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 0-14252

                 ENEX OIL & GAS INCOME PROGRAM II - 5, L.P.
      (Exact name of small business issuer as specified in its charter)

              Texas                                             76-0098592
 (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) 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 1. Financial Statements

<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM II - 5, L.P.
BALANCE SHEET
------------------------------------------------------------------------------

                                                                  September 30,
ASSETS                                                                 1996
                                                              -----------------
                                                                   (Unaudited)
CURRENT ASSETS:
<S>                                                           <C>           
  Cash                                                        $       42,798
  Accounts receivable - oil & gas sales                               13,028
  Other current assets                                                   508
                                                              ---------------

Total current assets                                                  56,334
                                                              ---------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities            4,120,286
  Less  accumulated depreciation and depletion                     4,049,697
                                                              ---------------

Property, net                                                         70,589
                                                              ---------------


TOTAL                                                         $      126,923
                                                              ===============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                           $       13,378
   Payable to general partner                                          2,729
                                                              ---------------

Total current liabilities                                             16,107
                                                              ---------------

PARTNERS' CAPITAL:
   Limited partners                                                  107,998
   General partner                                                     2,818
                                                              ---------------

Total partners' capital                                              110,816
                                                              ---------------

TOTAL                                                         $      126,923
                                                              ===============

Number of $500 Limited Partner units outstanding                      12,352
</TABLE>



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

                                       I-1
<PAGE>
<TABLE>
<CAPTION>
\NEX OIL & GAS INCOME PROGRAM II - 5, 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             $       (2,950)    $         16,206     $         24,265     $           50,363
                               ----------------    -----------------    -----------------    -------------------

EXPENSES:
  Depreciation and depletion              (241)               4,629                4,843                 14,113
  Lease operating expenses               2,136                4,221                7,898                 16,105
  Production taxes                        (197)                 984                1,485                  2,820
  General and administrative             4,872                4,707               21,031                 12,821
                               ----------------    -----------------    -----------------    -------------------

Total expenses                           6,570               14,541               35,257                 45,859
                               ----------------    -----------------    -----------------    -------------------

INCOME (LOSS) FROM OPERATIONS           (9,520)               1,665              (10,992)                 4,504
                               ----------------    -----------------    -----------------    -------------------

OTHER INCOME:
  Gain from sale of property                 -                    -               35,486                      -
                               ----------------    -----------------    -----------------    -------------------

NET INCOME (LOSS)               $       (9,520)    $          1,665     $         24,494     $            4,504
                               ================    =================    =================    ===================
</TABLE>



See accompanying notes to financial statements.
-------------------------------------------------------
                                       I-2
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL AND GAS INCOME PROGRAM II - 5, 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                                           $           24,494          $       4,504   
                                                     -------------------    -------------------

Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation and depletion                                      4,843                 14,113
  Gain on sale of property                                      (35,486)                     -
(Increase) decrease in:
  Accounts receivable - oil & gas sales                           5,471                (10,771)
  Other current assets                                              (18)                     -
(Decrease) in:
   Accounts payable                                                   0                 (2,759)
   Payable to general partner                                     1,780                 (2,537)
                                                     -------------------    -------------------

Total adjustments                                               (23,410)                (1,954)
                                                     -------------------    -------------------

Net cash provided by operating activities                         1,084                  2,550
                                                     -------------------    -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property (additions) credits - development costs                177                   (203)
    Proceeds from sale of property                               35,486
                                                     -------------------    -------------------

Net cash provided (used) by investing activities                 35,663                   (203)
                                                     -------------------    -------------------

NET INCREASE IN CASH                                             36,747                  2,347

CASH AT BEGINNING OF YEAR                                         6,051                    687
                                                     -------------------    -------------------

CASH AT END OF PERIOD                                $           42,798          $       3,034   
                                                     ===================    ===================
</TABLE>


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

                                       I-3

<PAGE>


ENEX OIL & GAS INCOME PROGRAM II - 5, 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.       In May,  1996,  the limited  partners of the Company voted to liquidate
         the Company upon the sale of its remaining oil and gas properties.  The
         pending  sale of the  Hanson  acquisition  was not  consummated  due to
         funding  problems  experienced  by the  potential  buyer.  The  General
         Partner of the Company  sought a suitable buyer of all of the Company's
         properties  during 1996. In November 1996, the Company's final property
         was sold. Final  distributions  will be made to the limited partners in
         the near future.

3.   Effective  May 1, 1996,  the  Company  sold its  interests  in the  Newport
     acquisition for $35,486. A gain of $35,486 was recognized on the sale.

                                       I-4

<PAGE>



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


Third Quarter 1995 Compared to Third Quarter 1996

Oil and gas sales for the third quarter  decreased to a negative  $2,950 in 1996
from $16,206 in 1995. This  represents a decrease of $19,156  (118%).  Oil sales
decreased  by $8,910 or 110%.  Gas  sales  decreased  by  $10,246  or 126%.  The
negative oil and gas sales for the third  quarter were  primarily due to an over
accrual for the second quarter of 1996, for properties that were sold during the
third quarter but the sale was made effective May 1, 1996.

Lease operating  expenses for the third quarter decreased to $2,136 in 1996 from
$4,221 in 1995.  The decrease of $2,085 (49%) is primarily due to the changes in
production, noted above.

Depreciation  and  depletion  expense  decreased  to negative  $241 in the third
quarter of 1996 from  $4,629 in the third  quarter of 1995.  This  represents  a
decrease  of $4,870  (105%).  As noted  above,  an over  accrual  for the second
quarter of 1996 decreased  production  volumes and the  corresponding  depletion
expense.

In August 1996, but effective May 1, 1996, the Company sold its interests in the
Newport acquisition for $35,486. A gain of $35,486 was recognized on the sale.

General and administrative expenses for the third quarter increased to $4,872 in
1996 from $4,707 in 1995.  This  increase of $165 is primarily due to more staff
time being required to manage the Company's operations.


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

Oil and gas sales for the first nine  months  decreased  to $24,265 in 1996 from
$50,363  in 1995.  This  represents  a  decrease  of  $26,098  (52%).  Oil sales
decreased by $21,767 or 65%. A 70% decrease in oil production decreased sales by
$23,403.  This decrease was partially offset by a 3% increase in the average oil
sales  price.  Gas  sales  decreased  by $4,331 or 25%.  A 70%  decrease  in gas
production,  reduced  gas sales by $8,378.  This was  partially  offset by a 47%
increase in the average gas sales price. The production decreases were primarily
the result of the sale of the Newport  acquisition  effective  May 1, 1996.  The
changes in average sales prices  correspond  with changes in the overall  market
for the sale of oil and gas.

Lease operating  expenses  decreased to $7,898 in 1996 from $16,105 in 1995. The
decrease of $8,207 (51%) is primarily  due to the changes in  production,  noted
above.

Depreciation and depletion  expense decreased to $4,843 in the first nine months
of 1996  from  $14,113  in the first  nine  months of 1995.  This  represents  a
decrease  of $9,270  (66%).  The changes in  production,  noted  above,  reduced
depreciation and depletion expense by $8,458. A

                                       I-5

<PAGE>



14% decrease in the depletion rate reduced depreciation and depletion expense by
an additional $812. The rate decrease was primarily a result of upward revisions
of the oil and gas reserves during December 1995.

Effective May 1, 1996, the Company sold its interests in the Newport acquisition
for $35,486. A gain of $35,486 was recognized on the sale.

General  and  administrative  expenses  in the first nine  months  increased  to
$21,031 in 1996 from $12,821 in 1995.  This  increase of $8,210 is primarily due
to more 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 and net
proceeds  realized  from the sale of oil and gas  production.  Accordingly,  the
changes in cash flow from 1995 to 1996 and  primarily  due to the changes in oil
and gas sales described above.

In May, 1996, the limited partners of the Company voted to liquidate the Company
upon the sale of its remaining oil and gas  properties.  The pending sale of the
Hanson  acquisition was not consummated due to funding  problems  experienced by
the potential  buyer. The General Partner of the Company sought a suitable buyer
of all of the Company's  properties during 1996. In November 1996, the Company's
final  property  was  sold.  Final  distributions  will be  made to the  limited
partners in the near future.

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 II - 5, 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>