Flame Acquisition Corp has filed for a $250 million Initial Public Offering. It has its head office in downtown Houston.
The company is led by CEO and Chairman James Flores, the former CEO of Sable Permian Resources and prior to that, CEO of Plains Exploration and Production. The CFO is Gregory Patrinely, the former CFO of Sable. He also worked in the Oil and Gas division of Freeport-McMoRan, where Mr. Flores also worked for a time.
Sable Permian was formed in 2017 after it was spun off from American Energy Partners, which was formed by the late Aubrey McClendon, after he left Chesapeake. Sable filed for bankruptcy in June 2020. Mr. Flores and Mr. Patrinely left Sable days after if exited from Chapter 11 bankruptcy in February 2020.
The company is targeting opportunities in the the exploration and production and midstream sectors.
Cowen and Intrepid Partners are the joint bookrunners on the deal.
Last week, another Houston E&P blank check company, HNR Acquisition, filed for a $100 million IPO.