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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 0-18617

                ENEX OIL & GAS INCOME PROGRAM IV - Series 7, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                        76-0251427
       (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. $324,367

            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>

                                     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                 808



Dividends

          The Company made cash distributions to partners of $6 and $18 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 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 in 1995 were $342,367 as compared with $369,204 in
1994. This represents a decrease of $26,837 or 7%. Oil sales decreased by $1,516
or 1%. An 8% decline in oil production caused sales to decrease by $17,436. This
decrease was partially  offset by an 8% increase in the average oil sales price.
Gas sales  decreased by $25,321 or 17%. An 18% decrease in the average gas sales
price  reduced  sales by $27,198.  This  decrease was  partially  offset by a 2%
increase in gas  production.  The decline in oil  production  was  primarily the
result of natural  production  declines.  The  increase  in gas  production  was
primarily  due  to  the  Company  obtaining   additional  interest  in  the  FEC
acquisition  from farmouts which achieved  payout in the fourth quarter of 1994,
partially offset by natural production  declines.  The changes in average prices
correspond with changes in the overall market for the sale of oil and gas.

            Lease  operating  expenses  were  $163,766 in 1995 as compared  with
$203,093 in 1994.  The decrease of $39,327 or 19% was  primarily due to workover
costs  incurred  on the FEC  acquisition  in 1994,  coupled  with the changes in
production, noted above.

            Depreciation and depletion  expense was $166,054 in 1995 as compared
with $197,625 in 1994. This represents a decrease of $31,571 or 16%. The changes
in  production,  noted  above,  caused  depreciation  and  depletion  expense to
decrease by $5,777.  A 13% decrease in the  depletion  rate caused an additional
$25,794 decline.  The rate decrease is primarily due to the lower property basis
resulting  from the  recognition  of an $198,069  impairment  in December  1994,
coupled with upward revisions of the oil and gas reserves during 1995.

            Due to reserve  revisions and lower prices,  in December  1994,  the
Company recorded an impairment of property for $198,069,  which  represented the
excess of the net capitalized costs over the undiscounted future net revenues of
the reserves.

            General and administrative expenses were $42,937 in 1995 as compared
with $54,983 in 1994.  This decrease of $12,046 or 22% was primarily due to less
staff time being required to manage the Company's  operations in 1995 and due to
a $3,641  decrease in direct  expense  incurred by the Company.  The decrease in
direct expenses was primarily a result of lower tax preparation and audit fees.

Capital Resources and Liquidity

            The  Company's  cash flow from  operations is a direct result of the
amount of the net  proceeds  realized  from the sale of oil and gas  production.
Accordingly,  the  changes in cash flow from 1994 to 1995 was 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  cash  flow  to the  Company's
partners.  Distributions  decreased  from  1994 to 1995 due to the  decrease  in
revenues, noted above.


                                      II-2

<PAGE>




   
            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. 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  provided by
operating, financing and investing activities 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-3

<PAGE>



Item 7. Financial Statements and Supplementary Data


INDEPENDENT AUDITORS' REPORT

The Partners
Enex Oil & Gas Income
  Program IV - Series 7, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
IV - Series 7, 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 7, 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 7,
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-4

<PAGE>
   
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 7, L.P.

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

ASSETS
                                                                      1995
                                                                --------------
CURRENT ASSETS:
<S>                                                             <C>          
  Cash                                                          $      15,380
  Accounts receivable - oil & gas sales                                36,477
  Other current assets                                                  2,104
                                                                --------------

Total current assets                                                   53,961
                                                                --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             2,327,688
  Less  accumulated depreciation and depletion                      1,920,402
                                                                --------------

Property, net                                                         407,286
                                                                --------------

TOTAL                                                           $     461,247
                                                                ==============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                             $      26,506
   Payable to general partner                                           3,231
                                                                --------------

Total current liabilities                                              29,737
                                                                --------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   412,813
   General partner                                                     18,697
                                                                --------------

Total partners' capital                                               431,510
                                                                --------------

TOTAL                                                           $     461,247
                                                                ==============


Number of $500 Limited Partner units outstanding                        5,021
</TABLE>



See accompanying notes to financial statements.
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                                      II-5
    



<PAGE>

ENEX OIL & GAS INCOME PROGRAM IV - SERIES 7, L.P.

NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
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1.           PARTNERSHIP ORGANIZATION

             Enex Oil & Gas Income Program IV - Series 7, L.P. (the  "Company"),
             a New Jersey limited  partnership,  commenced operations on May 16,
             1990 for the purpose of  acquiring  proved oil and gas  properties.
             Total  limited  partner  contributions  were  $2,510,445,  of which
             $25,104 was contributed by Enex Resources Corporation ("Enex"), the
             general partner.

             In  accordance  with the  partnership  agreement,  the Company paid
             commissions  of  $243,703  for  solicited   subscriptions  to  Enex
             Securities  Corporation,  a subsidiary of Enex, and reimbursed Enex
             for organization expenses of approximately $75,000.

             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

                                      II-9

<PAGE>



            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.
    

             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
             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-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  amounts  owed to the  general  partner
             during 1996.

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

             Phillips 66 Company,  Koch Oil Company,  Amoco Production  Company,
             GPM Marketing, Inc. and Anson Gas Marketing accounted for 27%, 17%,
             15%, 14% and 11%,  respectively,  of the  Company's  total sales in
             1995. Phillips 66 Company purchased 24% and Anson Gas Marketing and
             Amoco  Production  Company each  accounted for 15%,  while Koch Oil
             Company  and  Panhandle  Gas  Company  accounted  for 14% and  11%,
             respectively,  of the  Company's  total  sales  in  1994.  No other
             purchaser individually accounted for more than 10% of such sales.

7.           IMPAIRMENT OF PROPERTY

             A noncash  write-down of capitalized  costs of $198,069 was made in
             1994.  The  write-down  was  computed  as the  excess  of  the  net
             capitalized  costs over the  undiscounted  future net revenues from
             proved oil and gas reserves.  The undiscounted  future net revenues
             were computed using certain  arbitrary  assumptions such as holding
             the oil and gas prices constant at the prices in effect at the time
             of the computation.


                                      II-12

<PAGE>



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

             Not Applicable


                                      II-14

<PAGE>



<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 7, 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