A computer-implemented method for characterizing hydrocarbon reservoir formation evaluation uncertainty, comprising: inputting, into a computer, petrophysical reference data comprising substantially spatially correlated data; choosing N subsets of the petrophysical reference data, where N≥2, the N subsets each being substantially less spatially correlated than the petrophysical reference data but still representative of the petrophysical reference data; applying, using the computer, a bootstrap process on each of the N subsets to obtain a bootstrap data set from each of the N subsets; for each of the bootstrap datasets, inverting, using the computer, a petrophysical model to generate a set of optimized petrophysical model input parameter values, wherein the inverting step comprises varying model input parameter values for the petrophysical model within user-defined ranges such that output of the petrophysical model matches the petrophysical reference data within a predetermined threshold; collecting, using the computer, the set of optimized petrophysical model input parameter values; performing, using the computer, a statistical significance test on each set of optimized petrophysical model input parameter values; repeating, using the computer, the bootstrap process and inverting step M times to generate MxN sets of optimized petrophysical model input parameter values; selecting, using the computer, from the MxN sets of optimized petrophysical model input parameter values those sets of optimized petrophysical model input parameter values that satisfy predetermined criteria for statistical significance; executing, using the computer, the petrophysical model using each of the selected sets of optimized petrophysical model input parameter values to produce corresponding distributions of values; and determining, using the computer, selected percentiles representative of selected reservoir uncertainties from the distributions of values produced by different sets of optimized petrophysical model input parameter values. inputting, into a computer, petrophysical reference data comprising substantially spatially correlated data; choosing N subsets of the petrophysical reference data, where N≥2, the N subsets each being substantially less spatially correlated than the petrophysical reference data but still representative of the petrophysical reference data; applying, using the computer, a bootstrap process on each of the N subsets to obtain a bootstrap data set from each of the N subsets; for each of the bootstrap datasets, inverting, using the computer, a petrophysical model to generate a set of optimized petrophysical model input parameter values, wherein the inverting step comprises varying model input parameter values for the petrophysical model within user-defined ranges such that output of the petrophysical model matches the petrophysical reference data within a predetermined threshold; collecting, using the computer, the set of optimized petrophysical model input parameter values; performing, using the computer, a statistical significance test on each set of optimized petrophysical model input parameter values; repeating, using the computer, the bootstrap process and inverting step M times to generate MxN sets of optimized petrophysical model input parameter values; selecting, using the computer, from the MxN sets of optimized petrophysical model input parameter values those sets of optimized petrophysical model input parameter values that satisfy predetermined criteria for statistical significance; executing, using the computer, the petrophysical model using each of the selected sets of optimized petrophysical model input parameter values to produce corresponding distributions of values; and determining, using the computer, selected percentiles representative of selected reservoir uncertainties from the distributions of values produced by different sets of optimized petrophysical model input parameter values.