This study focuses on the use of some geostatistical tools to spatially distribute reservoir parameters in order to identify the bypassed prospects from the earlier seismic interpretation that was carried out in the field using 3D seismic data. Four wells and seismic data were used to generate the interpreted input horizon grids, fault polygons and to carry out detailed petrophysical analysis. Structural and property modeling which include; facies, net to gross, porosity and water saturation were distributed stochastically within the constructed 3D grid using Sequential Gaussian Simulation (SGS) algorithm. The reservoir structural model show system of different oriented growth faults F1 to F9. Faults F1, F2, F3 and F4 were the major growth faults, dipping towards south-west and are quite extensive almost across all the seismic section. A rollover anticline formed as a result of deformation of the sediments deposited on the downthrown block of fault F1. The other faults were minor fault (synthetic and antithetic). The trapping mechanism is a fault assisted anticlinal closure. Results from well log analysis and petrophysical models shows Godwin reservoir to be a moderate to good reservoir in terms of facies, with good net to gross, porosity, permeability and low water saturation. This study has also demonstrated the effectiveness of 3D geostatical modeling technique as a tool for better understanding the distribution with respect to space of continuous reservoir properties. It will also provide a framework for the future prediction of reservoir qualities and yield rate of the reservoirs.