Source rocks are described by a porous transversely isotropic medium composed of illite and organic matter (kerogen, oil, and gas). The bulk modulus of the oil/gas mixture is calculated by using a model of patchy saturation. Then, the moduli of the kerogen/fluid mixture are obtained with the Kuster and Toksöz model, assuming that oil is the inclusion in a kerogen matrix. To obtain the seismic velocities of the shale, we used Backus averaging and Gassmann equations generalized to the anisotropic case with a solid-pore infill. In the latter case, the dry-rock elastic constants are calculated with a generalization of Krief equations to the anisotropic case. We considered 11 samples of the Bakken-shale data set, with a kerogen pore infill. The Backus model provides lower and upper bounds of the velocities, whereas the Krief/Gassmann model provides a good match to the data. Alternatively, we obtain the dry-rock elastic moduli by using the inverse Gassmann equation, instead of using Krief equations. Four cases out of 11 yielded physically unstable results. We also considered samples of the North Sea Kimmeridge shale. In this case, Backus performed as well as the Krief/Gassmann model. If there is gas and oil in the shale, we found that the wave velocities are relatively constant when the amount of kerogen is kept constant. Varying kerogen content implies significant velocity changes versus fluid (oil) saturation.