Houston blank check company completes $250 million IPO

Flame Acquisition Corp has completed its Initial Public Offering (IPO) by selling 25 million units at $10 each. The company is based in downtown Houston.

The company only filed its S-1 in early February. However it confidentially filed with the SEC back in November 2020.

Flame 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.

Flame has been added to the list of Houston-area public companies. There are now 8 SPAC’s or blank check companies on the list, which you can see the list here.

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