Various limitations mitigate our understanding of the intrinsic properties of subsurface formations during reservoir characterization. These challenges go beyond data set discrepancies, but the various analytical methods, workflow data reconciliation patterns, and scale disparities all affect the final outlook to be inadequate. A multi-point stochastic inversion technique was applied to characterize the three-dimensional seismic and a collection of Pennay Field borehole logs, Niger Delta, outside of well control. The characterization involved the structural interpretation of four horizons, namely the horizons 1–4. The identification of potential hydrocarbon zones involved identification of hydrocarbon-bearing sands, correlation of identified sands across wells, determination of petrophysical properties of identified hydrocarbon-bearing sand, and the integration of well information from seismic data. Potential hydrocarbon zones have been delineated, and the petrophysical properties have been predicted away from well control using the seismic volume data. The net-to-gross and net thicknesses in millisecond were computed over the interval and defined in terms of minimum, maximum, mean, standard deviation, and percentiles P1O, P25, P50, P75, and P90. The 90% net-to-gross values are above 0.6, while the 75% net-to-gross values are between 0.35 and 0.99 in most areas. Moreover, the 50% net-to-gross values range between 0.35 and 0.85 while 25% and 10% net-to-gross values are below 0.4 in most areas in the studied field. Attention should be given to regions with structural closure, higher net-to-gross, and subsequently higher net thickness, low volume of shale, low gamma-ray, low water saturation, and higher connectivity as predicted from the structural, petrophysics, stochastic, and cross-plot analyses for further exploration and exploitation activities.