RE:Blue FormationRefering to the color legend on the left hand side of the image the blue is simply the opposite polarity of the yellow. If the yellow is a negative amplitude then the blue is positive amplitude. All it means is when the seismic wave was travelling through the media it encountered a change in density from one layer to the next. The more significant the change in density the higher the reflection coefficient resulting in a higher amplitude on the seismic. The positive/negative amplitudes are determined by the reflection coefficients which are in turn determined by the relative densities of the material above and below the reflecting interface. Look here to see how the reflection coefficient is derived:
Reflection coefficient - SEG Wiki . Someone who knows what the geological column is at that location would be able to give you a good idea what is causing the 'blue' on the seismic.