P-wave amplitude anomalies below reservoir zones can be used as hydrocarbon markers. Some of those anomalies are considerably delayed relatively to the reflections from the reservoir zone. High P-wave attenuation and velocity dispersion of the observed P-waves cannot justify such delays. The hypothesis that these amplitude anomalies are caused by wave propagation through a layered permeable gaseous reservoir is evaluated. The wave propagation through highly interbedded reservoirs suggest an anomalous amount of mode conversions between fast and slow P-waves. The converted P-waves, which propagated even a short distance as slow P-waves, should be significantly delayed and attenuated comparatively, with the fast P-wave reflections. The amplitudes and arrival time variations of conventional and converted P-wave reflections at low seismic frequencies were evaluated by means of an asymptotic analysis. The calculations confirmed that the amplitude anomalies due to converted P-waves are noticeably delayed in time relatively to fast P-wave reflections. However, the amplitudes of the modeled converted P-waves were much lower than the amplitude anomalies observed from exploration cases.