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Preheat the oven to 400ºF. In a small bowl, combine the butter, olive oil, garlic, paprika, salt, and chopped parsley. Stir until it forms a fairly smooth paste.
Take a small dollop of the garlic butter and spread it over the surface of a small baking dish to keep the fish from sticking. Add the cod filets to the dish and then coat all sides of the fish with the remaining garlic butter.
Slice half of the lemon and add the lemon slices to the baking dish with the fish. Cut the remaining 1/2 lemon into wedges for serving.
Bake the cod for 20 minutes, or until it flakes easily with a fork and the internal temperature reaches 145ºF. Spoon any juices from the bottom of the pan over the fish. Serve the cod immediately with the remaining fresh lemon wedges for squeezing juice over top.