Multi-element gamma-ray spectrum logging requires standard spectra of individual elements for its interpretation. Since the standard element spectra are usually derived using Monte Carlo simulation of either a pure element or its oxide, we synthesized the standard neutron captured γ spectra (as would be observed using a NaI(Tl) detector) of elements H, Si, Ca and Fe from each element and its oxide. To compare the standard spectra from the elements and oxides, we operated three simulations of sandstone, limestone and mixed formation of sandstone and limestone each with ten different porosities, and used the two kinds of standard spectra to analyze the mixed spectra modeled from sandstone and limestone formations. The results show that the standard element spectra from oxides have more prominent energy peaks than the standard spectra from pure elements. The calculated formation element contents are close to the theoretical values when the standard element spectra from oxides are used to analyze the formation mixed spectra. Therefore, the formation element standard spectra should be calculated from oxide models in the analysis of neutron captured γ spectra by logging tools.