Contango Oil & Gas announced a management services agreement with Tulsa-based Mid-Con Energy Partners (MCEP) to provide operational services as operator of record on MCEP's oil and gas properties. Contango will take over the operations of Mid-Con's oil and gas assets in exchange for a $4 million annual services fee, a $2 million annual deferred fee component and warrants to purchase MCEP common units at $4 per unit. Contango also says it will offer a "fee-for-service" property management option to companies with distressed or stranded assets, or companies with a desire to cut administrative costs.