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 March 31, 1997

                                       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 33-34348-05

                ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, 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)

                    Issuer'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


<PAGE>
                              PART I. FINANCIAL INFORMATION

Item I. Financial Statements

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

                                                                 MARCH 31,
ASSETS                                                              1997
                                                              ---------------
                                                                (Unaudited)
CURRENT ASSETS:
<S>                                                             <C>         
  Cash                                                          $     34,910
  Accounts receivable - oil sales                                     28,686
  Other current assets                                                 2,847
                                                                -------------

Total current assets                                                  66,443
                                                                -------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities            1,295,540
  Less  accumulated depreciation and depletion                       785,335
                                                                -------------

Property, net                                                        510,205
                                                                -------------

ORGANIZATION COSTS
(Net of accumulated amortization of $48,448)                             821
                                                                -------------

TOTAL                                                           $    577,469
                                                                =============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                             $      3,002
   Payable to general partner                                          7,141
                                                                -------------

Total current liabilities                                             10,143
                                                                -------------

PARTNERS' CAPITAL:
   Limited partners                                                  548,047
   General partner                                                    19,279
                                                                -------------

Total partners' capital                                              567,326
                                                                -------------

TOTAL                                                           $    577,469
                                                                =============


Number of $500 Limited Partner units outstanding                       2,463
</TABLE>


See accompanying notes to financial statements.
-------------------------------------------------------------------------------
                                       I-1

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.
STATEMENT OF OPERATIONS
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

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

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

REVENUES:
<S>                                                <C>                     <C>                
  Oil sales                                        $           88,170      $           107,620
                                                   -------------------     --------------------

EXPENSES:
  Depreciation,  depletion and amortization                    27,009                   29,995
  Lease operating expenses                                     29,923                   47,018
  Production taxes                                              4,067                    4,983
  General and administrative                                   12,474                   15,010
                                                   -------------------     --------------------

Total expenses                                                 73,473                   97,006
                                                   -------------------     --------------------

INCOME FROM OPERATIONS                                         14,697                   10,614
                                                   -------------------     --------------------

OTHER INCOME:
  Interest income                                                   -                    1,850
                                                   -------------------     --------------------

NET INCOME                                         $           14,697      $            12,464
                                                   ===================     ====================
</TABLE>



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

                                       I-2

<PAGE>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.

STATEMENT OF CHANGES IN PARTNERS' CAPITAL
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                     $         634,284    $          18,155            $ 616,129            $     250    

CASH DISTRIBUTIONS                                    (146,079)             (19,965)            (126,114)                 (51)

NET INCOME                                             125,219               27,972               97,247                   40
                                             ------------------   ------------------    -----------------    -----------------

BALANCE, DECEMBER 31, 1996                             613,424               26,162              587,262                  239

CASH DISTRIBUTIONS                                     (60,795)             (11,053)             (49,742)                 (20)

NET INCOME                                              14,697                4,170               10,527                    4
                                             ------------------   ------------------    -----------------    -----------------

BALANCE, MARCH 31, 1997                      $         567,326    $          19,279            $ 548,047 (1)         $    223    
                                             ==================   ==================    =================    =================
</TABLE>


(1)  Includes 131 units purchased by the general partner as a limited partner.



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

                                       I-3

<PAGE>
ENEX OIL AND GAS INCOME PROGRAM V - SERIES 5, L.P.
STATEMENT 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                                             $    14,697       $   12,464   
                                                       ------------     ------------

Adjustments to reconcile net income to net cash
   provided by operating activities:
  Depreciation, depletion and amortization                  27,009           29,995
Decrease in:
  Accounts receivable - oil sales                           17,649            2,197
  Other current assets                                       7,242                -
Increase (decrease) in:
   Accounts payable                                        (52,210)         (20,946)
   Payable to general partner                                7,141           15,722
                                                       ------------     ------------

Total adjustments                                            6,831           26,968
                                                       ------------     ------------

Net cash provided by operating activities                   21,528           39,432
                                                       ------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property credits  - development costs                   14,680            9,595
                                                       ------------     ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                     (60,795)         (45,071)
                                                       ------------     ------------

NET INCREASE (DECREASE) IN CASH                            (24,587)           3,956

CASH AT BEGINNING OF YEAR                                   59,497           50,792
                                                       ------------     ------------

CASH AT END OF PERIOD                                  $    34,910        $  54,748   
                                                       ============     ============
</TABLE>
                                                                       


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

                                       I-4

<PAGE>



ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

1.        The 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 period.

2.        A cash distribution was made to the limited partners of the Company in
          the amount of $49,742  representing  net revenues  from the  temporary
          investment  of  proceeds  from  subscriptions  by  the  Company.  This
          distribution was made on January 31, 1997.

3.        On April 7, 1997, the Company's  General Partner mailed proxy material
          to the limited  partners with respect to a proposed  consolidation  of
          the Company with 33 other managed limited partnerships.  The terms and
          conditions of the proposed  consolidation  are set forth in such proxy
          material.



                                       I-5

<PAGE>



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

First Quarter of 1997 Compared to First Quarter 1996

Oil sales decreased from $107,620 in the first quarter of 1996 to $88,170 in the
first  quarter of 1997.  This  represents  a  decrease  of $19,450 or 18%. A 21%
decrease in oil production reduced sales by $22,099. This decrease was partially
offset by a 3%  increase  in average oil  prices.  The  decrease  in  production
primarily resulted from natural production declines. The increase in average oil
prices corresponds with higher prices in the overall market.

Lease operating  expenses decreased from $47,018 in the first quarter of 1996 to
$29,923  in the first  quarter  of 1997.  This  decrease  of  $17,095 or 36% was
primarily a result of the changes in production, noted above

Depreciation and depletion  expense  decreased from $27,532 in the first quarter
of 1996 to $24,545 in the first quarter of 1997.  This  represents a decrease of
$2,987 or 11%. The changes in production,  noted above, reduced depreciation and
depletion  expense  by  $5,654.  This  decrease  was  partially  offset by a 12%
increase in the depletion rate. The increase in the depletion rate was primarily
the  result  of  relatively  higher  production  from  properties  with a higher
depletion  rate  partially  offset by an  upward  revision  of the oil  reserves
December 1996.

General and administrative  expenses decreased from $15,010 in the first quarter
of 1996 to $12,474 in the first  quarter of 1997.  This decrease of $2,536 (17%)
was primarily a result of less staff time being required to manage the Company's
operations in 1997.

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,   financing  and  investing
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 April 7, 1997,  the Company's  General  Partner  mailed proxy material to the
limited partners with respect to a proposed consolidation of the Company with 33
other managed  limited  partnerships.  The terms and  conditions of the proposed
consolidation are set forth in such proxy material.

As of March 31,  1997,  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 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 OIL & GAS INCOME
                                              PROGRAM V - SERIES 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




May 11, 1997                                By: /s/ James A. Klein
                                                     -------------------
                                                    James A. Klein
                                                Controller and Chief
                                                  Accounting Officer