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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 0-17560

                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>

                                     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              1,401



Dividends

          The Company made cash distributions to partners of $2 and $16 per $500
investment in 1995 and 1994, respectively.  The Company suspended the payment of
distributions in the second quarter of 1995. The payment of future distributions
will depend on the Company's  earnings,  financial  condition,  working  capital
requirements and other factors. Based upon current projected cash flows from its
property, it does not appear that the Company will have sufficient net cash flow
after debt service to pay distributions in the near future.


                                      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  decreased  to $140,712  in 1995 from  $204,474 in
1994.  This  represents  a decrease of $63,762 or 31%.  Oil sales  decreased  by
$12,050 or 15%. A 22%  decline in oil  production  caused  sales to  decrease by
$17,077. This decrease was partially offset by an 8% increase in the average oil
sales  price.  Gas sales  decreased  by $51,712 or 41%.  A 33%  decrease  in gas
production  reduced  sales by $41,445.  A 12%  decrease in the average gas sales
price reduced sales by an additional $10,267. The decrease in oil production was
primarily due to natural production declines which were especially pronounced on
the Bagley  and  Brighton  acquisitions.  The  decrease  in gas  production  was
primarily  a result  of  natural  production  declines,  which  were  especially
pronounced  on the  Barnes  Estate  acquisition,  coupled  with the  shut-in  of
production  to  repair  a  casing  leak  on the  Credo  acquisition,  which  was
successfully  completed  in the first  quarter of 1995.  The  changes in average
prices  correspond  with  changes in the overall  market for the sale of oil and
gas.

            Lease operating  expenses  decreased to $75,920 in 1995 from $82,267
in 1994.  The decrease of $6,347 or 8% was primarily the result of the decreases
in  production,  noted  above,  partially  offset by the payment of $5,000 for a
litigation settlement of a property dispute on the Barnes Estate acquisition.

            Depreciation and depletion expense decreased to $94,417 in 1995 from
$140,476 in 1994.  This  represents a decrease of $46,059 or 33%. The changes in
production,  noted above,  caused depreciation and depletion expense to decrease
by $41,371.  A 5% decrease in the  depletion  rate caused an  additional  $4,688
decrease.  This rate decrease is primarily due to an upward  revision of the gas
reserves  during  1995,  partially  offset  by a  downward  revision  of the oil
reserves during 1995.

            Due to lower prices and reserve  revisions,  in December  1994,  the
Company recorded an impairment of property for $109,732,  which  represented the
excess of the net capitalized costs over the undiscounted future net revenues of
the reserves.

            General and  administrative  expenses  increased  to $35,448 in 1995
from $34,294 in 1994 in 1993.  The increase of $1,154 or 3% was primarily due to
a $4,819 increase in direct expenses resulting from legal fees associated with a
property interest dispute on the Barnes Estate acquisition,  partially offset by
lower costs allocated by the general partner in 1995. This case is set for trial
in the second quarter of 1996. The Company does not expect the settlement of the
dispute to have a material impact on the financial statements.


Capital Resources and Liquidity

            The  Company's  cash flow from  operations is a direct result of the
amount of net proceeds from the sale of oil and gas production  after payment of
its debt  obligations.  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  substantially  all of the Company's
available net cash flow to the Company's partners.



                                      II-2

<PAGE>



   
            The Company  discontinued the payment of distributions in the second
quarter of 1995. Future  distributions are dependent upon among other things, an
increase in the prices  received for oil and gas.  The Company will  continue to
recover its reserves and reduce its  obligations  in 1996.  The Company does not
intend to  purchase  additional  properties  or fund  extensive  development  of
existing oil and gas properties,  and as such; has no long-term liquidity needs.
The  Company's  projected  cash flows from  operations  will provide  sufficient
funding to pay its operating expenses and debt obligations.  The general partner
does not intend to  accelerate  the  repayment  of the debt beyond the cash flow
provided by operating,  financing and investing  activities.  Based upon current
projected cash flows from its property, it does not appear that the Company will
have sufficient cash to pay  distributions and pay its operating  expenses,  and
meet its debt  obligations  in the next twelve  montths . The  Company  plans to
repay the amount owed to the general partner over a two year period.
    

            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 2, L.P.


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
IV-Series 2, 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 2, 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 2,
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 2, L.P.

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

ASSETS
                                                                      1995
                                                                --------------
CURRENT ASSETS:
<S>                                                             <C>          
  Cash                                                          $       1,630
  Accounts receivable - oil & gas sales                                16,006
  Other current assets                                                    529
                                                                --------------

Total current assets                                                   18,165
                                                                --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             2,538,167
  Less  accumulated depreciation and depletion                      2,342,640
                                                                --------------

Property, net                                                         195,527
                                                                --------------

TOTAL                                                           $     213,692
                                                                ==============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                             $       6,582
   Payable to general partner                                          69,544
                                                                --------------

Total current liabilities                                              76,126
                                                                --------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   103,583
   General partner                                                     33,983
                                                                --------------

Total partners' capital                                               137,566
                                                                --------------

TOTAL                                                           $     213,692
                                                                ==============


Number of $500 Limited Partner units outstanding                        4,938
</TABLE>



See accompanying notes to financial statements.
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                                      II-5
    



<PAGE>

ENEX OIL & GAS INCOME PROGRAM IV - SERIES 2, 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 2, L.P. (the "Company"),  a New
         Jersey limited partnership,  commenced operations on December 28, 1988,
         for the  purpose  of  acquiring  proved oil and gas  properties.  Total
         limited partner  contributions  were  $2,468,972,  of which $24,690 was
         contributed  by  Enex  Resources  Corporation  ("Enex"),   the  general
         partner.

         In accordance  with  the  partnership  agreement,   the  Company  paid
         commissions of $237,565 for solicited  subscriptions to Enex Securities
         Corporation, a subsidiary of Enex, and reimbursed Enex for organization
         expenses of approximately $74,000.

         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.
    

             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 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

             Valero  Industrial  Gas  L.P.,  Terra  Pipeline  Company,  GPM  Gas
             Corporation,  Fina Oil Company and Pride Pipeline Company accounted
             for 25%, 19%, 13%, 13% and 11%, respectively of the Company's total
             sales in 1995.  Valero Industrial Gas L.P., Terra Pipeline Company,
             Pride Pipeline  Company and GPM Gas Corporation  accounted for 24%,
             16%,  13% and 12%,  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 $109,732 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>

                                   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



   
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