This article deals with the scientific and practical problems related to estimating oil and gas reserves in terrigenous reservoirs of the Productive Series of middle Pliocene and in Upper Cretaceous volcanic and sedimentary rocks. The deposits in question are spread over onshore Azerbaijan and adjacent offshore areas in the Caspian Sea and are approximately 6.5 km deep. This article presents lithologic, stratigraphic, and petrophysical criteria used for selecting prospects for reserve estimation. Also presented are information on structure of rocks and estimation of their lithologic and physical properties. New methods for the interpretation and application of petrophysical and logging data, as well as statistical estimation of reserves, in complex volcaniclastic reservoir rocks, are also discussed.