Preheat the oven to 375 degrees F.
Place the bacon on a baking sheet and roast for 10 minutes. Remove from the oven and let cool. Cut each strip into 6 equal portions, for a total of 24 pieces.
Increase the oven temperature to 400 degrees F.
In a bowl, using a rubber spatula, cream together the butter, shallots, pepper, garlic, parsley, salt, lemon juice, and cayenne.
Place the reserved oyster shells on a large sheet pan and place 1 oyster inside of each. Spoon a small amount of oyster liquor onto each oyster, top with 1 teaspoon of the flavored butter and 1 bacon piece. Bake until bubbly and firm, about 15 minutes.
Remove the oysters from the oven. Arrange 4 oysters on each of 4 plates and serve immediately.
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