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 March 31, 1997

                                       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

<PAGE>
                              PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

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

                                                                 MARCH 31,
ASSETS                                                              1997
                                                           ---------------------
                                                                (Unaudited)
CURRENT ASSETS:
<S>                                                        <C>                 
  Cash                                                     $             11,745
  Accounts receivable - oil & gas sales                                  11,852
  Other current assets                                                      814
                                                           ---------------------

Total current assets                                                     24,411
                                                           ---------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities               1,165,475
  Less  accumulated depreciation and depletion                        1,055,420
                                                           ---------------------

Property, net                                                           110,055
                                                           ---------------------

TOTAL                                                      $            134,466
                                                           =====================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                        $              3,993
   Payable to general partner                                            55,476
                                                           ---------------------

Total current liabilities                                                59,469
                                                           ---------------------

PARTNERS' CAPITAL:
   Limited partners                                                      64,636
   General partner                                                       10,361
                                                           ---------------------

Total partners' capital                                                  74,997
                                                           ---------------------

TOTAL                                                      $            134,466
                                                           =====================


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





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

                                       I-1

<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
 
(UNAUDITED)                                THREE MONTHS ENDED
                                    ----------------------------------------

                                       MARCH 31,              MARCH 31,
                                          1997                  1996
                                  -------------------    -------------------

REVENUES:
<S>                               <C>                       <C>               
  Oil and gas sales               $           32,170        $        28,405   
                                  -------------------    -------------------

EXPENSES:
  Depreciation and depletion                   5,432                  7,428
  Impairment of property                           -                243,005
  Lease operating expenses                     6,851                  5,293
  Production taxes                             1,766                  1,488
  General and administrative                   3,939                  5,980
                                  -------------------    -------------------

Total expenses                                17,988                263,194
                                  -------------------    -------------------

NET INCOME (LOSS)                 $           14,182        $      (234,789)  
                                  ===================    ===================
</TABLE>



See accompanying notes to financial statements.
-----------------------------------------------------------------------------
                                       I-2

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

STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996 AND
FOR THE THREE MONTHS ENDED MARCH 31, 1997
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                                PER $500
                                                                                                 LIMITED
                                                                                                 PARTNER
                                                       GENERAL              LIMITED             UNIT OUT-
                                   TOTAL               PARTNER             PARTNERS             STANDING
                            ------------------   ------------------    -----------------    -----------------

<S>              <C>        <C>                  <C>                      <C>                   <C>             
BALANCE, JANUARY 1, 1996    $         290,095    $           5,716        $     284,379         $        113    

CASH DISTRIBUTIONS                    (20,303)              (2,821)             (17,482)                  (7)

NET INCOME (LOSS)                    (198,398)               6,561             (204,959)                 (81)
                            ------------------   ------------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1996             71,394                9,456               61,938                   25

CASH DISTRIBUTIONS                    (10,579)              (1,058)              (9,521)                  (4)

NET INCOME                             14,182                1,963               12,219                    5
                            ------------------   ------------------    -----------------    -----------------

BALANCE, MARCH 31, 1997     $          74,997    $          10,361         $     64,636 (1)      $        26    
                            ==================   ==================    =================    =================
</TABLE>


(1)  Includes 294 units purchased by the general partner as a limited partner.





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

                                       I-3

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

(UNAUDITED)
                                                                THREE MONTHS ENDED
                                                          ------------------------------------------

                                                             MARCH 31,                MARCH 31,
                                                                1997                    1996
                                                        -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                     <C>                          <C>              
Net income (loss)                                       $           14,182           $     (234,789)  
                                                        -------------------      -------------------

Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
  Depreciation and depletion                                         5,432                    7,428
  Impairment of property                                                 -                  243,005
(Increase) decrease in:
  Accounts receivable - oil & gas sales                              2,402                   (3,820)
  Other current assets                                                  (8)                     759
(Decrease) in:
   Accounts payable                                                   (566)                  (5,712)
   Payable to general partner                                       (5,105)                    (462)
                                                        -------------------      -------------------

Total adjustments                                                    2,155                  241,198
                                                        -------------------      -------------------

Net cash provided by operating activities                           16,337                    6,409
                                                        -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                            (620)                  (1,655)
                                                        -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                             (10,579)                       -
                                                        -------------------      -------------------

NET INCREASE IN CASH                                                 5,138                    4,754

CASH AT BEGINNING OF YEAR                                            6,607                    3,238
                                                        -------------------      -------------------

CASH AT END OF PERIOD                                   $           11,745             $      7,992   
                                                        ===================      ===================
</TABLE>



See accompanying notes to financial statements.
------------------------------------------------------------------------------
                                       I-4

<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 $9,521,  representing  net revenues  from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on January 31, 1997.

3.       On April 7, 1997, the Company's  General  Partner mailed proxy material
         to the limited partners with respect to a proposed consolidation of the
         Company  with 33 other  managed  limited  partnerships.  The  terms and
         conditions  of the proposed  consolidation  are set forth in such 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 changes in the overall market for the
     sale of oil and gas and significant  decreases in the projected  production
     from the Lake Decade acquisition, which indicated that the carrying amounts
     were not fully recoverable.

                                       I-5

<PAGE>



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

First Quarter 1997 Compared to First Quarter 1996

Oil and gas  sales for the  first  quarter  increased  from  $28,405  in 1996 to
$32,170  in 1997.  This  represents  an  increase  of  $3,765  (13%).  Oil sales
increased by $2,373 or 11%. A 14% increase in average oil sales prices increased
sales by $2,990.  This  increase  was  partially  offset by a 3% decrease in oil
production.  Gas  sales  increased  by  $1,392  or 19%.  A 10%  increase  in gas
production  increased  sales by $750. An 8% increase in average gas sales prices
increased sales by an additional $642. The lower oil production is a primarily a
result of natural  production  declines.  The  increase  in gas  production  was
primarily  due to higher  production  from the El Mac  acquisition  which had an
acidization  treatment in the third  quarter of 1996.  The  increases in average
prices  correspond  with higher prices in the overall market for the sale of oil
and gas.

Lease operating  expenses  increased from $5,293 in the first quarter of 1996 to
$6,851 in the first  quarter of 1997.  The increase of $1,558 (29%) is primarily
due to the changes in production, noted above.

Depreciation and depletion expense decreased from $7,428 in the first quarter of
1996 to $5,432 in the first  quarter of 1997.  This  represents  a  decrease  of
$1,996 (27%).  A 28% decrease in the  depletion  rate reduced  depreciation  and
depletion  expense by $2,074.  This decrease was partially offset by the changes
in  production,  noted above.  The rate  decrease was primarily due to an upward
revision of the oil and gas reserves during December 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 changes in the overall market for the sale
of oil and gas and  significant  decreases in the projected  production from the
Lake Decade  acquisition,  which  indicated  that the carrying  amounts were not
fully recoverable.

General and  administrative  expenses decreased from $5,980 in the first quarter
of 1996 to $3,939 in the first quarter of 1997. This decrease of $2,041 (34%) is
primarily  due to less  staff  time  being  required  to  manage  the  Company's
operations.

                                       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 1996 to 1997 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,   financing  and  investing
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 April 7, 1997,  the Company's  General  Partner  mailed proxy material to the
limited partners with respect to a proposed consolidation of the Company with 33
other managed  limited  partnerships.  The terms and  conditions of the proposed
consolidation are set forth in such proxy material.

As of March 31,  1997,  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 March 31, 1997.


                                      II-1

<PAGE>

                                  SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                     ENEX OIL & GAS INCOME
                                                     PROGRAM IV - 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




May 11, 1997                                      By: /s/ James A. Klein
                                                     -------------------
                                                          James A. Klein
                                                       Controller and Chief
                                                        Accounting Officer