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 September 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
------------------------------------------------------------------------------

                                                                  September 30,
ASSETS                                                                 1996
                                                             -----------------
                                                                   (Unaudited)
CURRENT ASSETS:
<S>                                                          <C>          
  Cash                                                       $     105,664
  Accounts receivable - oil & gas sales                            124,698
  Receivable from affiliated limited partnership                    10,201
                                                             --------------

Total current assets                                               240,563
                                                             --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities          1,451,194
  Less  accumulated depreciation and depletion                     624,982
                                                             --------------

Property, net                                                      826,212
                                                             --------------




TOTAL                                                        $   1,066,775
                                                             ==============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                          $      97,192
   Payable to general partner                                        4,096
                                                             --------------

Total current liabilities                                          101,288
                                                             --------------

PARTNERS' CAPITAL:
   Limited partners                                                936,885
   General partner                                                  28,602
                                                             --------------

Total partners' capital                                            965,487
                                                             --------------

TOTAL                                                        $   1,066,775
                                                             ==============

Number of $500 Limited Partner units outstanding                     2,954

</TABLE>



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

                                       I-1

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


(UNAUDITED)                                         QUARTER ENDED                         NINE MONTHS ENDED
                                              -------------------------------------    ----------------------------------------

                                               September 30,        September 30,        September 30,         September 30,
                                                   1996                  1995                 1996                  1995
                                              ----------------    -----------------    -----------------    -------------------

REVENUES:
<S>                                             <C>               <C>                  <C>                 <C>               
  Oil and gas sales                             $     270,101     $        209,288     $        712,272    $          660,801
                                              ----------------    -----------------    -----------------    -------------------

EXPENSES:
  Depreciation, depletion and amortization             34,819               30,142               91,951                 99,937
  Lease operating expenses                            156,503              128,345              404,729                415,658
  Production taxes                                     16,677               13,142               44,505                 38,829
  General and administrative                            9,281                7,413               31,013                 37,174
                                              ----------------    -----------------    -----------------    -------------------

Total expenses                                        217,280              179,042              572,198                591,598
                                              ----------------    -----------------    -----------------    -------------------

INCOME FROM OPERATIONS                                 52,821               30,246              140,074                 69,203
                                              ----------------    -----------------    -----------------    -------------------

OTHER INCOME:
 Interest income                                            -                    -                    -                    132
                                              ----------------    -----------------    -----------------    -------------------

NET INCOME                                     $       52,821     $         30,246     $        140,074    $           69,335
                                              ================    =================    =================    ===================

</TABLE>



See accompanying notes to financial statements.
--------------------------------------------------------------
                                       I-2

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

(UNAUDITED)
                                                            NINE MONTHS ENDED
                                                         ------------------------------------------

                                                          September 30,            September 30,
                                                               1996                    1995
                                                       -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                    <C>                                  <C>     
Net income                                             $          140,074                   69,335  
                                                       -------------------      -------------------

Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation, depletion and amortization                         91,951                   99,937
(Increase) decrease in:
  Accounts receivable - oil & gas sales                           (17,948)                  (1,770)
Increase (decrease) in:
   Accounts payable                                                13,695                   36,838
   Payable to general partner                                      (1,748)                 (10,632)
                                                       -------------------      -------------------

Total adjustments                                                  85,950                  124,373
                                                       -------------------      -------------------

Net cash provided by operating activities                         226,024                  193,708
                                                       -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                              -                  (24,250)
                                                         -----------------       ------------------



CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                            (153,940)                (160,359)
                                                       -------------------      -------------------

NET INCREASE IN CASH                                               72,084                    9,099

CASH AT BEGINNING OF YEAR                                          33,580                   86,044
                                                       -------------------      -------------------

CASH AT END OF PERIOD                                  $          105,664                   95,143  
                                                       ===================      ===================
</TABLE>



See accompanying notes to financial statements.
--------------------------------------------------------------------
                                       I-3


<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 $38,368,  representing  net revenues from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on July 31, 1996.

3.       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.  On November  13,  1996,  the Company  submitted  amended
         preliminary   proxy   material   to  the  SEC  with   respect  to  this
         consolidation.  The terms and conditions of the proposed  consolidation
         are set forth in such preliminary proxy material.



                                                      I-4

<PAGE>



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

Third Quarter 1995 Compared to the Third Quarter 1996

Oil and gas sales for the  third  quarter  increased  to  $270,101  in 1996 from
$209,288  in 1995.  This  represents  an increase  of $60,813  (29%).  Oil sales
increased  by $24,907  (14%).  A 33%  increase  in the  average  oil sales price
increased sales by $51,036. This increase was partially offset by a 15% decrease
in oil production. Gas sales increased by $35,906 (125%). A 212% increase in gas
production  increased sales by $60,700.  This increase partially was offset by a
28% decrease in the average gas sales price.  The decrease in oil  production is
due to natural  production  declines.  The  increase  in average oil sales price
corresponds  with higher  prices in the overall  market for the sale of oil. The
increase in gas production was a result of higher  production from the S. Midway
acquisition due to the partial shut-in of production for a workover in 1995. The
decrease in the average  gas sales price was due to higher  production  from the
S.Midway acquisition which has a relatively lower gas price.

Lease operating expenses increased to $156,503 in the third quarter of 1996 from
$128,345 in 1995. The increase of $28,158 (22%) was primarily due to the changes
in production,  noted above,  coupled with higher operating expenses incurred at
the Charlotte acquisition.

Depreciation and depletion  expense in increased to $32,850 in the third quarter
of 1996 from $27,188 in the third quarter of 1995.  This  represents an increase
of $5,662 (21%). The changes in production, noted above, caused depreciation and
depletion  expense to increase by $7,189.  A 4% decrease in the  depletion  rate
offset  depreciation  and  depletion  expense by  $1,527.  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 increased to $9,281 in the third quarter of
1996 from $7,413 in 1995.  This  increase  of $1,868  (25%) is due to more staff
time being required to manage the Company's operations.

First Nine Months in 1995 Compared to the First Nine Months in  1996
--------------------------------------------------------------------

Oil and gas sales for the first nine months  increased  to $712,272 in 1996 from
$660,801  in 1995.  This  represents  an  increase  of $51,471  (8%).  Oil sales
increased  by  $19,038  (3%).  A 7%  increase  in the  average  oil sales  price
increased sales by $41,431.  This increase was partially offset by a 4% increase
in oil  production.  Gas sales  increased by $32,433 (40%). A 2% increase in gas
production  increased sales by $1,910. A 38% increase in the average sales price
increased sales by an additional $30,523.  The decrease in oil production is due
to  natural  production  declines.  The  increase  in  average  oil sales  price
corresponds  with higher  prices in the overall  market for the sale of oil. The
increase in gas production was a result of higher  production from the S. Midway
acquisition due to the successful completion of a workover in 1996. The increase
in the average  gas sales price was 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.



                                       I-5

<PAGE>



Lease operating  expenses decreased to $404,729 in the first nine months of 1996
from $415,658 in 1995.  The decrease of $10,929 or (3%) was primarily due to the
changes in production, noted above.

Depreciation and depletion expense decreased to $84,073 in the first nine months
of 1996  from  $91,074  in the first  nine  months of 1995.  This  represents  a
decrease  of $7,001  (8%).  The  changes  in  production,  noted  above,  caused
depreciation  and depletion  expense to decrease by $1,863. A 6% decrease in the
depletion  rate reduced  depreciation  and  depletion  expense by an  additional
$5,138.  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  $31,013 in the first nine
months of 1996 from $37,174 in 1995.  This decrease of $6,161 (17%) 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.  On
November 13, 1996, the Company submitted  amended  preliminary proxy material to
the SEC with  respect to this  consolidation.  The terms and  conditions  of the
proposed consolidation are set forth in such preliminary proxy material.

As of September 30, 1996,  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 September 30, 1996.


                                      II-1

<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 13, 1996                                 By: /s/ James A. Klein
                                                     -------------------
                                                           James A. Klein
                                                       Controller and Chief
                                                        Accounting Officer


<PAGE>