A method for seismic characterization of subsurface Earth formations includes determining at least one of compressional velocity and shear velocity, and determining reservoir parameters of subsurface Earth formations, at least including density, from data obtained from a wellbore penetrating the formations. A quality factor for the subsurface formations is calculated from the velocity, the density and the water saturation. A synthetic seismogram is calculated from the calculated quality factor and from the velocity and density. The synthetic seismogram is compared to a seismic survey made in the vicinity of the wellbore. At least one parameter is adjusted. The synthetic seismogram is recalculated using the adjusted parameter, and the adjusting, recalculating and comparing are repeated until a difference between the synthetic seismogram and the seismic survey falls below a selected threshold.