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


   
                                   FORM 10-QSB/A
    


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

                  For the quarterly period ended June 30, 1996

                                       OR

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

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

                       Commission file number 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)

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


         Check whether the issuer (1) has filed all reports required to be filed
by  Section  13 or 15(d) of the  Exchange  Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing requirements for the past 90 days.
                                Yes x      No

Transitional Small Business Disclosure Format (Check one):

                                Yes        No x


<PAGE>


                                PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 3, L.P.
BALANCE SHEET
-------------------------------------------------------------------------------

                                                                  JUNE 30,
ASSETS                                                              1996
                                                             ------------------
                                                                 (Unaudited)
CURRENT ASSETS:
<S>                                                          <C>
  Cash                                                       $           7,446
  Accounts receivable - oil & gas sales                                 19,683
  Other current assets                                                   1,679
                                                             ------------------

Total current assets                                                    28,808
                                                             ------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities                951,400
  Less  accumulated depreciation and depletion                         700,024
                                                             ------------------

Property, net                                                          251,376
                                                             ------------------


TOTAL                                                        $         280,184
                                                             ==================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                          $          10,392
   Payable to general partner                                           26,254
                                                             ------------------

Total current liabilities                                               36,646
                                                             ------------------

NONCURRENT PAYABLE TO GENERAL PARTNER                                   26,255
                                                             ------------------

PARTNERS' CAPITAL:
   Limited partners                                                    212,774
   General partner                                                       4,509
                                                             ------------------

Total partners' capital                                                217,283
                                                             ------------------

TOTAL                                                        $         280,184
                                                             ==================

   
Number of $500 Limited Partner units outstanding                         2,020
    

</TABLE>


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 $6,160,  representing  net revenues  from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on April 30, 1996.

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

   
4.        The Financial  Accounting Standards Board has issued Statement
          of Financial Accounting Standard ("SFAS") No. 121, "Accounting for the
          Impairment  of  Long-Lived  Assets  and for  Long-Lived  Assets  to be
          Disposed  Of,"  which  requires  certain  assets  to be  reviewed  for
          impairment  whenever  events or  circumstances  indicate  the carrying
          amount  may  not be  recoverable.  Prior  to this  pronouncement,  the
          Company assessed  properties on an aggregate  basis.  Upon adoption of
          SFAS 121, the Company  began  assessing  properties  on an  individual
          basis,  wherein total  capitalized costs may not exceed the property's
          fair  market  value.  The  fair  market  value  of each  property  was
          determined by H. J. Gruy and  Associates,  ("Gruy").  To determine the
          fair  market  value,  Gruy  estimated  each  property's  oil  and  gas
          reserves,   applied  certain  assumptions  regarding  price  and  cost
          escalations,  applied  a 10%  discount  factor  for time  and  certain
          discount  factors  for risk,  location,  type of  ownership  interest,
          category of reserves, operational characteristics,  and other factors.
          In the first  quarter  of 1996,  the  Company  recognized  a  non-cash
          impairment of $64,028 for certain oil and gas properties due to market
          indications that the carrying amounts were not fully recoverable.
    

                                       I-4

<PAGE>


Lease  operating  expenses  increased  to $33,997 in the first six month of 1996
from  $26,669  in the  first  six  months  of 1995.  The  increase  of $7,328 is
primarily due to ad valorem taxes paid by the operator of the FEC acquisition in
the second quarter of 1996 for the 1995 and 1996 tax years.

Depreciation and depletion  expense decreased to $29,143 in the first six months
of 1994 to $35,373 in the first six months of 1995.  This  represents a decrease
of $6,230 (18%). The changes in production, noted above, caused depreciation and
depletion  expense to decrease by $1,364,  while a 14% decrease in the depletion
rate reduced  depreciation and depletion  expense by an additional  $4,866.  The
rate decrease was primarily due to the lower property  basis  resulting from the
recognition  of an  impairment  of property  of $64,028 in the first  quarter of
1996.

   
The  Financial  Accounting  Standards  Board has issued  Statement  of Financial
Accounting  Standard  ("SFAS")  No.  121,  "Accounting  for  the  Impairment  of
Long-Lived  Assets and for Long- Lived Assets to be Disposed Of," which requires
certain assets to be reviewed for impairment  whenever  events or  circumstances
indicate  the   carrying   amount  may  not  be   recoverable.   Prior  to  this
pronouncement,  the Company  assessed  properties  on an aggregate  basis.  Upon
adoption of SFAS 121, the Company  began  assessing  properties on an individual
basis, wherein total capitalized costs may not exceed the property's fair market
value.  The fair market value of each property was  determined by H. J. Gruy and
Associates,  ("Gruy").  To determine the fair market value,  Gruy estimated each
property's oil and gas reserves, applied certain assumptions regarding price and
cost  escalations,  applied a 10% discount factor for time and certain  discount
factors for risk,  location,  type of ownership interest,  category of reserves,
operational  characteristics,  and other factors.  In the first quarter of 1996,
the Company recognized a non-cash  impairment of $64,028 for certain oil and gas
properties due to market  indications  that the carrying  amounts were not fully
recoverable.
    

General and administrative expenses decreased to $14,223 in the first six months
of 1996 from  $15,556 in the first six months of 1995.  This  decrease of $1,333
(9%) is primarily due to less staff time being  required to manage the Company's
operations.


CAPITAL RESOURCES AND LIQUIDITY

   
The Company's cash flow from  operations is a direct result of the amount of net
proceeds  realized  from the sale of oil and gas  production.  Accordingly,  the
changes in cash flow from 1995 to 1996 are  primarily  due to the changes in oil
and  gas  sales  described  above.  It is the  general  partner's  intention  to
distribute  substantially  all of  the  Company's  available  cash  flow  to the
Company's partners.  The Company's "available cash flow" is essentially equal to
the net amount of cash provided by operating activities.
    

The Company will continue to recover its reserves and  distribute to the limited
partners  the net  proceeds  realized  from the sale of oil and gas  production.
Distribution  amounts are subject to change if net  revenues are greater or less
than  expected.  Nonetheless,  the general  partner  believes  the Company  will
continue  to have  sufficient  cash flow to fund  operations  and to  maintain a
regular pattern of distributions.

                                       I-6
<PAGE>



                                   SIGNATURES


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


                                                    ENEX OIL & GAS INCOME
                                                PROGRAM 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




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