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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

   
                                   FORM 10-KSB/A
    

     (Mark One)
               [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

                   For the fiscal year ended December 31, 1996

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from...............to...............

                       Commission file number 33-34348-05

                              ENEX OIL & GAS INCOME
                           PROGRAM V - Series 5, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                76-0303887
 (State or other jurisdiction of                  (I.R.S. Employer
 incorporation or organization)                  Identification No.)

                                800 Rockmead Drive
                               Three Kingwood Place
                                  Kingwood, Texas                    77339
                     (Address of principal executive offices)      (Zip Code)

         Issuer's telephone number, including area code: (281) 358-8401

       Securities registered under Section 12(b) of the Exchange Act: None

         Securities registered under Section 12(g) of the Exchange Act:

                          Limited Partnership Interest

          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

          Check if there is no disclosure  of  delinquent  filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained,  to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]

       State issuer's revenues for its most recent fiscal year. $ 543,046

          State  the  aggregate  market  value  of  the  voting  stock  held  by
non-affiliates  computed by  reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified  date within
the past 60 days (See  definition  of  affiliate  in Rule 12b-2 of the  Exchange
Act):

                                 Not Applicable

                      Documents Incorporated By Reference:

                                      None

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<PAGE>
                                TABLE OF CONTENTS

                            FORM 10-KSB ANNUAL REPORT
                      FOR THE YEAR ENDED DECEMBER 31, 1996
                ENEX OIL & GAS INCOME PROGRAM V - SERIES 5, L.P.


Item No.                               Part I                     Page
--------                              -------                    -------



        1    Description of Business                             I-1

        2    Description of Property                             I-3

        3    Legal Proceedings                                   I-4

        4    Submission of Matters to a Vote
             of Security Holders                                 I-4


                                       Part II
                                     -----------


        5    Market for Common Equity and
             Related Security Holder Matters                    II-1

        6    Management's Discussion and Analysis
             or Plan of Operation                               II-2

        7    Financial Statements and Supplementary
             Data                                               II-3

        8    Changes In and Disagreements With Accountants
             on Accounting and Financial Disclosure             II-13


                                      Part III
                                     -------------


        9    Directors, Executive Officers, Promoters and
             Control Persons; Compliance with Section 16(a)
             of the Exchange Act                                III-1

       10    Executive Compensation                             III-3

       11    Security Ownership of Certain
             Beneficial Owners and Management                   III-4

       12    Certain Relationships and Related
             Transactions                                       III-4

       13    Exhibits and Reports on Form 8-K                   III-4


             Signatures                                          S-1


<PAGE>



                                     PART I


Item 1.        Description of Business


General

               Enex Oil & Gas Income Program V - Series 5, L.P. (the  "Company")
was formed under the New Jersey Uniform Limited  Partnership Act (1976) on April
10,  1990,  and  commenced   operations  on  April  30,  1992,   with  aggregate
subscriptions  of $1,231,732,  $1,219,415 of which was received from 670 limited
partners,  including  investors whose  distributions  from earlier  partnerships
sponsored by the Company's general partner,  Enex Resources Corporation ("Enex")
were automatically invested in the Company.

               The Company is engaged in the oil business  through the ownership
of various interests in producing oil properties,  as detailed in Item 2, below.
If warranted,  the Company may further develop its oil properties.  However, the
Company  does not  intend to engage in  significant  drilling  activities.  Such
activities may be conducted, however, as an incidental part of the management of
producing  properties  or with a view toward  enhancing  the value of  producing
properties.  In no event will the Company engage in exploratory drilling, or use
any  of  the  limited  partners'  net  revenues  to  fund  exploratory  drilling
activities.  Any developmental drilling will be financed primarily through third
party  borrowing  or with  funds  provided  from  operations.  The  expenses  of
drilling, completing and equipping and operating development wells are allocated
90% to the limited  partners and 10% to the general  partner.  See Note 1 to the
Financial  Statements  for  information  relating to the allocation of costs and
revenues  between the limited  partners and the general  partner.  The Company's
operations are concentrated in a single industry segment.

               The  Company  owns  working  interests  in  certain  oil  and gas
properties. A "working interest" is a portion of the operating interest which is
subject to most of the costs associated with a well.

               The  principal  executive  office of the Company is maintained at
Suite 200, Three Kingwood Place, Kingwood,  Texas 77339. The telephone number at
this office is (713) 358-8401. The Company has no regional offices.

     The Company has no employees.  On March 1, 1997, Enex and its  subsidiaries
employed 23 persons.

Marketing

               The  marketing  of oil  produced  by the Company is affected by a
number of factors  which are beyond the Company's  control,  the exact nature of
which cannot be accurately  predicted.  These  factors  include the quantity and
price of crude oil imports,  fluctuating  supply and demand,  pipeline and other
transportation facilities, the marketing of competitive fuels, state and federal
regulation of oil production and  distribution  and other matters  affecting the
availability of a ready market. All of these factors are extremely volatile.


                                       I-1

<PAGE>



               Conoco,  Inc. accounted for 100% of the Company's total oil sales
in both 1996 and 1995.  Although the Company  marketed a significant  portion of
its sales to the  above  noted  company,  such a  concentration  does not pose a
significant risk due to the commodity nature of the Company's products.

               The  operators of the  Company's  properties  are noted in Item 2
below.  Although a significant portion of the Company's properties were operated
by a limited number of operators, this concentration does not pose a significant
risk since the  Company's  rights are secured by joint  operating  agreements  .
Environmental and Conservation Regulation

               State  regulatory  authorities in the states in which the Company
owns  producing  properties  are  empowered to make and enforce  regulations  to
prevent  waste of oil and to protect  correlative  rights and  opportunities  to
produce  oil  for  owners  of  a  common  reservoir.  Each  of  such  regulatory
authorities  also  regulates  the amount of oil produced by assigning  allowable
rates of  production,  which may be increased or  decreased in  accordance  with
supply and  demand.  Requirements  regarding  the  prevention  and  clean-up  of
pollution and similar environmental  matters are also generally applicable.  The
costs, if any, the Company may incur in this regard cannot be predicted.

               The  existence of such  regulations  has had no material  adverse
effects on the Company's  operations to date, and the cost of compliance has not
yet been material.  There are no material administrative or judicial proceedings
arising under such laws or regulations pending against the Company.  The Company
is unable to assess or predict the impact that compliance with environmental and
pollution  control  laws  and  regulations  may have on its  future  operations,
capital expenditures, earnings or competitive position.

Tax Laws

               The  operations of the Company are affected by the federal income
tax laws  contained  in the  Internal  Revenue  Code of 1986,  as  amended  (the
"Code"). Under the Code, generally, the Company will report income from the sale
of oil, against which it may deduct its ordinary business  expenses,  depletion,
depreciation and intangible drilling and development costs.

               It is anticipated that most of the Company's income, if any, will
be from a  "passive  activity"  for  purposes  of the Code.  A passive  activity
includes an  activity in which the  taxpayer  does not  materially  participate,
including the ownership of a limited partnership  interest,  such as an interest
in the Company.  "Passive  income,"  however,  does not include portfolio income
(i.e. dividends,  interest,  royalties,  etc.). Although taxpayers generally may
not deduct  losses or use tax credits  derived  from  passive  activities  in an
amount  greater than their income  derived from such  activities,  if and to the
extent that the Company generates passive income, it will be available to offset
the limited partners' passive losses from other sources.

               Partnerships  with interests that are "publicly traded" are taxed
as  corporations  unless at least 90% of their  income is  "qualifying  income."
Passive income or loss from publicly traded  partnerships  that are not taxed as
corporations  generally  cannot be applied  against  passive income or loss from
other  sources.  As  stated  in  Item  5 of  this  Annual  Report,  there  is no
established  public  trading  market  for  the  Company's  limited   partnership
interests.  In addition,  the Company derives more than 90% of its income within
the

                                       I-2

<PAGE>



meaning of section  7704(d) of the Code.  Therefore,  the Company  should not be
affected by the publicly traded partnership rules.

               In order to  prevent  the  adverse  tax  consequences  that would
affect the limited partners if the Company's limited partnership  interests were
to become  publicly  traded in the future,  the general partner may, after final
regulations have been issued by the Internal  Revenue Service,  submit to a vote
of limited  partners  a proposal  to amend the  Company's  agreement  of limited
partnership to provide,  among other things,  (a) that Enex shall have the right
to refuse to  recognize  any  transfer of limited  partnership  interests  if it
believes that such transfer  occurred on a secondary  market or the  substantial
equivalent  thereof;  and (b) that all  assignors  and  assignees of the limited
partnership  interests  shall be required to represent to Enex that any transfer
of limited partnership interests did not, to the best of their knowledge,  occur
on a secondary market or the substantial equivalent thereof.


Item 2.        Description of Property

               Presented   below  is  a  summary  of  the   Company's   property
acquisitions.

               MULDOON  acquisition.  Working  interests in 24 wells  located in
               Fayette  County,  Texas were purchased for  $1,075,650  effective
               November  1, 1992.  The Muldoon  acquisition  is operated by Enex
               Resources Corporation. The Company owns working interests ranging
               from 89.0% to 91.25% in the Muldoon  acquisition  at December 31,
               1996.

               Purchase  price as used above is  defined as the actual  contract
price plus finders' fees, if  applicable.  Miscellaneous  acquisition  expenses,
subsequent capital items, etc. are not included.

Oil Reserves

               For   quantitative   information   regarding  the  Company's  oil
reserves,  please see  Supplementary  Oil  Information  and related tables which
follow the Notes to Financial  Statements in Item 7 of this report.  The Company
has not filed any current oil reserve  estimates or included any such  estimates
in reports to any federal or foreign governmental authority or agency, including
the Securities and Exchange Commission.

               Proved oil  reserves  reported  herein  are based on  engineering
reports prepared by the petroleum engineering  consulting firm of H. J. Gruy and
Associates,  Inc. The reserves  included in this report are  estimates  only and
should  not be  construed  as exact  quantities.  Future  conditions  may affect
recovery of estimated  reserves and revenue,  and all reserves may be subject to
revision as more performance data become available.  The proved reserves used in
this report conform to the applicable definitions  promulgated by the Securities
and Exchange Commission.  No major discovery or other favorable or adverse event
that  could  potentially  cause a  significant  change in the  estimated  proved
reserves has occurred since December 31, 1996.

                                       I-3

<PAGE>



Net Oil Production

               The following  table shows for the years ended  December 31, 1996
and  1995,  the  approximate  production   attributable  to  the  Company's  oil
interests. The figures in the table represent "net production"; i.e., production
owned by the Company and produced to its interest  after  deducting  royalty and
other similar interests. All production occurred in the United States.

                                                           1996           1995
                                                           ----           ----
Crude oil and condensate (Bbls).......................   26,214         27,111

               The following table sets forth the Company's  average sales price
per  barrel of oil and  average  production  cost per unit for the  years  ended
December 31, 1996 and 1995.


                                                        1996              1995
                                                        ----              ----
Average sales price per barrel of oil...............$  20.72          $  16.99
Average production cost per equivalent
   barrel of production.............................    7.89              7.70


Item 3.  Legal Proceedings

               There are no  material  pending  legal  proceedings  to which the
Company is a party.


Item 4.  Submission of Matters to a Vote of Security Holders

               No matter was submitted to a vote of security  holders during the
fourth quarter of the fiscal year covered by this report.


                                       I-4

<PAGE>



                                     PART II


Item 5.        Market for Common Equity and Related Security Holder Matters

Market Information

               There is no  established  public trading market for the Company's
outstanding limited partnership interests.



Number of Equity Security Holders

                                                    Number of Record Holders
                Title of Class                        (as of March 1, 1997)
              --------------------                ----------------------------


           General Partner's Interests                          1

           Limited Partnership Interests                       498



Dividends

           The Company  paid cash  distributions  to partners of $51 and $62 per
$500  investment  in  1996  and  1995,  respectively.   The  payment  of  future
distributions  will  depend  on the  Company's  earnings,  financial  condition,
working capital requirements and other factors,  although it is anticipated that
regular quarterly distributions will continue through 1997.


                                      II-1

<PAGE>



Item 6.       Management's Discussion and Analysis or Plan of Operation

Results of Operations

              This discussion  should be read in conjunction  with the financial
statements of the Company and the notes thereto included in this Form 10-KSB.

              Oil  sales  totaled  $543,046  and  $470,696  in  1996  and  1995,
respectively.  This  represents an increase of $72,350 or 15%. A 22% increase in
the average oil sales  price  increased  sales by  $97,784.  This  increase  was
partially  offset  by a 5%  decline  in  oil  production.  The  decrease  in oil
production was primarily the result of 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 were $181,615 in 1996 and $191,617 in 1995.  The
decrease of $10,002 or 5% was primarily due to the decline in production,  noted
above.

              Depreciation  and  depletion  expense  was  $144,645  in 1996  and
$134,858 in 1995. This represents an increase of $9,787 or 7%. A 13% increase in
the depletion rate increased depreciation and depletion expense by $17,062. This
increase was partially  offset by the decline in  production,  noted above.  The
increase  in the  depletion  rate  was  primarily  due to the  additions  to the
property base in 1996 resulting  from the successful  drilling of an oil well on
the  Muldoon  acquisition,  partially  offset by an upward  revision  of the oil
reserves during December 1996.

              General  and  administrative  expenses  were  $58,450  in  1996 as
compared with $75,090 in 1995.  The decrease of $16,640 or 22% was primarily due
to 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 from the sale of oil production. Accordingly, the changes
in cash flow are primarily due to the changes in oil sales. The Company plans to
repay  the  amount  owed to the  general  partner  in  1997.  It is the  general
partner's  intention to distribute  substantially all of the Company's available
net cash flow provided by operating,  financing and investing  activities to the
Company's  partners.  Distributions  decreased  from  1995 to 1996 due to higher
property  expenditures  to  successfully  drill  an  oil  well  on  the  Muldoon
acquisition.

              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 flows to fund  operations and to
maintain a regular pattern of distributions.

              At December 31, 1996, the Company had no material  commitments for
capital  expenditures.  The Company does not intend to engage in any significant
developmental drilling activity.

                                      II-2

<PAGE>



Item 7.        Financial Statements and Supplementary Data


INDEPENDENT AUDITORS' REPORT


The Partners
Enex Oil & Gas Income
  Program V - Series 5, L.P.:


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
V - Series 5, L.P. (a New Jersey limited  partnership)  as of December 31, 1996,
and the related statement of operations,  changes in partners' capital, and cash
flows for each of the two years in the period ended  December  31,  1996.  These
financial statements are the responsibility of the general partner of Enex Oil &
Gas Income Program V Series 5, L.P. Our  responsibility is to express an opinion
on the financial statements based on our audit.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects,  the financial position of Enex Oil & Gas Income Program V - Series 5,
L.P. at December 31, 1996 and the results of its  operations  and its cash flows
for each of the two years in the period ended  December  31, 1996 in  conformity
with generally accepted accounting principles.


DELOITTE & TOUCHE  LLP




Houston, Texas
March 18, 1997


                                      II-3

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

BALANCE SHEET,  DECEMBER 31, 1996
--------------------------------------------------------------------------

ASSETS                                                              1996
                                                             -------------

CURRENT ASSETS:
  Cash                                                       $     59,497
  Accounts receivable - oil sales                                  46,335
  Other current assets                                             10,089
                                                             -------------

Total current assets                                              115,921
                                                             -------------

OIL PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities         1,310,220
  Less  accumulated depreciation and depletion                    760,790
                                                             -------------

Property, net                                                     549,430
                                                             -------------

ORGANIZATION COSTS
(Net of accumulated amortization of $45,984)                        3,285
                                                             -------------

TOTAL                                                        $    668,636
                                                             =============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
   Accounts payable                                          $     55,212
                                                             -------------


PARTNERS' CAPITAL:
   Limited partners                                               587,262
   General partner                                                 26,162
                                                             -------------

Total partners' capital                                           613,424
                                                             -------------

TOTAL                                                        $    668,636
                                                             =============



Number of $500 Limited Partner units outstanding                    2,463




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

                                      II-4

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

STATEMENT OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
----------------------------------------------------------------------------
<TABLE>
<CAPTION>


                                                   1996             1995
                                               -----------     -------------

REVENUES:
<S>                                            <C>             <C>         
  Oil sales                                    $  543,046      $    470,696
                                               -----------     -------------

EXPENSES:
  Depreciation,  depletion and amortization       154,498           144,712
  Lease operating expenses                        181,615           191,617
  Production taxes                                 25,114            21,789
  General and administrative:
    Allocated from general partner                 54,441            74,397
    Direct expense                                  4,009               693
                                               -----------     -------------

Total expenses                                    419,677           433,208
                                               -----------     -------------

INCOME FROM OPERATIONS                            123,369            37,488
                                               -----------     -------------

OTHER INCOME:
  Interest income                                   1,850               110
                                               -----------     -------------

NET INCOME                                     $  125,219      $     37,598
                                               ===========     =============

</TABLE>



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

                                      II-5

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

STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                                             PER $500
                                                                              LIMITED
                                                                              PARTNER
                                                GENERAL        LIMITED       UNIT OUT-
                                 TOTAL          PARTNER        PARTNERS      STANDING
                               ----------    ------------   ------------   -------------

<S>                            <C>           <C>            <C>            <C>         
BALANCE, JANUARY 1, 1995       $ 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              (146,079)        (19,965)      (126,114)            (51)

NET INCOME                       125,219          27,972         97,247              39
                               ----------    ------------   ------------   -------------

BALANCE, DECEMBER 31, 1996     $ 613,424     $    26,162    $   587,262 (1)$        238
                               ==========    ============   ============   =============
</TABLE>



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




See accompanying notes to financial statements.
------------------------------------------------------------------------------
                                      II-6

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

STATEMENT OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
------------------------------------------------------------------------------
<TABLE>
<CAPTION>

                                                         1996          1995
                                                      -----------   ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                   <C>           <C>      
Net income                                            $  125,219    $  37,598
                                                      -----------   ----------

Adjustments to reconcile net income to net cash
   provided by operating activities
  Depreciation, depletion and amortization               154,498      144,712
(Increase) in:
  Accounts receivable - oil sales                         (4,963)      (8,210)
  Other current assets                                    (7,242)      (2,847)
Increase (decrease) in:
   Accounts payable                                       23,279       13,526
   Payable to general partner                             (9,985)      (6,111)
                                                      -----------   ----------

Total adjustments                                        155,587      141,070
                                                      -----------   ----------

Net cash provided by operating activities                280,806      178,668
                                                      -----------   ----------

CASH FLOWS FROM INVESTING ACTIVITIES:
    Property additions - development costs              (126,022)     (80,581)
                                                      -----------   ----------

CASH FLOWS FROM FINANCING ACTIVITIES:
    Cash distributions                                  (146,079)    (168,724)
                                                      -----------   ----------

NET INCREASE (DECREASE) IN CASH                            8,705      (70,637)

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

CASH AT END OF YEAR                                   $   59,497    $  50,792
                                                      ===========   ==========

</TABLE>



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

                                      II-7

    

<PAGE>


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

NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEAR ENDED DECEMBER 31, 1996
-----------------------------------------------------------------------


1.             PARTNERSHIP ORGANIZATION

               Enex Oil & Gas Income Program V - Series 5, L.P. (the "Company"),
               a New Jersey limited  partnership,  commenced operations on April
               30,  1992,  for  the  purpose  of  acquiring  proved  oil and gas
               properties.  Total limited partner contributions were $1,231,732,
               of which $12,317 was  contributed by Enex  Resources  Corporation
               ("Enex"), the general partner.

               In accordance  with the partnership  agreement,  the Company paid
               commissions and due diligence  expenses of $110,299 for solicited
               subscriptions  to Enex  Securities  Corporation,  a subsidiary of
               Enex,  and   reimbursed   Enex  for   organization   expenses  of
               approximately $49,269.

               Information  relating  to the  allocation  of costs and  revenues
               between Enex, as general partner,  and the limited partners is as
               follows:
<TABLE>
<CAPTION>
                                                                                   Limited
                                                                         Enex      Partners

<S>                                                                      <C>         <C> 
               Commissions and selling expenses                                      100%
               Company reimbursement of organization expense                         100%
               Company property acquisition                                          100%
               General and administrative costs                           10%         90%
               Costs of drilling and completing development wells         10%         90%
               Revenues from temporary investment of
                 partnership capital                                                 100%
               Revenues from producing properties                         10%         90%
               Operating costs (including general and administrative
                 costs associated with operating producing properties)    10%         90%
</TABLE>

               At the point in time when the cash  distributions  to the limited
               partners  equal  their  subscriptions  ("payout"),  the  costs of
               drilling  and  completing   development   wells,   revenues  from
               producing  properties,   general  and  administrative  costs  and
               operating  costs will be allocated 15% to the general partner and
               85% to the limited partners.

2.             SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

               Oil and Gas Properties - The Company uses the successful  efforts
               method of accounting for its oil and gas  operations.  Under this
               method,  the  costs of all  development  wells  are  capitalized.
               Capitalized costs are amortized on the units-of-production method
               based on estimated total proved reserves.  The acquisition  costs
               of  improved  oil  and  gas   properties  are   capitalized   and
               periodically assessed for impairment.

                                      II-8

<PAGE>



               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.

               The Company's  operating  interests in oil and gas properties are
               recorded  using the pro rata  consolidation  method  pursuant  to
               Interpretation 2 of Accounting Principles Board Opinion 18.

               Organization  Costs - Organization costs are being amortized on a
               straight-line basis over a five-year period.

               Cash Flows - The Company has  presented  its cash flows using the
               indirect method and considers all highly liquid  investments with
               an  original  maturity  of  three  months  or  less  to  be  cash
               equivalents.

               General and Administrative  Expenses - The Company reimburses the
               General  Partner  for  direct  costs  and  administrative   costs
               incurred on its behalf.  Administrative  costs  allocated  to the
               Company are computed on a cost basis in accordance  with standard
               industry  practices by  allocating  the time spent by the General
               Partner's personnel among all projects and by allocating rent and
               other overhead on the basis of the relative direct time charges.

               Uses of Estimates - The  preparation of the financial  statements
               in  conformity  with  generally  accepted  accounting  principles
               requires management to make estimates and assumptions that affect
               the reported  amounts of assets and liabilities and disclosure of
               contingent  assets and  liabilities  at the date of the financial
               statements  and the  reported  amounts  of revenue  and  expenses
               during the reporting  periods.  Actual  results could differ from
               these estimates.

3.             FEDERAL INCOME TAXES

               General - The Company is not a taxable  entity for federal income
               tax  purposes.  Such  taxes  are  liabilities  of the  individual
               partners  and the  amounts  thereof  will vary  depending  on the
               individual  situation of each partner.  Accordingly,  there is no
               provision  for  income  taxes  in  the   accompanying   financial
               statements.


                                      II-9

<PAGE>
   
Set  forth  below  is a  reconciliation  of  net  income  as  reflected  in  the
accompanying financial statements and net income for federal income tax purposes
for the year ended December 31, 1996:
<TABLE>
<CAPTION>

                                                                         Allocable to        Per $500 Limited
                                                          --------------------------------
                                                               General          Limited          Partner Unit
                                             TOTAL             Partner         Partners           Outstanding
                                       ----------------   ----------------  --------------   --------------------
Net income as reflected in the
<S>                                    <C>                <C>               <C>              <C>                
 accompanying financial statements     $       125,219    $        27,972   $      97,247    $                39
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                       (77,371)            (7,737)        (69,634)                   (28)
  Difference in depreciation,
     depletion and amortization
     computed for federal income
     tax purposes and the amount
     computed for financial
     reporting purposes                         22,058                  -          22,058                      9
                                       ----------------   ----------------  --------------   --------------------
Net income for federal
   income tax purposes                 $        69,906    $        20,235   $      49,671    $                20
                                       ================   ================  ==============   ====================
</TABLE>

Net income for income tax  purposes  is a summation  of  ordinary  income(loss),
portfolio  income  (loss),  cost  depletion  and  intangible  drilling  costs as
presented in the Company's income tax return.

     Set forth below is a reconciliation  between partners' capital as reflected
     in the accompanying  financial statements and partners' capital for federal
     income tax purposes as of December 31, 1996:
<TABLE>
<CAPTION>

                                                                          Allocable to        Per $500 Limited
                                                           --------------------------------
                                                                General          Limited          Partner Unit
                                              TOTAL             Partner         Partners           Outstanding
                                        ----------------   ----------------  --------------   --------------------
Partners' capital as reflected in the
<S>                                     <C>                <C>               <C>              <C>                
 accompanying financial statements      $       613,424    $        26,162   $     587,262    $               238
Reconciling items:
  Intangible drilling costs
     capitalized for financial
     reporting purposes which
     were charged-off for federal
     income tax purposes                       (127,353)           (12,735)       (114,618)                   (47)
  Difference in accumulated
     depreciation, depletion and
     amortization for financial
     reporting and federal income
     tax purposes                               (16,183)                 -         (16,183)                    (7)
  Commissions and syndication
     fees capitalized for federal
     income tax purposes                        110,299                  -         110,299                     45
                                        ----------------   ----------------  --------------   --------------------
Partners' capital for federal
     income tax purposes                $       580,187    $        13,427   $     566,760    $               229
                                        ================   ================  ==============   ====================
</TABLE>

                                      II-10

    



<PAGE>


4.             PAYABLE TO GENERAL PARTNER

               The payable to general partner primarily  consists of general and
               administrative  expenses  allocated to the Company by the general
               partner for its ongoing  operations  and is expected to be repaid
               in 1997.


5.             SIGNIFICANT PURCHASERS

               Conoco, Inc. accounted for 100% of the Company's total oil sales
               in both 1996 and 1995.




                                      II-11

<PAGE>
   

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

SUPPLEMENTARY OIL INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1996
-------------------------------------------------------------------------------

Proved Oil Reserve Quantities (Unaudited)

     The  following  presents an estimate  of the  Company's  proved oil and gas
     reserve  quantities  and  changes  therein for each of the two years in the
     period  ended  December  31,  1996.  Oil  reserves  are  stated in  barrels
     ("BBLS").  The  amounts  per $500  limited  partner  unit do not  include a
     potential 5% reduction  after  payout.  All of the  Company's  reserves are
     located within the United States
<TABLE>
<CAPTION>


                                                               Per $500
                                                               Limited
                                                 Oil         Partner Unit
                                                (BBLS)       Outstanding
                                          ---------------   ---------------

PROVED DEVELOPED AND
    UNDEVELOPED RESERVES:
<S>                                              <C>                    <C>
January 1, 1995                                  106,396                39

    Revisions of previous estimates               37,440                14
    Production                                   (27,111)              (10)
                                          ---------------   ---------------

December 31, 1995                                116,725                43

    Revisions of previous estimates                9,022                 3
    Production                                   (26,214)              (10)
                                          ---------------   ---------------

December 31, 1996                                 99,533                36
                                          ===============   ===============


PROVED DEVELOPED RESERVES:

January 1, 1995                                  106,396                39
                                          ===============   ===============

December 31, 1995                                102,144                37
                                          ===============   ===============

December 31, 1996                                 99,533                36
                                          ===============   ===============
</TABLE>




                                     II-12
    

<PAGE>


Item 8.        Changes In and Disagreements With Accountants on Accounting and
               Financial Disclosure


               Not Applicable


                                      II-13

<PAGE>



                                    PART III

------------------------------------------------------------------------------
Item 9.          Directors, Executive Officers, Promoters and Control Persons;
                 Compliance with Section 16(a) of the Exchange Act

                 The   Company's   sole  General   Partner  is  Enex   Resources
Corporation,  a Delaware corporation.  The Company has no Directors or executive
officers. The Directors and executive officers of Enex are:

                 Gerald B. Eckley. Mr. Eckley, age 70, has served as a Director,
President and Chief Executive Officer of the General Partner since its formation
in 1979.  He was  employed by Shell Oil Company  from 1951 to 1967 and served in
managerial  capacities  from 1959 to 1967. From 1967 to 1969, he was Director of
Fund  Raising at the  University  of  Oklahoma  and from 1969 to 1971,  was Vice
President of Land and Operations for Imperial American  Management  Company.  In
1971, Mr. Eckley was a petroleum consultant and in 1972-1973 was General Counsel
and Executive  Director of the Oil Investment  Institute.  From 1973 to 1974, he
was Manager of Oil  Properties,  Inc. and from 1974 to 1976, was Vice President,
Land and Joint Ventures for Petro-Lewis  Corporation.  From 1977 to August 1979,
Mr. Eckley was President of Eckley Energy, Inc., a company engaged in purchasing
and selling oil and gas properties.  Mr. Eckley  received an L.L.B.  degree from
the University of Oklahoma in 1951 and a Juris Doctor degree from the University
of Oklahoma in 1970.

                 William C. Hooper,  Jr. Mr. Hooper, age 59, has been a Director
of the  General  Partner  since  its  formation  in 1979 and is a member  of the
General Partner's Audit and Compensation and Options Committees.  In 1960 he was
a staff  engineer in the Natural Gas  Department  of the Railroad  Commission of
Texas,  with principal  duties involving  reservoir units and gas proration.  In
1961 he was  employed  by the  California  Company  as a Drilling  Engineer  and
Supervisor.  In 1963 he was employed as a Staff Engineer by California  Research
Corporation  and in 1964 rejoined the  California  Company as a project  manager
having various duties involving drilling and reservoir  evaluations.  In 1966 he
was Executive Vice President for Moran Bros. Inc., coordinating and managing all
company  activities,  drilling  operations,  bidding and engineering.  From 1970
until the present, he has been self-employed as a consulting  petroleum engineer
providing  services to  industry  and  government  and engaged in business as an
independent  oil and gas operator and investor.  From 1975 to 1987 he was also a
Director and President of Verna Corporation,  a drilling  contractor and service
organization.  He received a B.S.  degree in Petroleum  Engineering in 1960 from
the University of Texas and an M.S.  degree in Petroleum  Engineering  from that
same University in 1961.

                 Stuart Strasner.  Mr.  Strasner,  age 67, was a Director of the
General  Partner from its formation until October of 1986. He was reappointed to
the  Board on April  19,  1990 to fill a  vacancy.  He is a member  of the Audit
Committee. He is a professor of business law at Oklahoma City University and was
Dean of the law school at  Oklahoma  City  University  from July 1984 until June
1991.  Prior to July 1984, Mr. Strasner was an attorney in private practice with
McCollister,  McCleary, Fazio and Holliday in Oklahoma City, Oklahoma. From 1959
to 1974,  he was  employed  by various  banks,  bank  holding  companies  and an
insurance  company  in  executive  capacities.  From  1974  to  1978,  he  was a
consultant to various  corporations  such as insurance  companies,  bank holding
companies and small business investment companies. From 1978 until late 1981, he
was Executive  Director of the Oklahoma Bar  Association,  and from 1981 to 1983
was  a  Director  and  President  of  PRST  Enterprises,  Inc.,  a  real  estate
development  company.  Mr.  Strasner  holds an A.B.  degree from  Panhandle  A&M
College,  Oklahoma,  and a J.D. degree from the University of Oklahoma.  He is a
member  of the  Fellows  of the  American  Bar  Association  and a member of the
Oklahoma  Bar  Association.  Mr.  Strasner is also a director of Health  Images,
Inc., a public  company which  provides  fixed site magnetic  resonance  imaging
("MRI") services.


                                      III-1

<PAGE>



     Martin J. Freedman.  Mr. Freedman, age 72, was one of the General Partner's
founders  and a member of its Board of  Directors  as well as a board  member of
Enex Securities  Corporation until June of 1986. He was reappointed to the Board
on April 19,  1990 to fill a  vacancy.  He is a member of the  Compensation  and
Options  Committee.  He is  currently  President  of Freedman Oil & Gas Company,
engaged primarily in the management of its exploration and producing properties,
and the managing  partner  Martin J. Freedman & Company which has an interest in
approximately  one hundred  producing  oil and/or gas wells.  Mr.  Freedman is a
lifetime member of the Denver  Petroleum Club as well as being a lifetime member
of the Denver Association of Petroleum  Landmen.  He was an officer and Director
and/or  founder of several  former private and public  companies.  Mr.  Freedman
entered the oil and gas business in 1954 when he joined Mr.  Marvin Davis of the
Davis Oil Company.  In 1956, he became President of Central Oil  Corporation,  a
company engaged in oil and gas exploration.  From 1958 on, Mr. Freedman operated
as Martin J. Freedman Oil Properties and was President of Oil Properties,  Inc.,
a private corporation. Mr. Freedman attended Long Island University and New York
University.  He received a bachelor's degree in Psychology and also attended New
York University's graduate school.

                 James Thomas Shorney.  Mr. Shorney, age 71, has been a Director
of the General  Partner since April of 1990 and is a member of the  Compensation
and   Options   Committee.    He   has   been   a   petroleum   consultant   and
Secretary/Treasurer  of the  Shorney  Company,  a  privately  held  oil  and gas
exploration  company,  from 1970 to date. From 1970 to 1976, he also served as a
petroleum  consultant in Land and Lease  Research  Analysis  Studies for the GHK
Company.  He was an oil and gas lease  broker from 1962 to 1970 and  employed by
Shell Oil Company in the Land Department from 1954 to 1962. Before joining Shell
Oil Company,  he served as Public Information Officer in the U.S. Army Air Force
from 1950 to 1953 including attending  Georgetown  University Graduate School in
1952. Mr. Shorney  graduated from the University of Oklahoma with a B.A.  degree
in Journalism  in 1950.  From 1943 to 1945, he served in the U.S. Army Air Force
as an air crew member on a B-24 Bomber.  Mr. Shorney is a member of the Oklahoma
City  Association  of  Petroleum  Landmen on which he has served as Director and
Secretary/Treasurer.  He is an active  member  of the  American  Association  of
Petroleum Landmen. In 1975, Mr. Shorney was first listed in the London Financial
Times' Who's Who in World Oil and Gas.

     Robert D. Carl,  III.  Mr.  Carl,  age 43, was  appointed a Director of the
General Partner on July 30, 1991 and is a member of the Audit  Committee.  He is
President,  Chief Executive  Officer and Chairman of the Board of Health Images,
Inc., a public company whose securities are traded on NYSE, which provides fixed
site magnetic  resonance imaging ("MRI")  services.  From 1978 to 1981, Mr. Carl
also  served as  President  of Carl  Investment  Associates,  Inc. a  registered
investment  advisor.  In 1981,  Mr. Carl joined  Cardio-Tech,  Inc.,  as general
counsel  and as an officer and  Director.  Upon the sale and  reorganization  of
Cardio-Tech,  Inc.  into  Cardiopul  Technologies  in  1982,  he  served  as its
Executive  Vice  President  and as a  Director.  In March,  1985 he was  elected
President,  Chief Executive Officer and Chairman of Cardiopul Technologies which
spun off its  non-imaging  medical  services  business  and  changed its name to
Health  Images,  Inc.  Mr. Carl  received a B.A. in History  from  Franklin  and
Marshall  College,  Lancaster,  Pennsylvania  in  1975  and a  J.D.  from  Emory
University  School of Law,  Atlanta,  Georgia in 1978.  Mr. Carl is a trustee of
Franklin & Marshall College and is a member of the State Bar of Georgia.

                 On  January 4, 1996,  the SEC filed a  complaint  in the United
States  District  Court for the District of Columbia  against Mr. Carl  alleging
that Mr. Carl  violated  Section  16(a) of the  Securities  Exchange Act of 1934
("Exchange  Act"), and Rule 16a-2 and 16a-3 (and former Rule 16a-1)  thereunder,
by  failing  to  timely  file   reports   concerning   thirty-eight   securities
transactions  in his  mother's  brokerage  accounts  involving  shares of Health
Images, Inc. stock. The SEC took the position that because Mr. Carl (1) provided
substantial

                                      III-2

<PAGE>



financial  support to his mother,  (2) commingled  his mother's  assets with his
own, (3) provided a substantial portion of the funds used to purchase the shares
in question, and (4) received from his mother a substantial portion of the sales
proceeds, he, therefore, had a pecuniary interest in, and was a beneficial owner
of, the shares in question.

                 In response to the SEC's action,  Mr. Carl  disgorged to Health
Images,  Inc.  approximately  $92,400 in short-swing profits from the trading in
his mother's account,  plus interest thereon of approximately  $52,600.  The SEC
further  requested the court to impose a $10,000 civil penalty  against Mr. Carl
pursuant to Section 21(d)(3) of the Exchange Act.  Without  admitting or denying
the  allegations  in the  complaint,  Mr. Carl consented to the entry of a final
judgement  imposing the $10,000  penalty.  On January 12, 1996, a federal  judge
entered the final judgement in this matter, and Mr. Carl has since filed amended
reports on Forms 4 and 5 reflecting these transactions in his mother's accounts.

                 In  relation  to  the  same  matter,  the  SEC  has  issued  an
administrative  Order  pursuant to Section 21C of the  Exchange  Act against Mr.
Carl,  finding  that he  violated  Section  16(a) and the rules  thereunder  and
requiring  him to cease and desist from  committing  or causing any violation or
future violation of those provisions.  Without admitting or denying  allegations
in the SEC's Order, Mr. Carl consented to the entry of the Order.

     Robert E. Densford.  Mr. Densford,  age 39, was appointed a Director of the
General  Partner  on  September  11,  1991.  He joined  the  General  Partner as
Controller  on May 1, 1985 and became Vice  President-  Finance,  Secretary  and
Treasurer  on March 1, 1989.  From  January  1983 to April  1985,  he was Senior
Accountant for Deloitte Haskins & Sells in Houston, Texas, auditing both closely
held and publicly owned oil and gas  companies.  From September 1981 to December
1982, he was a staff  accountant for Coopers & Lybrand in Houston.  Mr. Densford
is a C.P.A.  and holds a B.B.A.  degree in Accounting and an M.S.  degree in Oil
and Gas  Accounting  from Texas Tech  University and is a member of the American
Institute of Certified  Public  Accountants  and the Texas  Society of Certified
Public Accountants.

     James A. Klein. Mr. Klein, age 33, joined the General Partner as Controller
in February 1991. In June 1993, he was appointed President and Principal of Enex
Securities  Corporation.  From June 1988 to February  1991,  he was  employed by
Positron Corporation in Houston.  From July 1987 to May 1988, he was employed by
Transworld  Oil Company in Houston and from  September  1985 until July 1987, he
was an accountant with Deloitte Haskins & Sells in Houston,  Texas, auditing oil
and gas and oil service  companies.  Mr. Klein is a Certified Public  Accountant
and holds a B.A. in  Accounting  (1985)  from the  University  of Iowa.  He is a
member of the American  Institute of Certified  Public  Accountants and the Iowa
Society of Certified Public Accountants.

Item 10.         Executive Compensation

                 The Company has no Directors or executive officers.

                 The Company does not pay a  proportional  or fixed share of the
compensation paid to the officers of the General Partner.

                 The Company reimburses the General Partner for direct costs and
administrative  costs incurred on its behalf.  Administrative costs allocated to
the Company are computed on a cost basis in accordance  with  standard  industry
practices by allocating the time spent by the General Partner's  personnel among
all  projects  and by  allocating  rent and other  overhead  on the basis of the
relative direct time charges. The Company

                                      III-3

<PAGE>



incurred $54,441 and $74,397 of such administrative costs payable to the General
Partner in 1996 and 1995, respectively.

Item 11.         Security Ownership of Certain Beneficial Owners and Management

                                                  $500 Limited
                             Name of              Partner Units         Percent
 Title of Class         Beneficial Owner         Owned Directly        of Class

 Limited Partner         Enex Resources                    131          5.3119%


Item 12.       Certain Relationships and Related Transactions

               See  the  Statements  of  Operations  included  in the  Financial
Statements  in Item 7 of this  report for  information  concerning  general  and
administrative  costs incurred by Enex and allocated to the Company,  and Note 1
to  such  Financial  Statements  for  information  concerning  payments  to Enex
Securities  Corporation,  a  wholly  owned  subsidiary  of Enex  and to Enex for
certain offering and organization expenses incurred by the Company.

               See Item Number 2 - "Description  of Property" in this report for
a description of the properties  operated by Enex. Enex operates such properties
under the terms of a Joint Operating Agreement ("JOA"). Overhead charges allowed
to third  parties  under the JOA in  accordance  with the  Council of  Petroleum
Accountants  Societies are not charged to the Company. Such costs are considered
to be within the general and  administrative  overhead charges  allocated to the
Company.

Item 13.       Exhibits and Reports on Form 8-K
                                                                      Sequential
                                                                        Page No.

                                                                ----------------


               (a)     Exhibits

                       (3)        a.   Certificate of Limited Partnership, as 
                                        amended.

                                  b.   Amended Agreement of Limited Partnership.
                                       Incorporated by reference to
                                       Exhibit 3(a) to Post-Effective Amendment
                                        No. 1 to the Registration
                                       Statement on Form S-1 (No. 33-34348) of
                                       Enex Oil and Gas Income
                                       Program V filed with the Securities and
                                       Exchange Commission on May 23, 1990.

                       (4)        Not Applicable

                       (10)       Not Applicable

                       (11)       Not Applicable

                       (12)       Not Applicable

                       (13)       Not Applicable

                                      III-4

<PAGE>



                       (18)       Not Applicable

                       (19)       Not Applicable

                       (22)       Not Applicable

                       (23)       Not Applicable

                       (24)       Not Applicable

                       (25)       Not Applicable

                       (28)       Not Applicable

               (b)     Reports on Form 8-K

                       No reports on Form 8-K were filed during the last quarter
                       of the period covered by this report.


                                      III-5

<PAGE>




                                   SIGNATURES


                  In  accordance  with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

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

                                      By:    ENEX RESOURCES CORPORATION
                                              the General Partner



   
August 6, 1997                       By:     /s/   G. B. Eckley
                                              -------------------
                                                    G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed  below on August 6, 1997,  by the  following  persons in the  capacities
indicated.     


ENEX RESOURCES CORPORATION             General Partner


By:  /s/      G. B. Eckley
             ------------------------
              G. B. Eckley, President


     /s/      G. B. Eckley
                                        President, Chief Executive
              ------------------        Officer and Director
              G. B. Eckley


     /s/      R. E. Densford            Vice President, Secretary, Treasurer,
                                        Chief Financial Officer and Director
             -------------------
              R. E. Densford


     /s/      James A. Klein            Controller and Chief Accounting Officer

             -----------------
              James A. Klein



                                       S-1
<PAGE>

                                   /s/ Robert D. Carl, III

                                   --------------------------

                                       Robert D. Carl, III       Director



                                   /s/ Martin J. Freedman

                                   --------------------------

                                       Martin J. Freedman        Director


                                   /s/ William C. Hooper, Jr.

                                   --------------------------

                                       William C. Hooper, Jr.    Director


                                   /s/ Tom Shorney

                                   --------------------------

                                       Tom Shorney               Director


                                   /s/ Stuart Strasner

                                   --------------------------

                                       Stuart Strasner           Director



                                       S-2