Stochastic approaches work when you have a statistically useful set. If you average enough fields, you might come up with a model that you can apply to similar large sets. It is possible that the random "above ground factors" cancel out, and the remaining behavior is related to geology and normal production logistics. But this behavior hardly be useful for predicting a single field (or well).

Stochastic approaches are being used to come up with better estimates for porosity and permeability in heterogeneous reservoirs such as the Arab-D carbonate. Kringing (interpolating) between widely spaced wells and 3D seismic still leaves much to be desired. You still can't predict what an individual well will do, but it might help in deciding where to put it (i.e. place your bets). You can search around and find a few examples such as:

http://www.spe.org/elibrary/servlet/spepreview?id=SPE-104496-MS&speCommo...