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


   
                                   FORM 10-QSB/A
    


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

                  For the quarterly period ended March 31, 1997

                                       OR

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

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

                         Commission file number 0-18328

             ENEX 88-89 INCOME AND RETIREMENT FUND - SERIES 4, L.P.
             (Exact name of registrant as specified in its Charter)

            New Jersey                                           76-0251418
  (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) (Zip Code)

               Registrant's telephone number, including area code:
                                 (713) 358-8401


         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.


                                    Yes x No

<PAGE>
                              PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENEX 88-89 INCOME AND RETIREMENT FUND - SERIES 4, L.P.
BALANCE SHEET
----------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                             MARCH 31,
ASSETS                                                          1997
                                                       ---------------------
                                                            (Unaudited)
CURRENT ASSETS:
<S>                                                    <C>                 
  Cash                                                 $              5,687
  Accounts receivable - oil & gas sales                              21,025
                                                       ---------------------

Total current assets                                                 26,712
                                                       ---------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests                                              1,614,435
  Less  accumulated depletion                                     1,551,573
                                                       ---------------------

Property, net                                                        62,862
                                                       ---------------------

TOTAL                                                  $             89,574
                                                       =====================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                    $              1,466
   Payable to general partner                                        74,800
                                                       ---------------------

Total current liabilities                                            76,266
                                                       ---------------------

PARTNERS' CAPITAL :
   Limited partners                                                   3,788
   General partner                                                    9,520
                                                       ---------------------

Total partners' capital                                              13,308
                                                       ---------------------

TOTAL                                                  $             89,574
                                                       =====================

Number of $500 Limited Partner units outstanding                      3,644
</TABLE>



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

                                       I-1
<PAGE>
ENEX 88-89 INCOME AND RETIREMENT FUND - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
----------------------------------------------------------------------------
<TABLE>
<CAPTION>

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

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

REVENUES:
<S>                               <C>                       <C>               
  Oil and gas sales               $           12,823        $        11,904   
                                  -------------------    -------------------

EXPENSES:
  Depletion                                    3,666                  1,243
  Impairment of property                           -                240,044
  Production taxes                                 -                     99
  General and administrative                   2,687                  3,539
                                  -------------------    -------------------

Total expenses                                 6,353                244,925
                                  -------------------    -------------------


NET INCOME (LOSS)                 $            6,470         $     (233,021)  
                                  ===================    ===================
</TABLE>




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

<PAGE>
ENEX 88-89 INCOME AND RETIREMENT FUND - SERIES 4, L.P.

STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
FOR THE YEAR ENDED DECEMBER 31, 1996 AND
FOR THE THREE MONTHS ENDED MARCH 31, 1997
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                                 PER $500
                                                                                                  LIMITED
                                                                                                  PARTNER
                                                        GENERAL              LIMITED             UNIT OUT-
                                   TOTAL                PARTNER             PARTNERS             STANDING
                             -----------------    ------------------   ------------------   ------------------

<S>              <C>         <C>                  <C>                  <C>                  <C>              
BALANCE, JANUARY 1, 1996     $        225,171     $           4,724    $         220,447    $              61

NET INCOME (LOSS)                    (218,333)                3,782             (222,115)                 (61)
                             -----------------    ------------------   ------------------   ------------------

BALANCE, DECEMBER 31, 1996              6,838                 8,506               (1,668)                   -

NET INCOME                              6,470                 1,014                5,456                    1
                             -----------------    ------------------   ------------------   ------------------

BALANCE, MARCH 31, 1997      $         13,308     $           9,520    $           3,788 (1)$               1
                             =================    ==================   ==================   ==================
</TABLE>



(1)  Includes 238 units purchased by the general partner as a limited partner.




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

<PAGE>
ENEX 88-89 INCOME AND RETIREMENT FUND - SERIES 4, L.P.
STATEMENTS OF CASH FLOWS
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>

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

                                                              MARCH 31,                MARCH 31,
                                                                 1997                    1996
                                                         -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                      <C>                        <C>               
Net income (loss)                                        $            6,470         $       (233,021) 
                                                         -------------------      -------------------

Adjustments to reconcile net income (loss) to net cash
   provided by operating activities:
  Depletion                                                           3,666                    1,243
  Impairment of property                                                  -                  240,044
(Increase) in:
  Accounts receivable - oil & gas sales                              (3,802)                    (474)
(Decrease) in:
   Accounts payable                                                    (863)                  (2,177)
   Payable to general partner                                        (6,661)                  (3,601)
                                                         -------------------      -------------------

Total adjustments                                                    (7,660)                 235,035
                                                         -------------------      -------------------



NET INCREASE (DECREASE) IN CASH                                      (1,190)                   2,014

CASH AT BEGINNING OF YEAR                                             6,877                      127
                                                         -------------------      -------------------

CASH AT END OF PERIOD                                    $            5,687          $         2,141  
                                                         ===================      ===================
</TABLE>




See accompanying notes to financial statements.
------------------------------------------------------------------------------
                                       I-4


<PAGE>



ENEX 88-89 INCOME AND RETIREMENT FUND - 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.   The Financial  Accounting Standards Board has issued Statement of Financial
     Accounting  Standard  ("SFAS") No. 121,  "Accounting  for the Impairment of
     Long-Lived  Assets  and for  Long-Lived  Assets to be  Disposed  Of," which
     requires  certain assets to be reviewed for impairment  whenever  events or
     circumstances indicate the carrying amount may not be recoverable. Prior to
     this pronouncement,  the Company assessed properties on an aggregate basis.
     Upon  adoption of SFAS 121, the Company  began  assessing  properties on an
     individual  basis,  wherein  total  capitalized  costs may not  exceed  the
     property's  fair market  value.  The fair market value of each property was
     determined by H. J. Gruy and  Associates,  ("Gruy").  To determine the fair
     market value, Gruy estimated each property's oil and gas reserves,  applied
     certain  assumptions  regarding price and cost  escalations,  applied a 10%
     discount factor for time and certain discount  factors for risk,  location,
     type   of   ownership   interest,   category   of   reserves,   operational
     characteristics,  and other  factors.  In the first  quarter  of 1996,  the
     Company recognized a non-cash impairment  provision of $240,044 for certain
     oil and gas properties due primarily to downward  reserve  revisions on the
     Lake Decade  acquisition and lower prices in the market for the sale of oil
     and gas. The Lake Decade  acquisition  included  significant  reserves that
     were considered "proved" but not yet developed. Due to depressed gas prices
     and the unsuccessful efforts of wells drilled near the acquisition,  it was
     determined by the operator of the acquisition  that future  drillings could
     not be  justified.  The  well  which  was  holding  the  lease,  which  had
     undeveloped  reserves  assigned to it, was  recompleted  by the operator in
     1996 to a zone in which the Company did not own an  interest.  As a result,
     the lease expired and the  undeveloped  reserves  associated with the lease
     had to be  written  off.  This was the cause of both the  downward  reserve
     revisions in 1996 and the reserve valuation writedowns taken by the Company
     in the first quarter of 1996.
    

3.       On April 24, 1997, the Company's General Partner submitted  preliminary
         proxy material to the Securities  Exchange Commission with respect to a
         proposed liquidation of the Company.


                                       I-5

<PAGE>



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


First Quarter 1997 Compared to First Quarter 1996

Oil and gas  sales for the  first  quarter  increased  from  $11,904  in 1996 to
$12,823 in 1997.  This  represents an increase of $919 (8%). Oil sales increased
by $589 or 8%. A 34%  increase  in  average  net oil prices  increased  sales by
$1,943.  This increase was partially offset by a 19% decrease in oil production.
Gas sales  increased  by $330 or 7%. A 7% increase in gas  production  increased
sales by $325.  A slight  increase in the average gas net sales price  increased
sales by an additional  $5. The decrease in oil  production was primarily due to
natural production declines. The increase in gas production was primarily due to
higher  production  from  the  El  Mac  acquisition  which  had  an  acidization
treatment. The increase in average net oil prices corresponds with higher prices
in the overall market for the sale of oil.  Average net gas sales price remained
constant as higher prices in the overall  market for the sale of gas were offset
by relatively higher operating expenses on the El Mac acquisition from which the
Company receives a net profits royalty.

Depletion  expense  increased from $1,243 in the first quarter of 1996 to $3,666
in the first quarter of 1997.  This  represents an increase of $2,423 (195%).  A
210% increase in the depletion rate increased  depletion expense by $2,485. This
increase was partially  offset by the changes in  production,  noted above.  The
increase in the depletion  rate was primarily a result of downward  revisions of
the oil and gas reserves during December 1996.

   
The  Financial  Accounting  Standards  Board has issued  Statement  of Financial
Accounting  Standard  ("SFAS")  No.  121,  "Accounting  for  the  Impairment  of
Long-Lived  Assets and for Long-Lived  Assets to be Disposed Of," which requires
certain assets to be reviewed for impairment  whenever  events or  circumstances
indicate  the   carrying   amount  may  not  be   recoverable.   Prior  to  this
pronouncement,  the Company  assessed  properties  on an aggregate  basis.  Upon
adoption of SFAS 121, the Company  began  assessing  properties on an individual
basis, wherein total capitalized costs may not exceed the property's fair market
value.  The fair market value of each property was  determined by H. J. Gruy and
Associates,  ("Gruy").  To determine the fair market value,  Gruy estimated each
property's oil and gas reserves, applied certain assumptions regarding price and
cost  escalations,  applied a 10% discount factor for time and certain  discount
factors for risk,  location,  type of ownership interest,  category of reserves,
operational  characteristics,  and other factors.  In the first quarter of 1996,
the Company recognized a non-cash  impairment  provision of $240,044 for certain
oil and gas properties due primarily to downward  reserve  revisions on the Lake
Decade  acquisition  and lower prices in the market for the sale of oil and gas.
The Lake Decade acquisition  included  significant reserves that were considered
"proved" but not yet developed. Due to depressed gas prices and the unsuccessful
efforts of wells drilled near the acquisition, it was determined by the operator
of the acquisition that future drillings could not be justified.  The well which
was  holding  the lease,  which had  undeveloped  reserves  assigned  to it, was
recompleted  by the  operator in 1996 to a zone in which the Company did not own
an  interest.  As a  result,  the lease  expired  and the  undeveloped  reserves
associated  with the lease had to be written off. This was the cause of both the
downward reserve revisions in 1996 and the reserve valuation writedowns taken by
the Company in the first quarter of 1996.
    

General and  administrative  expenses decreased from $3,539 in the first quarter
of 1996 to $2,687 in the first  quarter of 1997.  This decrease of $852 (24%) is
primarily  due to less  staff  time  being  required  to  manage  the  Company's
operations.

                                       I-6

<PAGE>



CAPITAL RESOURCES AND LIQUIDITY

The Company's cash flow from  operations is a direct result of the amount of net
proceeds  realized  from the sale of oil and gas  production.  Accordingly,  the
changes in cash flow from 1996 to 1997 are  primarily  due to the changes in oil
and  gas  sales  described  above.  It is the  general  partner's  intention  to
distribute  substantially  all of  the  Company's  available  cash  flow  to the
Company's partners.

The Company will continue to recover its reserves and  distribute to the limited
partners the net proceeds realized from the sale of oil and gas production after
payment of its debt obligations.  Distribution  amounts are subject to change if
net revenues  are greater or less than  expected.  Based upon current  projected
cash flows from the  properties,  it does not appear that the Company  will have
sufficient cash to pay its operating  expenses,  repay its debt  obligations and
pay distributions.

On April 24, 1997, the Company's  General Partner  submitted  preliminary  proxy
material  to the  Securities  Exchange  Commission  with  respect  to a proposed
liquidation of the Company.

                                       I-7

<PAGE>



                           PART II. OTHER INFORMATION

Item 1.            Legal Proceedings.

                   None

Item 2.            Changes in Securities.

                   None

Item 3.            Defaults Upon Senior Securities.

                   Not Applicable

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

                   Not Applicable

Item 5.            Other Information.

                   Not Applicable

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

                   (a)  There are no exhibits to this report.

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



                                      II-1

<PAGE>



                                  SIGNATURES


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


                                                ENEX 88-89 INCOME AND RETIREMENT
                                                     FUND - 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




   
June 10, 1997                                      By: /s/ James A. Klein
                                                     -------------------
                                                           James A. Klein
                                                       Controller and Chief
                                                        Accounting Officer