A preferred method for determining the flow fraction of a mixture of water, gas and oil in a hydrocarbon reservoir includes measuring pressure and density of the mixture over time, determining a function which approximates a relationship between the density and pressure measurements, calculating a derivative of the function over time, and determining flow fraction based, in part, on the derivative. Preferably, transient data points are eliminated and the remaining set of data points are weight averaged to improve signal to noise ratio. Bubble point pressure, bubble point density and molecular weight and density of the liquid portion of the mixture are also used in the determination.