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

                                  FORM 10-QSB/A
   
                                   Amendment I
    

              [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 33-34348-05

                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) 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 5, L.P.
BALANCE SHEET
--------------------------------------------------------------------------------------

                                                                     September 30,
ASSETS                                                                    1996
                                                                 ---------------------
                                                                      (Unaudited)
CURRENT ASSETS:
<S>                                                              <C>
  Cash                                                           $     17,307
  Accounts receivable - oil sales                                      46,336
  Other current assets                                                  2,847
                                                                 -------------

Total current assets                                                   66,490
                                                                 -------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             1,301,480
  Less  accumulated depreciation and depletion                        731,830
                                                                 -------------

Property, net                                                         569,650
                                                                 -------------

ORGANIZATION COSTS
(Net of accumulated amortization of $33,667)                            6,569
                                                                 -------------

TOTAL                                                            $    642,709
                                                                 =============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                              $     31,553




PARTNERS' CAPITAL:
   Limited partners                                                   585,883
   General partner                                                     25,273
                                                                 -------------

Total partners' capital                                               611,156
                                                                 -------------

TOTAL                                                            $    642,709
                                                                 =============

Number of $500 Limited Partner units outstanding                        2,463

</TABLE>



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

                                       I-1

<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.
STATEMENT 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 sales                                    $     131,751     $        106,987     $        394,573     $          348,440
                                              ---------------    -----------------    -----------------    -------------------

EXPENSES:
  Depreciation,  depletion and amortization           50,485               45,935              122,254                133,769
  Lease operating expenses                            39,462               32,422              122,639                158,327
  Production taxes                                     6,093                4,955               18,251                 16,130
  General and administrative                          11,851               13,368               41,671                 53,736
                                              ---------------    -----------------    -----------------    -------------------

Total expenses                                       107,891               96,680              304,815                361,962
                                              ---------------    -----------------    -----------------    -------------------

INCOME (LOSS) FROM OPERATIONS                         23,860               10,307               89,758                (13,522)
                                              ---------------      ---------------      ---------------      -----------------

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

NET INCOME (LOSS)                               $     23,860     $         10,307     $         91,608     $          (13,522)
                                              ===============    =================    =================    ===================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
------------------------------------------------------------------------------
                                                                                    PER $500
                                                                                    LIMITED
                                                                                    PARTNER
                                                 GENERAL           LIMITED          UNIT OUT-
                                  TOTAL          PARTNER          PARTNERS          STANDING
                               --------------   -------------    --------------     --------

<S>                            <C>              <C>               <C>               <C>
BALANCE, JANUARY 1, 1994       $     897,520    $     10,292      $    887,228      $   360

CASH DISTRIBUTIONS                  (164,848)        (16,484)         (148,364)         (60)

NET INCOME                            32,738          22,990             9,748            4
                               --------------   -------------    --------------     --------

BALANCE, DECEMBER 31, 1994           765,410          16,798           748,612          304

CASH DISTRIBUTIONS                  (168,724)        (16,874)         (151,850)         (62)

NET INCOME                            37,598          18,231            19,367            8
                               --------------   -------------    --------------     --------

BALANCE, DECEMBER 31, 1995     $     634,284    $     18,155       $   616,129      $   250

CASH DISTRIBUTIONS                  (114,736)        (14,267)         (100,469)         (41)

NET INCOME                            91,608          21,385            70,223           29
                               --------------   -------------    --------------     --------

BALANCE, SEPTEMBER 30, 1996    $     611,156    $     25,273       $   585,883 (1)  $   238
                               ==============   =============    ==============     ========
</TABLE>

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



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


<PAGE>

<TABLE>
<CAPTION>

ENEX OIL AND GAS INCOME PROGRAM V - SERIES 5, L.P.
STATEMENT OF CASH FLOWS
---------------------------------------------------------------------

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

                                                              September 30,            September 30,
                                                                   1996                    1995
                                                           -------------------      -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                        <C>                        <C>
Net income (loss)                                          $           91,608         $        (13,522)
                                                           -------------------      -------------------

Adjustments to  reconcile  net income  (loss) to net cash  provided by operating
   activities:
  Depreciation, depletion and amortization                            122,254                  133,769
(Increase) in:
  Accounts receivable - oil sales                                      (4,964)                  (2,141)
  Other current assets                                                      -                   (2,847)
(Decrease) in:
   Accounts payable                                                      (380)                  (8,143)
   Payable to general partner                                          (9,985)                 (16,096)
                                                           -------------------      -------------------

Total adjustments                                                     106,925                  104,542
                                                           -------------------      -------------------

Net cash provided by operating activities                             198,533                   91,020
                                                           -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs                           (117,282)                 (38,812)
                                                           -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                               (114,736)                (141,168)
                                                           -------------------      -------------------

NET (DECREASE) IN CASH                                                (33,485)                 (88,960)

CASH AT BEGINNING OF YEAR                                              50,792                  121,429
                                                           -------------------      -------------------

CASH AT END OF PERIOD                                      $           17,307         $         32,469
                                                           ===================      ===================
</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 $30,276  representing  net revenues  from the sale of oil
         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.

   
4.   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.
    


                                       I-5

<PAGE>



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


Third Quarter 1995 Compared to the Third Quarter 1996

Oil sales for the third  quarter  increased to $131,751 in 1996 from $106,987 in
1995.  This  represents  an increase  of $24,764  (23%).  A 28%  increase in the
average oil sales price increased sales by $28,837.  This increase was partially
offset by a 4% decrease in oil  production.  The decrease in oil  production was
primarily due to natural  production  declines.  The increase in the average oil
sales price corresponds with higher prices in the overall market for the sale of
oil.

Lease operating  expenses increased to $39,462 in the third quarter of 1996 from
$32,422 in 1995.  The  increase of $3,040  (22%) was  primarily  due to workover
costs incurred in 1995 to acidize the Standard Trust #12 and the  Steinhauser #1
wells.  A  workover  was  also  attempted  on  the   Steinhauser  #6  which  was
unsuccessful  and the well was plugged  and  abandoned  in the third  quarter of
1995.

Depreciation and depletion  expense increased to $48,022 in the third quarter of
1996 from $43,472 in the third  quarter of 1995.  This  represents a increase of
$4,550 (10%). A 15% increase in the depletion rate  increased  depreciation  and
depletion  expense by $6,206.  This increase was partially offset by the changes
in production  noted above. 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 during December
1995.

General and administrative expenses decreased to $11,851 in the third quarter of
1996 from $13,368 in 1995.  This  decrease of $1,517  (11%) is primarily  due to
less staff time being required to manage the Company's operations.


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

Oil sales for the first nine months  increased to $394,573 in 1996 from $348,440
in 1995.  This  represents an increase of $46,133  (13%).  A 17% increase in the
average oil sales price increased sales by $56,953.  This increase was partially
offset by a 3% decrease in oil  production.  The decrease in oil  production was
primarily the result of natural  production  declines,  partially  offset by the
shut-in of production  to perform  workovers on the Muldoon  acquisition  in the
second quarter of 1995. The increase in the average oil sales price  corresponds
with higher prices in the overall market for the sale of oil.

Lease operating  expenses decreased to $122,639 in the first nine months of 1996
from  $158,327 in the first nine months of 1995.  The decrease of $35,688  (23%)
was  primarily  due to workover  costs  incurred in 1995 to acidize the Standard
Trust #12 and the  Steinhauser  #1 wells.  A workover was also  attempted on the
Steinhauser #6 which was  unsuccessful and the well was plugged and abandoned in
the second quarter of 1995.



                                       I-6

<PAGE>



Depreciation  and  depletion  expense  decreased  to  $114,864 in the first nine
months of 1996 from $126,374 in the first nine month of 1995.  This represents a
decrease of $11,515  (9%).  The decrease in  production,  noted  above,  reduced
depreciation  and  depletion  expense by $3,921.  A 6% decrease in the depletion
rate reduced  depreciation and depletion  expense by an additional  $7,594.  The
decrease in the depletion rate was primarily the result of an upward revision of
the oil reserves at December 1995.

General  and  administrative  expenses  decreased  to  $41,671 in the first nine
months of 1996 from $53,736 in 1995. This decrease of $12,065 (22%) 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,   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 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-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 September 30, 1996.



                                      II-1

<PAGE>



                                   SIGNATURES


         In accordance with the requirements of the Exchange Act, the registrant
has this  report to be signed on its behalf by the  undersigned  thereunto  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




   
January 30, 1997                            By: /s/ James A. Klein
                                                -------------------
                                                    James A. Klein
                                                  Controller and Chief
                                                   Accounting Officer