This study investigates the contribution of fluid saturation variation to the time-lapse velocity response by performing fluid substitution modeling. The methodology is exemplified by the time-lapse seismic monitoring of carbon dioxide at Farnsworth field unit (FWU). In order to evaluate the fluid distribution in a matured oil reservoir, the Southwest Regional Partnership (SWP) acquired multiple vertical seismic profile (VSP) surveys at different times during the CO 2 -water alternatinggas (WAG) injection period. In this work, we present a thorough methodology for computing the elastic response of the saturated rock for different fluid saturations using a site-specific petro-elastic model (PEM). The output from the PEM was combined with results from a fluid compositional model to compute the seismic velocities at times corresponding to each VSP survey. To produce a calibrated simulated response, the measured time-lapse seismic velocities were integrated into the numerical simulation model. The mismatches between the predicted and measured time-lapse velocities were minimized through an iterative calibration process using a trained artificial neural network proxy (ANN) coupled with a particle swarm optimizer (PSO). Our study indicates that the hybrid optimization workflow can effectively perform the history matching. With an accurate prediction of the hydrodynamic properties, the migration of CO 2 within the subsurface was modeled by predicting the spatial velocity distribution for a radius of 305 m around the injection well. The technology demonstrated and the expertise gained from this study can guide similar CO 2 -WAG projects.