The micro distribution of residual oil in low-permeability sandstone reservoirs is closely related to pore structure, and the differences in pore structure often determine the reservoir’s productivity and development effectiveness from a macro perspective. On the basis of in-depth research, this paper analyzes the distribution law of the remaining microscopic oil, establishes the digital core multi-stage pore network modeling of the strongly sorted heterogeneous conglomerate reservoir in the Lower Wuerhe Formation of Block 8 of the Karamay Oilfield, the three-phase seepage simulation method considering the release of dissolved gas, and the three-phase permeability curve test. The research results are as follows: (1) Conventional physical property analysis shows that the permeability of core samples exhibits an inverse rhythmic distribution with layer depth. (2) CT core analysis and mercury injection experiments indicate that the area with porosity ranging from 9% to 21% accounts for 79% and is the main seepage channel area. Larger pores play an important role in seepage. (3) Through comparative experiments on cores with different permeability, it was found that the degassing phenomenon of low-permeability rock samples is more severe. In the actual process of reservoir development, it is necessary to reasonably handle the impact of water injection on development effectiveness, select appropriate water injection methods and cycles, and avoid premature water breakthrough in ultra low-permeability reservoirs.