A method of treating a subterranean formation penetrated by a wellbore is carried out by performing a diagnostic operation wherein a fluid is introduced into the wellbore at a pressure sufficient to create at least one microseismic event within the formation. The at least one microseismic event is monitored. At least one property of the formation surrounding the well is determined based on the monitored at least one microseismic event. A well treatment is performed based upon the determined at least one property of the well wherein the well is modified by the well treatment.