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 0-17562

            ENEX OIL & GAS INCOME PROGRAM III - SERIES 8, L.P.
     (Exact name of small business issuer as specified in its charter)

          New Jersey                                           76-0214442
(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

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 III - SERIES 8, L.P.
BALANCE SHEET
-------------------------------------------------------------------------------

                                                              September 30,
ASSETS                                                             1996
                                                          ---------------------
                                                               (Unaudited)
CURRENT ASSETS:

<S>                                                       <C>                 
  Accounts receivable - oil & gas sales                   $             40,852
  Other current assets                                                   3,110
                                                          ---------------------

Total current assets                                                    43,962
                                                          ---------------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities              2,517,564
  Less  accumulated depreciation and depletion                       2,335,124
                                                          ---------------------

Property, net                                                          182,440
                                                          ---------------------


TOTAL                                                     $            226,402
                                                          =====================

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                       $             26,597
   Payable to general partner                                           76,933
                                                          ---------------------

Total current liabilities                                              103,530
                                                          ---------------------



PARTNERS' CAPITAL:
   Limited partners                                                     71,660
   General partner                                                      51,212
                                                          ---------------------

Total partners' capital                                                122,872
                                                          ---------------------

TOTAL                                                     $            226,402
                                                          =====================

Number of $500 Limited Partner units outstanding                         7,196

</TABLE>


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

                                       I-1
<PAGE>
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM III - SERIES 8, 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                          $       76,349     $         75,849     $        227,086     $        236,376
                                            ----------------    -----------------    -----------------    -----------------

EXPENSES:
  Depreciation, depletion and amortization           16,227               46,425               47,841              132,644
  Impairment of property                                  -                    -              291,307                    -
  Lease operating expenses                           31,966               44,781              110,041              133,187
  Production taxes                                    4,469                4,192               14,767               14,339
  General and administrative                          6,829               12,754               25,840               51,912
                                            ----------------    -----------------    -----------------    -----------------

Total expenses                                       59,491              108,152              489,796              332,082
                                            ----------------    -----------------    -----------------    -----------------

INCOME (LOSS) FROM OPERATIONS                        16,858              (32,303)            (262,710)             (95,706)
                                            ----------------    -----------------    -----------------    -----------------

OTHER INCOME:
  Interest income                                       208                    -                  208                    -
  Gain from sale of property                            161                    -               13,793                    -
                                            ----------------    -----------------    -----------------    -----------------

NET INCOME (LOSS)                            $       17,227     $        (32,303)    $       (248,709)    $        (95,706)
                                            ================    =================    =================    =================
</TABLE>


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

                                       I-2

<PAGE>
<TABLE>
<CAPTION>
ENEX OIL AND GAS INCOME PROGRAM III - SERIES 8, 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 (loss)                                           $         (248,709)         $       (95,706)    
                                                     -------------------      -------------------

Adjustments to reconcile net (loss) to net cash
   provided by operating activities:
  Depreciation and depletion                                     47,841                  132,644
  Impairment of property                                        291,307                        -
  Gain on sale of property                                      (13,793)                       -
(Increase) decrease in:
  Accounts receivable - oil & gas sales                         (11,117)                   1,594
  Other current assets                                             (236)                  (1,694)
Increase (decrease) in:
   Accounts payable                                               9,561                  (13,772)
   Payable to general partner                                   (73,236)                  (6,637)
                                                     -------------------      -------------------

Total adjustments                                               250,327                  112,135
                                                     -------------------      -------------------

Net cash provided by operating activities                         1,618                   16,429
                                                     -------------------      -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Proceeds from sale of property                               38,117                        -
    Property additions - development costs                      (23,924)                  (8,759)
                                                     -------------------      -------------------

Net cash provided (used) by investing activities                 14,193                   (8,759)
                                                     -------------------      -------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
   Cash distributions                                           (18,400)                 (18,201)
                                                     -------------------      -------------------

NET (DECREASE) IN CASH                                           (2,589)                 (10,531)

CASH AT BEGINNING OF YEAR                                         2,589                   16,214
                                                     -------------------      -------------------

CASH AT END OF PERIOD                                $                0         $          5,683     
                                                     ===================      ===================
</TABLE>



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

                                       I-3


<PAGE>

ENEX OIL & GAS INCOME PROGRAM III - SERIES 8, 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.   Effective  February  1, 1996,  the Company  sold its  interest in the Credo
     acquisition  for  $22,575.  The Company  recognized a gain of $1,409 on the
     sale.  Effective  April 1, 1996,  the Company sold its interest in the Kidd
     well in the Enexco  acquisition for $7,680. The Company recognized a $7,100
     gain from the sale.  Effective  June 1, 1996, the Company sold its interest
     in  the  Harper  well  in the  RIC  acquisition  for  $6,674.  The  Company
     recognized  a gain of $5,123  from the sale.  Effective  August 1, 1996 the
     Company  sold its  interest  in the Spider  Lake 3-2 well for  $1,188.  The
     Company recognized a gain of $161 from the sale.

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 consolidationThe
     terms and  conditions of the proposed  consolidation  are set forth in such
     preliminary proxy material.

4.       A cash  distribution was made to the limited partners of the Company in
         the amount of $13,502,  representing  net revenues from the sale of oil
         and  gas  produced  from   properties   owned  by  the  Company.   This
         distribution was made on July 31, 1996.

5.   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
     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 $291,307 for certain
     oil and gas properties due to market  indications that the carrying amounts
     were not fully recoverable.

                                       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  increased  to  $76,349  in 1996 from
$75,849 in 1995.  This  represents an increase of $500.  Oil sales  decreased by
$3,624 (8%). A 33% decrease in  production  caused sales to decrease by $15,861.
This was partially  offset by a 37% increase in the average oil sales price. Gas
sales increased by $4,124 (15%). A 10% decrease in gas production  reduced sales
by $2,694.  This decrease was partially  offset by a 27% increase in the average
gas sales price.  The  decreases in oil and gas  production  were  primarily the
result of the sale of the Credo acquisition in the first quarter of 1996 and the
sale of the Kidd well in the Enexco  acquisition  in the second  quarter of 1996
coupled with natural production  declines.  The higher average oil and gas sales
prices  correspond  with higher prices in the overall market for the sale of oil
and gas.

Lease operating  expenses decreased to $31,966 in the third quarter of 1996 from
$44,781 in the third quarter of 1995. The decrease of $12,815 (29%) is primarily
due to the changes in production, noted above.

Depreciation and depletion  expense decreased to $16,227 in the third quarter of
1996 from $46,425 in the third  quarter of 1995.  This  represents a decrease of
$30,198 (65%). The changes in production,  noted above, reduced depreciation and
depletion  expense by $11,932.  A 53%  decrease in the  depletion  rate  reduced
depreciation and depletion expense by an additional  $18,266.  The rate decrease
is primarily due to the lower property basis  resulting from the  recognition of
an impairment of property for $291,307 in the first quarter of 1996.

Effective  August 1, 1996 the Company  sold its  interest in the Spider Lake 3-2
well for $1,188. The Company recognized a gain of $161 from the sale.

General and administrative  expenses decreased to $6,829 in the third quarter of
1996 from  $12,754 in the third  quarter  of 1995.  This  decrease  of $5,925 is
primarily  due to with less staff time being  required  to manage the  Company's
operations in 1996.


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

Oil and gas sales for the first nine months  decreased  to $227,086 in 1996 from
$236,376 in 1995. This represents a decrease of $9,290 (4%). Oil sales decreased
by $4,648 (3%). A 15% decrease in oil production reduced sales by $22,344.  This
decrease was partially  offset by a 14% increase in the average oil sales price.
Gas sales  decreased by $4,642 (5%).  A 16% decrease in gas  production  reduced
sales by $14,151.  This decrease was  partially  offset by a 14% increase in the
average gas sales price.  The decreases in oil and gas production were primarily
the result of the sale of the Credo acquisition in the first quarter of 1996 and
the sale of the Kidd well in

                                       I-5

<PAGE>



the Enexco  acquisition  in the  second  quarter of 1996  coupled  with  natural
production  declines.  The changes in the average sales prices  correspond  with
changes in the overall market for the sale of oil and gas.

Lease operating  expenses decreased to $110,041 in the first nine months of 1996
from $133,187 in the first nine months of 1995. The decrease of $23,146 (17%) is
primarily due to the changes in production, noted above.

Depreciation and depletion expense decreased to $47,841 in the first nine months
of 1996 from  $132,644  in the first  nine  months of 1995.  This  represents  a
decrease  of  $84,803  (64%).  A 57%  decrease  in the  depletion  rate  reduced
depreciation and depletion expense by $63,658. The changes in production,  noted
above,  reduced depreciation and depletion expense by an additional $21,145. The
rate decrease is primarily due to the lower  property  basis  resulting from the
recognition  of an  impairment  of property for $291,307 in the first quarter of
1996.

Effective  February  1,  1996,  the  Company  sold  its  interest  in the  Credo
acquisition  for $22,575.  The Company  recognized a gain of $1,409 on the sale.
Effective  April 1, 1996,  the Company sold its interest in the Kidd well in the
Enexco  acquisition  for $7,680.  The Company  recognized a $7,100 gain from the
sale.  Effective  June 1, 1996, the Company sold its interest in the Harper well
in the RIC acquisition for $6,674.  The Company recognized a gain of $5,123 from
the sale.  Effective  August 1, 1996 the Company sold its interest in the Spider
Lake 3-2 well for $1,188.
The Company recognized a gain of $161 from the sale.

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 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 $291,307 for certain
oil and gas properties due to market  indications that the carrying amounts were
not fully recoverable.

On April 2, 1996, the Company settled a property  interest dispute on the Barnes
Estate acquisition.  In the settlement,  the Company agreed to pay $5,250 to the
plaintiff and convey 0.21%  overriding  royalty interest in the Barnes Estate #1
and #2 wells.  Such conveyance  should not have a material impact on the current
or future revenues of the Company.



                                       I-6

<PAGE>



General and  administrative  expenses decreased to $25,840 in 1996 to $51,912 in
1995.  This decrease of $26,072 (50%) is primarily due to $11,938 of legal costs
incurred in the second  quarter of 1995 for a property  interest  dispute on the
Barnes Estate acquisition  coupled with less staff time being required to manage
the Company's operations in 1996.


CAPITAL RESOURCES AND LIQUIDITY

The  Company's  cash  flow is a direct  result  of the  amount  of net  proceeds
realized from the sale of oil and gas production after the repayment of its debt
obligations.  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
remaining  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 activities.

The  Company  discontinued  the payment of  distributions  during  1995.  Future
distributions  are dependent  upon,  among other  things,  an increase in prices
received for oil and gas. The Company will  continue to recover its reserves and
distribute  to the limited  partners the net proceeds  realized form the sale of
oil and gas  production.  Distribution  amounts  are  subject  to  change if net
revenues  are  greater or less than  expected.  Based on the  December  31, 1995
reserve  report  prepared by Gruy,  there  appears to be  sufficient  future net
revenues to pay all  obligations  and  expenses.  The General  Partner  does not
intend to accelerate  the  repayment of the debt beyond the Company's  cash flow
provided by operating  activities.  Future periodic  distributions  will be made
once sufficient net revenues are accumulated.

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  consolidationThe  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
caused this report to be signed on its behalf by the undersigned  thereunto duly
authorized.


                                                     ENEX OIL & GAS INCOME
                                                PROGRAM III - SERIES 8, 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>