Baytex Energy Corp. received an updated ownership report from investment entities affiliated with Juniper Capital and individual investor Edward Geiser, showing a large but passive stake in the company’s common shares.
JSTX Holdings, LLC directly holds 74,186,665 Common Shares, which Juniper Capital III GP, L.P. and Juniper Capital Advisors, L.P. may be deemed to beneficially own. Based on 768,317,000 Common Shares outstanding as of September 30, 2025, this represents 9.66% of Baytex’s common shares for those entities. Geiser directly holds an additional 300,000 Common Shares, bringing his aggregate beneficial ownership to 74,486,665 Common Shares, or 9.69% of the class.
The filing states that these securities were not acquired and are not held for the purpose of changing or influencing control of Baytex, consistent with a passive investment stance. It also notes that the reported ownership reflects the effect of a sale of 20,542,419 Common Shares that occurred after December 31, 2025 but before this report, indicating a reduction from a previously higher level of holdings.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
BAYTEX ENERGY CORP.
(Name of Issuer)
Common Shares
(Title of Class of Securities)
07317Q105
(CUSIP Number)
12/31/2025
(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)
SCHEDULE 13G
CUSIP No.
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
74,186,665.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
74,186,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
74,186,665.00
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)
9.66 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Calculated based on 768,317,000 shares of the Issuer's Common Shares outstanding as of September 30, 2025, as reported in the Issuer's condensed interim unaudited consolidated financial statements for the three and nine month periods ended September 30, 2025 included as an exhibit to the Form 6-K filed with the SEC on November 4, 2025.
SCHEDULE 13G
CUSIP No.
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
74,186,665.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
74,186,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
74,186,665.00
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)
9.66 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Calculated based on 768,317,000 shares of the Issuer's Common Shares outstanding as of September 30, 2025, as reported in the Issuer's condensed interim unaudited consolidated financial statements for the three and nine month periods ended September 30, 2025 included as an exhibit to the Form 6-K filed with the SEC on November 4, 2025.
SCHEDULE 13G
CUSIP No.
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
74,186,665.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
74,186,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
74,186,665.00
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)
9.66 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Calculated based on 768,317,000 shares of the Issuer's Common Shares outstanding as of September 30, 2025, as reported in the Issuer's condensed interim unaudited consolidated financial statements for the three and nine month periods ended September 30, 2025 included as an exhibit to the Form 6-K filed with the SEC on November 4, 2025.
SCHEDULE 13G
CUSIP No.
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
300,000.00
6
Shared Voting Power
74,186,665.00
7
Sole Dispositive Power
300,000.00
8
Shared Dispositive Power
74,186,665.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
74,486,665.00
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)
9.69 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Calculated based on 768,317,000 shares of the Issuer's Common Shares outstanding as of September 30, 2025, as reported in the Issuer's condensed interim unaudited consolidated financial statements for the three and nine month periods ended September 30, 2025 included as an exhibit to the Form 6-K filed with the SEC on November 4, 2025.
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 768,317,000 Common Shares outstanding as of September 30, 2025, as reported in the Issuer's condensed interim unaudited consolidated financial statements for the three and nine month periods ended September 30, 2025 included as an exhibit to the Form 6-K filed with the SEC on November 4, 2025
74,186,665 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 74,186,665 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. Additionally, Mr. Geiser holds directly, and has sole voting and dispositive power over, 300,000 Common Shares. Each of Advisors and Mr. Geiser may be deemed to beneficially own all of the reported securities other than those held directly by Mr. Geiser.
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.
This filing takes into account the sale of 20,542,419 Common Shares that occurred after December 31, 2025 but before the date of this filing and therefore reports ownership of Common Shares after giving effect to this sale.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
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:
02/12/2026
Juniper Capital III GP, L.P.
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser/Authorized Signatory
Date:
02/12/2026
Juniper Capital Advisors, L.P.
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser/Authorized Signatory
Date:
02/12/2026
Edward Geiser
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser
Date:
02/12/2026
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.
What ownership stake in Baytex Energy Corp. (BTE) is reported in this Schedule 13G/A?
The filing reports that Juniper-affiliated entities beneficially own 74,186,665 Baytex Common Shares, representing 9.66% of the class. Including 300,000 shares held directly by Edward Geiser, his aggregate beneficial ownership totals 74,486,665 shares, or 9.69% of Baytex’s outstanding common shares.
Who are the reporting persons in the Baytex Energy (BTE) Schedule 13G/A filing?
The reporting persons are JSTX Holdings, LLC, Juniper Capital III GP, L.P., Juniper Capital Advisors, L.P., and Edward Geiser. JSTX holds the Baytex shares directly, while the Juniper entities and Geiser may be deemed beneficial owners through control, management agreements, and governance roles described in the filing.
How many Baytex Energy (BTE) shares does JSTX Holdings, LLC hold and what control do others have?
JSTX Holdings, LLC directly holds 74,186,665 Baytex Common Shares. Juniper Capital III GP, L.P. has dispositive power over these shares through its role with Fund III, while Juniper Capital Advisors, L.P. has authority to direct voting and disposition under management agreements detailed in the ownership discussion.
What percentage of Baytex Energy (BTE) is owned by Edward Geiser according to this filing?
Edward Geiser directly holds 300,000 Baytex Common Shares with sole voting and dispositive power. Including shares he may be deemed to beneficially own through Juniper-related entities, his aggregate beneficial ownership is 74,486,665 shares, representing 9.69% of Baytex’s outstanding common shares.
How was the ownership percentage for Baytex Energy (BTE) calculated in this Schedule 13G/A?
Ownership percentages are calculated using 768,317,000 Baytex Common Shares outstanding as of September 30, 2025, as reported in the company’s condensed interim unaudited consolidated financial statements. These statements were included as an exhibit to a Form 6-K filed with the SEC on November 4, 2025.
Does this Baytex Energy (BTE) Schedule 13G/A indicate an attempt to influence control of the company?
The filing explicitly states that the securities were not acquired and are not held for the purpose, or with the effect, of changing or influencing the control of Baytex. It further notes they are not held in connection with any transaction having that purpose, other than activities tied to a specified nomination rule.
What recent share sale is reflected in the Baytex Energy (BTE) ownership reported here?
The filing notes it takes into account the sale of 20,542,419 Common Shares that occurred after December 31, 2025 but before the report date. As a result, the ownership figures presented represent holdings after giving effect to this sale, indicating a reduction from a higher prior position.
