Independent Energy Production Act of 2001

Independent Energy Production Act of 2001 - Marginal Well Preservation Act of 2001 - Amends the Internal Revenue Code to set forth provisions relating to domestic oil and gas production which: (1) establish a credit for producing oil and gas from marginal wells; and (2) permit a taxpayer to expense geological and geophysical expenditures and to delay rental payments in connection with oil and gas development.

Permits a five-year net operating loss carryback for losses attributable to operating mineral interests of independent oil and gas producers.