The microcanonical-ensemble formulation of lattice gauge theory proposed recently is examined in detail. Expectation values in this new ensemble are determined by solving a large set of coupled ordinary differential equations, after the fashion of a molecular dynamics simulation. Following a brief review of the microcanonical ensemble, calculations are performed for the gauge groups U(1), SU(2), and SU(3). The results are compared and contrasted with standard methods of computation. Several advantages of the new formalism are noted. For example, no random numbers are required to update the system. Also, this update is performed in a simultaneous fashion. Thus the microcanonical method presumably adapts well to parallel processing techniques, especially when the action is highly nonlocal (such as when fermions are included).