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BAYTEX ENERGY CORP. Schedule 13G/A reports that JSTX Holdings, LLC and affiliated reporting persons collectively hold 38,135,323 Common Shares, representing 5.29% of the class. The percentage is calculated using 723,400,000 shares outstanding as of May 7, 2026. The shares are directly held by JSTX Holdings, LLC; dispositive and shared voting power is reported as 38,135,323. Ownership and voting arrangements are described through Fund III, Fund III GP, Advisors and Edward Geiser, with investment‑committee approval required for material dispositions. The filing is signed by Edward Geiser and incorporates a Joint Filing Agreement dated June 20, 2023.
Key Figures
Registered holdings:38,135,323 sharesPercent of class:5.29%Shares outstanding basis:723,400,000 shares
3 metrics
Registered holdings38,135,323 sharesDirectly held by JSTX Holdings, LLC
Percent of class5.29%Calculated using 723,400,000 shares outstanding as of May 7, 2026
Shares outstanding basis723,400,000 sharesOutstanding common shares as of May 7, 2026 (used for percentage)
"Advisors, through separate management agreements, has authority to direct voting and disposition over 38,135,323 Common Shares"
Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.
beneficially ownregulatory
"Each of Fund III and Fund III GP, may be deemed to beneficially own the shares directly held by JSTX"
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.
Investment Committeeother
"Disposition of a material interest held by Fund III ... must be approved by two of the three members of the Investment Committee"
An investment committee is a small group of experienced people who set the rules and make the key decisions about what investments to buy, hold, or sell for a fund, pension, or portfolio. Think of them as the steering team that balances goals, potential returns and risk—their choices shape how much money investors are likely to gain or lose and provide consistent oversight so decisions aren’t made impulsively.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
BAYTEX ENERGY CORP.
(Name of Issuer)
Common Shares
(Title of Class of Securities)
07317Q105
(CUSIP Number)
03/31/2026
(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
38,135,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
38,135,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
38,135,323.00
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)
5.29 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Share figures contained on this reporting page are as of May 12, 2026. Percent of class represented by amount in row (9) is calculated based on 723,400,000 shares of the Issuer's Common Shares outstanding as of May 7, 2026, as reported in the Issuer's Q1 2026 Report included as an exhibit to the form 6-K filed with the SEC on May 12, 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
38,135,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
38,135,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
38,135,323.00
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)
5.29 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Share figures contained on this reporting page are as of May 12, 2026. Percent of class represented by amount in row (9) is calculated based on 723,400,000 shares of the Issuer's Common Shares outstanding as of May 7, 2026, as reported in the Issuer's Q1 2026 Report included as an exhibit to the form 6-K filed with the SEC on May 12, 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
38,135,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
38,135,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
38,135,323.00
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)
5.29 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Share figures contained on this reporting page are as of May 12, 2026. Percent of class represented by amount in row (9) is calculated based on 723,400,000 shares of the Issuer's Common Shares outstanding as of May 7, 2026, as reported in the Issuer's Q1 2026 Report included as an exhibit to the form 6-K filed with the SEC on May 12, 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
38,135,323.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
38,135,323.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
38,135,323.00
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)
5.29 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Share figures contained on this reporting page are as of May 12, 2026. Percent of class represented by amount in row (9) is calculated based on 723,400,000 shares of the Issuer's Common Shares outstanding as of May 7, 2026, as reported in the Issuer's Q1 2026 Report included as an exhibit to the form 6-K filed with the SEC on May 12, 2026.
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 723,400,000 shares of the Issuer's Common Shares outstanding as of May 7, 2026, as reported in the Issuer's Q1 2026 Report included as an exhibit to the form 6-K filed with the SEC on May 12, 2026.
38,135,323 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 38,135,323 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.
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:
05/14/2026
Juniper Capital III GP, L.P.
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser/Authorized Signatory
Date:
05/14/2026
Juniper Capital Advisors, L.P.
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser/Authorized Signatory
Date:
05/14/2026
Edward Geiser
Signature:
/s/ Edward Geiser
Name/Title:
Edward Geiser
Date:
05/14/2026
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.
