Former Chesapeake Energy Corp CEO Aubrey McClendon who was ousted from the firm for possible conflicts of interest is looking for investors in a new oil and gas venture that could present similar conflicts of interest, Bloomberg reported.

Citing a December 13 prospectus, the report said American Energy Capital Partners is raising up to $2 billion in a speculative vehicle known as a blind pool investment. This type of vehicle, which will enable investors to help finance possible oil and gas developments, has no assets or profits. However, the report said blind pools lure investors ready to take risks and willing to pour money behind someone like McClendon who was credited as building Chesapeake into the nation's most prolific gas driller before.

Based on the prospectus, the report said McClendon will have a free hand in making his own investments, similar to the kind of freedom he held at Chesapeake. The filing stated that he will be able to make energy investments for himself even if this is not in the best interest of the investors of American Energy Capital. He will not even have to purchase assets from or divest to the partnership following the market price, the report said.

University of Delaware Director of the John L. Weinberg Center for Corporate Governance told Bloomberg, "This seems to be saying that he has a limited duty of loyalty to the company and its investors, and therefore, be warned. He tells you upfront that I may compete with you and you may not get the best deal."

The report said McClendon secured an estimated $1.7 billion from private equity firms like First Reserve Corp in October this year in order establish American Energy Partners. Based in Oklahoma City, the firm aims to explore the Utica formation in Ohio. The prospectus also showed that McClendon will identify the potential properties that can be acquired by American Energy Capital but the partnership does not bear the right of first refusal, the report said.