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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

   
                                   FORM 10-KSB/A
                                  AMENDMENT III
    

                                   (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, 1995

             [ ] 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 0-18329

                ENEX OIL & GAS INCOME PROGRAM IV - Series 5, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                        76-0251424
       (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. $315,919

            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

-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
<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, 1996)

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


          General Partner's Interests                    1

          Limited Partnership Interests                 825



Dividends

          The Company made cash distributions to partners of $7 and $14 per $500
investment in 1995 and 1994,  respectively.  The payment of future distributions
will depend on the Company's  earnings,  financial  condition,  working  capital
requirements  and  other  factors,  although  it  is  anticipated  that  regular
quarterly distributions will continue through 1996.


                                      II-1


<PAGE>



Item 6.     Management's Discussion and Analysis or Plans 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 in 1995 were $315,919 as compared with $386,691 in
1994.  This  represents a decrease of $70,772 or 18%. Oil revenues  decreased by
$8,517 or 5%. A 15% decrease in oil  production  reduced sales by $24,394.  This
decrease was partially  offset by a 12% increase in the average oil sales price.
Gas sales decreased by $71,493 or 32%. A 21% decrease in gas production  reduced
sales by $47,729. A 13% decrease in the average gas sales price reduced sales by
an additional  $23,764.  Plant product sales increased by $9,238 or 235%. A 223%
increase in the production of plant  products  increased  sales by $8,766.  A 4%
increase  in the  average  plant  products  sales  price  increased  sales by an
additional $472. The decrease in oil and gas production was primarily the result
of natural production declines,  which were especially  pronounced on the Speary
acquisition.  The increase in the  production  of plant  products was due to the
receipt of revenues attributable to prior years from the Kalkaska gas plant. The
changes in average prices  correspond with changes in the overall market for the
sale of oil, gas and plant products.

            Lease operating expenses decreased to $157,813 in 1995 from $168,465
in 1994.  The  decrease  of $10,652 or 6% was  primarily  due to the  changes in
production, noted above.

            Depreciation and depletion expense decreased to $81,963 in 1995 from
$132,624 in 1994.  This  represents a decrease of $50,661 or 38%. The changes in
production,  noted  above,  decreased  depreciation  and  depletion  expense  by
$15,153. A 30% decrease in the depletion rate reduced depreciation and depletion
expense by an  additional  $35,508.  The rate  decrease was  primarily due to an
upward revision of the oil and gas reserves during 1995.

            General and  administrative  expenses  decreased  to $24,567 in 1995
from $30,304 in 1994.  This  decrease of $5,737 or 19% is primarily  due to less
staff time being  required to manage the Company's  operations in 1995,  coupled
with a $2,451 decrease in direct general and administrative expenses incurred by
the Company as a result of lower audit and tax preparation fees.

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 1994 to 1995 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.
    

            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 obligations. The Company plans to repay the amount owed to
the general  partner from such  proceeds  over a two year period.  Distributions
decreased from 1994 to 1995 due to the lower revenues received in 1995, as noted
above. 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.

            At December 31, 1995,  the Company had no material  commitments  for
capital  expenditures.  The Company does not intend to engage in any significant
developmental drilling activity.

                                      II-2

<PAGE>



Item 7.      Financial Statements and Supplementary Data



INDEPENDENT AUDITORS' REPORT



The Partners
Enex Oil & Gas Income
  Program IV - Series 5, L.P.


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
IV - Series 5, L.P. (a New Jersey limited  partnership)  as of December 31, 1995
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,  1995.  These
financial statements are the responsibility of the general partner of Enex Oil &
Gas  Income  Program  IV - Series 5, 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 IV - Series 5,
L.P. at December 31, 1995 and the results of its  operations  and its cash flows
for each of the two years in the period ended  December  31, 1995 in  conformity
with generally accepted accounting principles.


DELOITTE & TOUCHE  LLP




Houston, Texas
March 18, 1996

                                      II-3

<PAGE>
   
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.

BALANCE SHEET, DECEMBER 31, 1995
------------------------------------------------------------------------------

ASSETS
                                                                      1995
                                                                --------------
CURRENT ASSETS:
<S>                                                             <C>          
  Cash                                                          $      21,685
  Accounts receivable - oil & gas sales                                51,558
  Other current assets                                                  2,792
                                                                --------------

Total current assets                                                   76,035
                                                                --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             2,205,847
  Less  accumulated depreciation and depletion                      1,914,024
                                                                --------------

Property, net                                                         291,823
                                                                --------------

TOTAL                                                           $     367,858
                                                                ==============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                             $      45,146
   Payable to general partner                                          21,333
                                                                --------------

Total current liabilities                                              66,479
                                                                --------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   275,592
   General partner                                                     25,787
                                                                --------------

Total partners' capital                                               301,379
                                                                --------------

TOTAL                                                           $     367,858
                                                                ==============


Number of $500 Limited Partner units outstanding                        4,561
</TABLE>



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

                                      II-4
    

<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.

STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
--------------------------------------------------------------------------
<TABLE>
<CAPTION>


                                                 1995                  1994
                                         -------------------    -------------------

REVENUES:
<S>                                      <C>                      <C>               
  Oil and gas sales                      $          315,919       $        386,691  
                                         -------------------    -------------------

EXPENSES:
  Depreciation and depletion                         81,963                144,026
  Lease operating expenses                          157,813                168,465
  Production taxes                                   23,075                 31,285
  General and administrative:
    Allocated from general partner                   18,300                 21,586
    Direct expense                                    6,267                  8,718
                                         -------------------    -------------------

Total expenses                                      287,418                374,080
                                         -------------------    -------------------

INCOME FROM OPERATIONS                               28,501                 12,611
                                         -------------------    -------------------

OTHER EXPENSE:
  Interest expense                                        -                   (997)
                                         -------------------    -------------------

NET INCOME                               $           28,501      $          11,614  
                                         ===================    ===================
</TABLE>


See accompanying notes to financial statements
-------------------------------------------------------------------------
                                      II-5

<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
---------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                                           PER $500
                                                                                           LIMITED
                                                                                           PARTNER
                                                 GENERAL              LIMITED             UNIT OUT-
                             TOTAL               PARTNER              PARTNERS             STANDING
                            ------------    -----------------    -----------------    -----------------

<S>                         <C>               <C>                <C>                  <C>                
BALANCE, JANUARY 1, 1994    $   368,428       $        9,893     $        358,535     $             79   

CASH DISTRIBUTIONS              (70,971)              (7,096)             (63,875)                 (14)

NET INCOME (LOSS)                11,614               15,564               (3,950)                  (1)
                            ------------    -----------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1994      309,071               18,361              290,710                   64

CASH DISTRIBUTIONS              (36,193)              (3,621)             (32,572)                  (7)

NET INCOME                       28,501               11,047               17,454                    4
                            ------------    -----------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1995   $  301,379       $       25,787     $        275,592 (1) $             61   
                            ============    =================    =================    =================

</TABLE>


(1)  Includes 420 units purchased by the general partner as a limited partner.





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

                                      II-6

<PAGE>
ENEX OIL AND GAS INCOME PROGRAM IV SERIES 5, L.P.

STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
-----------------------------------------------------------------
<TABLE>
<CAPTION>

                                                               1995                    1994
                                                       -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                    <C>                         <C>               
Net income                                             $           28,501          $        11,614   
                                                       -------------------      -------------------

Adjustments to reconcile net income to net cash
   provided by operating activities
  Depreciation, depletion and amortization                         81,963                  144,026
(Increase) decrease in:
  Accounts receivable - oil & gas sales                               575                    7,739
  Other current assets                                             (1,935)                    (653)
Increase (decrease) in:
   Accounts payable                                                (2,277)                  24,613
   Payable to affiliated limited partner                             (116)                     116
   Payable to general partner                                     (52,122)                 (45,560)
                                                       -------------------      -------------------

Total adjustments                                                  26,088                  130,281
                                                       -------------------      -------------------

Net cash provided by operating activities                          54,589                  141,895
                                                       -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                           (523)                 (23,353)
    Acquisition of proved oil & gas properties                          -                   (1,361)
                                                       -------------------      -------------------

Net cash used by investing activities                                (523)                 (24,714)
                                                       -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   (Decrease) in note payable to general partner                        -                  (51,212)
   Cash distributions                                             (36,193)                 (70,971)
                                                       -------------------      -------------------

Net cash used by financing activities                             (36,193)                (122,183)
                                                       -------------------      -------------------

NET INCREASE (DECREASE) IN CASH                                    17,873                   (5,002)

CASH AT BEGINNING OF YEAR                                           3,812                    8,814
                                                       -------------------      -------------------

CASH AT END OF YEAR                                    $           21,685         $          3,812   
                                                       ===================      ===================

Cash paid for interest during the year                 $                -         $            997   
                                                       ===================      ===================

</TABLE>



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

                                      II-7

<PAGE>

ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.


NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
------------------------------------------------------------------------------

1.           PARTNERSHIP ORGANIZATION

             Enex Oil & Gas Income Program IV - Series 5, L.P. (the  "Company"),
             a New Jersey limited partnership,  commenced operations on November
             9, 1989 for the purpose of acquiring proved oil and gas properties.
             Total  limited  partner  contributions  were  $2,280,449,  of which
             $22,805 was contributed by Enex Resources Corporation ("Enex"), the
             general partner.

             In  accordance  with the  partnership  agreement,  the Company paid
             commissions  of  $219,208  for  solicited   subscriptions  to  Enex
             Securities  Corporation,  a subsidiary of Enex, and reimbursed Enex
             for organization expenses of approximately $68,000.

             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.



                                      II-8

<PAGE>



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.

             The Financial  Accounting  Standards Board has issued  Statement of
             Financial   Accounting  Standards  No.  121,  "Accounting  for  the
             Impairment  of Long Lived  Assets and for  Long-Lived  Assets to Be
             Disposed Of." This statement  requires that  long-lived  assets and
             certain  identifiable  intangibles  held and used by the Company be
             reviewed for impairment whenever events or changes in circumstances
             indicate  that  the  carrying   amount  of  an  asset  may  not  be
             recoverable.

             The Company has not determined the effect, if any, on its financial
             position  or  results  of  operations  which  may  result  from the
             adoption of this statement in the first quarter of 1996.

   
             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.
    

             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
             contigent  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-9

<PAGE>

Set  forth  below  is a  reconciliation  of  net  income  as  reflected  in  the
accompanying  financial  statements and net income (loss) for federal income tax
purposes for the year ended December 31, 1995:
<TABLE>
<CAPTION>

                                                                                   Allocable to                 Per $500 Limited
                                                                    -------------------------------------
                                                                          General            Limited              Partner Unit
                                                      TOTAL               Partner           Partners              Outstanding
                                               ------------------   ------------------  -----------------    ----------------------
Net income as reflected in the
<S>                                            <C>                  <C>                    <C>                     <C>             
     accompanying financial statements         $          28,501    $          11,047      $      17,454           $             4 
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                                  (2,246)                (225)            (2,021)                        -
  Difference in depreciation,
     depletion and amortization
     computed for federal income
     tax purposes and the amount
     computed for financial
     reporting purposes                                 (112,973)                   -           (112,973)                      (25)
                                               ------------------   ------------------  -----------------    ----------------------

Net income (loss) for federal
   income tax purposes                         $         (86,718)   $          10,822     $      (97,540)          $           (21)
                                               ==================   ==================  =================    ======================
</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 as reflected in
the accompanying  financial  statements and partners' capital for federal income
tax purposes as of December 31, 1995:
<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         $         301,379    $          25,787    $       275,592          $             61 
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                                 (95,777)              (9,618)           (86,159)                      (20)
  Difference in accumulated
     depreciation, depletion and
     amortization for financial
     reporting and federal income
     tax purposes                                        148,412                    -            148,412                        33
  Commissions and syndication
     fees capitalized for federal
     income tax purposes                                 219,208                    -            219,208                        48
                                               ------------------   ------------------  -----------------    ----------------------

Partners' capital for federal
     income tax purposes                       $         573,222    $          16,169      $     557,053        $              122 
                                               ==================   ==================  =================    ======================
</TABLE>

                                      II-10



<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 amount owed to the general  partner over
             a two year period.

5.           REPURCHASE OF LIMITED PARTNER INTERESTS

             In accordance with the partnership  agreement,  the general partner
             is required to purchase limited partner interests (at the option of
             the  limited  partners)  at annual  intervals  beginning  after the
             second year  following the  formation of the Company.  The purchase
             price,  as  specified  in  the  partnership  agreement,   is  based
             primarily  on reserve  reports  prepared by  independent  petroleum
             engineers as reduced by a specified risk factor.

6.           SIGNIFICANT PURCHASERS

             GC Marketing Company, Falco S&D, Inc. Total Petroleum Company and
             Don Yohe Enterprises, Inc. accounted for 34%, 34%, 14% and 11%,
             respectively, of the Company's total sales in 1995.  GC Marketing
             Company, Falco S&D, Inc. and Total Petroleum Company accounted for
             41%, 30%, and 14%, respectively, of the Company's total sales in
             1994.  No other purchaser individually accounted for more than 10%
             of such sales.

7.           NOTE PAYABLE TO GENERAL PARTNER

             On October  5, 1993,  in order to  finance  workover  charges,  the
             Company  borrowed  $46,000  from the general  partner at prime plus
             three-fourths  of one  percent.  On November  1, 1993,  the Company
             borrowed an additional  $31,000.  In 1994,  the Company  completely
             repaid the loan. The weighted average principal outstanding in 1994
             of $13,114 bore interest at an average rate of 7.60%.

8.           PROPERTY TRANSACTIONS

             Effective October 1, 1994, the Company acquired  additional working
             and royalty interests in the Concord acquisition for $1,361 from an
             affiliated  partnership.  The purchase  price  represents  the fair
             market value as determined  from the receipt of bids solicited from
             independent third party companies.

                                      II-11

<PAGE>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 5, L.P.

SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
---------------------------------------------------------------------------

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, 1995.  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, 1994                                            35,310                     7              183,808                   36

    Revisions of previous estimates                           801                     -               97,415                   20
    Purchases of minerals in place                            153                     -                  212                    -
    Production                                            (10,003)                   (2)             (75,058)                 (15)
                                                 -----------------    ------------------   ------------------   ------------------

December 31, 1994                                          26,261                     5              206,377                   41

    Revisions of previous estimates                        10,420                     2               78,784                   16
    Production                                            (10,095)                   (2)             (59,073)                 (12)
                                                 -----------------    ------------------   ------------------   ------------------

December 31, 1995                                          26,586                     5              226,088                   45
                                                 =================    ==================   ==================   ==================


PROVED DEVELOPED RESERVES:

  January 1, 1994                                          35,310                     7              183,808                   36
                                                 =================    ==================   ==================   ==================

  December 31, 1994                                        26,261                     5              206,377                   41
                                                 =================    ==================   ==================   ==================

  December 31, 1995                                        26,586                     5              226,088                   45
                                                 =================    ==================   ==================   ==================
</TABLE>





                                      II-12

<PAGE>


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


             Not Applicable


                                      II-13


<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 IV -
                                          SERIES 5, L.P.

                                      By:    ENEX RESOURCES CORPORATION
                                             the General Partner



   
December 23, 1996                       By:     /s/   G. B. Eckley
                                              -------------------
                                                      G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed below on December 23, 1996,  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
<PAGE>

                                   /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
<PAGE>