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

   
                                  FORM 10-KSB/A
                                  AMENDMENT III
    

                                   (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 33-34348-04

                              ENEX OIL & GAS INCOME PROGRAM V - Series 4, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                        76-0303885
       (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 under Section 12(b) of the Exchange Act: None

         Securities registered under 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. $897,673

            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>

                                     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                  365



Dividends

          The  Company  paid cash  distributions  to partners of $62 and $42 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  totalled  $897,673  in  1995  as  compared  with
$960,840 in 1994.  This  represents  a decrease  of $63,167 or 7%. Oil  revenues
decreased  by $53,132 or 6%. A 7% decrease in oil  production  reduced  sales by
$61,799.  This decrease was partially offset by a 1% increase in the average oil
sales price. Gas sales decreased by $10,035 or 8%. A 16% decrease in the average
gas sales price reduced sales by $22,437.  This decrease was partially offset by
a 10% increase in gas  production.  The decline in oil  production was primarily
the result of natural production declines. The increase in the average oil sales
price was primarily a result of higher prices in the overall market for the sale
of oil, partially offset by lower expenses incurred on the Charlotte acquisition
on which the Company pays a net profits royalty.  The increase in gas production
was due to the  Company  obtaining  additional  interests  in the  South  Midway
acquisition  from farmouts which achieved  payout in the fourth quarter of 1994.
The decrease in the average gas sales price corresponds with lower prices in the
overall market for the sale of gas.

            Lease  operating  expenses  were  $572,672 in 1995 as compared  with
$608,556  in 1994.  This  decrease  of  $35,884 or 6% was  primarily  due to the
changes in production, noted above.

            Depreciation  and  depletion  was  $113,880 in 1995 and  $120,976 in
1994.  This  represents  a decrease of $7,096 or 6%. The changes in  production,
noted above, reduced depreciation and depletion expense by $3,031. A 3% decrease
in  the  depletion  rate  reduced  depreciation  and  depletion  expense  by  an
additional  $4,065.  The rate  decrease  was  primarily  a result  of an  upward
revision of the oil and gas reserves during 1995.

            General and administrative expenses were $56,130 in 1995 as compared
with $48,358 in 1994.  The increase of $7,772 or 16% was  primarily  due to more
staff time being required to manage the Company's  operations,  partially offset
by a $5,280 decrease in direct costs incurred by the Company.

Capital Resources and Liquidity

   
            The Company's  cash flows from  operations is a direct result of the
amount of net proceeds from the sale of oil and gas production. Accordingly, the
changes in cash  flows are  primarily  due to the oil and gas  sales,  described
above and the repayment of a note to the general partner for $89,558 in 1994. It
is  the  general  partners  intention  to  distribute  substantially  all of the
Company's  available  net  cash  flows  provided  by  operating,  financing  and
investing activities 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 debt  obligations.  The Company plans to repay the
amount owed to the general partner in 1996. Distributions increased from 1994 to
1995 due to the debt repayment of $89,558 in 1994, partially offset by the lower
revenues in 1995, as noted above.  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  flows 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 any significant
developmental drilling activity.

                                      II-2

<PAGE>




Item 7.      Financial Statements and Supplementary Data


INDEPENDENT AUDITORS' REPORT


The Partners
Enex Oil & Gas Income
  Program V - Series 4, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
V - Series 4, L.P. (a New Jersey 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 V Series 4, 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 V - Series 4,
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>
   
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.

BALANCE SHEET, DECEMBER 31, 1995
------------------------------------------------------------------------------

ASSETS
                                                                      1995
                                                                --------------
CURRENT ASSETS:
<S>                                                             <C>          
  Cash                                                          $      33,580
  Accounts receivable - oil & gas sales                               106,750
  Other current assets                                                 10,201
                                                                --------------

Total current assets                                                  150,531
                                                                --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             1,451,194
  Less  accumulated depreciation and depletion                        540,909
                                                                --------------

Property, net                                                         910,285
                                                                --------------

ORGANIZATION COSTS
(Net of accumulated amortization of $51,207)                            7,878
                                                                 -------------

TOTAL                                                           $   1,068,694
                                                                ==============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                             $      83,497
   Payable to general partner                                           5,844
                                                                --------------

Total current liabilities                                              89,341
                                                                --------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   954,372
   General partner                                                     24,981
                                                                --------------

Total partners' capital                                               979,353
                                                                --------------

TOTAL                                                           $   1,068,694
                                                                ==============


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



See accompanying notes to financial statements.
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                                      II-4
    


<PAGE>

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

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


1.           PARTNERSHIP ORGANIZATION

             Enex Oil & Gas Income Program V - Series 4, L.P. (the "Company"), a
             New Jersey limited  partnership,  commenced operations on August 8,
             1991, for the purpose of acquiring  proved oil and gas  properties.
             Total  limited  partner  contributions  were  $1,477,116,  of which
             $14,771 was contributed by Enex Resources Corporation ("Enex"), the
             general partner.

             In  accordance  with the  partnership  agreement,  the Company paid
             commissions  and due  diligence  expenses of $140,849 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.

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.


                                      II-8

<PAGE>




             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.

   
             The Company's  operating  interests in oil and gas  properties  are
             recorded  using  the pro  rata  consolidation  method  pursuant  to
             Interpretation 2 of Accounting Principles Board Opinion 18.
    

             Organization  Costs - Organization  costs are being  amortized on a
             straight-line basis over a five-year period.

             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>



4.           NOTE PAYABLE TO GENERAL PARTNER

             On  December  1, 1993,  in order to  finance  drilling  costs,  the
             Company  borrowed  $95,690 from the general  partner.  In 1994, the
             Company made principal  payments of $89,558 which completely repaid
             the note.  The weighted  average  principal  outstanding in 1994 of
             $13,682 bore  interest at an average  rate of 7.11%,  which was the
             general partner's borrowing rate of prime plus three-fourths of one
             percent.

5.           SIGNIFICANT PURCHASERS

             Enron Oil Trading & Transportation  Company and Arcadia Exploration
             Corporation  accounted  for  73%  and  20%,  respectively,  of  the
             Company's total sales in 1995.  Enron Oil Trading &  Transportation
             Company  and  Michael  Petroleum  Co.  accounted  for 73% and  21%,
             respectively,  of the  Company's  total  sales  in  1994.  No other
             purchaser individually accounted for more than 10% of such sales.

6.           PAYABLE TO GENERAL PARTNER

             The payable to general  partner  primarily  consists of general and
             administrative  expenses  allocated  to the Company by Enex for its
             ongoing operations.  The Company plans to repay the amounts owed to
             the general partner during 1996.




                                                          II-11

<PAGE>


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


             Not Applicable


                                      II-13

<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 V -
                                             SERIES 4, L.P.

                                      By:    ENEX RESOURCES CORPORATION
                                              the General Partner



   
December 23, 1996                       By:     /s/   G. B. Eckley
                                              -------------------
                                                    G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed  below on December 23, 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