The TMS divestiture follows Goodrich's sale in March of East Texas assets in the Angelina River Trend to an affiliate of BP Plc (NYSE: BP ) for $23 million. The company said both transactions provide additional liquidity to accelerate development of its core Haynesville position. Following the East Texas asset sale, Goodrich paid all outstanding amounts under its senior credit facility. The company ended the first quarter with $9.7 million cash and nothing drawn on its revolver. Chairman and CEO Gil Goodrich said, as a result, the company's balance sheet remains in "excellent condition" with net debt of $39 million at the end of the quarter. In addition to its positions in the Haynesville and TMS, Goodrich also holds a position in the Eagle Ford which the company is considering to sell.