The present report summarizes the work carried out between September 30, 2000 and September 30, 2004 under DOE research contract No. DE-FC26-00BC15305. During the three-year project period, we carried out extensive studies on the inversion post-stack and pre-stack data together with well logs, petrophysical information and fluid flow data. We have achieved all the project goals including development of algorithm for joint inversion of pre-stack seismic data, well logs, and time records of fluid production measurements using stochastic inversion algorithms which were demonstrated on realistic synthetic and field data. Our accomplishments are: (1) Joint inversion of post-stack seismic, well log, fluid flow, and petrophysical data: we demonstrated the technique with application to data from the Gulf of Mexico. (2) Development of a robust pre-stack full waveform inversion algorithm: A new approach based on iteration-adaptive regularization that makes use of plane wave transformed seismic data, was developed and applied to OBC dataset from the Gulf of Thailand. The algorithm was also implemented on a cluster of personal computers. (3) Joint inversion of pre-stack seismic and well-log data: A new stochastic optimization algorithm that makes use of the essential features of seismic and well log data was developed and tested on realistic synthetic dataset. (4) Joint inversion of pre-stack seismic and fluid flow data: A novel technique was developed to optimally combine seismic and flow data. The technique makes very realistic estimate of porosity; sensitivity of the flow parameters to two disparate datasets was studied extensively. (5) Direct estimation of petrophysical parameters from seismic data: The pre-stack waveform inversion was modified to invert directly for porosity and saturation using the Biot-Gassmann equation at each iteration step. The final report contains abridged versions of some of our inventions. The works resulted in several peer-reviewed publications. Five papers have been communicated for peer-reviewed publication, and seven papers were presented at conferences. All of these publications and presentations stemmed from work directly related to the goals of our DOE project.