United States
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549


                                FORM 10-QSB


           [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

             For the quarterly period ended September 30, 1996

                                    OR

          [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934

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

                      Commission file number 0-18321

             ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.
     (Exact name of small business issuer as specified in its charter)

          New Jersey                                           76-0251422
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                             Identification No.)

                      Suite 200, Three Kingwood Place
                           Kingwood, Texas 77339
                 (Address of principal executive offices)

                        Issuer's telephone number:
                              (713) 358-8401


         Check whether the issuer (1) has 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

Transitional Small Business Disclosure Format (Check one):

                                   Yes        No x


<PAGE>


                              PART I. FINANCIAL INFORMATION

Item 1. Financial Statements
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.
BALANCE SHEET
----------------------------------------------------------------------------

                                                                September 30,
ASSETS                                                              1996
                                                                --------------
                                                                  (Unaudited)
CURRENT ASSETS:
<S>                                                            <C>         
  Cash                                                         $      5,913
  Accounts receivable - oil & gas sales                              12,904
  Other current assets                                                6,062
                                                               -------------

Total current assets                                                 24,879
                                                               -------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities           1,162,418
  Less  accumulated depreciation and depletion                    1,048,360
                                                               -------------

Property, net                                                       114,058
                                                               -------------

TOTAL                                                          $    138,937
                                                               =============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                            $        562
   Payable to general partner                                        23,743
                                                               -------------

Total current liabilities                                            24,305
                                                               -------------

NONCURRENT PAYABLE TO GENERAL PARTNER                                47,486
                                                               -------------

PARTNERS' CAPITAL:
   Limited partners                                                  58,279
   General partner                                                    8,867
                                                               -------------

Total partners' capital                                              67,146
                                                               -------------

TOTAL                                                          $    138,937
                                                               =============

Number of $500 Limited Partner units outstanding                      2,520
</TABLE>

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

                                       I-1

<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
------------------------------------------------------------------------


(UNAUDITED)                               QUARTER ENDED                          NINE MONTHS ENDED
                                 --------------------------------------    ----------------------------------------

                                   September 30,        September 30,        September 30,         September 30,
                                       1996                  1995                 1996                  1995
                                 -----------------    -----------------    -----------------    -------------------

REVENUES:
<S>                                <C>                 <C>                  <C>                  <C>               
  Oil and gas sales                $        33,240     $         24,645     $         86,919     $           73,824
                                 -----------------    -----------------    -----------------    -------------------

EXPENSES:
  Depreciation and depletion                7,121               12,522               19,362                 44,229
  Impairment of property                        -                    -              243,005                      -
  Lease operating expenses                  4,737                4,822               14,970                 17,866
  Production taxes                          1,887                1,299                4,837                  3,787
  General and administrative                3,775                4,622               14,434                 14,090
                                 -----------------    -----------------    -----------------    -------------------

Total expenses                             17,520               23,265              296,608                 79,972
                                 -----------------    -----------------    -----------------    -------------------

NET INCOME (LOSS)                  $       15,720     $          1,380     $       (209,689)    $           (6,148)
                                 =================    =================    =================    ===================

</TABLE>



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

                                       I-2
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL AND GAS INCOME PROGRAM IV - SERIES 4, L.P.
STATEMENTS OF CASH FLOWS
----------------------------------------------------------------------

(UNAUDITED)
                                                            NINE MONTHS ENDED
                                                       --------------------------------------------

                                                          September 30,            September 30,
                                                               1996                    1995
                                                       -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                    <C>                        <C>                 
Net (loss)                                             $         (209,689)        $         (6,148)   
                                                       -------------------      -------------------

Adjustments to reconcile net (loss) to net cash
   provided by operating activities:
  Depreciation and depletion                                       19,362                   44,229
  Impairment of property                                          243,005                        -
(Increase) decrease in:
  Accounts receivable - oil & gas sales                            (5,191)                   1,651
  Other current assets                                             (4,255)                     686
(Decrease) in:
   Accounts payable                                                (8,101)                  (5,228)
   Payable to general partner                                     (13,959)                 (18,235)
                                                       -------------------      -------------------

Total adjustments                                                 230,861                   23,103
                                                       -------------------      -------------------

Net cash provided by operating activities                          21,172                   16,955
                                                       -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                         (5,237)                  (4,554)
                                                       -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                            (13,260)                 (15,766)
                                                       -------------------      -------------------

NET INCREASE (DECREASE) IN CASH                                     2,675                   (3,365)

CASH AT BEGINNING OF YEAR                                           3,238                    4,633
                                                       -------------------      -------------------

CASH AT END OF PERIOD                                  $            5,913          $         1,268    
                                                       ===================      ===================

</TABLE>



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

                                       I-3

<PAGE>

ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

1.       The  interim  financial   information  included  herein  is  unaudited;
         however,  such information reflects all adjustments  (consisting solely
         of  normal  recurring   adjustments)  which  are,  in  the  opinion  of
         management,  necessary  for a fair  presentation  of  results  for  the
         interim periods.

2.       A cash  distribution was made to the limited partners of the Company in
         the amount of $2,871,  representing  net revenues  from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on July 31, 1996.

3.   On August 9, 1996,  the Company's  General  Partner  submitted  preliminary
     proxy  material to the  Securities  Exchange  Commission  with respect to a
     proposed  consolidation  of the  Company  with  33  other  managed  limited
     partnerships.   On  November  13,  1996,  the  Company   submitted  amended
     preliminary  proxy material to the SEC with respect to this  consolidation.
     The terms and  conditions  of the proposed  consolidation  are set forth in
     such preliminary proxy material.

4.   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.  In the first  quarter  of 1996,  the
     Company recognized a non-cash impairment  provision of $243,005 for certain
     oil and gas  properties due to market  conditions and reserve  revisions on
     the Lake Decade acquisition, which indicated that the carrying amounts were
     not fully recoverable.

                                       I-4

<PAGE>



Item 2.  Management's Discussion and Analysis or Plan of Operation.


Third Quarter 1995 Compared to Third Quarter 1996

Oil and gas  sales for the  third  quarter  increased  to  $33,240  in 1996 from
$24,645  in 1995.  This  represents  an  increase  of  $8,595  (34%).  Oil sales
increased  by $7,080 or 39%.  A 31%  increase  in the  average  oil sales  price
increased sales by $6,056. A 6% increase in oil production increased sales by an
additional  $1,024.  Gas sales increased by $1,515 or 24%. A 25% increase in the
average gas sales price increased sales by $1,553.  This was partially offset by
a 1%  decrease in gas  production.  The changes in the average oil and gas sales
prices  correspond  with  changes in the overall  market for the sale of oil and
gas. The increase in oil production was primarily due to higher  production from
the El Mac acquisition  which had an acidization  treatment in the third quarter
of 1996.  The slight  decrease in gas  production  was  primarily due to natural
production  declines  partially  offset  by  higher  production  from the El Mac
acquisition, as noted above.

Lease operating  expenses  decreased to $4,737 in the third quarter of 1996 from
$4,822 in the third  quarter of 1995.  The decrease of $85 (2%) is primarily due
to higher  operating  costs on the Concord  acquisition  in the third quarter of
1995.

Depreciation and depletion  expense  decreased to $7,121 in the third quarter of
1996 from $12,522 in the third  quarter of 1995.  This  represents a decrease of
$5,401 (43%).  A 45% decrease in the  depletion  rate reduced  depreciation  and
depletion  expense by $5,875.  This decrease was partially offset by the changes
in  production,  noted above.  The rate  decrease was primarily due to the lower
property  basis  resulting  from the  recognition  of a $243,005  impairment  of
property in the first quarter of 1996.

General and administrative  expenses decreased to $3,775 in the third quarter of
1996 from $4,622 in the third  quarter of 1995.  This  decrease of $847 (18%) is
primarily  due to less  staff  time  being  required  to  manage  the  Company's
operations.


First Nine Months in 1995 Compared to First Nine Months in 1996

Oil,  gas and gas plant sales for the first nine months  increased to $86,919 in
1996 from $73,824 in 1995.  This  represents an increase of $13,095  (18%).  Oil
sales increased by $10,660 or 20%. A 21% increase in the average oil sales price
increased sales by $11,305.  This increase was partially offset by a 1% decrease
in oil  production.  Gas sales  increased by $5,812 or 37%. A 3% increase in gas
production  increased  sales by $446.  A 34%  increase  in the average gas sales
price increased sales by an additional $5,366. Sales of plant products decreased
by $3,377.  An 84% decrease in the production of plant products reduced sales by
$4,070.  This  decrease was  partially  offset by an 88% increase in the average
plant product sales price.  The decrease in oil  production was primarily due to
natural production declines. The increase in gas production was

                                       I-5

<PAGE>



primarily  the  result  of  enhanced  production  improvements  on  the  Concord
acquisition,   partially  offset  by  natural  production  declines.  The  lower
production of plant  products was due to the  recognition  of back revenues from
the Kalkaska gas plant in the second  quarter of 1995.  The higher average plant
product sales price was primarily due to  recognition  of back revenues from the
Kalkaska gas plant in the second quarter of 1995,  which had a relatively  lower
sales price.  The changes in the average oil sales price correspond with changes
in the overall  market for the sale of oil.  The higher  average gas sales price
was  primarily  the result of  relatively  higher  production  from the  Concord
acquisition,  which has a relatively higher gas sales price, coupled with higher
prices in the overall market for the sale of gas.

Lease operating  expenses  decreased to $14,970 in the first nine months of 1996
from  $17,866 in the first nine months of 1995.  The decrease of $2,896 (16%) is
primarily due to the changes in production, noted above.

Depreciation and depletion expense decreased to $19,362 in the first nine months
of 1996  from  $44,229  in the first  nine  months of 1995.  This  represents  a
decrease  of $24,867  (56%).  The changes in  production,  noted  above,  caused
depreciation and depletion  expense to decrease by $5,330,  while a 50% decrease
in  the  depletion  rate  reduced  depreciation  and  depletion  expense  by  an
additional  $19,537.  The rate decrease was primarily due to the lower  property
basis resulting from the recognition of a $243,005 impairment of property in the
first quarter of 1996.

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.  In the first quarter of 1996,
the Company recognized a non-cash  impairment  provision of $243,005 for certain
oil and gas  properties due to market  conditions  and reserve  revisions on the
Lake Decade  acquisition,  which  indicated  that the carrying  amounts were not
fully recoverable.

General  and  administrative  expenses  increased  to  $14,434 in the first nine
months of 1996 from $14,090 in the first nine months of 1995.  This  increase of
$344 (2%) is  primarily  due to more  staff time  being  required  to manage the
Company's operations in 1996.

                                       I-6

<PAGE>




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 are  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  cash  flow  to the
Company's partners.  The Company's "available cash flow" is essentially equal to
the net amount of cash provided by operating activities.

The Company will continue to recover its reserves and  distribute to the limited
partners  the net  proceeds  realized  from the sale of oil and gas  production.
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.

On August 9, 1996, the Company's  General Partner  submitted  preliminary  proxy
material  to the  Securities  Exchange  Commission  with  respect  to a proposed
consolidation  of the Company with 33 other  managed  limited  partnerships.  On
November 13, 1996, the Company submitted  amended  preliminary proxy material to
the SEC with  respect to this  consolidation.  The terms and  conditions  of the
proposed consolidation are set forth in such preliminary proxy material.

As of September 30, 1996,  the Company had no material  commitments  for capital
expenditures.  The  Company  does  not  intend  to  engage  in  any  significant
developmental drilling activity.



                                       I-7

<PAGE>




                           PART II. OTHER INFORMATION

         Item 1.   Legal Proceedings.

                   None

         Item 2.   Changes in Securities.

                   None

         Item 3.   Defaults Upon Senior Securities.

                   Not Applicable

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

                   Not Applicable

         Item 5.   Other Information.

                   Not Applicable

         Item 6.   Exhibits and Reports on Form 8-K.

                   (a)  There are no exhibits to this report.

                   (b)   The  Company  filed no  reports  on Form 8-K during the
                         quarter ended September 30, 1996.


                                      II-1

<PAGE>



                                   SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned  thereunto duly
authorized.


                                               ENEX OIL & GAS INCOME
                                           PROGRAM IV - SERIES 4, L.P.
                                                   (Registrant)



                                           By:ENEX RESOURCES CORPORATION
                                                  General Partner



                                           By: /s/ R. E. Densford
                                                   R. E. Densford
                                             Vice President, Secretary
                                           Treasurer and Chief Financial
                                                      Officer





November 13, 1996                          By: /s/ James A. Klein
                                              -------------------
                                                    James A. Klein
                                                Controller and Chief
                                                 Accounting Officer


<PAGE>