Estimating porosity in oil and gas reservoirs is a crucial and challenging task in the oil industry. A novel nonlinear model for porosity estimation is proposed, which handles sedimentary facies as latent variables. It successfully combines the concepts of conditional random fields (CRFs), transductive learning and ridge regression. The proposed Transductive Conditional Random Field Regression (TCRFR) uses seismic impedance volumes as input information, conditioned on the porosity values from the available wells in the reservoir, and simultaneously and automatically provides as output the porosity estimation and facies classification in the whole volume. The method is able to infer the latent facies states by combining the local, labeled and accurate porosity information available at well locations with the plentiful but imprecise impedance information available everywhere in the reservoir volume. That accurate information is propagated in the reservoir based on conditional random field probabilistic graphical models, greatly reducing uncertainty. In addition, two new techniques are introduced as preprocessing steps for the application of TCRFR in the extreme but realistic cases where just a scarce amount of porosity labeled samples are available in a few exploratory wells, a typical situation for geologists during the evaluation of a reservoir in the exploration phase. Both synthetic and real-world data experiments are presented to prove the usefulness of the proposed methodology, which show that it outperforms previous automatic estimation methods on synthetic data and provides a comparable result to the traditional manual labored geostatistics approach on real-world data.