)
###-##-####
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4. Statement for Month/Year
January 2003
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
[X] Director [X] 10% Owner
[_] Officer (give title below) [_] Other (specify below)
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7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by one Reporting Person
[_] Form filed by more than one Reporting Person
______________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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1. 2. 3. 4.
Title of Security Transaction Transaction Securities
(Instr. 3) Date Code Acquired (A)
(mm/dd/yy) (Instr. 8) or Disposed
of (D) (Instr. 3
4 and 5)
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Code V Amount (A) Price
or
(D)
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Common Stock 01-15-03 P 10,000 A $0.09
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Common Stock
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5. 6. 7.
Amount of Ownership Nature
Securities Form: of
Beneficially Direct (D) Indirect
Owned at Indirect (I) Beneficial
End of Month Ownership
(Instr. 3 and 4) (Instr. 4) (Instr. 4)
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882,702 D
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20,316 I By Wife (1)
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* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
(Over)
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. 2. 3. 4. 5.
Table of Conver- Trans- Trans- Number
Derivative sion or action action of Deriv-
Security Exercise Date Code ative
(Instr. 3) Price of (Instr. Secur-
Deriv- (Month/ 8) ities
ative Date/ Acquired
Security Year) (A) or
Disposed
of (D)
(Instr. 3,
4, and 5)
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Code V (A) (D)
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Warrants 2/ $0.30
_
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Warrants 2/ $0.20
_
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Non-Statutory
Stock Options $1.00
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6. 7. 8. 9. 10. 11.
Date Exer- Title and Price of Number Ownership Nature of
cisable and Amount of Deriv- of Deriv- Form of Indirect
Expiration Underlying ative ative Sec- Derivative Beneficial
Date Securities Secur- urities Security: Ownership
(Instr. 3 ity Benefi- Direct (D) (Instr. 4)
(Month/Day/ and 4) (Instr. cially or Indirect
Year) 5) Owned at (I)
End of (Instr. 4)
Month
(Instr.
4)
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Date Expir- Amount
Exer- ation Title or
cisable Date Number of
Shares
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3/ 7/31/09 Common
_ Stock 200,000 200,000 D
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3/ 9/10/ Common
_ 2012 Stock 300,000 300,000 D
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4/ 12/10 Common
_ 2005 Stock 10,000 10,000 D
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Explanation of Responses:
1/ Reporting Person disclaims beneficial ownership of these securities owned
_ by his wife.
2/ Warrants issued pursuant to a debt financing transaction between Reporting
_ Person and Company;
3/ Currently exercisable;
_
4/ Non-Statutory Stock Options were granted on 12/11/00; are exercisable one-
_ third at 12/11/01; two-thirds at 12/11/02; 100% at 12/11/03.
/s/ Edward L. Flynn 01/15/03
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**Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
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form4-flynn.txt
