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 33-34348-02

                ENEX OIL & GAS INCOME PROGRAM V - SERIES 3, L.P.
        (Exact name of small business issuer as specified in its charter)

             New Jersey                               76-0303876
   (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 V - SERIES 3, L.P.
BALANCE SHEET
-----------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                MARCH 31,
ASSETS                                                            1997
                                                           ------------------
                                                               (Unaudited)
CURRENT ASSETS:
<S>                                                        <C>              
  Cash                                                     $          14,319
  Accounts receivable - oil & gas sales                               12,991
  Other current assets                                                 1,679
                                                           ------------------

Total current assets                                                  28,989
                                                           ------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities              956,799
  Less  accumulated depreciation and depletion                       717,528
                                                           ------------------

Property, net                                                        239,271
                                                           ------------------

TOTAL                                                      $         268,260
                                                           ==================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                        $          11,394
   Payable to general partner                                         24,895
                                                           ------------------

Total current liabilities                                             36,289
                                                           ------------------

PARTNERS' CAPITAL:
   Limited partners                                                  224,246
   General partner                                                     7,725
                                                           ------------------

Total partners' capital                                              231,971
                                                           ------------------

TOTAL                                                      $         268,260
                                                           ==================

Number of $500 Limited Partner units outstanding                       2,020
</TABLE>


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

                                       I-1
<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 3, 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                         $  32,714       $ 40,212   
                                           -----------    -----------

EXPENSES:
  Depreciation, depletion and amortization      6,337         15,084
  Impairment of property                            -         64,028
  Lease operating expenses                     17,968         16,250
  Production taxes                              1,879          2,210
  General and administrative                    6,315          7,651
                                           -----------    -----------

Total expenses                                 32,499        105,223
                                           -----------    -----------


NET INCOME (LOSS)                           $     215       $(65,011)  
                                           ===========    ===========
</TABLE>

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

                                       I-2

<PAGE>
ENEX OIL & GAS INCOME PROGRAM  V - SERIES 3, 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      $ 294,073      $ 3,639     $  290,434     $      143     

CASH DISTRIBUTIONS              (25,625)      (3,331)       (22,294)           (11)

NET INCOME (LOSS)               (31,613)       7,272        (38,885)           (19)
                              ----------    ---------    -----------    -----------

BALANCE, DECEMBER 31, 1996      236,835        7,580        229,255            113

CASH DISTRIBUTIONS               (5,079)        (509)        (4,570)            (2)

NET INCOME (LOSS)                   215          654           (439)             -
                              ----------    ---------    -----------    -----------

BALANCE, MARCH 31, 1997       $ 231,971      $ 7,725     $  224,246 (1) $      111     
                              ==========    =========    ===========    ===========
</TABLE>


(1)  Includes 418  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 V - SERIES 3, 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)                                             $      215        $  (65,011)
                                                              -----------      ------------

Adjustments to reconcile net income (loss) to net cash
   provided by operating activities
  Depreciation, depletion and amortization                         6,337            15,084
  Impairment of property                                               -            64,028
(Increase) decrease in:
  Accounts receivable - oil & gas sales                           12,582            (1,257)
Increase (decrease) in:
   Accounts payable                                                2,804             4,864
   Payable to general partner                                     (7,153)           (6,174)
                                                              -----------      ------------

Total adjustments                                                 14,570            76,545
                                                              -----------      ------------

Net cash provided by operating activities                         14,785            11,534
                                                              -----------      ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                          (185)           (8,391)
                                                              -----------      ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                             (5,079)           (4,632)
                                                              -----------      ------------

NET INCREASE (DECREASE) IN CASH                                    9,521            (1,489)

CASH AT BEGINNING OF YEAR                                          4,798             2,968
                                                              -----------      ------------

CASH AT END OF PERIOD                                         $   14,319         $   1,479 
                                                              ===========      ============
</TABLE>




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

                                       I-4

<PAGE>


ENEX OIL & GAS INCOME PROGRAM V - SERIES 3, 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 $4,570,  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  of  $64,028  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.


                                       I-5

<PAGE>



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

First Quarter 1997 Compared to the First Quarter 1996

Oil and gas  sales for the  first  quarter  decreased  from  $40,212  in 1996 to
$32,714 in 1997. This represents a decrease of $7,498 (19%). Oil sales decreased
by $5,791 or 21%. A 33% decrease in oil production reduced sales by $8,766. This
decrease was partially offset by a 16% increase in average oil sales prices. Gas
sales decreased by $1,707 or 13%. A 35% decrease in gas production reduced sales
by $4,629.  This decrease was partially  offset by a 34% increase in average gas
sales prices. The decreases in oil and gas production were primarily a result of
the shut in of production  from the FEC acquisition to perform a workover in the
first quarter of 1997, coupled with natural production  declines.  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 $16,250 in the first quarter of 1996 to
$17,968 in the first quarter of 1997. The increase of $1,718 (11%) was primarily
due to workover  charges incurred on the FEC acquisition in the first quarter of
1997.

Depreciation and depletion  expense  decreased from $15,084 in the first quarter
of 1996 to $6,337 in the first  quarter of 1997.  This  represents a decrease of
$8,747 or 58%. The changes in production,  noted above,  caused depreciation and
depletion  expense to decrease by $4,381,  while a 27% decrease in the depletion
rate reduced  depreciation and depletion  expense by an additional  $2,345.  The
rate decrease was primarily due to upward  revisions 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 of $64,028 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 decreased from $7,651 in the first quarter
of 1996 to $6,315 in the first quarter of 1997. This decrease of $1,336 (17%) is
primarily  due to less  staff  time  being  required  to  manage  the  Company's
operations in 1997.




                                       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 V - SERIES 3, 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