Baytex Energy (BTE) investors report 31,387,326 shares, 4.40% stake

Rhea-AI Filing Summary

Baytex Energy Corp. has an updated ownership report from a group of Juniper Capital–affiliated entities. The group, including JSTX Holdings, LLC, Juniper Capital III GP, L.P., Juniper Capital Advisors, L.P., and Edward Geiser, reports beneficial ownership of 31,387,326 Common Shares, representing 4.40% of the class based on 712,593,536 shares outstanding as of June 19, 2026.

The shares are directly held by JSTX Holdings, LLC, with each reporting person having shared voting and shared dispositive power over the same 31,387,326 shares and no sole voting or dispositive power. Juniper Capital Advisors, L.P. is a registered investment adviser under the Investment Advisers Act of 1940, and Item 5 notes ownership of 5 percent or less of the class.

Key Figures

Shares beneficially owned: 31,387,326 Common Shares Percent of class owned: 4.40% Shares outstanding: 712,593,536 shares +2 more

5 metrics

Shares beneficially owned 31,387,326 Common Shares Common Shares directly held by JSTX Holdings, LLC and reported by the group

Percent of class owned 4.40% Beneficial ownership percentage of Baytex Energy Common Shares reported by the group

Shares outstanding 712,593,536 shares Baytex Energy Common Shares outstanding as of June 19, 2026, from a Form 6-K exhibit

Shared voting power 31,387,326 shares Number of shares over which each reporting person has shared voting power

Shared dispositive power 31,387,326 shares Number of shares over which each reporting person has shared dispositive power

Key Terms

beneficially own, shared dispositive power, shared voting power, registered investment advisor, +1 more

5 terms

beneficially own financial

"Each of Advisors and Mr. Geiser may be deemed to beneficially own all of the reported securities."

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

shared dispositive power financial

"8 | Shared Dispositive Power 31,387,326.00"

shared voting power financial

"6 | Shared Voting Power 31,387,326.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

registered investment advisor financial

"Advisors was formed on July 24, 2014, is a registered investment advisor under the Investment Advisers Act of 1940, as amended"

A registered investment advisor is a professional or firm that provides financial advice and manages investments for clients, operating under regulations that require them to act in their clients' best interests. This designation helps investors identify trustworthy advisors who are legally committed to providing transparent and fair guidance, much like a licensed doctor is bound to prioritize patient well-being.

Investment Advisers Act of 1940 financial

"is a registered investment advisor under the Investment Advisers Act of 1940, as amended"

A U.S. federal law that sets rules for people and firms who give investment advice, requiring them to register with regulators, be honest about conflicts, keep records, and follow basic standards of care. It matters to investors because those rules act like licensing and consumer protections — similar to having safety standards for a mechanic — helping ensure advisers act in clients’ financial interests and reducing the risk of fraud or misuse of funds.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/14/2026 - 11:48 AM Accepted by SEC EDGAR 07/14/2026 - 11:47 AM Learn about SEC filing dates

FAQ

What percentage of Baytex Energy (BTE) does the Juniper group report owning?

The reporting group discloses beneficial ownership of 4.40% of Baytex Energy’s Common Shares. This percentage is calculated using 712,593,536 shares outstanding as of June 19, 2026, as reported in a Form 6-K filed by Baytex Energy.

How many Baytex Energy (BTE) shares are held by JSTX Holdings, LLC?

JSTX Holdings, LLC directly holds 31,387,326 Baytex Energy Common Shares. These shares form the entire position reported, over which the Juniper-affiliated entities and Edward Geiser have shared voting and shared dispositive power, with no sole voting or dispositive authority reported.

Who are the reporting persons in this Baytex Energy (BTE) ownership disclosure?

The reporting persons are JSTX Holdings, LLC, Juniper Capital III GP, L.P., Juniper Capital Advisors, L.P., and Edward Geiser. Together they are treated as a reporting group for this ownership report relating to Baytex Energy’s Common Shares.

What does Item 5 state about Baytex Energy (BTE) ownership in this report?

Item 5 indicates that the reporting group has ownership of 5 percent or less of the Baytex Energy Common Shares. This aligns with the reported beneficial ownership of 4.40% of the class based on the outstanding share count provided.

On what share count is the Baytex Energy (BTE) 4.40% ownership based?

The 4.40% ownership figure is based on 712,593,536 Baytex Energy Common Shares outstanding as of June 19, 2026. That outstanding share number comes from an exhibit to a Form 6-K that Baytex Energy filed with the SEC on June 26, 2026.

What voting and dispositive powers are reported over Baytex Energy (BTE) shares?

Each reporting person shows 0 shares with sole voting or sole dispositive power and 31,387,326 shares with shared voting and shared dispositive power. This means control over the position is exercised jointly rather than individually by any single reporting person.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

BAYTEX ENERGY CORP.

(Name of Issuer)

Common Shares

(Title of Class of Securities)

07317Q105

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 07317Q105

1

Names of Reporting Persons

JSTX Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,387,326.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,387,326.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,387,326.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.40 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Calculated based on 712,593,536 shares of the Issuer's Common Shares outstanding as of June 19, 2026, as reported in an exhibit to a Form 6-K filed by the Issuer with the SEC on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): 07317Q105

1

Names of Reporting Persons

Juniper Capital III GP, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,387,326.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,387,326.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,387,326.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.40 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Calculated based on 712,593,536 shares of the Issuer's Common Shares outstanding as of June 19, 2026, as reported in an exhibit to a Form 6-K filed by the Issuer with the SEC on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): 07317Q105

1

Names of Reporting Persons

Juniper Capital Advisors, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,387,326.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,387,326.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,387,326.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.40 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: Calculated based on 712,593,536 shares of the Issuer's Common Shares outstanding as of June 19, 2026, as reported in an exhibit to a Form 6-K filed by the Issuer with the SEC on June 26, 2026.

SCHEDULE 13G

CUSIP Number(s): 07317Q105

1

Names of Reporting Persons

Edward Geiser

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 31,387,326.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 31,387,326.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

31,387,326.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

4.40 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: Calculated based on 712,593,536 shares of the Issuer's Common Shares outstanding as of June 19, 2026, as reported in an exhibit to a Form 6-K filed by the Issuer with the SEC on June 26, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BAYTEX ENERGY CORP.
(b)	Address of issuer's principal executive offices: 2800, 520 - 3rd Avenue S.W. Calgary, Alberta T2P 0R3
Item 2.
(a)	Name of person filing: This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons": 1. JSTX Holdings, LLC 2. Juniper Capital III GP, L.P. 3. Juniper Capital Advisors, L.P. 4. Edward Geiser
(b)	Address or principal business office or, if none, residence: 2727 Allen Parkway, Suite 1850 Houston, TX 77019
(c)	Citizenship: See responses to Item 4 on each cover page
(d)	Title of class of securities: Common Shares
(e)	CUSIP No.: 07317Q105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See responses to Item 9 on each cover page
(b)	Percent of class: See responses to Item 11 on each cover page
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See responses to Item 5 on each cover page
	(ii) Shared power to vote or to direct the vote: See responses to Item 6 on each cover page
	(iii) Sole power to dispose or to direct the disposition of: See responses to Item 7 on each cover page
	(iv) Shared power to dispose or to direct the disposition of: See responses to Item 8 on each cover page All percentages of beneficial ownership were calculated based on 712,593,536 shares of the Issuer's Common Shares outstanding as of June 19, 2026, as reported in a Form 6-K filed by the Issuer with the SEC on June 26, 2026. 31,387,326 Common Shares are directly held by JSTX Holdings, LLC ("JSTX"), which is owned by Juniper Capital III, L.P., a Delaware limited partnership ("Fund III"). Juniper Capital III GP, L.P., a Delaware limited partnership ("Fund III GP"), is the sole general partner of Fund III and has dispositive power of the Common Shares. Fund III's agreement of limited partnership dictates that the disposition of a material interest held by Fund III, such as the investment in the Issuer, must be approved by two of the three members of the Investment Committee of Fund III GP, one of whom must be Edward Geiser. The day to day operations of Fund III are managed by Advisors, pursuant to a management agreement. Each of Fund III and Fund III GP, may be deemed to beneficially own the shares directly held by JSTX. Advisors, through separate management agreements, has authority to direct voting and disposition over 31,387,326 Common Shares directly held by JSTX. Advisors was formed on July 24, 2014, is a registered investment advisor under the Investment Advisers Act of 1940, as amended, and is principally engaged in the business of advising private funds and separate accounts that invest in securities for which it or its subsidiary serves as, direct or indirect, investment manager, including Fund III. Advisors is controlled by its general partner, Juniper Capital Advisors GP, LLC. Edward Geiser is the sole member of Juniper Capital Advisors GP, LLC. Each of Advisors and Mr. Geiser may be deemed to beneficially own all of the reported securities. The filing of this Statement shall not be construed as an admission that any of the Reporting Persons are, for the purpose of Section 13(d) or 13(g) of the Exchange Act, the beneficial owner of any securities covered by this Statement.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JSTX Holdings, LLC

Signature:	/s/ Edward Geiser
Name/Title:	Edward Geiser/Authorized Signatory
Date:	07/14/2026

Juniper Capital III GP, L.P.

Signature:	/s/ Edward Geiser
Name/Title:	Edward Geiser/Authorized Signatory
Date:	07/14/2026

Juniper Capital Advisors, L.P.

Signature:	/s/ Edward Geiser
Name/Title:	Edward Geiser/Authorized Signatory
Date:	07/14/2026

Edward Geiser

Signature:	/s/ Edward Geiser
Name/Title:	Edward Geiser
Date:	07/14/2026

Exhibit Information

Exhibit A -- Joint Filing Agreement, dated as of June 20, 2023, incorporated by reference to Exhibit A to the Schedule 13G filed June 21, 2023.