Goodrich Petroleum announced this week it has closed on a huge deal to sell off some of its Eagle Ford assets.

Related: Oil & Gas Deals in the Eagle Ford

Goodrich is selling much of its Eagle Ford Shale acreage to Houston-based EP Energy for $118 million and included property in LaSalle and Frio Counties, Texas. The sale was a last ditch effort by Goodrich to keep the itself afloat and pay off existing debt.

The deal finalized only two weeks after the Goodrich announced that its senior vice president and CFO, Jan Schott, resigned to join an unnamed private company. Schott first joined Goodrich in 2007 and will remain through the first weeks of September.

Goodrich stock has traded below $1 since July 22 compared to nearly $30 in June 2014. The company now threatens to be receive a delisting warning from the New York Stock Exchange for trading below $1 for 30 consecutive business days and they announced last week it would suspend dividend payment for the third quarter of 2015 for several of its stocks.

Goodrich will still keep approximately 17,000 net undeveloped acres in the Eagle Ford for future development or sale and focus primarily on the Tuscaloosa Marine Shale in Louisiana and Mississippi.

Read more at goodrich.com