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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 0-18854

                              ENEX OIL & GAS INCOME
                           PROGRAM V - Series 1, L.P.
                 (Name of small business issuer in its charter)

                New Jersey                             76-0303870
      (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. $ 403,034

         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 V - SERIES 1, 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-4

       8     Changes In and Disagreements With Accountants
             on Accounting and Financial Disclosure             II-14


                                  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 V - Series 1, L.P.  (the  "Company")
was formed under the New Jersey Uniform Limited  Partnership Act (1976) on April
10, 1990,  and  commenced  operations  on September  11,  1990,  with  aggregate
subscriptions  of $2,264,552,  $2,241,906 of which was received from 567 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 to 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  and  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  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  production  and  distribution  and  other  matters
affecting the availability of a ready market. All of these factors are extremely
volatile.

                                       I-1

<PAGE>



             Koch Oil  Company,  Amoco  Production  Corporation  and  Anson  Gas
Marketing accounted for 34%, 24%, and 18%,  respectively,  of the Company's 1996
sales. Koch Oil Company, Amoco Production Corporation, Phillips 66 and Anson Gas
Marketing  accounted for 24%, 21%, 18% and 16%,  respectively,  of the Company's
1995 sales. 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 for 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
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.




                                       I-2

<PAGE>



             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.

             NUNLEY RANCH A acquisition. Working interests in 3 wells located in
La Salle County, Texas, were purchased for $542,247 from Cashco Oil Co, et. al.,
effective November 1, 1990. Enex has assumed operations of the acquisition.  The
Company sold its interests in the Nunley Ranch A acquisition  effective  January
1, 1996.

             BINGER  acquisition.  Working  interests in 60  producing  wells in
Caddo County,  Oklahoma were  purchased for $225,179 from Oryx Energy  effective
October 1, 1990.  The Binger  acquisition  is  operated  by  Phillips  Petroleum
Corporation. The Company owns working interests ranging from 0.89% to 32.813% in
the wells in the Binger acquisition at December 31, 1996.

             FEC acquisition. Working interests in 68 producing wells in Kansas,
Wyoming and Oklahoma were purchased for $1,218,371  effective March 1, 1991. The
FEC  acquisition is operated by ten different oil and gas production  companies.
The Company  owns  working  interests  ranging  from 0.45% to 11.70% and royalty
override  interests  ranging  from  0.211%  to  0.227%  in the  wells in the FEC
acquisition.

             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.






                                       I-3

<PAGE>



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)......................... 10,735      11,222
Natural gas (Mcf)....................................... 61,785      81,273

            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.  The average  prices and production
cost per  equivalent  barrel are higher than average market prices and costs due
to the payment of net profit  royalties.  The payment of such  royalties  has no
impact on the Company's net revenues or cash flows.

                                                   1996              1995
                                                   ----              ----

Average sales price per barrel of oil....... $   22.77          $   20.61
Average sales price per Mcf of gas..........      2.57               1.83
Average production cost per equivalent
  barrel of production......................     11.21               8.66




                                       I-4

<PAGE>



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                421



Dividends

          The Company made cash distributions to partners of $12 and $3 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.  Based upon current projected cash flow from the
properties, it is anticipated that regular quarterly distributions will continue
thru 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  increased  to $403,034  in 1996 from  $379,825 in
1995.  This  represents  an  increase of $23,209 or 6%. Oil sales  increased  by
$13,190 or 6%. A 10% increase in the average oil sales price  increased sales by
$23,188.  This increase was partially offset by a 4% decrease in oil production.
Gas sales increased by $10,019 or 7%. A 40% increase the average gas sales price
increased sales by $45,721.  This increase was partially offset by a 24% decline
in gas  production.  The decline in oil  production was primarily due to natural
production  declines.  The decrease in gas  production  was primarily due to the
sale of the Nunley Ranch acquisition, effective January 1, 1996, and the shut-in
of  production  from the  Binger  acquisition  to  perform  a work over in 1996,
together with natural production declines.  The increases in average oil and gas
sales prices correspond with higher prices in the overall market for the sale of
oil and gas.

            Lease  operating  expenses  were  $206,260 in 1996 as compared  with
$187,940  in 1995.  The  increase  of  $18,320 or 10% was  primarily  due to the
conversion of a well in the Binger acquisition to a gas injection well.

            Depreciation  and depletion  expense was $58,073 in 1996 as compared
with  $161,160 in 1995.  This  represents  a decrease  of  $103,087 or 64%.  The
changes in production, noted above, caused depreciation and depletion expense to
decrease  by  $24,277,  while  a 58%  decrease  in the  depletion  rate  reduced
depreciation and depletion expense by an additional  $78,810.  The rate decrease
was primarily due to the lower property basis  resulting from the recognition of
a $84,631 impairment in the first quarter of 1996, coupled with upward revisions
of the oil and gas reserves during December 1996.

            Effective  January 1, 1996,  the  Company  sold its  interest in the
Nunley Ranch acquisition for $957. The Company  recognized a gain of $957 on the
sale. The impact of this sale on current and future net revenues is not expected
to be material, as such interests represented approximately 4% of historical and
future net revenues.

            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 $84,631 for certain
oil and gas  properties due to changes in the overall market for the sale of oil
and gas and  significant  decreases in the projected  production from certain of
the Company's oil and gas properties.

            General and administrative expenses were $39,986 in 1996 as compared
with $42,067 in 1995.  This  decrease of $2,081 or 5% was  primarily due to less
staff time being required to manage the Company's operations.

                                      II-2

<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 all of the Company's available net cash flow provided by
operating, financing and investing activities to the Company's partners.

            Distributions  increased in 1996 from 1995 due to higher revenues in
1996,  as noted above.  Future  distributions  are dependent  upon,  among other
things,  the sales price  received for oil and gas. 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  payment  of  debt.  Based  upon
current  projected cash flow from the  properties,  it is  anticipated  that the
Company will make periodic distributions as cash becomes available.

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

                                      II-3

<PAGE>




Item 7.      Financial Statements and Supplementary Data



INDEPENDENT AUDITORS' REPORT


The Partners
Enex Oil & Gas Income
  Program V - Series 1, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
V - Series 1, L.P. (a New Jersey  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 V Series 1, 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 V - Series 1,
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-4

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 1, L.P.

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

ASSETS
                                                                  1996
                                                         ---------------------
CURRENT ASSETS:
<S>                                                      <C>
  Cash                                                   $             24,647
  Accounts receivable - oil & gas sales                                72,772
  Other current assets                                                  4,186
                                                         ---------------------

Total current assets                                                  101,605
                                                         ---------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests                                                1,607,043
  Less  accumulated depletion                                       1,237,577
                                                         ---------------------

Property, net                                                         369,466
                                                         ---------------------

TOTAL                                                    $            471,071
                                                         =====================

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                      $             58,240
   Payable to general partner                                           4,798
                                                         ---------------------

Total current liabilities                                              63,038
                                                         ---------------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   383,931
   General partner                                                     24,102
                                                         ---------------------

Total partners' capital                                               408,033
                                                         ---------------------

TOTAL                                                    $            471,071
                                                         =====================
</TABLE>

Number of $500 Limited Partner units outstanding                        4,529



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

                                      II-5
<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 1, 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                       $          403,034        $       379,825
                                          -------------------    -------------------

EXPENSES:
  Depletion                                           58,073                173,238
  Impairment of property                              84,631                      -
  Lease operating expenses                           202,260                187,940
  Production taxes                                    29,445                 26,495
  General and administrative:
    Allocated from general partner                    35,824                 37,479
    Direct expense                                     4,162                  4,588
                                          -------------------    -------------------

Total expenses                                       418,395                429,740
                                          -------------------    -------------------

LOSS FROM OPERATION                       $          (15,361)               (49,915)
                                          -------------------    -------------------

OTHER INCOME:
  Gain from sale of property                            957                       -
                                          -------------------    -------------------

NET LOSS                                  $          (14,404)     $         (49,915)
                                          ===================    ===================
</TABLE>




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

                                      II-6

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 1, 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        $         554,038    $          10,407        $       543,631    $             120

CASH DISTRIBUTIONS                        (18,567)              (1,857)               (16,710)                  (3)

NET INCOME (LOSS)                         (49,915)              12,331                (62,246)                 (14)
                                ------------------   ------------------    -------------------   ------------------

BALANCE, DECEMBER 31, 1995                485,556               20,881                464,675                  103

CASH DISTRIBUTIONS                        (63,119)              (9,609)               (53,510)                 (12)

NET INCOME (LOSS)                         (14,404)              12,830                (27,234)                  (6)
                                ------------------   ------------------    -------------------   ------------------

BALANCE, DECEMBER 31, 1996      $         408,033    $          24,102        $       383,931 (1)$              85
                                ==================   ==================    ===================   ==================
</TABLE>



(1)  Includes 545 units purchased by the general partner as a limited partner.



See accompanying notes to financial statements.
-------------------------------------------------------------------------
                                      II-7


<PAGE>
ENEX OIL AND GAS INCOME PROGRAM V - SERIES 1, 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 loss                                              $          (14,404)          $      (49,915)
                                                      -------------------      -------------------

Adjustments to reconcile net loss to net cash
   provided by operating activities:
  Depreciation, depletion and amortization                        58,073                  173,238
  Impairment of property                                          84,631                        -
  Gain from sale of property                                        (957)                       -
(Increase) decrease in:
  Accounts receivable - oil & gas sales                          (20,690)                  (4,721)
  Other current assets                                                38                      263
Increase (decrease) in:
   Accounts payable                                                9,187                   (1,847)
   Payable to general partner                                      4,798                  (68,520)
                                                      -------------------      -------------------

Total adjustments                                                135,080                   98,413
                                                      -------------------      -------------------

Net cash provided by operating activities                        120,676                   48,498
                                                      -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from the sale of property                               957                        -
    Property additions - development costs                       (60,136)                 (33,238)
                                                      -------------------      -------------------

Net cash used by investing activities                            (59,179)                 (33,238)
                                                      -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                            (63,119)                 (18,567)
                                                      -------------------      -------------------

NET DECREASE IN CASH                                              (1,622)                  (3,307)

CASH AT BEGINNING OF YEAR                                         26,269                   29,576
                                                      -------------------      -------------------

CASH AT END OF YEAR                                   $           24,647           $       26,269
                                                      ===================      ===================
</TABLE>


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

                                      II-8




<PAGE>

ENEX OIL & GAS INCOME PROGRAM V - SERIES 1, L.P.

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


1.           PARTNERSHIP ORGANIZATION

             Enex Oil & Gas Income Program V-Series 1, L.P. (the  "Company"),  a
             New Jersey limited  partnership,  commenced operations on September
             11,  1990,  for  the  purpose  of  acquiring  proved  oil  and  gas
             properties. Total limited partner contributions were $2,264,552, of
             which  $22,646  was  contributed  by  Enex  Resources   Corporation
             ("Enex"), the general partner.

             In  accordance  with the  partnership  agreement,  the Company paid
             commissions  of  $218,173  for  solicited   subscriptions  to  Enex
             Securities  Corporation,  a subsidiary of Enex, and reimbursed Enex
             for organization expenses of approximately $91,000.

             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.

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.

                                      II-9

<PAGE>



             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 $84,631 for certain oil and gas
             properties due to changes in the overall market for the sale of oil
             and gas and significant  decreases in the projected production from
             certain of the Company's oil and gas properties.

             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.

             Organization  Costs - Organization  costs are being  amortized on a
             straight-line basis over a five-year period.

             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-10

<PAGE>
Set forth below is a  reconciliation  of net income  (loss) as  reflected in the
accompanying  financial  statements and net income (loss) 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 (loss) as reflected in the
<S>                                            <C>                  <C>                     <C>                  <C>
     accompanying financial statements         $         (14,404)   $          12,830       $    (27,234)        $    (6)
Reconciling items:
  Intangible drilling costs capitalized
     for financial reporting purposes
     which were charged-off for
     federal income tax purposes                         (30,360)              (3,036)           (27,324)             (6)
Difference in gain on property sales
     for federal income tax purposes and
     the amount computed for financial
     reporting purposes                                  (73,544)                 (94)           (73,450)            (16)
  Difference in depreciation,
     depletion and amortization
     computed for federal income
     purposes and the amount computed
     for financial reporting purposes                     11,813                    -             11,813               2
                                               ------------------   ------------------  -----------------    ------------

Net income (loss) for federal
   income tax purposes                         $        (106,495)   $           9,700       $   (116,195)        $   (26)
                                               ==================   ==================  =================    ============
</TABLE>


Net income  (loss) 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  (deficit)  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         $         408,033    $          24,102       $    383,931                   $    85
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                                (130,450)             (13,045)          (117,405)                      (26)
  Difference in accumulated
     depreciation, depletion and
     amortization for financial reporting
     and federal income tax purposes                     163,894                    -            163,894                        36
  Commissions and syndication
     fees capitalized for federal
     income tax purposes                                 218,173                    -            218,173                        48
                                               ------------------   ------------------  -----------------    ----------------------

Partners' capital for federal
     income tax purposes                       $         659,650    $          11,057       $    648,593                  $    143
                                               ==================   ==================  =================    ======================
</TABLE>
                                      II-11

<PAGE>


4.           PAYABLE TO GENERAL PARTNER

             The payable to general  partner  primarily  consists of general and
             administrative expenses allocated to the Company by Enex during the
             Company's  start-up  phase  and for  its  ongoing  operations.  The
             Company  plans to repay the amounts owed to the general  partner in
             1997.

5.           SIGNIFICANT PURCHASERS

             Koch Oil  Company,  Amoco  Production  Corporation  and  Anson  Gas
             Marketing  accounted  for 34%, 24%, and 18%,  respectively,  of the
             Company's   1996  sales.   Koch  Oil  Company,   Amoco   Production
             Corporation, Phillips 66 and Anson Gas Marketing accounted for 24%,
             21%, 18% and 16%,  respectively,  of the Company's  1995 sales.  No
             other  purchaser  individually  accounted for more than 10% of such
             sales.

6.           SALE OF PROPERTY

             Effective  January 1, 1996,  the Company  sold its  interest in the
             Nunley Ranch acquisition for $957. The Company recognized a gain of
             $957 on the sale.


                                      II-12
<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 1, 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                                 36,215                 7          448,597                   89

    Revisions of previous estimates              9,414                 2           95,090                   19
    Production                                 (11,222)               (2)         (81,273)                 (16)
                                         --------------   ---------------   --------------    -----------------

December 31, 1995                               34,407                 7          462,414                   92

    Revisions of previous estimates             16,163                 3          101,028                   20
    Production                                 (10,735)               (2)         (61,785)                 (12)
                                         --------------   ---------------   --------------    -----------------

December 31, 1996                               39,835                 8          501,657                  100
                                         ==============   ===============   ==============    =================


PROVED DEVELOPED RESERVES:

  January 1, 1995                               36,215                 7          448,597                   89
                                         ==============   ===============   ==============    =================

  December 31, 1995                             34,407                 7          462,414                   92
                                         ==============   ===============   ==============    =================

  December 31, 1996                             39,835                 8          501,657                  100
                                         ==============   ===============   ==============    =================
</TABLE>


                                      II-13




<PAGE>

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


             Not Applicable


                                      II-14

<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.


                                      III-1

<PAGE>



     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 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

                                      III-2

<PAGE>



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.

              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

                                      III-3

<PAGE>



incurred $35,824 and $37,479 of such administrative costs payable to the General
Partner in 1996 and 1995, respectively.

  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               545              12.0439%



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.

             See Item Number 2 - "Description  of Property" in this report for a
description of the properties  operated by Enex.  Enex operates such  properties
under the terms of a Joint Operating Agreement ("JOA"). Overhead charges allowed
to third  parties  under the JOA in  accordance  with the  Council of  Petroleum
Accountants  Societies are not charged to the Company. Such costs are considered
to be within the general and  administrative  overhead charges  allocated to the
Company.

Item 13.     Exhibits and Reports on Form 8-K

                                                                      Sequential
                                                                        Page No.

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


             (a)    Exhibits

                    (3)      a.   Certificate of Limited Partnership, as
                                  amended. Incorporated by reference
                                  to Exhibit 3(a) to the Company's Annual
                                  Report on Form 10-K for the year
                                  ended December 31, 1990.

                             b.   Amended Agreement of Limited Partnership.
                                  Incorporated by reference to
                                  Exhibit 3(a) to the Registration Statement on
                                  Form S-1 (No. 33-34348) of
                                  Enex Oil and Gas Income Program V filed with
                                  the Securities and Exchange Commission on
                                  May 23, 1990.

                    (4)      Not Applicable

                    (10)     Not Applicable

                    (11)     Not Applicable


                                      III-4

<PAGE>



                    (12)     Not Applicable

                    (13)     Not Applicable

                    (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 V -
                                             SERIES 1, 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



                                       S-1

                                   /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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