Hydrocarbon resources have become the most essential commodity contributing to any nation's growth and development in the recent years. For the past decades now, the quest for hydrocarbon resources has been increasing in an arithmetic rate that its supply can no longer meets the demand for its consumption today. In petroleum industry, seismic and well log analyses play a vital role in oil and gas exploration and formation evaluation. This study is aimed to effectively characterize the reservoirs and analyze the by-passed pay in Philus Field, Niger-Delta, Nigeria in order to look into the economic viability and profitability of the volume of oil in the identified reservoir(s). The faults in the study area trend in NW-SE direction and dip towards the south. Seven reservoirs were mapped on Philus field. A discovery trap and a by-passed (new prospect) trap were mapped out on the field. The petrophysical analysis showed that porosity of Philus field was 0.24. The volumetric analysis showed that the Stock Tank Original Oil in Place of discovery trap (Philus field) ranged from 1.6 to 43.1 Mbbl while that of new prospect trap ranged from 18.1 to 211.3 Mbbl. It is recommended that the oil reserve of Philus field needs to be recalculated.