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

   
                                   FORM 10-KSB/A
                                  AMENDMENT II
    

                                   (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>
   
     Partnerships  with  interests  that  are  "publicly  traded"  are  taxed as
corporations unless at least 90% of their income is "qualifying income." Passive
income  or  loss  from  Publicly  traded  partnerships  that  are not  taxed  as
corporations  generally  cannot be applied  against  passive income or less from
other  sources.  As  stated  in  Item  5 of  this  Annual  Report,  there  is no
established  public  trading  market  for  the  Company's  limited   partnership
interests. In addition, the Company derives more than 90% of its income from oil
and gas activities,  which  constitutes  qualifying income within the meaning of
section  7704(d) of the Code.  Therefore,  the Company should not be affected by
the publicly traded partnership rules.
    

     In order to prevent  the  adverse tax  consequences  that would  affect the
limited partners if the Company's limited  partnership  interests were to become
publicly traded in the future,  the general partner may, after final regulations
have been issued by the Internal  Revenue  Service,  submit to a vote of limited
partners a proposal to amend the Company's  agreement of limited  partnership to
provide,  among  other  things,  (a) that Enex shall have the right to refuse to
recognize any transfer of limited partnership interests if it believes that such
transfer occurred on a secondary market or the substantial  equivalent  thereof;
and (b) that all assignors and  assignees of the limited  partnership  interests
shall be required to represent to Enex that any transfer of limited  partnership
interests did not, to the best of their  knowledge,  occur on a secondary market
or the substantial equivalent thereof.


Item 2.           Description of Property

         Presented below is a summary of the Company's property acquisitions.

     EL MAC acquisition. Working interests in 3 wells in Otsego County, Michigan
were purchased for $120,018 from Wolverine Exploration, Ltd., Tenexco, Inc., and
Terra Energy,  Ltd.,  effective  November 1, 1989 and March 1, 1990.  The El Mac
acquisition is operated by Don Yohe  Enterprises,  Inc. The Company owns a 1.01%
working interest in the wells in the El Mac acquisition at December 31, 1995.

     BINGER  acquisition.  Working  interests  in 60  producing  wells  in Caddo
County,  Oklahoma were purchased for $418,191 from Oryx Energy effective October
1, 1990. The Binger acquisition is operated by Phillips  Petroleum  Corporation.
The Company owns working  interests ranging from 1.65% to 60.94% in the wells in
the Binger acquisition at December 31, 1995.

     NUNLEY RANCH A acquisition. Working interests in 3 wells located in LaSalle
County,  Texas were  purchased  for $617,956 from Cashco Oil Co. et al effective
November 1, 1990. Enex has assumed  operations of the  acquisition.  The Company
owns a 23.99% working interest in the Nunley Ranch A acquisition at December 31,
1995.

     FEC  acquisition.  Working  interests  in 68  producing  wells in Oklahoma,
Wyoming and Kansas were  purchased for $1,068,747  effective  March 1, 1991. The
FEC  acquisition is operated by ten different oil and gas production  companies.
The Company  owns  working  interests  ranging  from 0.40% to 10.27% and royalty
override  interests  ranging  from  0.184%  to  0.198%  in the  wells in the FEC
acquisition.

     Purchase  price as used above is defined as the actual  contract price plus
finders' fees, if applicable.  Miscellaneous  acquisition  expenses,  subsequent
capital items, etc. are not included.
                                      i-3

<PAGE>
                                   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



   
November 7, 1996                       By:     /s/   G. B. Eckley
                                              -------------------
                                                    G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed  below on November 7, 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



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