Accurate numerical modeling of oil reservoirs is still a challenge due to heterogeneity of the porous medium and the existence of geological structures with complex geometries, such as fractures, stratifications and heterogeneities that decisively influence the flow of fluids through these formations. This paper analyzes two numerical formulations of two-phase flow that seek to circumvent the difficulties mentioned. Initially, it evaluates a numerical formulation that employs a three step process: the finite element method, for solving the pressure equation, intermediately, it uses the lowest-order Raviart-Thomas, RT 0,to the best approximation of the flow velocities, and finally the solution of the saturation equation by discontinuous finite element method (MEFD). Additionally, a formulation which utilizes the mixed and hybrid finite element method (EFH), to approximate the pressure equation, and uses MEFD to approximate the saturation equation. Both implemented formulations aim to assess the mass conservation and to analyze the necessary computational effort. Examples are presented which evaluate each of the formulations as compared with results existing in literature.