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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. _________)*
TGC Industries, Inc.
________________________________________________________________________
(Name of Issuer)
8-1/2% Senior Convertible Preferred Stock; and
Common Stock (New), $.01 par value per share
________________________________________________________________________
(Title of Class of Securities)
872417308
____________________________________
(CUSIP Number)
02-23-2004
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
-- Rule 13d-1(b)
-X Rule 13d-1(c)
-- Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise of subject to the liabilities
of that section of the Act but shall be subject to all other provisions
of the Act (however, see the Notes).
Persons who respond to the collection of information contained in this
form are not required to respond unless the form displays a currently
valid OMB control number.
CUSIP No. 872417308 13G Page 2 of 4
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(1) Names of Reporting Persons.
I.R.S. Indentification Nos. of above persons (entities only).
Jason M. Elsas, Jr.
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(2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
(b)
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(3) SEC Use Only
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(4) Citizenship or Place of Organization
United States
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Number of (5) Sole Voting Power 360,024
Shares --------------------------------------------------------
Beneficially (6) Shared Voting Power -0-
Owned by --------------------------------------------------------
Each (7) Sole Dispositive Power 360,024
Reporting --------------------------------------------------------
Person With: (8) Shared Dispositive Power -0-
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(9) Aggregate Amount Beneficially Owned by Each Reporting Person
360,024 (includes 235,800 shares of 8-1/2% Senior Convertible
Preferred Stock immediately convertible into Common Stock on a one-for-
one basis; and 124,224 shares of Common Stock (New), $.01 par value, per
share for a total of 360,024 Common shares, if fully converted.)
------------------------------------------------------------------------
(10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
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(11) Percentage of Class Represented by Amount in Row (9)
6.07%
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(12) Type of Reporting Person (See Instructions)
Individual
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CUSIP No. 872417308 13G Page 3 of 4
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Item 1.
(a) Name of Issuer: TGC Industries, Inc.
(b) Address of Issuer's Principal Executive Offices:
1304 Summit, Suite 2, Plano, Texas 75074
Item 2.
(a) Name of Person Filing: Jason M. Elsas, Jr.
(b) Address of Principal Business Office or, if none,
Residence: 37 Blackpoint Horseshoe, Rumson, NJ 07760
(c) Citizenship: United States
(d) Title of Class of Securities: 8-1/2% Senior
Convertible Preferred Stock and Common Stock (New),
$.01 par value per share
(e) CUSIP Number: 872417308
Item 3. If this statement is filed pursuant to 240.13d-1(b)
or 240.13d-2(b) or (c), check whether the person
filing is a: Not Applicable
Item 4. Ownership.
Provide the following information regarding the aggregate number
and percentage of the class of securities of the issuer identified in
Item 1.
(a) Amount beneficially owned: 360,024 shares, consisting
of 235,800 shares of 8-1/2% Senior Convertible
Preferred Stock (immediately convertible into Common
Stock on a one-for-one basis) and 124,224 shares of
Common Stock (New), for a total of 360,024 Common
shares, if fully converted.
(b) Percent of class: 6.07%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote
360,024
(ii) Shared power to vote or to direct the vote -0-
(iii) Sole power to dispose or to direct the
disposition of 360,024
(iv) Shared power to dispose or to direct the
disposition of -0-
CUSIP No. 872417308 13G Page 4 of 4
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Item 5. Ownership of Five Percent or Less of a Class
Not Applicable
Item 6. Ownership of More than Five Percent on Behalf of
Another Person.
Not Applicable
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the
Parent Holding Company
Not Applicable
Item 8. Identification and Classification of Members of the
Group.
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
(b) The following certification shall be included if the
statement is filed pursuant to 240.13d-1(c):
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to
above were not acquired and are not held for the
purpose of or with the effect of changing or
influencing the control of the issuer of the
securities and were not acquired and are not held
in connection with or as a participant in any
transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
02/26/04
____________________________________
Date
/s/Jason M. Elsas, Jr.
____________________________________
Signature
Jason M. Elsas, Jr.
____________________________________
Name
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