As reservoirs become more complex and drilling operations become more expensive, the need to reduce both inefficiencies and costs for acquiring and analyzing high quality information for models building, be it static or dynamic is essential. This is what has been a puzzle in nearly all E & P companies within the confines of the petroleum industry today. It is against this backdrop that the key players in the oil and gas industry put more effort at the preliminary stage of exploration till when the first production well is drilled to avoid subsequent failures. In this light, Geologist and reservoir engineers have the task of appropriately examining the structural (faults, folds, etc) configuration of the entire reservoir and attribution of flow properties (e.g permeability) for dynamic modeling respectively. Once the static model resulting from reservoir characterization is perfect and heterogeneities taken care of, it is but evident that the uncertainties will be minimized, hence proper optimization.