Petrophysical analysis of both the Boka Bil and Bhuban Formations are studied and evaluated using the conventional well log data of five different wells of Rashidpur Gas Field located in the Surma Basin, Bangladesh. The main lithology of the targeted formations composed of sandstone and shale as identified by the various types of cross plots. The quantitative parameters were analysed using the software called Interactive Petrophysics (IP-2013). The shale volume, porosity and water saturation for the productive hydrocarbon pay zones are limited by some cut-off values of 50%, 10% and 50%, respectively, which were chosen to determine the best pay zones. The iso-parametric contour maps for the average reservoir parameters; such as average porosity, shale volume, water saturation, hydrocarbon saturation, net reservoir and net pay were also illustrated. From the present study, the presence of substantial amount of hydrocarbons and the pay zones within the Boka Bil and Bhuban Formations reveal that the studied formations exhibit reservoir potential. The study also affirms that there is good indication of accumulation of gas in the Rashidpur Field which may lead to locate new drilling sites and subsequent production within the vicinity of the selected wells.