This report contains eight sections. Some individual subsections contain lists of references as well as figures and conclusions when appropriate. The first section includes the introduction and summary of the first-year project efforts. The next section describes the results of the project tasks: (1) implementation of theoretical relations between effect dispersion and the stochastic medium, (2) imaging analyses using core and well log data, (3) construction of dispersion and attenuation models at the core and borehole scales in poroelastic media, (4) petrophysics and a catalog of core and well log data from Siberia Ridge field, (5) acoustic/geotechnical measurements and CT imaging of core samples from Florida carbonates, and (6) development of an algorithm to predict pore size distribution from NMR core data. The last section includes a summary of accomplishments, technology transfer activities and follow-on work for Phase II.