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


   
                                   FORM 10-QSB/A
    


              [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                  For the quarterly period ended June 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
------------------------------------------------------------------------------

                                                                  JUNE 30,
ASSETS                                                              1996
                                                              ----------------
                                                                (Unaudited)
CURRENT ASSETS:
<S>                                                           <C>         
  Cash                                                        $      9,765
  Accounts receivable - oil & gas sales                             41,646
  Other current assets                                              17,329
                                                              -------------

Total current assets                                                68,740
                                                              -------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities          2,543,620
  Less  accumulated depreciation and depletion                   2,356,829
                                                              -------------

Property, net                                                      186,791
                                                              -------------


TOTAL                                                         $    255,531
                                                              =============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                           $     27,388
   Payable to general partner                                       34,699
                                                              -------------

Total current liabilities                                           62,087
                                                              -------------

NONCURRENT PAYABLE TO GENERAL PARTNER                               69,399
                                                              -------------

PARTNERS' CAPITAL:
   Limited partners                                                 74,338
   General partner                                                  49,707
                                                              -------------

Total partners' capital                                            124,045
                                                              -------------

TOTAL                                                         $    255,531
                                                              =============


   
Number of $500 Limited Partner units outstanding                     7,196
    

</TABLE>


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

                                       I-1

<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.

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.  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
     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.


Second Quarter 1995 Compared to Second Quarter 1996

Oil and gas sales for the  second  quarter  decreased  to  $54,972  in 1996 from
$74,719  in 1995.  This  represents  a  decrease  of  $19,747  (26%).  Oil sales
decreased by $3,270 (7%). A 4% decrease in  production  caused sales to decrease
by $1,830.  A 3% decrease in the  average  oil sales price  reduced  sales by an
additional  $1,440.  Gas sales  decreased by $7,317 (48%). A 62% decrease in gas
production reduced sales by $9,507.  This decrease was partially offset by a 38%
increase in the average gas sales  price.  The  decrease in oil  production  was
primarily a 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,  partially offset by production from the Corkscrew  acquisition
which had been shut-in  during the second  quarter of 1995 for rod repairs.  The
decrease in gas  production  was  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  lower  average  oil  sales  price was  primarily  the  result of
relatively  higher  production  from  the  Corkscrew  acquisition  which  has  a
relatively  lower  oil sales  price,  partially  offset by higher  prices in the
overall  market for the sale of oil.  The  higher  average  gas sales  price was
primarily the result of relatively  higher  production  from  properties  with a
higher gas sales price, coupled with higher prices in the overall market for the
sale of gas.

Lease operating expenses decreased to $33,475 in the second quarter of 1996 from
$47,860  in the  second  quarter  of 1995.  The  decrease  of  $14,385  (30%) is
primarily due to the changes in production, noted above.

Depreciation and depletion expense decreased to $12,308 in the second quarter of
1996 from $41,499 in the second quarter of 1995.  This  represents a decrease of
$29,191 (70%). The changes in production,  noted above, reduced depreciation and
depletion  expense by $9,550.  A 61%  decrease  in the  depletion  rate  reduced
depreciation and depletion expense by an additional  $19,641.  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  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.

   
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 and
convey a 0.21% overriding  royalty interest in the Barnes Estate #1 and #2 wells
to the  plaintiff.  Such  conveyance  should not have a  material  impact on the
current or future revenues of the Company.
    

                                       I-5

<PAGE>


General and administrative expenses decreased to $8,851 in the second quarter of
1996 from  $27,813 in the second  quarter of 1995.  This  decrease of $18,962 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.


First Six Months in 1995 Compared to First Six Months in 1996

Oil and gas sales for the first six months  decreased  to  $150,737 in 1996 from
$160,527 in 1995. This represents a decrease of $9,790 (6%). Oil sales decreased
by $1,585 (2%). A 5% decrease in oil  production  reduced sales by $5,513.  This
decrease was  partially  offset by a 4% increase in the average oil sales price.
Gas sales  decreased by $8,204 (14%). A 19% decrease in gas  production  reduced
sales by $11,218.  This  decrease was  partially  offset by a 6% increase in the
average gas sales price.  The decrease in oil  production was primarily a 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,
partially  offset by production  from the Corkscrew  acquisition  which had been
shut-in during the second  quarter of 1995 for rod repairs.  The decrease in gas
production was 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 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 $78,075 in the first six months of 1996
from $88,406 in the first six months of 1995.  The decrease of $10,331  (12%) is
primarily due to the changes in production, noted above.

Depreciation and depletion  expense decreased to $31,614 in the first six months
of 1996 from $86,219 in the first six months of 1995. This represents a decrease
of $54,605 (63%). A 59% decrease in the depletion rate reduced  depreciation and
depletion expense by $45,179.  The changes in production,  noted above,  reduced
depreciation and depletion expense by an additional $9,426. 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.


   
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
    

                                      I-6
<PAGE>


   
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.
    

General and  administrative  expenses decreased to $19,011 in 1996 to $39,158 in
1995.  This decrease of $20,147 (51%) 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.  The
terms  and  conditions  of the  proposed  consolidation  are set  forth  in such
preliminary proxy material.

                                       I-7

<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 7, 1996                             By: /s/ James A. Klein
                                                -------------------
                                                      James A. Klein
                                                  Controller and Chief
                                                   Accounting Officer