It doesn't look good in any colour.
I thought I should expand on my comments of promoting a western stereotype. Yes I know the Calgary area does have a history of ranching and the Stampede, despite the not so authentic beginnings, is a big part of the city. It just seems really lazy and almost cliché to me to resort to a western theme when there is so much else going on in a vibrant modern city.
I like the team name Flames because it has a modern feel of industry and speed. I also loved that recent shoulder patch because it reminded me of my favourite parts of Calgary, the brilliant local geography and sun sets.
At least we can say that Blasty isn't the worst attempt to produce a logo combining a team nickname with a western theme: