There are few 3-D seismic profiles and drillings in the middle part of the Qibei depression in the Dagang oilfield, and more than 70% of the 2-D seismic profiles were completed before the 1980s. Meanwhile, changes in the terrestrial formations in this region have been large and complex. These factors have made it difficult to predict reservoirs in this area. The purpose of this paper is to establish a methodology for predicting potential gas and oil reservoirs. Our research combines sequence stratigraphy, well-logs, and seismic analysis to elucidate the prediction of flagstone reservoirs in the S1 (Sha-I) Member in the middle of the Qibei depression. Previous research indicates that these rocks were deposited in an environment that had a semiarid, northern subtropical, and warm, humid climate. The objective strata currently consist mainly of lake facies, deeper lake facies, and shore-shallow lake facies. The study reveals that the lower section of the S1 Member is an important objective region for exploration.