The committee is responsible for identifying and evaluating the economic and operational factors of marginally producing oil and gas wells.

The committee is also responsible for assuring that appropriate measures are taken to extend the usefulness of those wells so identified.

The committee is composed of nine members, who are all either independent and major oil and gas operators and royalty owners.

The committee's predecessor, the MWC, was established on October 1, 1992, during the term of Governor David Walters.

[1] The duties of the agency are to research and collect data characterizing marginal wells; to propose legislative, regulatory, and operation remedies; to educate the public on the contributions of marginal wells; and, to interact with regional organizations to ensure recognition of the importance of marginally producing oil and gas wells to the current and future domestic production of oil and gas.