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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-KSB
(Mark One)
               [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

                   For the fiscal year ended December 31, 1996

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from...............to...............

                         Commission file number 0-14249

                              ENEX OIL & GAS INCOME
                              PROGRAM II - 8, L.P.
                 (Name of small business issuer in its charter)

                    Texas                        76-0163128
       (State or other jurisdiction of        (I.R.S. Employer
       incorporation or organization)        Identification No.)

             800 Rockmead Drive
            Three Kingwood Place
               Kingwood, Texas                            77339
  (Address of principal executive offices)             (Zip Code)

         Issuer's telephone number, including area code: (713) 358-8401

       Securities registered under Section 12(b) of the Exchange Act: None

         Securities registered under Section 12(g) of the Exchange Act:

                          Limited Partnership Interest

          Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days.

                                    Yes x No

          Check if there is no disclosure  of  delinquent  filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained,  to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]

       State issuer's revenues for its most recent fiscal year. $ 345,685

          State  the  aggregate  market  value  of  the  voting  stock  held  by
non-affiliates  computed by  reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified  date within
the past 60 days (See  definition  of  affiliate  in Rule 12b-2 of the  Exchange
Act):

                                 Not Applicable

                      Documents Incorporated By Reference:

                                      None

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<PAGE>



                                TABLE OF CONTENTS

                            FORM 10-KSB ANNUAL REPORT
                      FOR THE YEAR ENDED DECEMBER 31, 1996
                   ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.


Item No.                 Part I                                      Page
--------                --------                                   -------



        1      Description of Business                                   I-1

        2      Description of Property                                   I-3

        3      Legal Proceedings                                         I-5

        4      Submission of Matters to a Vote
               of Security Holders                                       I-5


                        Part II
                      -----------


        5      Market for Common Equity and
               Related Security Holder Matters                          II-1

        6      Management's Discussion and Analysis
               or Plan of Operation                                     II-2

        7      Financial Statements and Supplementary
               Data                                                     II-3

        8      Changes In and Disagreements With Accountants
               on Accounting and Financial Disclosure                   II-13


                       Part III
                    -------------


        9      Directors, Executive Officers, Promoters and
               Control Persons; Compliance with Section 16(a)
               of the Exchange Act                                      III-1

       10      Executive Compensation                                   III-3

       11      Security Ownership of Certain
               Beneficial Owners and Management                         III-4

       12      Certain Relationships and Related
               Transactions                                             III-4

       13      Exhibits and Reports on Form 8-K                         III-4


               Signatures                                                S-1


<PAGE>



                                     PART I

Item 1.        Description of Business


General

               Enex Oil & Gas Income  Program II - 8, L.P. (the  "Company")  was
formed under the Uniform Limited  Partnership Act of the State of Texas on March
19,  1985  and  commenced   operations  on  October  10,  1985  with   aggregate
subscriptions of $2,931,653, $2,902,336 of which was received from 2,238 limited
partners,  including  investors whose  distributions  from earlier  partnerships
sponsored by the Company's general partner, Enex Resources Corporation ("Enex"),
were automatically invested in the Company.

               The  Company is engaged in the oil and gas  business  through the
ownership of various interests in producing oil and gas properties,  as detailed
in Item 2, below. If warranted,  the Company may further develop its oil and gas
properties.  However,  the  Company  does not  intend to  engage in  significant
drilling activities. Such activities may be conducted, however, as an incidental
part of the management of producing  properties or with a view toward  enhancing
the  value of  producing  properties.  In no event  will the  Company  engage in
exploratory  drilling,  or use any of the limited partners' net revenues to fund
exploratory  drilling  activities.  Any developmental  drilling will be financed
primarily  through third party borrowing or with funds provided from operations.
The expenses of drilling, completing,  equipping and operating development wells
are allocated 90% to the limited  partners and 10% to the general  partner.  See
Note 1 to the Financial Statements for information relating to the allocation of
costs and revenues  between the limited  partners and the general  partner.  The
Company's operations are concentrated in a single industry segment.

               The  Company  owns  royalty  interests  in  certain  oil  and gas
properties.  A "royalty  interest" is an interest  retained by the lessor in the
lease and payable out of 100% of proceeds before  deducting any other interests.
The Company also owns working  interests  in certain oil and gas  properties.  A
"working  interest" is a portion of the operating  interest  which is subject to
most of the costs associated with a well.

               The  principal  executive  office of the Company is maintained at
Suite 200, Three Kingwood Place, Kingwood,  Texas 77339. The telephone number at
this office is (713) 358-8401. The Company has no regional offices.

     The Company has no employees.  On March 1, 1997 Enex, and its  subsidiaries
employed 23 persons.

Marketing

               The  marketing of oil and gas produced by the Company is affected
by a number of factors which are beyond the Company's control,  the exact nature
of which cannot be accurately predicted.  These factors include the quantity and
price of crude oil imports,  fluctuating  supply and demand,  pipeline and other
transportation facilities, the marketing of competitive fuels, state and federal
regulation of oil and gas

                                       I-1

<PAGE>



production and  distribution  and other matters  affecting the availability of a
ready market. All of these factors are extremely volatile.

               Amoco Production Company and Exxon Company,  U.S.A. accounted for
20%  and  13%,  respectively,  of the  Company's  total  sales  in  1996.  Amoco
Production  Company  and  Exxon  Company,  U.S.A.  accounted  for 24%  and  13%,
respectively,  of the Company's sales in 1995. No other  purchaser  individually
accounted  for more than 10% of such  sales.  Although  the  Company  marketed a
significant  portion  of  its  sales  to  the  above  noted  companies,  such  a
concentration  does not pose a significant  risk due to the commodity  nature of
the Company's products.

               The  operators of the  Company's  properties  are noted in Item 2
below.  Although a significant portion of the Company's properties were operated
by a limited number of operators, this concentration does not pose a significant
risk since the Company's rights are secured by joint operating agreements.

Environmental and Conservation Regulation

               State  regulatory  authorities in the states in which the Company
owns  producing  properties  are  empowered to make and enforce  regulations  to
prevent waste of oil and gas and to protect correlative rights and opportunities
to produce  oil and gas as between  owners of a common  reservoir.  Each of such
regulatory  authorities  also  regulates  the amount of oil and gas  produced by
assigning allowable rates of production,  which may be increased or decreased in
accordance  with supply and demand.  Requirements  regarding the  prevention and
clean-up of  pollution  and  similar  environmental  matters are also  generally
applicable.  The costs,  if any, the Company may incur in this regard  cannot be
predicted.

               The  existence of such  regulations  has had no material  adverse
effects on the Company's  operations to date, and the cost of compliance has not
yet been material.  There are no material administrative or judicial proceedings
arising under such laws or regulations pending against the Company.  The Company
is unable to assess or predict the impact that compliance with environmental and
pollution  control  laws  and  regulations  may have on its  future  operations,
capital expenditures, earnings or competitive position.


Tax Laws

               The  operations of the Company are affected by the federal income
tax laws  contained  in the  Internal  Revenue  Code of 1986,  as  amended  (the
"Code"). Under the Code, generally, the Company will report income from the sale
of oil and gas,  against  which it may deduct its  ordinary  business  expenses,
depletion, depreciation and intangible drilling and development costs.

               It is anticipated that most of the Company's income, if any, will
be from a  "passive  activity"  for  purposes  of the Code.  A passive  activity
includes an  activity in which the  taxpayer  does not  materially  participate,
including the ownership of a limited partnership  interest,  such as an interest
in the Company.  "Passive  income,"  however,  does not include portfolio income
(i.e. dividends,  interest,  royalties,  etc.). Although taxpayers generally may
not deduct losses or use tax credits derived from passive activities in an

                                       I-2

<PAGE>



amount  greater than their income  derived from such  activities,  if and to the
extent that the Company generates passive income, it will be available to offset
the limited partners' passive losses from other sources.

Partnerships with interests that are "publicly traded" are taxed as corporations
unless at least 90% of their income is  "qualifying  income."  Passive income or
loss  from  publicly  traded  partnerships  that are not  taxed as  corporations
generally  cannot be applied  against passive income or loss from other sources.
As  stated  in Item 5 of this  Annual  Report,  there is no  established  public
trading market for the Company's limited partnership interests. In addition, the
Company  derives  more than 90% of its  income  within  the  meaning  of section
7704(d)  of the Code.  Therefore,  the  Company  should not be  affected  by the
publicly traded partnership rules.

               In order to  prevent  the  adverse  tax  consequences  that would
affect the limited partners if the Company's limited partnership  interests were
to become  publicly  traded in the future,  the general partner may, after final
regulations have been issued by the Internal  Revenue Service,  submit to a vote
of limited  partners  a proposal  to amend the  Company's  agreement  of limited
partnership to provide,  among other things,  (a) that Enex shall have the right
to refuse to  recognize  any  transfer of limited  partnership  interests  if it
believes that such transfer  occurred on a secondary  market or the  substantial
equivalent  thereof;  and (b) that all  assignors  and  assignees of the limited
partnership  interests  shall be required to represent to Enex that any transfer
of limited partnership interests did not, to the best of their knowledge,  occur
on a secondary market or the substantial equivalent thereof.

Item 2.        Description of Property

               Presented   below  is  a  summary  of  the   Company's   property
acquisitions.

               The HANSON acquisition  consists of working interests in 34 wells
in ten counties in South Texas and  Southeast  Texas.  The Company  acquired its
interests effective in February 1986 for $488,000.

               The CONCORD acquisition consists of working interests and royalty
interests in more than 10,600  wells in 137  counties in Texas,  with very minor
interests  in 12 other  states.  The Company  acquired its  interests  effective
January 1987 for $2,092,203.

               Effective  January 1, 1990, the Company sold its interests in the
Hanson acquisition and acquired additional  interests in the Concord acquisition
from an affiliated  limited  partnership  for  $118,277.  The sales and purchase
prices  in each case  represented  fair  market  value as  determined  by Townes
Pressler  Petroleum  Consultants,  Inc., an  independent  petroleum  engineering
consulting firm.

               Effective  August 1990,  the Company sold its interest in a small
field  in the  Concord  acquisition  (the  North  Robertson  Unit)  for  $24,814
resulting in a net gain of $18,020 to the Company.

               Effective June 30, 1992, the Company sold its interest in a small
field in the Concord acquisition (the Spraberry Unit) for $14,032 resulting in a
net gain of $8,279 to the Company.

               Effective  October 1, 1993,  the Company  sold its  interest in a
small  field in the Concord  acquisition  (the  Coleman  Ranch unit) for $28,933
resulting in a net loss of $3,677 to the Company.

                                       I-3

<PAGE>



               Effective  October  1,  1994,  the  Company  acquired  additional
working and royalty  interests  in the Concord  acquisition  for $12,703 from an
affiliated  partnership.  The purchase price represents the fair market value as
determined  from the  receipt of bids  solicited  from  independent  third party
companies.

               The Company retains working interests ranging from 0.01% to 1.88%
of the total Concord  acquisition at December 31, 1996. The Concord  acquisition
is operated by nearly 100 different oil and gas producers.

               Purchase  price as used above is  defined as the actual  contract
price plus finders' fees, if  applicable.  Miscellaneous  acquisition  expenses,
subsequent capital items, etc. are not included.

Oil and Gas Reserves

               For quantitative  information regarding the Company's oil and gas
reserves,  please see  Supplementary  Oil and Gas Information and related tables
which follow the Notes to  Financial  Statements  in Item 7 of this report.  The
Company has not filed any current oil and gas reserve  estimates or included any
such  estimates in reports to any federal or foreign  governmental  authority or
agency, including the Securities and Exchange Commission.

               Proved  oil  and  gas  reserves  reported  herein  are  based  on
engineering reports prepared by the petroleum engineering  consulting firm of H.
J. Gruy and Associates,  Inc. The reserves included in this report are estimates
only and should not be  construed as exact  quantities.  Future  conditions  may
affect  recovery of  estimated  reserves  and  revenue,  and all reserves may be
subject to  revision  as more  performance  data  become  available.  The proved
reserves used in this report conform to the applicable  definitions  promulgated
by the Securities and Exchange Commission. No major discovery or other favorable
or adverse  event  that  could  potentially  cause a  significant  change in the
estimated proved reserves has occurred since December 31, 1996.

Net Oil and Gas Production

               The following  table shows for the years ended  December 31, 1996
and 1995, the approximate  production  attributable to the Company's oil and gas
interests. The figures in the table represent "net production"; i.e., production
owned by the Company and produced to its interest  after  deducting  royalty and
other similar interests. All production occurred in the United States.


                                                     1996          1995
                                                     ----          ----
Crude oil and condensate (Bbls)..............      14,557        15,089
Natural gas (Mcf)...............................   22,585        20,553


                                       I-4

<PAGE>



                     The following table sets forth the Company's  average sales
price per barrel of oil, per Mcf
of gas,  and  average  production  cost per unit  produced  for the years  ended
December 31, 1996 and 1995.


                                                         1996          1995
                                                         ----          ----
Average sales price per barrel of oil................ $ 20.12      $  15.67
Average sales price per Mcf of gas...................    2.34          1.60
Average production cost per equivalent
   barrel of production..............................    4.30          4.91

Current Activities

     The Company  completed its acquisition  phase in 1987. The primary focus of
present  activities  is  currently on the  efficient  management  of  properties
currently owned.


Item 3.              Legal Proceedings

                     There are no material  pending legal  proceedings  to which
the Company is a party.


Item 4.              Submission of Matters to a Vote of Security Holders

     No matter was  submitted  to a vote of security  holders  during the fourth
quarter of the fiscal year covered by this report.

                                       I-5

<PAGE>



                                     PART II


Item 5.        Market for Common Equity and Related Security Holder Matters

Market Information

               There is no  established  public trading market for the Company's
outstanding limited partnership interests.



Number of Equity Security Holders

                                                 Number of Record Holders
                Title of Class                     (as of March 1, 1997)
            --------------------               ------------------------------


           General Partner's Interests                       1

           Limited Partnership Interests                   1,197



Dividends

           The  Company  made cash  distributions  to partners of $16 and $8 per
$500  investment  in  1996  and  1995,  respectively.   The  payment  of  future
distributions  will  depend  on the  Company's  earnings,  financial  condition,
working capital requirements and other factors,  although it is anticipated that
regular quarterly distributions will continue through 1997.


                                      II-1

<PAGE>



Item 6.       Management's Discussion and Analysis or Plan of Operation

Results of Operations

              This discussion  should be read in conjunction  with the financial
statements of the Company and the notes thereto included in this Form 10-KSB.

              Oil and gas sales in 1996 were  $345,685 as compared with $269,337
in 1995. Oil and gas sales  increased by $76,348 or 28%. Oil sales  increased by
$56,366 or 24%. A 28%  increase in the average oil sales price  caused a $64,702
increase in oil revenues. This increase was partially offset by a 4% decrease in
oil  production.  Gas sales  increased  by $19,982 or 61%. A 46% increase in the
average  gas sales  price  increased  sales by  $16,731.  A 10%  increase in gas
production increased sales by an additional $3,251. The increases in average oil
and gas prices  correspond with higher prices in the overall market for the sale
of oil and gas.  The  decrease in oil  production  was  primarily  the result of
natural production declines. The increase in gas production was primarily due to
enhanced  production  improvements  made on the Concord  acquisition in 1995 and
1996.

              Lease operating expenses were $62,397 in 1996 and $78,699 in 1995.
The decrease of $16,302 or 21% from 1995 to 1996 was  primarily  due to enhanced
recovery costs incurred on the Concord acquisition in 1995.

              Depreciation and depletion expense was $90,983 in 1996 as compared
with $106,023 in 1995. This represents a decrease in depletion and  depreciation
expense  of  $15,040  or 14%.  A 13%  decrease  in the  depletion  rate  reduced
depreciation and depletion expense by $13,937. The changes in production,  noted
above,  reduced  depreciation and depletion expense by an additional $1,103. The
decrease in the depletion rate was primarily the result of an upward revision of
the oil and gas reserves during December 1996.

              General  and  administrative  expenses  were  $41,095  in  1996 as
compared with $31,078 in 1995.  The increase of $10,017 or 32% from 1995 to 1996
was  primarily  the  result of more  staff  time  being  required  to manage the
Company's operations in 1996.

Capital Resources and Liquidity

              The Company's cash flow from  operations is a direct result of the
amount  of net  proceeds  realized  from  the  sale of oil  and gas  production.
Accordingly,  the changes in cash flow from 1995 to 1996 were  primarily  due to
the changes in oil and gas sales described  above.  It is the general  partner's
intention to distribute  substantially  all of the Company's  available net cash
flow provided by operating,  financing and investing activities to the Company's
partners.  Distributions  increased  from  1995 to 1996,  due  primarily  to the
increase in revenues, noted above.

              The Company will  continue to recover its reserves and  distribute
to the  partners  the  net  proceeds  realized  from  the  sale  of oil  and gas
production after the payment of debt obligations. The Company plans to repay the
amounts owed to the general partner in 1997. Distribution amounts are subject to
change if net  revenues  are  greater or less than  expected.  Nonetheless,  the
general partner  believes the Company will continue to have sufficient cash flow
to fund operations and to maintain a regular pattern of distributions.

              At December 31, 1996, the Company had no material  commitments for
capital  expenditures.  The  Company  does not  intend to engage in  significant
developmental drilling activity.

                                      II-2

<PAGE>



Item 7.        Financial Statements and Supplementary Data


INDEPENDENT AUDITORS' REPORT


The Partners
Enex Oil & Gas Income
  Program II-8, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
II-8, L.P. (a Texas limited partnership) as of December 31, 1996 and the related
statements of operations,  changes in partners' capital, and cash flows for each
of the two  years  in the  period  ended  December  31,  1996.  These  financial
statements  are the  responsibility  of the  general  partner  of Enex Oil & Gas
Income  Program II-8,  L.P. Our  responsibility  is to express an opinion on the
financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the financial position of Enex Oil & Gas Income Program II-8, L.P. at
December 31, 1996 and the results of its  operations and its cash flows for each
of the two years in the  period  ended  December  31,  1996 in  conformity  with
generally accepted accounting principles.


DELOITTE & TOUCHE  LLP




Houston, Texas
March 18, 1997

                                      II-3

<PAGE>
ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.

BALANCE SHEET, DECEMBER 31, 1996
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>

ASSETS                                                            1996
                                                           ------------------

CURRENT ASSETS:
<S>                                                        <C>
  Cash                                                     $          23,233
  Accounts receivable - oil & gas sales                               38,906
  Other current assets                                                 1,563
                                                           ------------------

Total current assets                                                  63,702
                                                           ------------------

OIL & GAS PROPERTIES:
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities            2,417,193
  Less  accumulated depreciation and depletion                     1,830,720
                                                           ------------------

Property, net                                                        586,473
                                                           ------------------

TOTAL                                                      $         650,175
                                                           ==================


LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                        $          14,173
   Payable to general partner                                         45,148
                                                           ------------------

Total current liabilities                                             59,321
                                                           ------------------

PARTNERS' CAPITAL
   Limited partners                                                  570,676
   General partner                                                    20,178
                                                           ------------------

Total partners' capital                                              590,854
                                                           ------------------

TOTAL                                                      $         650,175
                                                           ==================
</TABLE>


Number of $500 Limited Partner units outstanding                       5,863




See accompanying notes to financial statements.
-----------------------------------------------------------------------------

                                      II-4

<PAGE>
ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.

STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
-------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                                         1996                 1995
                                                  ------------------   ------------------

REVENUES:
<S>                                               <C>                  <C>
  Oil and gas sales                               $         345,685    $         269,337
                                                  ------------------   ------------------

EXPENSES:
  Depreciation and depletion                                 90,983              106,023
  Lease operating expenses                                   62,397               78,699
  Production taxes                                           16,338               12,132
  General and administrative:
    Allocated from general partner                           31,751               25,183
    Direct expense                                            9,344                5,895
                                                  ------------------   ------------------

Total expenses                                              210,813              227,932
                                                  ------------------   ------------------

INCOME FROM OPERATIONS                                      134,872               41,405

OTHER EXPENSE:
  Interest expense to general partner                             -                 (112)
                                                  ------------------   ------------------

NET INCOME                                        $         134,872    $          41,293
                                                  ==================   ==================

</TABLE>



See accompanying notes to financial statements.
--------------------------------------------------------------------------------

                                      II-5

<PAGE>
ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                                                                PER $500
                                                                                                LIMITED
                                                                                                PARTNER
                                                          GENERAL              LIMITED         UNIT OUT-
                                      TOTAL               PARTNER              PARTNERS        STANDING
                               --------------    -----------------    -----------------    -----------------

<S>                                  <C>             <C>              <C>                  <C>
BALANCE, JANUARY 1, 1995             563,186         $     26,278     $        536,908     $             91

CASH DISTRIBUTIONS                   (47,631)                   -              (47,631)                  (8)

NET INCOME                            41,293                    -               41,293                    7
                               --------------    -----------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1995           556,848               26,278              530,570                   90

CASH DISTRIBUTIONS                  (100,866)              (6,100)             (94,766)                 (16)

NET INCOME                           134,872                    -              134,872                   23
                               --------------    -----------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1996           590,854       $       20,178     $        570,676 (1) $             97
                               ==============    =================    =================    =================
</TABLE>



(1)  Includes 1,830 units purchased by the general partner as a limited partner.





See accompanying notes to financial statements.
----------------------------------------------------------------------------

                                      II-6


<PAGE>
ENEX OIL AND GAS INCOME PROGRAM II - 8, L.P.

STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                              1996                   1995
                                                       ------------------     -----------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                    <C>                    <C>
Net income                                             $         134,872      $         41,293
                                                       ------------------     -----------------

Adjustments to reconcile net income to net cash
   provided by operating activities
  Depreciation and depletion                                      90,983               106,023
(Increase) decrease in:
  Accounts receivable - oil & gas sales                          (17,992)               (2,075)
  Other current assets                                             4,508                 2,050
Increase (decrease) in:
   Accounts payable                                               (3,941)                5,131
   Payable to general partner                                    (69,433)              (67,769)
                                                       ------------------     -----------------

Total adjustments                                                  4,125                43,360
                                                       ------------------     -----------------

Net cash provided by operating activities                        138,997                84,653
                                                       ------------------     -----------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                       (25,899)              (32,247)
                                                       ------------------     -----------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                          (100,866)              (47,631)
                                                       ------------------     -----------------

NET INCREASE IN CASH                                              12,232                 4,775

CASH AT BEGINNING OF YEAR                                         11,001                 6,226
                                                       ------------------     -----------------

CASH AT END OF YEAR                                    $          23,233      $         11,001
                                                       ==================     =================

Cash paid for interest during the year                 $               -      $            112
                                                       ==================     =================
</TABLE>




See accompanying notes to financial statements.
------------------------------------------------------------------------------

                                      II-7


<PAGE>



ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.

------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996


1.             PARTNERSHIP ORGANIZATION

               Enex Oil & Gas Income Program II-8, L.P. (the "Company"), a Texas
               limited partnership, commenced operations on October 10, 1985 for
               the purpose of  acquiring  proved oil and gas  properties.  Total
               limited partner  contributions were $2,931,653,  of which $29,317
               was  contributed  by Enex  Resources  Corporation  ("Enex"),  the
               general partner.

               In accordance  with the partnership  agreement,  the Company paid
               commissions  of  $259,569  for  solicited  subscriptions  to Enex
               Securities Corporation, a subsidiary of Enex, and reimbursed Enex
               for organization expenses of approximately $88,000.

               Information  relating  to the  allocation  of costs and  revenues
               between Enex, as general partner,  and the limited partners is as
               follows:
                                                                    Limited
                                                            Enex    Partners

               Commissions and selling expenses                       100%
               Company reimbursement of organization
                 expense                                              100%
               Company property acquisition                           100%
               General and administrative costs              10%       90%
               Costs of drilling and completing
                 development wells                           10%       90%
               Revenues from temporary investment of
                 partnership capital                                  100%
               Revenues from producing properties            10%       90%
               Operating costs (including general and
                 administrative costs associated with
                 operating producing properties)             10%       90%


               At the point in time when the cash  distributions  to the limited
               partners  equal  their  subscriptions  ("payout"),  the  costs of
               drilling  and  completing   development   wells,   revenues  from
               producing  properties,   general  and  administrative  costs  and
               operating  costs will be allocated 15% to the general partner and
               85% to the limited partners.

               In May 1993, as the aggregate  purchase price of the interests in
               the  Company  plus the  cumulative  distributions  to the limited
               partners  did  not  equal  limited  partner   subscriptions  (the
               "Deficiency"), the general partner forfeited its 10% share of the
               Company's  net  revenues.  The  foregone  net  revenues  will  be
               allocated  to  the  limited   partners  until  such  time  as  no
               Deficiency exists.



                                      II-8
<PAGE>



2.             SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

               Oil and Gas Properties - The Company uses the successful  efforts
               method of accounting for its oil and gas  operations.  Under this
               method,  the  costs of all  development  wells  are  capitalized.
               Capitalized costs are amortized on the units-of-production method
               based on estimated total proved reserves.  The acquisition  costs
               of  improved  oil  and  gas   properties  are   capitalized   and
               periodically assessed for impairment.

               The Financial  Accounting Standards Board has issued Statement of
               Financial  Accounting Standard ("SFAS") No. 121,  "Accounting for
               the Impairment of Long-Lived  Assets and for Long-Lived Assets to
               be Disposed Of," which requires certain assets to be reviewed for
               impairment whenever events or circumstances indicate the carrying
               amount may not be recoverable.  Prior to this pronouncement,  the
               Company assessed  properties on an aggregate basis. Upon adoption
               of  SFAS  121,  the  Company  began  assessing  properties  on an
               individual basis,  wherein total capitalized costs may not exceed
               the property's  fair market value.  The fair market value of each
               property was determined by H. J. Gruy and  Associates,  ("Gruy").
               To  determine  the  fair  market  value,   Gruy   estimated  each
               property's  oil and gas  reserves,  applied  certain  assumptions
               regarding  price and cost  escalations,  applied  a 10%  discount
               factor for time and certain discount factors for risk,  location,
               type of ownership  interest,  category of  reserves,  operational
               characteristics, and other factors.

               The Company's  operating  interests in oil and gas properties are
               recorded  using the pro rata  consolidation  method  pursuant  to
               Interpretation 2 of Accounting Principles Board Opinion 18.

               Cash Flows - The Company has  presented  its cash flows using the
               indirect method and considers all highly liquid  investments with
               an  original  maturity  of  three  months  or  less  to  be  cash
               equivalents.

               General and Administrative  Expenses - The Company reimburses the
               General  Partner  for  direct  costs  and  administrative   costs
               incurred on its behalf.  Administrative  costs  allocated  to the
               Company are computed on a cost basis in accordance  with standard
               industry  practices by  allocating  the time spent by the General
               Partner's personnel among all projects and by allocating rent and
               other overhead on the basis of the relative direct time charges.

               Uses of Estimates - The  preparation of the financial  statements
               in  conformity  with  generally  accepted  accounting  principles
               requires management to make estimates and assumptions that affect
               the reported  amounts of assets and liabilities and disclosure of
               contingent  assets and  liabilities  at the date of the financial
               statements  and the  reported  amounts  of revenue  and  expenses
               during the reporting  periods.  Actual  results could differ from
               these estimates.

3.             FEDERAL INCOME TAXES

               General - The Company is not a taxable  entity for federal income
               tax  purposes.  Such  taxes  are  liabilities  of the  individual
               partners  and the  amounts  thereof  will vary  depending  on the
               individual  situation of each partner.  Accordingly,  there is no
               provision  for  income  taxes  in  the   accompanying   financial
               statements.


                                      II-9
<PAGE>
Set  forth  below  is a  reconciliation  of  net  income  as  reflected  in  the
accompanying financial statements and net income for federal income tax purposes
for the year ended December 31, 1996:
<TABLE>
<CAPTION>

                                                                                   Allocable to                Per $500 Limited
                                                                    -------------------------------------
                                                                          General            Limited              Partner Unit
                                                      TOTAL               Partner           Partners              Outstanding
                                               ------------------   ------------------  -----------------    ---------------
Net income as reflected in the
<S>                                            <C>                  <C>                    <C>                   <C>
     accompanying financial statements         $         134,872    $               -      $     134,872         $       23
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                                 (13,673)                   -            (13,673)                (2)
  Difference in depreciation and
     depletion computed for federal
     income tax purposes and
     the amount computed for
     financial reporting purposes                         22,404                    -             22,404                  4
                                               ------------------   ------------------  -----------------    ---------------

Net income for federal
   income tax purposes                         $         143,603    $               -      $     143,603         $       25
                                               ==================   ==================  =================    ===============
</TABLE>

Net income for federal  income tax  purposes is a summation  of ordinary  income
(loss),  portfolio income (loss) cost depletion and intangible drilling costs as
presented in the Company's federal income tax return.

Set forth below is a reconciliation  between  partners'  capital as reflected in
the accompanying  financial  statements and partners' capital for federal income
tax purposes as of December 31, 1996:
<TABLE>
<CAPTION>

                                                                                   Allocable to                Per $500 Limited
                                                                    -------------------------------------
                                                                          General            Limited              Partner Unit
                                                      TOTAL               Partner           Partners              Outstanding
                                               ------------------   ------------------  -----------------    -------------------
Partners' capital as reflected in the
<S>                                            <C>                  <C>                   <C>                    <C>
     accompanying financial statements         $         590,854    $          20,178     $      570,676         $     97
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                                (163,774)             (11,617)          (152,157)             (26)
  Difference in accumulated
     depreciation, depletion and
     amortization for financial
     reporting and federal income
     tax purposes                                        (39,579)                   -            (39,579)              (6)
  Commissions and syndication
     fees capitalized for federal
     income tax purposes                                 259,569                    -            259,569               44
                                               ----------------------------------------------------------    -------------

Partners' capital for federal
     income tax purposes                       $         647,070    $           8,561    $       638,509        $     109
                                               ==================   ==================  =================    =============
</TABLE>



                                      II-10




<PAGE>



4.        PAYABLE TO GENERAL PARTNER

          The  payable to general  partner  primarily  consists  of general  and
          administrative  expenses  allocated  to the  Company  by Enex  for its
          ongoing operations. The Company plans to repay the amounts owed to the
          general partner in 1997.

5.        REPURCHASE OF LIMITED PARTNER INTERESTS

          In accordance with the partnership  agreement,  the general partner is
          required to purchase  limited partner  interests (at the option of the
          limited partners) at annual intervals  beginning after the second year
          following  the  formation  of the  Company.  The  purchase  price,  as
          specified in the partnership agreement,  is based primarily on reserve
          reports  prepared by independent  petroleum  engineers as reduced by a
          specified risk factor.

6.        SIGNIFICANT PURCHASERS

          Amoco Production Company and Exxon Company, U.S.A. accounted for 20%
           and 13%, respectively, of the Company's total sales in 1996. Amoco
           Production Company and Exxon Company, U.S.A. accounted for 24% and
           13%, respectively, of the Company's sales in 1995.  No other
           purchaser individually accounted for more than 10% of such sales.

7.        NOTE PAYABLE TO THE GENERAL PARTNER

          On January 1, 1995,  the  Company  borrowed  $7,000  from the  general
          partner in order to  purchase  an  additional  interest in the Concord
          acquisition.  The resultant  note payable to the general  partner bore
          interest  at prime  plus  three-fourths  of one  percent or a weighted
          average  rate of  9.48%.  On March 3,  1995,  the note was  completely
          repaid.

                                      II-11

<PAGE>

ENEX OIL & GAS INCOME PROGRAM II - 8, L.P.

SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
-----------------------------------------------------------------------------

Proved Oil and Gas Reserve Quantities (Unaudited)

The following  presents an estimate of the Company's  proved oil and gas reserve
quantities  and changes  therein  for each of the two years in the period  ended
December 31, 1996.  Oil reserves are stated in barrels  ("BBLS") and natural gas
in thousand cubic feet ("MCF"). The amounts per $500 limited partner unit do not
include a potential 5% reduction after payout. All of the Company's reserves are
located within the United States.
<TABLE>
<CAPTION>

                                                               Per $500                                   Per $500
                                                                Limited              Natural              Limited
                                             Oil             Partner Unit              Gas              Partner Unit
                                           (BBLS)             Outstanding             (MCF)             Outstanding
                                         ---------------   ------------------    -----------------    -----------------

PROVED DEVELOPED AND
    UNDEVELOPED RESERVES:
<S>                                              <C>                      <C>             <C>                       <C>
January 1, 1995                                  76,165                   13              102,684                   18

    Revisions of previous estimates              33,874                    6               43,681                    7
    Production                                  (15,089)                  (3)             (20,553)                  (4)
                                         ---------------   ------------------    -----------------    -----------------

December 31, 1995                                94,950                   16              125,812                   21

    Revisions of previous estimates              14,200                    2               34,547                    6
    Production                                  (14,557)                  (2)             (22,585)                  (4)
                                         ---------------   ------------------    -----------------    -----------------

December 31, 1996                                94,593                   16              137,774                   23
                                         ===============   ==================    =================    =================


PROVED DEVELOPED RESERVES:

January 1, 1995                                  76,165                   13              102,684                   18
                                         ===============   ==================    =================    =================

December 31, 1995                                94,950                   16              125,812                   21
                                         ===============   ==================    =================    =================

December 31, 1996                                94,593                   16              137,774                   23
                                         ===============   ==================    =================    =================

</TABLE>


                                      II-12



<PAGE>


Item 8.        Changes In and Disagreements With Accountants on Accounting and
                Financial Disclosure


               Not Applicable


                                      II-13

<PAGE>



                                    PART III

------------------------------------------------------------------------------
Item 9.          Directors, Executive Officers, Promoters and Control Persons;
                 Compliance with Section 16(a) of the Exchange Act

                 The   Company's   sole  General   Partner  is  Enex   Resources
Corporation,  a Delaware corporation.  The Company has no Directors or executive
officers. The Directors and executive officers of Enex are:

                 Gerald B. Eckley. Mr. Eckley, age 70, has served as a Director,
President and Chief Executive Officer of the General Partner since its formation
in 1979.  He was  employed by Shell Oil Company  from 1951 to 1967 and served in
managerial  capacities  from 1959 to 1967. From 1967 to 1969, he was Director of
Fund  Raising at the  University  of  Oklahoma  and from 1969 to 1971,  was Vice
President of Land and Operations for Imperial American  Management  Company.  In
1971,  Mr.  Eckley was a  petroleum  consultant  and in 1972-  1973 was  General
Counsel and Executive  Director of the Oil  Investment  Institute.  From 1973 to
1974,  he was Manager of Oil  Properties,  Inc. and from 1974 to 1976,  was Vice
President,  Land and Joint Ventures for Petro- Lewis  Corporation.  From 1977 to
August 1979, Mr. Eckley was President of Eckley Energy,  Inc., a company engaged
in purchasing and selling oil and gas properties.  Mr. Eckley received an L.L.B.
degree from the  University  of Oklahoma in 1951 and a Juris Doctor  degree from
the University of Oklahoma in 1970.

                 William C. Hooper,  Jr. Mr. Hooper, age 59, has been a Director
of the  General  Partner  since  its  formation  in 1979 and is a member  of the
General Partner's Audit and Compensation and Options Committees.  In 1960 he was
a staff  engineer in the Natural Gas  Department  of the Railroad  Commission of
Texas,  with principal  duties involving  reservoir units and gas proration.  In
1961 he was  employed  by the  California  Company  as a Drilling  Engineer  and
Supervisor.  In 1963 he was employed as a Staff Engineer by California  Research
Corporation  and in 1964 rejoined the  California  Company as a project  manager
having various duties involving drilling and reservoir  evaluations.  In 1966 he
was Executive Vice President for Moran Bros. Inc., coordinating and managing all
company  activities,  drilling  operations,  bidding and engineering.  From 1970
until the present, he has been self-employed as a consulting  petroleum engineer
providing  services to  industry  and  government  and engaged in business as an
independent  oil and gas operator and investor.  From 1975 to 1987 he was also a
Director and President of Verna Corporation,  a drilling  contractor and service
organization.  He received a B.S.  degree in Petroleum  Engineering in 1960 from
the University of Texas and an M.S.  degree in Petroleum  Engineering  from that
same University in 1961.

                 Stuart Strasner.  Mr.  Strasner,  age 67, was a Director of the
General  Partner from its formation until October of 1986. He was reappointed to
the  Board on April  19,  1990 to fill a  vacancy.  He is a member  of the Audit
Committee. He is a professor of business law at Oklahoma City University and was
Dean of the law school at  Oklahoma  City  University  from July 1984 until June
1991.  Prior to July 1984, Mr. Strasner was an attorney in private practice with
McCollister,  McCleary, Fazio and Holliday in Oklahoma City, Oklahoma. From 1959
to 1974,  he was  employed  by various  banks,  bank  holding  companies  and an
insurance  company  in  executive  capacities.  From  1974  to  1978,  he  was a
consultant to various  corporations  such as insurance  companies,  bank holding
companies and small business investment companies. From 1978 until late 1981, he
was Executive  Director of the Oklahoma Bar  Association,  and from 1981 to 1983
was  a  Director  and  President  of  PRST  Enterprises,  Inc.,  a  real  estate
development  company.  Mr.  Strasner  holds an A.B.  degree from  Panhandle  A&M
College,  Oklahoma,  and a J.D. degree from the University of Oklahoma.  He is a
member  of the  Fellows  of the  American  Bar  Association  and a member of the
Oklahoma  Bar  Association.  Mr.  Strasner is also a director of Health  Images,
Inc., a public  company which  provides  fixed site magnetic  resonance  imaging
("MRI") services.

     Martin J. Freedman.  Mr. Freedman, age 72, was one of the General Partner's
founders  and a member of its Board of  Directors  as well as a board  member of
Enex Securities Corporation until June of

                                      III-1

<PAGE>



1986. He was reappointed to the Board on April 19, 1990 to fill a vacancy. He is
a member of the Compensation and Options Committee. He is currently President of
Freedman  Oil  & Gas  Company,  engaged  primarily  in  the  management  of  its
exploration  and  producing  properties,  and the  managing  partner  Martin  J.
Freedman & Company which has an interest in approximately  one hundred producing
oil and/or gas wells.  Mr. Freedman is a lifetime member of the Denver Petroleum
Club as well as being a lifetime  member of the Denver  Association of Petroleum
Landmen. He was an officer and Director and/or founder of several former private
and public companies. Mr. Freedman entered the oil and gas business in 1954 when
he  joined  Mr.  Marvin  Davis of the  Davis  Oil  Company.  In 1956,  he became
President  of  Central  Oil  Corporation,  a  company  engaged  in oil  and  gas
exploration.  From 1958 on, Mr.  Freedman  operated  as Martin J.  Freedman  Oil
Properties and was President of Oil Properties, Inc., a private corporation. Mr.
Freedman attended Long Island University and New York University.  He received a
bachelor's degree in Psychology and also attended New York University's graduate
school.

                 James Thomas Shorney.  Mr. Shorney, age 71, has been a Director
of the General  Partner since April of 1990 and is a member of the  Compensation
and   Options   Committee.    He   has   been   a   petroleum   consultant   and
Secretary/Treasurer  of the  Shorney  Company,  a  privately  held  oil  and gas
exploration  company,  from 1970 to date. From 1970 to 1976, he also served as a
petroleum  consultant in Land and Lease  Research  Analysis  Studies for the GHK
Company.  He was an oil and gas lease  broker from 1962 to 1970 and  employed by
Shell Oil Company in the Land Department from 1954 to 1962. Before joining Shell
Oil Company,  he served as Public Information Officer in the U.S. Army Air Force
from 1950 to 1953 including attending  Georgetown  University Graduate School in
1952. Mr. Shorney  graduated from the University of Oklahoma with a B.A.  degree
in Journalism  in 1950.  From 1943 to 1945, he served in the U.S. Army Air Force
as an air crew member on a B-24 Bomber.  Mr. Shorney is a member of the Oklahoma
City  Association  of  Petroleum  Landmen on which he has served as Director and
Secretary/Treasurer.  He is an active  member  of the  American  Association  of
Petroleum Landmen. In 1975, Mr. Shorney was first listed in the London Financial
Times' Who's Who in World Oil and Gas.

     Robert D. Carl,  III.  Mr.  Carl,  age 43, was  appointed a Director of the
General Partner on July 30, 1991 and is a member of the Audit  Committee.  He is
President,  Chief Executive  Officer and Chairman of the Board of Health Images,
Inc., a public company whose securities are traded on NYSE, which provides fixed
site magnetic  resonance imaging ("MRI")  services.  From 1978 to 1981, Mr. Carl
also  served as  President  of Carl  Investment  Associates,  Inc. a  registered
investment  advisor.  In 1981,  Mr. Carl joined  Cardio-Tech,  Inc.,  as general
counsel  and as an officer and  Director.  Upon the sale and  reorganization  of
Cardio-Tech,  Inc.  into  Cardiopul  Technologies  in  1982,  he  served  as its
Executive  Vice  President  and as a  Director.  In March,  1985 he was  elected
President,  Chief Executive Officer and Chairman of Cardiopul Technologies which
spun off its  non-imaging  medical  services  business  and  changed its name to
Health  Images,  Inc.  Mr. Carl  received a B.A. in History  from  Franklin  and
Marshall  College,  Lancaster,  Pennsylvania  in  1975  and a  J.D.  from  Emory
University  School of Law,  Atlanta,  Georgia in 1978.  Mr. Carl is a trustee of
Franklin & Marshall College and is a member of the State Bar of Georgia.

                 On  January 4, 1996,  the SEC filed a  complaint  in the United
States  District  Court for the District of Columbia  against Mr. Carl  alleging
that Mr. Carl  violated  Section  16(a) of the  Securities  Exchange Act of 1934
("Exchange  Act"), and Rule 16a-2 and 16a-3 (and former Rule 16a-1)  thereunder,
by  failing  to  timely  file   reports   concerning   thirty-eight   securities
transactions  in his  mother's  brokerage  accounts  involving  shares of Health
Images, Inc. stock. The SEC took the position that because Mr. Carl (1) provided
substantial  financial support to his mother, (2) commingled his mother's assets
with his own, (3) provided a  substantial  portion of the funds used to purchase
the shares in question,  and (4) received from his mother a substantial  portion
of the sales proceeds,  he,  therefore,  had a pecuniary  interest in, and was a
beneficial owner of, the shares in question.

                                      III-2

<PAGE>



                 In response to the SEC's action,  Mr. Carl  disgorged to Health
Images,  Inc.  approximately  $92,400 in short-swing profits from the trading in
his mother's account,  plus interest thereon of approximately  $52,600.  The SEC
further  requested the court to impose a $10,000 civil penalty  against Mr. Carl
pursuant to Section 21(d)(3) of the Exchange Act.  Without  admitting or denying
the  allegations  in the  complaint,  Mr. Carl consented to the entry of a final
judgement  imposing the $10,000  penalty.  On January 12, 1996, a federal  judge
entered the final judgement in this matter, and Mr. Carl has since filed amended
reports on Forms 4 and 5 reflecting these transactions in his mother's accounts.

                 In  relation  to  the  same  matter,  the  SEC  has  issued  an
administrative  Order  pursuant to Section 21C of the  Exchange  Act against Mr.
Carl,  finding  that he  violated  Section  16(a) and the rules  thereunder  and
requiring  him to cease and desist from  committing  or causing any violation or
future violation of those provisions.  Without admitting or denying  allegations
in the SEC's Order, Mr. Carl consented to the entry of the Order.

     Robert E. Densford.  Mr. Densford,  age 39, was appointed a Director of the
General  Partner  on  September  11,  1991.  He joined  the  General  Partner as
Controller  on May 1, 1985 and became Vice  President-  Finance,  Secretary  and
Treasurer  on March 1, 1989.  From  January  1983 to April  1985,  he was Senior
Accountant for Deloitte Haskins & Sells in Houston, Texas, auditing both closely
held and publicly owned oil and gas  companies.  From September 1981 to December
1982, he was a staff  accountant for Coopers & Lybrand in Houston.  Mr. Densford
is a C.P.A.  and holds a B.B.A.  degree in Accounting and an M.S.  degree in Oil
and Gas  Accounting  from Texas Tech  University and is a member of the American
Institute of Certified  Public  Accountants  and the Texas  Society of Certified
Public Accountants.

     James A. Klein. Mr. Klein, age 33, joined the General Partner as Controller
in February 1991. In June 1993, he was appointed President and Principal of Enex
Securities  Corporation.  From June 1988 to February  1991,  he was  employed by
Positron Corporation in Houston.  From July 1987 to May 1988, he was employed by
Transworld  Oil Company in Houston and from  September  1985 until July 1987, he
was an accountant with Deloitte Haskins & Sells in Houston,  Texas, auditing oil
and gas and oil service  companies.  Mr. Klein is a Certified Public  Accountant
and holds a B.A. in  Accounting  (1985)  from the  University  of Iowa.  He is a
member of the American  Institute of Certified  Public  Accountants and the Iowa
Society of Certified Public Accountants.

Item 10.         Executive Compensation

                 The Company has no Directors or executive officers.

                 The Company does not pay a  proportional  or fixed share of the
compensation paid to the officers of the General Partner.

                 The Company reimburses the General Partner for direct costs and
administrative  costs incurred on its behalf.  Administrative costs allocated to
the Company are computed on a cost basis in accordance  with  standard  industry
practices by allocating the time spent by the General Partner's  personnel among
all  projects  and by  allocating  rent and other  overhead  on the basis of the
relative direct time charges.  The Company  incurred $31,751 and $25,183 of such
administrative   costs  payable  to  the  General  Partner  in  1996  and  1995,
respectively.

                                      III-3

<PAGE>



Item 11.         Security Ownership of Certain Beneficial Owners and Management


                                                 $500 Limited
                               Name of           Partner Units     Percent
    Title of Class        Beneficial Owner      Owned Directly    of Class

    Limited Partner        Enex Resources             1,830       31.2049%



Item 12.       Certain Relationships and Related Transactions


               See  the  Statements  of  Operations  included  in the  Financial
Statements  in Item 7 of this  report for  information  concerning  general  and
administrative  costs incurred by Enex and allocated to the Company,  and Note 1
to  such  Financial  Statements  for  information  concerning  payments  to Enex
Securities  Corporation,  a  wholly  owned  subsidiary  of Enex  and to Enex for
certain offering and organization expenses incurred by the Company.


Item 13.       Exhibits and Reports on Form 8-K
                                                                      Sequential
                                                                        Page No.

                                                                ----------------


               (a)     Exhibits

                       (3)        Amended  Certificate  and Agreement of Limited
                                  Partnership.   Incorporated  by  reference  to
                                  Exhibit A to the  Prospectus of Enex Oil & Gas
                                  Income  Program  II dated May 1,  1985,  filed
                                  with the  Securities  and Exchange  Commission
                                  pursuant  to Rule  424(b)  on or about  May 8,
                                  1985, except that the last sentence of Section
                                  9.2 (m) thereof reads in full as follows:

                                  If the general  partner or an affiliate  other
                                  than an affiliate limited partnership acquires
                                  an interest in any such property  acquisition,
                                  such    appraisal   will   be   performed   by
                                  independent petroleum engineering  consultants
                                  and if the aggregate  revenue  interest of the
                                  general  partner  and  its  affiliates  in any
                                  affiliated  limited   partnership  in  such  a
                                  property  acquisition  is  greater  than their
                                  aggregate revenue interest in the Partnership,
                                  then with respect to the property interests so
                                  acquired   the   greater   aggregate   revenue
                                  interest  shall be reduced so as not to exceed
                                  the lesser revenue interest.

                       (4)         Not Applicable

                       (10)       Not Applicable

                       (11)       Not Applicable

                       (12)       Not Applicable

                       (13)       Not Applicable

                                      III-4

<PAGE>



                       (18)       Not Applicable

                       (19)       Not Applicable

                       (22)       Not Applicable

                       (23)       Not Applicable

                       (24)       Not Applicable

                       (25)       Not Applicable

                       (28)       Not Applicable

               (b)     Reports on Form 8-K

                       No reports on Form 8-K were filed during the last quarter
                       of the period covered by this report.


                                      III-5


<PAGE>


                                   SIGNATURES


                  In  accordance  with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                      ENEX OIL AND GAS INCOME
                                      PROGRAM II - 8, L.P.

                                      By:    ENEX RESOURCES CORPORATION
                                              the General Partner




March 18, 1997                        By:     /s/   G. B. Eckley
                                              -------------------
                                                    G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed  below on March 18,  1997,  by the  following  persons in the  capacities
indicated.


ENEX RESOURCES CORPORATION             General Partner


By:  /s/      G. B. Eckley

             ------------------------
              G. B. Eckley, President


     /s/      G. B. Eckley
                                        President, Chief Executive
              ------------------        Officer and Director

              G. B. Eckley


     /s/      R. E. Densford            Vice President, Secretary, Treasurer,
                                        Chief Financial Officer and Director
             -------------------

              R. E. Densford


     /s/      James A. Klein            Controller and Chief Accounting Officer

             -----------------

              James A. Klein



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                                   /s/ Robert D. Carl, III

                                   --------------------------

                                       Robert D. Carl, III       Director



                                   /s/ Martin J. Freedman

                                   --------------------------

                                       Martin J. Freedman        Director


                                   /s/ William C. Hooper, Jr.

                                   --------------------------

                                       William C. Hooper, Jr.    Director


                                   /s/ Tom Shorney

                                   --------------------------

                                       Tom Shorney               Director


                                   /s/ Stuart Strasner

                                   --------------------------

                                       Stuart Strasner           Director



                                       S-2
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