An XFEM-EDFM scheme and associated monolithic solution method are proposed to model time-dependent poromechanics and two-phase flow. Fractures are modeled as interfaces with displacement discontinuities. The contact forces are treated using Lagrange Multipliers. A number of numerical tests are performed to investigate the Newmark scheme's accuracy and cases for wave propagation in poroelastic and natural fracture media are implemented to evaluate computational efficiency. We apply the method to model seismic data from hydraulic fracture network. Empirical results validate the Newmark scheme accuracy as well as computational efficiency and localization of newton update in seismic field is necessary for the further application. The synthetic model of multiple hydraulic stages illustrates the effect of flow coupling and newly generated fractures on the microseismic field. The model is applied to simultaneously assimilate well performance and microseismic observations, thereby informing about the causal event dynamics.