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

                                   FORM 10-KSB

                                   (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 0-15432

                              ENEX OIL & GAS INCOME
                              PROGRAM II - 10, L.P.
                 (Name of small business issuer in its charter)

                    Texas                                     76-0163121
           (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 pursuant to Section 12(b) of the Exchange Act: None

      Securities registered pursuant to 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. $ 202,405

              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>

                                TABLE OF CONTENTS

                            FORM 10-KSB ANNUAL REPORT
                      FOR THE YEAR ENDED DECEMBER 31, 1995
                   ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.


Item No.                               Part I                         Page
--------                               ------                         ----

  1         Description of Business                                    I-1

  2         Description of Property                                    I-3

  3         Legal Proceedings                                          I-4

  4         Submission of Matters to a Vote
            of Security Holders                                        I-4

                                        Part II
                                        -------


  5         Market for Common Equity and
            Related Security Holder Matters                           II-1

  6         Management's Discussion and Analysis
            or Plan of Operation                                      II-2

  7         Financial Statements and Supplementary
            Data                                                      II-3

  8         Changes In and Disagreements With Accountants
            on Accounting and Financial Disclosure                    II-13


                                        Part III
                                        --------


  9         Directors, Executive Officers, Promoters and
            Control Persons; Compliance with Section 16(a)
            of the Exchange Act                                       III-1

 10         Executive Compensation                                    III-3

 11         Security Ownership of Certain
            Beneficial Owners and Management                          III-4

 12         Certain Relationships and Related
            Transactions                                              III-4

 13         Exhibits and Reports on Form 8-K                          III-4


            Signatures                                                 S-1



<PAGE>

                                     PART I

                        Item 1. Description of Business

General

     Enex Oil & Gas Income Program II-10,  L.P. (the "Company") was formed under
the Uniform Limited  Partnership Act of the State of Texas on March 19, 1985 and
commenced operations on May 8, 1986 with aggregate  subscriptions of $1,958,206,
$1,938,624  of  which  was  received  from  2,295  limited  partners,  including
investors  whose  distributions  from  earlier  partnerships  sponsored  by  the
Company's   general  partner,   Enex  Resources   Corporation   ("Enex"),   were
automatically invested in the Company.

     The Company is engaged in the oil and gas business through the ownership of
various interests in producing oil and gas properties. If warranted, the Company
may further  develop its oil and gas properties.  However,  the Company does not
intend to engage in  significant  drilling  activities.  Such  activities may be
conducted,  however,  as an  incidental  part  of the  management  of  producing
properties or with a view toward enhancing the value of producing properties. In
no event will the  Company  engage in  exploratory  drilling,  or use any of the
limited   partners'  net   subscriptions  to  fund  drilling   activities.   Any
developmental  drilling will be financed primarily through third party borrowing
or with funds provided from operations. The expenses of drilling, completing and
equipping  and  operating  development  wells are  allocated  90% to the limited
partners and 10% to the general partner.  See Note 1 to the Financial Statements
for  information  relating to the  allocation of costs and revenues  between the
limited  partners  and  the  general  partner.   The  Company's  operations  are
concentrated in a single industry segment.

     The principal  executive  office of the Company is maintained at Suite 200,
Three Kingwood Place, Kingwood, Texas 77339. The telephone number at this office
is (713) 358-8401. The Company has no regional offices.

     The Company has no employees.  On March 1, 1996, Enex and its  subsidiaries
employed 24 persons.

Marketing

     The  marketing  of oil and gas  produced  by the  Company is  affected by a
number of factors  which are beyond the Company's  control,  the exact nature of
which cannot be accurately  predicted.  These  factors  include the quantity and
price of crude oil imports,  fluctuating  supply and demand,  pipeline and other
transportation facilities, the marketing of competitive fuels, state and federal
regulation  of oil  and  gas  production  and  distribution  and  other  matters
affecting the availability of a ready market. All of these factors are extremely
volatile.

     Amoco Production  Company and Exxon Company,  U.S.A.  accounted for 24% and
13%,  respectively,  of the  Company's  total  sales in 1995.  Amoco  Production
Company and Exxon Company, USA accounted for 23% and 13%,  respectively,  of the
Company's sales in 1994. No other purchaser individually accounted for more than
10% of such sales.  Although the Company  marketed a significant  portion of its
sales  to the  above  noted  companies,  such a  concentration  does  not pose a
significant risk due to the commodity nature of the Company's products.

                                       I-1

<PAGE>





Environmental and Conservation Regulation

     State  regulatory  authorities  in the  states  in which the  Company  owns
producing  properties  are empowered to make and enforce  regulations to prevent
waste of oil and gas and to  protect  correlative  rights and  opportunities  to
produce  oil and gas as  between  owners  of a  common  reservoir.  Each of such
regulatory  authorities  also  regulates  the amount of oil and gas  produced by
assigning allowable rates of production,  which may be increased or decreased in
accordance  with supply and demand.  Requirements  regarding the  prevention and
clean-up of  pollution  and  similar  environmental  matters are also  generally
applicable.  The costs,  if any, the Company may incur in this regard  cannot be
predicted.

     The existence of such  regulations  has had no material  adverse effects on
the Company's  operations to date,  and the cost of compliance  has not yet been
material.  There are no material  administrative or judicial proceedings arising
under such laws or  regulations  pending  against  the  Company.  The Company is
unable to assess or predict the impact that  compliance with  environmental  and
pollution  control  laws  and  regulations  may have on its  future  operations,
capital expenditures, earnings or competitive position.


Tax Laws

     The  operations of the Company are affected by the federal  income tax laws
contained in the Internal  Revenue Code of 1986, as amended (the "Code").  Under
the Code,  generally,  the Company  will report  income from the sale of oil and
gas,  against  which it may deduct its ordinary  business  expenses,  depletion,
depreciation and intangible drilling and development costs.

     It is anticipated that most of the Company's income, if any, will be from a
"passive  activity"  for  purposes of the Code. A passive  activity  includes an
activity in which the taxpayer does not  materially  participate,  including the
ownership of a limited partnership interest, such as an interest in the Company.
"Passive  income," however,  does not include portfolio income (i.e.  dividends,
interest,  royalties,  etc.). Although taxpayers generally may not deduct losses
or use tax credits  derived from passive  activities  in an amount  greater than
their income derived from such activities, if and to the extent 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." Because
the  Company's  income will be qualifying  income for this purpose,  the Company
will not be taxed as a  corporation  under this rule.  Passive  income or losses
from publicly traded  partnerships that are not taxed as corporations  generally
cannot be used to offset  passive  income or losses  from  other  sources.  Enex
believes that the Company is not publicly traded. Consequently, limited partners
should  continue to be able to utilize  their income and losses from the Company
to offset losses and income from their other passive activities.

     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

                                       I-2

<PAGE>



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.

     The CONCORD acquisition consists of working interests and royalty interests
in more than 10,600 wells in 137 counties in Texas, with very minor interests in
12 other states.  The Company acquired its interests  effective January 1987 for
$1,746,124.

     Effective  August  1990,  the Company sold its interest in a small field in
the Concord  acquisition (the North Robertson Unit) for $18,648,  resulting in a
net gain of $13,425.

     Effective  June 30, 1992, the Company sold its interest in a small field in
the Concord acquisition (the Spraberry Unit) for $10,545.  This sale resulted in
a net gain of $6,116.

     Effective  October 1, 1993,  the Company sold its interest in a small field
in the Concord  acquisition  (the  Coleman  Ranch unit) for  $21,744.  This sale
resulted in a net loss of $3,358.

     Effective  October 1, 1994,  the Company  acquired  additional  working and
royalty  interests  in the Concord  acquisition  for $9,528  from an  affiliated
partnership.  The purchase price  represents the fair market value as determined
from the receipt of bids solicited from independent third party companies.

     The Company  retains working  interests  ranging from 0.01% to 1.41% of the
total  Concord  acquisition  at December 31, 1995.  The Concord  acquisition  is
operated by nearly 100 different oil and gas producers.

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

Oil and Gas Reserves

     For quantitative  information regarding the Company's oil and gas reserves,
please see Supplementary Oil and Gas Information and related tables which follow
the Notes to Financial  Statements in Item 7 of this report. The Company has not
filed any current oil and gas reserve  estimates or included any such  estimates
in reports to any federal or foreign governmental authority or agency, including
the Securities and Exchange Commission.

     Proved  oil and gas  reserves  reported  herein  are  based on  engineering
reports prepared by the petroleum engineering  consulting firm of H. J. Gruy and
Associates,  Inc. The reserves  included in this report are  estimates  only and
should  not be  construed  as exact  quantities.  Future  conditions  may affect
recovery of estimated  reserves and revenue,  and all reserves may be subject to
revision as more

                                       I-3

<PAGE>


performance  data  become  available.  The proved  reserves  used in this report
conform to the applicable definitions promulgated by the Securities and Exchange
Commission.  No major  discovery or other  favorable or adverse event that could
potentially  cause a  significant  change in the estimated  proved  reserves has
occurred since December 31, 1995.

Net Oil and Gas Production

     The following  table shows for the years ended  December 31, 1995 and 1994,
the approximate production  attributable to the Company's oil and gas interests.
The figures in the table represent "net production";  i.e.,  production owned by
the  Company and  produced to its  interest  after  deducting  royalty and other
similar interests. All production occurred in the United States.

                                                     1995         1994
                                                    -------      ------

Crude oil and condensate (Bbls).............       11,339        10,863
Natural gas (Mcf)...........................       15,445        13,069


                     The following table sets forth the Company's  average sales
price per barrel of oil, per Mcf of
gas, and average  production cost per unit produced for the years ended December
31, 1995 and 1994.

                                                    1995         1994
                                                    ----         ----

Average sales price per barrel of oil............ $ 15.67     $ 15.22
Average sales price per Mcf of gas...............    1.60        1.76
Average production cost per equivalent
  barrel of production...........................    4.91        4.38


Item 3.  Legal Proceedings


     There are no material  pending legal  proceedings to which the Company is a
party.


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


     No matter was  submitted  to a vote of security  holders  during the fourth
quarter of the fiscal year covered by this report.

                                       I-4

<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                   1,367



Dividends

                The Company  made cash  distributions  to partners of $7 and $12
per $500  investment  in 1995 and  1994,  respectively.  The  payment  of future
distributions  will  depend  on the  Company's  earnings,  financial  condition,
working capital requirements and other factors,  although it is anticipated that
regular quarterly distributions will continue through 1996.


                                      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 in 1995 were  $202,405 as compared with $188,358 in 1994.
Oil and gas sales  increased by $14,047 or 7%. Oil sales increased by $12,424 or
8%. A 4% increase in oil production caused a $7,321 increase in oil revenues.  A
3% increase in the average  oil sales  price  increased  sales by an  additional
$5,103.  Gas sales  increased by $1,623 or 7%. An 18% increase in gas production
increased  gas sales by  $4,249.  This  increase  was  partially  offset by a 9%
decrease  in the  average  gas sales  price.  The changes in average oil and gas
prices  correspond  with  changes in the overall  market for the sale of oil and
gas. The  increases in  production  were  primarily  due to the  completion of a
waterflood  project on the Schafter Lake field and the acquisition of additional
interest in the Concord acquisition in the fourth quarter of 1994.

     Lease  operating  expenses  were  $59,145 in 1995 and $48,065 in 1994.  The
increase of $11,080 or 23% from 1994 to 1995 was  primarily due to the increases
in production,  noted above, and enhanced recovery costs incurred on the Concord
acquisition in 1995.

     Depreciation  and  depletion  expense was $81,489 in 1995 as compared  with
$107,760 in 1994.  This  represents  a decrease in  depletion  and  depreciation
expense  of  $26,271  or 24%.  A 29%  decrease  in the  depletion  rate  reduced
depreciation  and  depletion  expense by $33,476.  This  decrease was  partially
offset by the increase in production, noted above. The decrease in the depletion
rate was primarily the result of an upward  revision of the oil and gas reserves
during 1995.

     General and  administrative  expenses were $27,107 in 1995 as compared with
$28,861 in 1994.  The  decrease of $1,754 or 6% from 1994 to 1995 was  primarily
the result of less staff time being required to manage the Company's  operations
in 1995,  partially offset by a $964 increase in direct expenses incurred by the
Company in 1995.

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 1994 to 1995 were  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.  Distributions decreased from 1994 to 1995, due primarily to
the decrease in payable to the general partner of $45,945 in 1995 as compared to
a decrease of $23,321 in 1994.

     The Company will  continue to recover its reserves  and  distribute  to the
partners the net proceeds realized from the sale of oil and gas production after
the payment of debt obligations.  The Company plans to repay the amounts owed to
the  general  partner  over a period of four  years.  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.

     At December 31, 1995, the Company had no material  commitments  for capital
expenditures. The Company does not intend to engage in significant developmental
drilling activity.

                                      II-2

<PAGE>


Item 7.              Financial Statements and Supplementary Data



INDEPENDENT AUDITORS' REPORT


The Partners
Enex Oil & Gas Income
  Program II-10, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
II-10,  L.P.  (a Texas  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 II-10,  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 II-10, 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-3

<PAGE>


ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.

BALANCE SHEET, DECEMBER 31, 1995
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

ASSETS
                                                                   1995
                                                             ------------
CURRENT ASSETS:
<S>                                                          <C>
  Cash                                                       $    16,161
  Accounts receivable - oil & gas sales                           15,715
  Other current assets                                             4,563
                                                             ------------

Total current assets                                              36,439
                                                             ------------

OIL & GAS PROPERTIES:
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities        1,896,106
  Less  accumulated depreciation and depletion                 1,387,024
                                                             ------------

Property, net                                                    509,082
                                                             ------------


TOTAL                                                        $   545,521
                                                             ============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                          $    14,833
   Payable to general partner                                     37,962
                                                             ------------

Total current liabilities                                         52,795
                                                             ------------

NONCURRENT PAYABLE TO GENERAL PARTNER                            113,887
                                                             ------------

PARTNERS' CAPITAL:
   Limited partners                                              351,039
   General partner                                                27,800
                                                             ------------

Total partners' capital                                          378,839
                                                             ------------

TOTAL                                                        $   545,521
                                                             ============

</TABLE>



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

                                      II-4
<PAGE>
ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.

STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
----------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                              1995         1994
                                         -----------    ----------

REVENUES:
<S>                                      <C>            <C>      
  Oil and gas sales                      $  202,405     $ 188,358
                                         -----------    ----------

EXPENSES:
  Depreciation and depletion                 81,489       107,760
  Lease operating expenses                   59,145        48,065
  Production taxes                            9,114         9,014
  General and administrative:
    Allocated from general partner           21,179        23,897
    Direct expense                            5,928         4,964
                                         -----------    ----------

Total expenses                              176,855       193,700
                                         -----------    ----------

INCOME (LOSS) FROM OPERATIONS                25,550        (5,342)
                                         -----------    ----------

OTHER EXPENSE:
  Interest expense                              (72)            -
                                         -----------    ----------

NET INCOME (LOSS)                        $   25,478     $  (5,342)
                                         ===========    ==========

</TABLE>




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

                                      II-5

<PAGE>
ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

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

<S>                              <C>         <C>           <C>            <C>    
BALANCE, JANUARY 1, 1994         $434,036    $  27,800     $ 406,236      $   104

CASH DISTRIBUTIONS                (47,084)           -       (47,084)         (12)

NET (LOSS)                         (5,342)           -        (5,342)          (2)
                                 ---------   ----------    ----------    ---------

BALANCE, DECEMBER 31, 1994        381,610       27,800       353,810           90

CASH DISTRIBUTIONS                (28,249)           -       (28,249)          (7)

NET INCOME                         25,478            -        25,478            7
                                 ---------   ----------    ----------    ---------

BALANCE, DECEMBER 31, 1995       $378,839    $  27,800     $ 351,039 (1)  $    90
                                 =========   ==========    ==========    =========

</TABLE>


(1)  Includes 834 units purchased by the general partner as a limited partner.






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

                                      II-6

<PAGE>
ENEX OIL AND GAS INCOME PROGRAM II - 10, L.P.

STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                             1995        1994
                                                          ---------   ---------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                       <C>         <C>                                                      
Net income (loss)                                         $ 25,478    $ (5,342)                                               
                                                          ---------   ---------

Adjustments to reconcile net income (loss) to net cash
   provided by operating activities
  Depreciation and depletion                                81,489     107,760
(Increase) decrease in:
  Accounts receivable - oil & gas sales                     (1,558)     (1,351)
  Other current assets                                       1,540      (4,648)
Increase (decrease) in:
   Accounts payable                                          2,989      (6,339)
   Payable to general partner                              (45,945)    (23,321)
                                                          ---------   ---------

Total adjustments                                           38,515      72,101
                                                          ---------   ---------

Net cash provided by operating activities                   63,993      66,759
                                                          ---------   ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                 (24,235)    (10,178)
    Acquisition of proved oil & gas properties                   -      (9,528)
                                                          ---------   ---------

Net cash used by investing activities                      (24,235)    (19,706)
                                                          ---------   ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                      (28,249)    (47,084)
                                                          ---------   ---------

NET INCREASE (DECREASE) IN CASH                             11,509         (31)

CASH AT BEGINNING OF YEAR                                    4,652       4,683
                                                          ---------   ---------

CASH AT END OF YEAR                                       $ 16,161    $  4,652                                                    
                                                          =========   =========

Cash paid for interest during the year                    $     72    $      -                                            
                                                          =========   =========

</TABLE>



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

                                      II-7




<PAGE>

ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.

NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995

--------------------------------------------------------------------------


1.   PARTNERSHIP ORGANIZATION

     Enex Oil & Gas Income Program II-10, L.P. (the "Company"),  a Texas limited
     partnership,  commenced  operations  on May 8,  1986  for  the  purpose  of
     acquiring   proved  oil  and  gas   properties.   Total   limited   partner
     contributions  were  $1,958,206,  of which $19,582 was  contributed by Enex
     Resources Corporation ("Enex"), the general partner.

     In accordance with the partnership agreement,  the Company paid commissions
     of $157,669 for solicited subscriptions to Enex Securities  Corporation,  a
     subsidiary  of Enex,  and  reimbursed  Enex for  organization  expenses  of
     approximately $59,000.

     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.

     In May  1993,  as the  aggregate  purchase  price of the  interests  in the
     Company plus the cumulative  distributions  to the limited partners did not
     equal limited partner subscriptions (the "Deficiency"), the general partner
     forfeited its 10% share of the  Company's  net  revenues.  The foregone net
     revenues  will be allocated to the limited  partners  until such time as no
     Deficiency exists.


                                      II-8

<PAGE>



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 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.

     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-9

 <PAGE>


Set  forth  below  is a  reconciliation  of  net  income  as  reflected  in  the
accompanying financial statements and net income for federal income tax purposes
for the year ended December 31, 1995:
 <TABLE>
 <CAPTION>

                                                        Allocable to
                                                     ---------------------   Per $500 Limited
                                                      General    Limited     Partner Unit
                                           TOTAL       Partner   Partners     Outstanding
                                       -----------   ----------  ---------   --------------
Net income as reflected in the
<S>                                    <C>           <C>          <C>             <C>
 accompanying financial statements     $   25,478    $       -    $25,478         $      7
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                  (15,972)           -    (15,972)              (5)
  Difference in depreciation and
     depletion computed for federal
     income tax purposes and
     the amount computed for
     financial reporting purposes           6,508            -      6,508                2
                                       -----------   ----------  ---------   --------------

Net income for federal
   income tax purposes                 $   16,014    $       -   $ 16,014          $     4
                                       ===========   ==========  =========   ==============
</TABLE>

Net income for federal  income tax  purposes is a summation  of ordinary  income
(loss), portfolio income (loss), cost depletion and intangible drilling costs as
presented in the Company's federal income tax return.

Set forth below is a reconciliation  between  partners'  capital as reflected in
the accompanying  financial  statestatements  and partners'  capital for federal
income tax purposes as of December 31, 1995:
 <TABLE>
 <CAPTION>

                                                        Allocable to
                                                     ---------------------   Per $500 Limited
                                                      General    Limited     Partner Unit
                                          TOTAL       Partner    Partners     Outstanding
                                       -----------   ----------  ---------   --------------
Partners' capital as reflected in the
<S>                                    <C>           <C>         <C>             <C>
     accompanying financial statements $  378,839    $  27,800   $351,039        $      90
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                 (113,705)      (8,827)  (104,878)             (27)
  Difference in accumulated
     depreciation, depletion and
     amortization for financial
     reporting and federal income
     tax purposes                         (57,958)           -    (57,958)             (15)
  Commissions and syndication
     fees capitalized for federal
     income tax purposes                  157,669            -    157,669               40
                                       -----------   ----------  ---------   --------------

Partners' capital for federal
     income tax purposes               $  364,845    $  18,973   $345,872         $     88
                                       ===========   ==========  =========   ==============

</TABLE>

                                                          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
                     amounts  owed to the  general  partner  over a period  four
                     years.

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

                     Amoco   Production   Company  and  Exxon  Company,   U.S.A.
                     accounted for 24% and 13%,  respectively,  of the Company's
                     total  sales in 1995.  Amoco  Production  Company and Exxon
                     Company,  USA accounted for 23% and 13%,  respectively,  of
                     the   Company's   sales   in  1994.   No  other   purchaser
                     individually accounted for more than 10% of such sales.

7.                   PROPERTY TRANSACTIONS

                     Effective October 1, 1994, the Company acquired  additional
                     working and royalty  interests  in the Concord  acquisition
                     for $9,528 from an  affiliated  partnership.  The  purchase
                     price  represents the fair market value as determined  from
                     the receipt of bids solicited from independent  third party
                     companies.

8.                   NOTE PAYABLE TO THE GENERAL PARTNER

                     On January 1, 1995,  the Company  borrowed  $4,500 from the
                     general partner in order to purchase an additional interest
                     in the Concord acquisition,  as discussed in Note 7, above.
                     The  resultant  note  payable to the general  partner  bore
                     interest  at prime plus  three-fourths  of one percent or a
                     weighted  average rate of 9.48%. On March 3, 1995, the note
                     was completely repaid.


                                      II-11

<PAGE>



ENEX OIL & GAS INCOME PROGRAM II - 10, L.P.

SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
---------------------------------------------------------------------------

Proved Oil and Gas Reserve Quantities (Unaudited)

The following  presents an estimate of the Company's  proved oil and gas reserve
quantities  and changes  therein  for each of the two years in the period  ended
December 31, 1995.  Oil reserves are stated in barrels  ("BBLS") and natural gas
in thousand cubic feet ("MCF"). The amounts per $500 limited partner unit do not
include a potential 5% reduction after payout. All of the Company's reserves are
located within the United States.

<TABLE>
<CAPTION>
                                                     Per $500                   Per $500
                                                     Limited        Natural      Limited
                                          Oil       Partner Unit      Gas     Partner Unit
                                        (BBLS)       Outstanding    (MCF)     Outstanding
                                       ----------   ------------   --------   ----------

PROVED DEVELOPED AND
    UNDEVELOPED RESERVES:
<S>                                      <C>                <C>   <C>               <C>
January 1, 1994                           56,659             14    107,444           27

    Revisions of previous estimates       10,337              3    (18,695)          (5)
    Purchases of minerals in place         1,105              1      1,487            1
    Production                           (10,863)            (3)   (13,069)          (3)
                                       ----------   ------------   --------   ----------

December 31, 1994                         57,238             15     77,167           20

    Revisions of previous estimates       25,456              6     32,825            8
    Production                           (11,339)            (3)   (15,445)          (4)
                                       ----------   ------------   --------   ----------

December 31, 1995                         71,355             18     94,547           24
                                       ==========   ============   ========   ==========


PROVED DEVELOPED RESERVES:

January 1, 1994                           56,659             14    107,444           27
                                       ==========   ============   ========   ==========

December 31, 1994                         57,238             15     77,167           20
                                       ==========   ============   ========   ==========

December 31, 1995                         71,355             18     94,547           24
                                       ==========   ============   ========   ==========

</TABLE>


                                      II-12





<PAGE>


Item 8.             Changes In and Disagreements With Accountants on Accounting
                    and Financial Disclosure


                     Not Applicable


                                      II-13

                                     <PAGE>


                                    PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
         Compliance with Section 16(a) of the Exchange Act
---------------------------------------------------------------------

     The  Company's  sole  General  Partner  is Enex  Resources  Corporation,  a
Delaware  corporation.  The Company has no Directors or executive officers.  The
Directors and executive officers of Enex are:

     Gerald B. Eckley. Mr. Eckley,  age 69, has served as a Director,  President
and Chief Executive  Officer of the General Partner since its formation in 1979.
He was employed by Shell Oil Company from 1951 to 1967 and served in  managerial
capacities from 1959 to 1967. From 1967 to 1969, he was Director of Fund Raising
at the  University of Oklahoma and from 1969 to 1971, was Vice President of Land
and Operations for Imperial American Management Company. In 1971, Mr. Eckley was
a  petroleum  consultant  and in  1972-1973  was General  Counsel and  Executive
Director of the Oil Investment  Institute.  From 1973 to 1974, he was Manager of
Oil Properties,  Inc. and from 1974 to 1976, was Vice President,  Land and Joint
Ventures for Petro-Lewis  Corporation.  From 1977 to August 1979, Mr. Eckley was
President of Eckley  Energy,  Inc., a company  engaged in purchasing and selling
oil and gas properties. Mr. Eckley received an L.L.B. degree from the University
of Oklahoma in 1951 and a Juris Doctor degree from the University of Oklahoma in
1970.

     William C.  Hooper,  Jr.  Mr.  Hooper,  age 58, has been a Director  of the
General  Partner  since its  formation  in 1979 and is a member  of the  General
Partner's Audit and Compensation and Options Committees.  In 1960 he was a staff
engineer in the Natural Gas Department of the Railroad Commission of Texas, with
principal  duties  involving  reservoir units and gas proration.  In 1961 he was
employed by the California  Company as a Drilling  Engineer and  Supervisor.  In
1963 he was employed as a Staff Engineer by California Research  Corporation and
in 1964 rejoined the  California  Company as a project  manager  having  various
duties involving  drilling and reservoir  evaluations.  In 1966 he was Executive
Vice  President  for Moran Bros.  Inc.,  coordinating  and  managing all company
activities,  drilling operations,  bidding and engineering.  From 1970 until the
present, he has been self-employed as a consulting  petroleum engineer providing
services to industry and  government  and engaged in business as an  independent
oil and gas operator and investor.  From 1975 to 1987 he was also a Director and
President of Verna Corporation,  a drilling contractor and service organization.
He received a B.S.  degree in Petroleum  Engineering in 1960 from the University
of Texas and an M.S. degree in Petroleum  Engineering  from that same University
in 1961.

     Stuart  Strasner.  Mr.  Strasner,  age 66,  was a Director  of the  General
Partner from its  formation  until October of 1986.  He was  reappointed  to the
Board  on  April  19,  1990 to  fill a  vacancy.  He is a  member  of the  Audit
Committee. He is a professor of business law at Oklahoma City University and was
Dean of the law school at  Oklahoma  City  University  from July 1984 until June
1991.  Prior to July 1984, Mr. Strasner was an attorney in private practice with
McCollister,  McCleary, Fazio and Holliday in Oklahoma City, Oklahoma. From 1959
to 1974,  he was  employed  by various  banks,  bank  holding  companies  and an
insurance  company  in  executive  capacities.  From  1974  to  1978,  he  was a
consultant to various  corporations  such as insurance  companies,  bank holding
companies and small business investment companies. From 1978 until late 1981, he
was Executive  Director of the Oklahoma Bar  Association,  and from 1981 to 1983
was  a  Director  and  President  of  PRST  Enterprises,  Inc.,  a  real  estate
development  company.  Mr.  Strasner  holds an A.B.  degree from  Panhandle  A&M
College,  Oklahoma,  and a J.D. degree from the University of Oklahoma.  He is a
member  of the  Fellows  of the  American  Bar  Association  and a member of the
Oklahoma  Bar  Association.  Mr.  Strasner is also a director of Health  Images,
Inc., a public  company which  provides  fixed site magnetic  resonance  imaging
("MRI") services.


                                      III-1

<PAGE>

     Martin J. Freedman.  Mr. Freedman, age 71, was one of the General Partner's
founders  and a member of its Board of  Directors  as well as a board  member of
Enex Securities  Corporation until June of 1986. He was reappointed to the Board
on April 19,  1990 to fill a  vacancy.  He is a member of the  Compensation  and
Options  Committee.  He is  currently  President  of Freedman Oil & Gas Company,
engaged primarily in the management of its exploration and producing properties,
and the managing  partner  Martin J. Freedman & Company which has an interest in
approximately  one hundred  producing  oil and/or gas wells.  Mr.  Freedman is a
lifetime member of the Denver  Petroleum Club as well as being a lifetime member
of the Denver Association of Petroleum  Landmen.  He was an officer and Director
and/or  founder of several  former private and public  companies.  Mr.  Freedman
entered the oil and gas business in 1954 when he joined Mr.  Marvin Davis of the
Davis Oil Company.  In 1956, he became President of Central Oil  Corporation,  a
company engaged in oil and gas exploration.  From 1958 on, Mr. Freedman operated
as Martin J. Freedman Oil Properties and was President of Oil Properties,  Inc.,
a private corporation. Mr. Freedman attended Long Island University and New York
University.  He received a bachelor's degree in Psychology and also attended New
York University's graduate school.

     James  Thomas  Shorney.  Mr.  Shorney,  age 70, has been a Director  of the
General  Partner  since  April of 1990 and is a member of the  Compensation  and
Options Committee. He has been a petroleum consultant and Secretary/Treasurer of
the Shorney Company, a privately held oil and gas exploration company, from 1970
to date. From 1970 to 1976, he also served as a petroleum consultant in Land and
Lease Research Analysis Studies for the GHK Company. He was an oil and gas lease
broker  from  1962 to 1970  and  employed  by  Shell  Oil  Company  in the  Land
Department  from 1954 to 1962.  Before  joining Shell Oil Company,  he served as
Public  Information  Officer  in the  U.S.  Army  Air  Force  from  1950 to 1953
including attending  Georgetown  University Graduate School in 1952. Mr. Shorney
graduated  from the  University of Oklahoma with a B.A.  degree in Journalism in
1950.  From 1943 to 1945,  he  served in the U.S.  Army Air Force as an air crew
member  on a  B-24  Bomber.  Mr.  Shorney  is a  member  of  the  Oklahoma  City
Association  of  Petroleum  Landmen  on  which he has  served  as  Director  and
Secretary/Treasurer.  He is an active  member  of the  American  Association  of
Petroleum Landmen. In 1975, Mr. Shorney was first listed in the London Financial
Times' Who's Who in World Oil and Gas.

     Robert D. Carl,  III.  Mr.  Carl,  age 42, was  appointed a Director of the
General Partner on July 30, 1991 and is a member of the Audit  Committee.  He is
President,  Chief Executive  Officer and Chairman of the Board of Health Images,
Inc., a public company whose securities are traded on NYSE, which provides fixed
site magnetic  resonance imaging ("MRI")  services.  From 1978 to 1981, Mr. Carl
also  served as  President  of Carl  Investment  Associates,  Inc. a  registered
investment  advisor.  In 1981,  Mr. Carl joined  Cardio-Tech,  Inc.,  as general
counsel  and as an officer and  Director.  Upon the sale and  reorganization  of
Cardio-Tech,  Inc.  into  Cardiopul  Technologies  in  1982,  he  served  as its
Executive  Vice  President  and as a  Director.  In March,  1985 he was  elected
President,  Chief Executive Officer and Chairman of Cardiopul Technologies which
spun off its  non-imaging  medical  services  business  and  changed its name to
Health  Images,  Inc.  Mr. Carl  received a B.A. in History  from  Franklin  and
Marshall  College,  Lancaster,  Pennsylvania  in  1975  and a  J.D.  from  Emory
University  School of Law,  Atlanta,  Georgia in 1978.  Mr. Carl is a trustee of
Franklin & Marshall College and is a member of the State Bar of Georgia.

     On January 4, 1996, the SEC filed a complaint in the United States District
Court for the  District of Columbia  against  Mr.  Carl  alleging  that Mr. Carl
violated Section 16(a) of the Securities  Exchange Act of 1934 ("Exchange Act"),
and Rule 16a-2 and 16a-3  (and  former  Rule  16a-1)  thereunder,  by failing to
timely file  reports  concerning  thirty-eight  securities  transactions  in his
mother's brokerage accounts involving shares of Health Images, Inc. stock.
Although Mr. Carl's mother apparently did not

                                      III-2

<PAGE>

live in his  household,  the SEC took the  position  that  because  Mr. Carl (1)
provided  substantial  financial  support  to his  mother,  (2)  commingled  his
mother's  assets with his own, (3) provided a  substantial  portion of the funds
used to purchase  the shares in  question,  and (4)  received  from his mother a
substantial  portion  of the sales  proceeds,  he,  therefore,  had a  pecuniary
interest in, and was a beneficial owner of, the shares in question.

     In response to the SEC's action, Mr. Carl disgorged to Health Images,  Inc.
approximately  $92,400 in  short-swing  profits from the trading in his mother's
account,  plus  interest  thereon  of  approximately  $52,600.  The SEC  further
requested the court to impose a $10,000 civil penalty  against Mr. Carl pursuant
to Section  21(d)(3)  of the  Exchange  Act.  Without  admitting  or denying the
allegations  in the  complaint,  Mr.  Carl  consented  to the  entry  of a final
judgement  imposing the $10,000  penalty.  On January 12, 1996, a federal  judge
entered the final judgement in this matter, and Mr. Carl has since filed amended
reports on Forms 4 and 5 reflecting these transactions in his mother's accounts.

     In relation to the same matter, the SEC has issued an administrative  Order
pursuant to Section 21C of the Exchange  Act against Mr.  Carl,  finding that he
violated  Section 16(a) and the rules  thereunder and requiring him to cease and
desist from  committing  or causing any  violation or future  violation of those
provisions. Without admitting or denying allegations in the SEC's Order, Mr.
Carl consented to the entry of the Order.

     Robert E. Densford.  Mr. Densford,  age 38, was appointed a Director of the
General  Partner  on  September  11,  1991.  He joined  the  General  Partner as
Controller  on May 1, 1985 and  became  Vice  President-Finance,  Secretary  and
Treasurer  on March 1, 1989.  From  January  1983 to April  1985,  he was Senior
Accountant for Deloitte Haskins & Sells in Houston, Texas, auditing both closely
held and publicly owned oil and gas  companies.  From September 1981 to December
1982, he was a staff  accountant for Coopers & Lybrand in Houston.  Mr. Densford
is a C.P.A.  and holds a B.B.A.  degree in Accounting and an M.S.  degree in Oil
and Gas  Accounting  from Texas Tech  University and is a member of the American
Institute of Certified  Public  Accountants  and the Texas  Society of Certified
Public Accountants.

     James A. Klein. Mr. Klein, age 32, joined the General Partner as Controller
in February 1991. In June 1993, he was appointed President and Principal of Enex
Securities  Corporation.  From June 1988 to February  1991,  he was  employed by
Positron Corporation in Houston.  From July 1987 to May 1988, he was employed by
Transworld  Oil Company in Houston and from  September  1985 until July 1987, he
was an accountant with Deloitte Haskins & Sells in Houston,  Texas, auditing oil
and gas and oil service  companies.  Mr. Klein is a Certified Public  Accountant
and holds a B.A. in  Accounting  (1985)  from the  University  of Iowa.  He is a
member of the American  Institute of Certified  Public  Accountants and the Iowa
Society of Certified Public Accountants.

Item 10.   Executive Compensation

     The Company has no Directors or executive officers.

     The Company does not pay a proportional or fixed share of the  compensation
paid to the officers of the General Partner.

     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.

                                      III-3

<PAGE>

Item 11.   Security Ownership of Certain Beneficial Owners and Management


                                                  $500 Limited
                                    Name of       Partner Units       Percent
           Title of Class      Beneficial Owner  Owned Directly      of Class

           Limited Partner      Enex Resources         834            21.2831%


Item 12.      Certain Relationships and Related Transactions


     See the  Statements of Operations  included in the Financial  Statements in
Item 7 of this report for  information  concerning  general  and  administrative
costs  incurred  by  Enex  and  allocated  to the  Company,  and  Note 1 to such
Financial  Statements for  information  concerning  payments to Enex  Securities
Corporation,  a wholly owned subsidiary of Enex and to Enex for certain offering
and organization expenses incurred by the Company.


Item 13. Exhibits and Reports on Form 8-K
                                                                 Sequential
                                                                    Page No.
                                                                ------------

         (a)  Exhibits

              (3)  a.      Amended Certificate and Agreement of Limited
                           Partnership. Incorporated by reference to Exhibit
                           A to the Prospectus of Enex Oil & Gas Income
                           Program II dated May 1, 1985, filed with the
                           Securities and Exchange Commission pursuant
                           to Rule 424(b) on or about May 8, 1985, except
                           that the last sentence of Section 9.2 (m) thereof
                           reads in full as follows:
                           If the general partner or an affiliate other than
                           an affiliated limited partnership acquires an
                           interest in any such property acquisition, such
                           appraisal will be performed by independent
                           petroleum engineering  consultants and if the
                           aggregate revenue interest of the General Partner
                           and its affiliates in any affiliated limited
                           partnership in such a property acquisition is
                           greater than their aggregate revenue interest in
                           the Partnership, then with respect to the property
                           interests so acquired the greater aggregate
                           revenue interest shall be reduced so as not to
                           exceed the lesser revenue interest.

              (4)  Not Applicable


                                      III-4

<PAGE>


              (10) Not Applicable

              (11) Not Applicable

              (12) Not Applicable

              (13) Not Applicable

              (18) Not Applicable

              (19) Not Applicable

              (22) Not Applicable

              (23) Not Applicable

              (24) Not Applicable

              (25) Not Applicable

              (28) Not Applicable

         (b)  Reports on Form 8-K

              No reports on Form 8-K were filed  during the last  quarter of the
              period covered by this report.


                                      III-5

<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 II - 10, L.P.

                                      By:    ENEX RESOURCES CORPORATION
                                              the General Partner



March 18, 1996                        By:     /s/   G. B. Eckley
                                              -------------------
                                                    G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed  below on March 18,  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

<PAGE>


                                   /s/ Robert D. Carl, III

                                   --------------------------

                                       Robert D. Carl, III       Director



                                   /s/ Martin J. Freedman

                                   --------------------------

                                       Martin J. Freedman        Director


                                   /s/ William C. Hooper, Jr.

                                   --------------------------

                                       William C. Hooper, Jr.    Director


                                   /s/ Tom Shorney

                                   --------------------------

                                       Tom Shorney               Director


                                   /s/ Stuart Strasner

                                   --------------------------

                                       Stuart Strasner           Director



                                       S-2