With an increasing tendency towards more demand for energy resources, the supply of energy as a focus of global strategy is attracting more and more attention from the world. However, on the one hand, conventional hydrocarbon resources are decreasing gradually, and therefore it is definitely an urgent task to search for renewable and replaceable resources at the present time. On the other hand, it has been proved that the total reserves of heavy oil are already up to 1105×108 tons around the world, which means that exploring heavy oil can be a beneficial supplement for alleviating the shortage of oil and gas. Moreover, it is noteworthy that because the heavy oil can be exploited by heated CO2, collecting and consuming CO2 during the production process will help to relieve global warming. In this study, we take the feasibility of heavy oil recovery by CO2 steam into consideration only from the viewpoint of geophysics. In the process of research, with the help of borehole-surface electric potential and cross-borehole electric potential, the entire procedures from heating heavy oil reservoir and optimizing the location of well to deciding the layer of perforation are exhibited completely. In the course of calculation, potential distributions corresponding to a point source of current are acquired by solving the Poisson equation using a direct and explicit finite difference technique for a lower half-space with 3-D distribution of conductivity. As for computation of a large sparse matrix, the technique of nonzero bandwidth storage and the Incomplete Cholesky Conjugate Gradient method are adopted. The consequences prove that with the assistance of cross-borehole electric potential combining with borehole-surface electric potential, the project of heavy oil recovery by CO2 steam is feasible and effective.