Enhanced hydrocarbon recovery is essential for continued economic development of unconventional reservoirs. We have focused on dynamic characterization of the Niobrara and Codell Formations in Wattenberg Field through the development and analysis of a full integrated reservoir model. We determine the effectiveness of the hydraulic fracturing and production with two seismic monitor surveys, surface microseismic, completion data, and production data. The two monitor surveys were recorded after stimulation and again after two years of production. Identification of reservoir deformation due to hydraulic fracturing and production improves reservoir models by mapping nonstimulated and nonproducing zones. Monitoring these time-variant changes improves the prediction capability of reservoir models, which in turn leads to improved well and stage placement. We quantify dynamic reservoir changes with time-lapse P-wave seismic data using prestack inversion and velocity-independent layer stripping for velocity and attenuation changes within the Niobrara and Codell reservoirs. A 3D geomechanical model and production data are history matched, and a simulation is run for two years of production. Results are integrated with time-lapse seismic data to illustrate the effects of hydraulic fracturing and production. Our analyses illustrate that chalk facies have significantly higher hydraulic fracture efficiency and production performance than marl facies. In addition, structural and hydraulic complexity associated with faults generate spatial variability in a well’s total production.