On the brink of voting itself into a historical footnote, Forest Oil Corp. (NYSE: FST) said Nov. 17 it is selling natural gas properties in the Arkoma Basin for after-tax cash proceeds of $185 million.

The 98-year-old company has a Nov. 20 vote scheduled on a merger offer from a private company.

The company’s Arkoma properties produced 22 million cubic feet equivalent per day (MMcfe/d), 100% gas, during the third quarter of 2014. It had estimated proved reserves of 159 Bcfe, 100% gas, as of Dec. 31, 2013. The amount of acreage and buyer were not disclosed.

The assets generated about $23 million of lease-level income during the past 12 months ending Sept. 30.

The sale comes about a week after Forest reported net losses of $106 million for the third-quarter compared to net earnings of $2 million during the same time last year. The loss reflected a $127 million noncash ceiling test write-down in the third quarter of 2014. The write-down was primarily the result of a downward revision of proved undeveloped reserve estimates in the Eagle Ford and the decision to reclassify the majority of the remaining proved undeveloped locations as probable due to recent declines oil prices.

Forest said the Arkoma Basin transaction is not related to Forest’s pending business combination with Sabine Oil & Gas LLC and that Sabine gave its consent to the sale of Forest’s Arkoma Basin assets.

In May, Sabine, a private E&P, said it would buy Forest Oil in a deal valued at the time at an estimated $1.13 million. At the time, Forest stock closed at $2.03. By Nov. 18, the stock had fallen to $0.98.

Forest shareholders must approve the deal. They’ll get their chance in a couple of days. Shareholders will vote at a special meeting on the proposed combination with Sabine.

If approved, Forest anticipates the combination of businesses will close in 2014.

Under the merger agreement, Sabine and Forest will combine their businesses in an all-stock transaction to create one of the largest East Texas players. The combined entity, to be called Sabine Oil & Gas Corp., will be a newly formed parent company expected to list on the New York Stock Exchange under the symbol “SABO.”

The Arkoma transaction is expected to close by Dec. 15, with an economic effective date of Oct. 1.

Forest Oil, based in Denver, was founded in northwestern Pennsylvania in 1916. It incorporated in 1924 and has traded publicly since 1969. Forest primarily operates in the Eagle Ford Shale in South Texas and the Ark-La-Tex Area of East Texas and North Louisiana.