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


   
                                   FORM 10-QSB/A
    


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

                  For the quarterly period ended June 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
------------------------------------------------------------------------------

                                                                JUNE 30,
ASSETS                                                            1996
                                                         ---------------------
                                                              (Unaudited)
CURRENT ASSETS:
<S>                                                      <C>
  Cash                                                   $              7,951
  Accounts receivable - oil & gas sales                                10,180
  Other current assets                                                  1,040
                                                         ---------------------

Total current assets                                                   19,171
                                                         ---------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             1,159,479
  Less  accumulated depreciation and depletion                      1,041,239
                                                         ---------------------

Property, net                                                         118,240
                                                         ---------------------

TOTAL                                                    $            137,411
                                                         =====================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                      $              1,732
   Payable to general partner                                          26,881
                                                         ---------------------

Total current liabilities                                              28,613
                                                         ---------------------

NONCURRENT PAYABLE TO GENERAL PARTNER                                  53,764
                                                         ---------------------

PARTNERS' CAPITAL:
   Limited partners                                                    48,090
   General partner                                                      6,944
                                                         ---------------------

Total partners' capital                                                55,034
                                                         ---------------------

TOTAL                                                    $            137,411
                                                         =====================

   
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.

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 $7,069,  representing  net revenues  from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on April 30, 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.  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>

16%  increase in the average oil sales  price  increased  sales by $5,423.  This
increase  was  partially  offset by a 5% decrease in oil  production.  Gas sales
increased by $4,297 or 47%. A 5% increase in gas production  increased  sales by
$422.  A 41%  increase  in the average  gas sales  price  increased  sales by an
additional $3,875.  Sales of plant products decreased by $3,423. An 88% decrease
in the production of plant products  reduced sales by $3,886.  This decrease was
partially offset by a 91% 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  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 $10,233 in the first six months of 1996
from  $13,044 in the first six months of 1995.  The  decrease of $2,811 (22%) is
primarily due to the changes in production, noted above.

Depreciation and depletion  expense decreased to $12,241 in the first six months
of 1996 from $31,707 in the first six months of 1995. This represents a decrease
of $19,466 (61%). The changes in production,  noted above,  caused  depreciation
and  depletion  expense to  decrease  by  $5,951,  while a 52%  decrease  in the
depletion  rate reduced  depreciation  and  depletion  expense by an  additional
$13,515.  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.
    

                                       I-6
<PAGE>


General and administrative expenses increased to $10,659 in the first six months
of 1996 from  $9,468 in the first six months of 1995.  This  increase  of $1,191
(13%) is primarily due to 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 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.  The
terms  and  conditions  of the  proposed  consolidation  are set  forth  in such
preliminary proxy material.

As of June 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>

                                   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 7, 1996                            By: /s/ James A. Klein
                                               -------------------
                                                     James A. Klein
                                                 Controller and Chief
                                                  Accounting Officer