United States
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB


              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 1997

                                       OR

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

         For the transition period from...............to...............

                       Commission file number 33-34348-04

                ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
        (Exact name of small business issuer as specified in its charter)

              New Jersey                          76-0303885
    (State or other jurisdiction of            (I.R.S. Employer
    incorporation or organization)            Identification No.)

                         Suite 200, Three Kingwood Place
                              Kingwood, Texas 77339
                    (Address of principal executive offices)

                    Issuer's telephone number (713) 358-8401


          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




<PAGE>
                              PART I. FINANCIAL INFORMATION

Item I. Financial Statements

ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
BALANCE SHEET
----------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                 MARCH 31,
ASSETS                                                              1997
                                                            ----------------
                                                             (Unaudited)
CURRENT ASSETS:
<S>                                                           <C>            
  Cash                                                        $     149,974  
  Accounts receivable - oil & gas sales                             123,399
  Other current assets                                               13,604
                                                            ----------------

Total current assets                                                286,977
                                                            ----------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities           1,450,972
  Less  accumulated depreciation and depletion                      662,090
                                                            ----------------

Property, net                                                       788,882
                                                            ----------------


TOTAL                                                             1,075,859  
                                                            ================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                                 125,942  
   Payable to general partner                                         7,034
                                                            ----------------

Total current liabilities                                           132,976
                                                            ----------------

PARTNERS' CAPITAL:
   Limited partners                                                 926,144
   General partner                                                   16,739
                                                            ----------------

Total partners' capital                                             942,883
                                                            ----------------

TOTAL                                                          $  1,075,859  
                                                            ================


Number of $500 Limited Partner units outstanding                      2,954
</TABLE>




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

                                       I-1

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
 
(UNAUDITED)                                          THREE MONTHS ENDED
                                                -----------------------------

                                                 MARCH 31,          MARCH 31,
                                                   1997               1996
                                              ------------        -----------

REVENUES:
<S>                                           <C>                 <C>       
  Oil and gas sales                           $   244,911         $  234,956
                                              ------------        -----------

EXPENSES:
  Depreciation, depletion and amortization         22,595             32,307
  Lease operating expenses                        133,349            128,207
  Production taxes                                 15,491             15,129
  General and administrative                       10,007             11,652
                                              ------------        -----------

Total expenses                                    181,442            187,295
                                              ------------        -----------

INCOME FROM OPERATIONS                             63,469             47,661
                                              ------------        -----------

OTHER INCOME:
 Other income                                       1,000                  -
                                              ------------        -----------

NET INCOME                                    $    64,469         $   47,661
                                              ============        ===========

</TABLE>



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

                                       I-2

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.

STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEAR ENDED DECEMBER 31, 1996 AND
FOR THE THREE MONTHS ENDED MARCH 31, 1997
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

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

<S>              <C>        <C>          <C>            <C>            <C>          
BALANCE, JANUARY 1, 1996    $ 979,353    $   24,981     $  954,372     $      323   

CASH DISTRIBUTIONS           (224,444)      (32,399)      (192,045)           (65)

NET INCOME                    215,720        32,218        183,502             62
                           -----------  ------------      ---------     ----------

BALANCE, DECEMBER 31, 1996    970,629        24,800        945,829            320

CASH DISTRIBUTIONS            (92,215)      (16,767)       (75,448)           (25)

NET INCOME                     64,469         8,706         55,763             19
                           -----------  ------------    -----------    -----------

BALANCE, MARCH 31, 1997     $ 942,883     $  16,739     $  926,144 (1) $      314   
                           ===========  ============    ===========    ===========
</TABLE>


(1)  Includes 366 units purchased by the general partner as a limited partner.



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

                                       I-3

<PAGE>
ENEX OIL AND GAS INCOME PROGRAM V - SERIES 4, L.P.
STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

(UNAUDITED)
                                                            THREE MONTHS ENDED
                                                        -----------------------------

                                                         MARCH 31,          MARCH 31,
                                                             1997              1996
                                                      ------------      -------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                   <C>                <C>          
Net income                                            $    64,469        $    47,661  
                                                      ------------      -------------

Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation, depletion and amortization                 22,595             32,307
(Increase) decrease in:
  Accounts receivable - oil & gas sales                   103,276            (15,206)
Increase (decrease) in:
   Accounts payable                                        22,278              1,679
   Payable to general partner                               2,862             (5,169)
                                                      ------------      -------------

Total adjustments                                         151,011             13,611
                                                      ------------      -------------

Net cash provided by operating activities                 215,480             61,272
                                                      ------------      -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property credits - development costs                      222                  -
                                                        ----------      -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                     (92,215)           (55,498)
                                                      ------------      -------------

NET INCREASE IN CASH                                      123,487              5,774

CASH AT BEGINNING OF YEAR                                  26,487             33,580
                                                      ------------      -------------

CASH AT END OF PERIOD                                 $   149,974        $    39,354  
                                                      ============      =============
</TABLE>


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

                                       I-4

<PAGE>


ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

1.        The  interim  financial  information  included  herein  is  unaudited;
          however, such information reflects all adjustments  (consisting solely
          of  normal  recurring  adjustments)  which  are,  in  the  opinion  of
          management,  necessary  for a fair  presentation  of  results  for the
          interim periods.

2.        A cash distribution was made to the limited partners of the Company in
          the amount of $75,448,  representing net revenues from the sale of oil
          and  gas  produced  from  properties   owned  by  the  Company.   This
          distribution was made on January 31, 1997.

3.        On April 7, 1997, the Company's  General Partner mailed proxy material
          to the limited  partners with respect to a proposed  consolidation  of
          the Company with 33 other managed limited partnerships.  The terms and
          conditions of the proposed  consolidation  are set forth in such proxy
          material.

                                       I-5

<PAGE>



Item 2.     Management's Discussion and Analysis or Plan of Operation.

First Quarter of 1997 Compared to First Quarter 1996

Oil and gas sales for the  first  quarter  increased  from  $234,956  in 1996 to
$244,911  in 1997.  This  represents  an  increase  of $9,955  or 4%.  Oil sales
increased by $6,680 or 3%. A 22% increase in average oil sales prices  increased
sales by $35,514.  This increase was  partially  offset by a 15% decrease in oil
production.  Gas sales  increased by $3,275 or 8%. A 22% increase in average gas
prices  increased sales by $7,985.  This increase was partially offset by an 11%
decrease  in gas  production.  The  decreases  in oil  and gas  production  were
primarily due to natural production  declines.  The increases in average oil and
gas prices  correspond  with increases in the overall market for the sale of oil
and gas.

Lease operating expenses increased from $128,207 in the first quarter of 1996 to
$133,349  in the first  quarter  of 1997.  The  increase  of  $5,142 or 4%,  was
primarily  the result of higher  operating  expenses  incurred at the  Charlotte
acquisition in 1997.

Depreciation  and depletion  expense was $29,353 in the first quarter of 1996 as
compared with $22,595 in the first quarter of 1997.  This  represents a decrease
of $6,758 or 23%. The changes in production,  noted above,  reduced depreciation
and depletion  expense by $4,060.  An 11% decrease in the depletion rate reduced
depreciation and depletion expense by an additional  $2,698. The decrease in the
depletion rate was primarily a result of an upward  revision of the oil reserves
during  December  1996,  partially  offset  by a  downward  revision  of the gas
reserves during December 1996.

General and administrative  expenses decreased from $11,652 in the first quarter
of 1996 to $10,007 in the first quarter of 1997.  This decrease of $1,645 or 14%
was primarily a result of less staff time being required to manage the Company's
operations.

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 1996 to 1997 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  cash  flow  to the
Company's partners.  The Company's "available cash flow" is essentially equal to
the  net  amount  of  cash  provided  by  operating,   financing  and  investing
activities.

The Company will continue to recover its reserves and  distribute to the limited
partners  the net  proceeds  realized  from the sale of oil and gas  production.
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.

On April 7, 1997,  the Company's  General  Partner  mailed proxy material to the
limited partners with respect to a proposed consolidation of the Company with 33
other managed  limited  partnerships.  The terms and  conditions of the proposed
consolidation are set forth in such proxy material.

As of March 31,  1997,  the  Company  had no  material  commitments  for capital
expenditures.  The  Company  does  not  intend  to  engage  in  any  significant
developmental drilling activity

                                       I-6

<PAGE>
                           PART II. OTHER INFORMATION

          Item 1.     Legal proceedings.

                      None

          Item 2.     Changes in Securities.

                      None

          Item 3.     Defaults upon Senior Securities.

                      Not Applicable

          Item 4.     Submission of Matters to a Vote of Security Holders.

                      Not Applicable

          Item 5.     Other Information.

                      Not Applicable

          Item 6.     Exhibits and Reports on Form 8-K.

                      (a)  There are no exhibits to this report.

                      (b) The  Company  filed no  reports on Form 8-K during the
                        quarter ended March 31, 1997.


                                      II-1

<PAGE>

                                  SIGNATURES


      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                                   ENEX OIL & GAS INCOME
                                                  PROGRAM V - SERIES 4, L.P.
                                                  -------------------------
                                                    (Registrant)



                                               By: ENEX RESOURCES CORPORATION
                                                  --------------------------
                                                          General Partner



                                               By: /s/ R. E. Densford
                                                      ------------------
                                                       R. E. Densford
                                              Vice President, Secretary
                                              Treasurer and Chief Financial
                                                        Officer




May 11, 1997                                      By: /s/ James A. Klein
                                                     -------------------
                                                          James A. Klein
                                                       Controller and Chief
                                                       Accounting Officer