The aim of geostatistical reservoir characterization is to utilize wide variety of data, in different scales and accuracies, to construct reservoir models which are able to represent geological heterogeneities and also quantifying uncertainties by producing numbers of equiprobable models. Since all geostatistical methods used in estimation of reservoir parameters are inaccurate, modeling of “estimation error” in form of uncertainty analysis is very important. In this paper, the definition of Sequential Gaussian Simulation has been reviewed and construction of stochastic models based on it has been discussed. Subsequently ranking and uncertainty quantification of those stochastically populated equiprobable models and sensitivity study of modeled properties have been presented. Consequently, the application of sensitivity analysis on stochastic models of reservoir horizons, petrophysical properties, and stochastic oil-water contacts, also their effect on reserve, clearly shows any alteration in the reservoir geometry has significant effect on the oil in place. The studied reservoir is located at carbonate sequences of Sarvak Formation, Zagros, Iran; it comprises three layers. The first one which is located beneath the cap rock contains the largest portion of the reserve and other layers just hold little oil. Simulations show that average porosity and water saturation of the reservoir is about 20% and 52%, respectively.