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


   
                                   FORM 10-QSB/A
    


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

                  For the quarterly period ended June 30, 1996

                                       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)

                         Registrant's telephone number:
                                 (713) 358-8401


         Check whether the issuer (1) has 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

Transitional Small Business Disclosure Format (Check one):

                                     Yes        No x


<PAGE>


                              PART I. FINANCIAL INFORMATION

Item I. Financial Statements
<TABLE>
<CAPTION>

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

                                                            JUNE 30,
ASSETS                                                        1996
                                                       -------------------
                                                           (Unaudited)
CURRENT ASSETS:
<S>                                                       <C>
  Cash ................................................   $   68,119
  Accounts receivable - oil & gas sales ...............      104,759
  Receivable from affiliated limited partnership ......       10,201
                                                          ----------

Total current assets ..................................      183,079
                                                          ----------

OIL & GAS PROPERTIES
  (Successful  efforts accounting method) - Proved mineral interests and related
   equipment & facilities 1,451,194
  Less  accumulated depreciation and depletion ........      592,132
                                                          ----------

Property, net .........................................      859,062
                                                          ----------

ORGANIZATIONAL COSTS
(Net of accumulated amortization of $57,116) ..........        1,969
                                                          ----------

TOTAL .................................................   $1,044,110
                                                          ==========

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable ...................................   $   80,412
   Payable to general partner .........................        3,762
                                                          ----------

Total current liabilities .............................       84,174
                                                          ----------

PARTNERS' CAPITAL:
   Limited partners ...................................      935,373
   General partner ....................................       24,563
                                                          ----------

Total partners' capital ...............................      959,936
                                                          ----------

TOTAL .................................................   $1,044,110
                                                          ==========

   
Number of $500 Limited Partner units outstanding               2,954
    

</TABLE>





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

                                       I-1

<PAGE>

due to relatively  higher  production  from  properties  with a higher gas sales
price coupled with higher prices in the overall market for the sale of gas.

Lease operating  expenses  decreased to $248,226 in the first six months of 1996
from $287,313 in 1995. The decrease of $39,087 or (14%) was primarily due to the
changes in  production,  noted  above,  coupled  with lower  operating  expenses
incurred at the Charlotte acquisition.

Depreciation and depletion  expense decreased to $51,223 in the first six months
of 1996 from $63,886 in the first six months of 1995. This represents a decrease
of $12,663 (20%). The changes in production,  noted above,  caused  depreciation
and depletion expense to decrease by $9,270. A 6% decrease in the depletion rate
reduced depreciation and depletion expense by an additional $3,393. The decrease
in the depletion  rate was  primarily a result of an upward  revision of the oil
and gas reserves during December 1995.

General and administrative expenses decreased to $21,732 in the first six months
of 1996 from $29,761 in 1995.  This  decrease of $8,189 is 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 1995 to 1996 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 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 August 9, 1996, the Company's  General Partner  submitted  preliminary  proxy
material  to the  Securities  Exchange  Commission  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
preliminary proxy material.

As of June 30,  1996,  the  Company  had no  material  commitments  for  capital
expenditures.  



                                       I-6

<PAGE>

                                   SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned  thereunto 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




   
November 7, 1996                         By: /s/ James A. Klein
                                            -------------------
                                                  James A. Klein
                                              Controller and Chief
                                               Accounting Officer