# EDGAR Filing Document

**Accession Number:** 0001279495
**File Stem:** 0001213900-26-015639
**Filing Date:** 2026-2
**Character Count:** 17122
**Document Hash:** 8f7717e4da0e0a6a6bbe7fb0fcecc698
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-015639.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001213900-26-015639

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BAYTEX ENERGY CORP.
- **CENTRAL INDEX KEY:** 0001279495
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRILLING OIL & GAS WELLS [1381]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 981035204

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85313
- **FILM NUMBER:** 26627290

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2800, 520 3RD AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 0R3
- **BUSINESS PHONE:** 587-952-3000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2800, 520 3RD AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 0R3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BAYTEX ENERGY TRUST
- **DATE OF NAME CHANGE:** 20040210
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Juniper Capital III GP, L.P.
- **CENTRAL INDEX KEY:** 0001839103

**ORGANIZATION NAME:**
- **EIN:** 822850247
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 2727 ALLEN PARKWAY
- **STREET 2:** SUITE 1850
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77019
- **BUSINESS PHONE:** 7133354700

**MAIL ADDRESS:**
- **STREET 1:** 2727 ALLEN PARKWAY
- **STREET 2:** SUITE 1850
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77019

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** BAYTEX ENERGY CORP.

**Title of Class of Securities:** Common Shares

**CUSIP Number:** 07317Q105

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

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

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>JSTX Holdings, LLC | Names of Reporting Persons<br>JSTX Holdings, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74186665.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74186665.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.66% | Percent of Class Represented by Amount in Row (9)<br>9.66% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>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.

---

| 1. | Names of Reporting Persons<br>Juniper Capital III GP, L.P. | Names of Reporting Persons<br>Juniper Capital III GP, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74186665.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74186665.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.66% | Percent of Class Represented by Amount in Row (9)<br>9.66% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>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.

---

| 1. | Names of Reporting Persons<br>Juniper Capital Advisors, L.P. | Names of Reporting Persons<br>Juniper Capital Advisors, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74186665.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74186665.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74186665.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.66% | Percent of Class Represented by Amount in Row (9)<br>9.66% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>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.

---

| 1. | Names of Reporting Persons<br>Edward Geiser | Names of Reporting Persons<br>Edward Geiser |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [x] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>300000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>74186665.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>300000.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>74186665.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74486665.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>74486665.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.69% | Percent of Class Represented by Amount in Row (9)<br>9.69% |
| 12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>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.

---

**Item 1(a). Name of Issuer:**
BAYTEX ENERGY CORP.

**Item 1(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

**Item 2(b). Address of Principal Business Office:**
2727 Allen Parkway, Suite 1850
Houston, TX 77019

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page

**Item 2(d). Title of Class of Securities:**
Common Shares

**Item 2(e). CUSIP Number:**
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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

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**

**Date:** 02/12/2026

**By:** /s/ Edward Geiser

**Name & Title:** Edward Geiser/Authorized Signatory

**Juniper Capital III GP, L.P.**

**Date:** 02/12/2026

**By:** /s/ Edward Geiser

**Name & Title:** Edward Geiser/Authorized Signatory

**Juniper Capital Advisors, L.P.**

**Date:** 02/12/2026

**By:** /s/ Edward Geiser

**Name & Title:** Edward Geiser/Authorized Signatory

**Edward Geiser**

**Date:** 02/12/2026

**By:** /s/ Edward Geiser

**Name & Title:** Edward Geiser