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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 0-17560

                              ENEX OIL & GAS INCOME
                           PROGRAM IV - Series 2, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                         76-0251420
       (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. $140,712

            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>
     that the Company  generates  passive income, it will be available to offset
     the limited partners' passive losses from other sources.

   
     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.

     CREDO  acquisition.  Working interests and royalty interests in 4 oil wells
located in Credo  Field,  Sterling  County,  Texas were  acquired  from  Freedom
Energy,  Inc. et al.,  for a purchase  price of $896,400  effective  February 1,
1989. Enex has assumed  operation of these wells.  The Company  acquired working
interests in two  additional  wells from Enex at cost for an aggregate  purchase
price of $176,751  effective  May 1, 1989 and August 1, 1989.  The Company  owns
working  interests  ranging  from 27.08% to 28.50% in the Credo  acquisition  at
December 31, 1995.

     BARNES ESTATE acquisition. Effective February 1, 1989, working interests in
5 oil and gas wells in Brettchance Field, Webb County, Texas were purchased from
Otis  Crandell  Addington et al., for  $465,855.  Enex has assumed  operation of
these wells. The Company owns working  interests ranging from 2.50% to 20.0% and
a 2.5% override royalty  interest in the wells in the Barnes Estate  acquisition
at December 31, 1995.

     BAGLEY  acquisition.  Working  interests  in 7 oil wells  located in Bagley
Field,  Otsego County,  Michigan were acquired  effective May and June 1989, for
$475,555.  The Bagley acquisition is operated by Terra Energy,  Ltd. The Company
owns  working  interests  ranging from 2.98% to 3.00% in the wells in the Bagley
acquisition at December 31, 1995.

     BRIGHTON acquisition.  Working interests in 2 oil wells located in Brighton
Field, Livingston County, Michigan were purchased for $145,800 from Pasadena Oil
& Gas Corp.,  effective  from date of first  production  (November 1988 and July
1989). The Brighton acquisition is operated by



<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 2, 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 November7,  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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