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, 1995

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

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

Commission file number 0-14233

ENEX PROGRAM I PARTNERS, L.P.
(Exact name of small business issuer as specified in its Charter)

New Jersey 76-0175128
(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

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

ENEX PROGRAM I PARTNERS, L.P.
BALANCE SHEET
- --------------------------------------------------------------------------------

September 30,
ASSETS 1995
------------
(Unaudited)

CURRENT ASSETS:

Cash and cash equivalents .................................... $ 234,260
Accounts receivable - oil & gas sales ........................ 428,692
Receivable from litigation settlement ........................ 273,684
Other current assets ......................................... 866,925
-----------

Total current assets ........................................... 1,803,561
-----------

OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities ........ 85,482,170
Less accumulated depreciation and depletion ................. 81,638,782
-----------

Property, net .................................................. 3,843,388
-----------

TOTAL .......................................................... $ 5,646,949
===========

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
Accounts payable ............................................ $ 253,089
Payable to general partner .................................. 3,618
-----------

Total current liabilities ...................................... 256,707
-----------

PARTNERS' CAPITAL:
Limited partners ............................................ 4,392,700
General partner ............................................. 997,542
-----------

Total partners' capital ........................................ 5,390,242
-----------

TOTAL .......................................................... $ 5,646,949
=============

<FN>

See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
</FN>

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ENEX PROGRAM I PARTNERS, L.P.
STATEMENTS OF OPERATIONS
- ------------------------------------------------------------------------------------------

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

September 30, September 30, September 30, September 30,
1995 1994 1995 1994
-------------- -------------- ------------- -------------

REVENUES:

Oil, gas and gas plant sales $ 744,496 $ 795,830 $ 2,179,502 $ 2,549,273
----------- ----------- ----------- -----------

EXPENSES:
Depreciation and depletion . 178,094 193,009 508,289 630,184
Lease operating expenses ... 349,419 304,826 963,053 1,133,698
Production taxes ........... 39,608 43,302 120,088 127,701
General and administrative . 184,209 237,179 653,099 750,595
----------- ----------- ----------- -----------

Total expenses ............... 751,330 778,316 2,244,529 2,642,178
----------- ----------- ----------- -----------

INCOME (LOSS) FROM OPERATIONS (6,834) 17,514 (65,027) (92,905)
----------- ----------- ----------- -----------

OTHER INCOME (EXPENSE):
Interest income ............ 6,365 -- 19,255 19,671
Gain on sale of property ... 428,916 6,937 428,916 6,937
Interest expense ........... -- (4,636) -- (17,224)
----------- ----------- ----------- -----------

Other income (expense), net .. 435,281 2,301 448,171 9,384
----------- ----------- ----------- -----------

NET INCOME (LOSS) ............ $ 428,447 $ 19,815 $ 383,144 $ (83,521)
=========== =========== =========== ===========

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ENEX PROGRAM I PARTNERS, L.P.
STATEMENTS OF CASH FLOWS
- --------------------------------------------------------------------------

(UNAUDITED)
NINE MONTHS ENDED
----------------------------
September 30, September 30,
1995 1994
------------- -------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) ........................... $ 383,144 $ (83,521)
---------- ---------

Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and depletion ................ 508,289 630,184
Gain from sale of property ................ (428,916) (6,937)
(Increase) in:
Accounts receivable - oil & gas sales ..... (68,610) 65,232
Receivable from litigation settlement ..... (19,096) --
Other current assets ...................... (771,360) (50,492)
Increase (decrease) in:
Accounts payable ......................... 18,863 (106,202)
Payable to general partner ............... (81,709) (11,711)
--------- ---------

Total adjustments ........................... (842,539) 520,074
--------- ---------

Net cash provided (used) by operating
activities ... (459,395) 436,553
--------- ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of property .......... 744,127 45,000
Property additions - development costs .. (62,741) (141,183)
--------- ---------

Net cash provided (used) by investing
activities ....... 681,386 (96,183)
--------- ---------

CASH FLOWS FROM FINANCING ACTIVITIES:
Reduction in note payable to bank ....... -- (330,000)
--------- ---------

NET INCREASE IN CASH ....................... 221,991 10,370
--------- ---------

CASH AT BEGINNING OF YEAR ................... 12,269 2,176
--------- ---------

CASH AT END OF PERIOD ....................... $ 234,260 $ 12,546
========= =========

Cash paid during the period for interest .... $ -- $ 17,224
========= ========

<FN>

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

</FN>

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ENEX PROGRAM I PARTNERS, 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. The Company has a $613,215 line-of-credit with a bank which secures a
letter of credit for the same amount. The note payable to a bank had a
stated interest rate of prime plus three fourths of one percent. The
note was completely repaid in the fourth quarter of 1994. The weighted
average principal outstanding was $221,848 during the third quarter of
1994 and bore interest at a weighted average rate of 8.25% during the
third quarter of 1994.

3. In the third quarter of 1995, the Company sold a portion of its
interest in the HNG acquisition for $742,662. A gain of $427,964 was
recorded on this sale. Also, in the third quarter of 1995, the Company
sold a portion of its interest in the Esperance Point acquisition for
$1,465. A gain of $952 was recorded on this sale.

I-4

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

Third Quarter 1995 Compared to Third Quarter 1994

Oil and gas sales for the third quarter decreased from $795,830 in 1994 to
$744,496 in 1995. This represents a decrease of $51,334 (6%). Oil sales
decreased by $51,794 or 14%. A 10% decrease in oil production reduced sales by
$36,129. A 5% decrease in the average oil sales price reduced sales by an
additional $15,665. Gas sales increased by $460 (1%). A 16% increase in gas
production increased sales by $66,890. This increase was offset by a 13%
decrease in the average gas sales price. The decrease in oil production was
primarily due to natural production declines. The increase in gas production was
primarily due to new gas wells drilled on the Dent and Schlensker acquisitions,
partially offset by natural production declines. The changes in average sales
prices correspond with changes in the overall market for the sale of oil and
gas.

Lease operating expenses increased from $304,826 in 1994 to $349,419 in 1995.
The increase of $44,593 is primarily due to workover expenses incurred on the
A&W acquisition in 1995.

Depreciation and depletion expense decreased from $193,009 in the third quarter
of 1994 to $178,094 in the third quarter of 1995. This represents a decrease of
$14,915 (8%). The changes in production, noted above, reduced depreciation and
depletion expense by $3,803. A 6% decrease in the depletion rate reduced
depreciation and depletion expense by an additional $11,112. The rate decrease
was primarily the result of an upward revision of the oil reserves at December
31, 1994, partially offset by a downward revision of the gas reserves at
December 31, 1994.

In the third quarter of 1995, the Company sold a portion of its interest in the
HNG acquisition for $742,662. A gain of $427,964 was recorded on this sale.
Also, in the third quarter of 1995, the Company sold a portion of its interest
in the Esperance Point acquisition for $1,465. A gain of $952 was recorded on
this sale.

General and administrative expenses decreased from $237,179 in 1994 to $184,209
in 1995. This decrease of $52,970 (22%) is primarily due to less staff time
being required to manage the Company's operations in 1995.

First Nine Months in 1995 Compared to First Nine Months in 1994

Oil and gas sales for the first nine months decreased from $2,549,273 in 1994 to
$2,179,502 in 1995. This represents a decrease of $369,771 (15%). Oil sales
decreased by $63,313 or 6%. A 13% decrease in oil production due to natural
production declines reduced sales by $138,176. This decrease was partially
offset by a 15% increase in the average oil sales price. Gas sales decreased by
$306,458 or 21%. A 21% decrease in the average gas sales price reduced sales by

I-5

$304,900. A 1% decrease in gas production reduced sales by an additional $1,558.
The decrease in gas production was primarily due to natural production declines,
partially offset by new gas wells drilled on the Dent and Schlensker
acquisitions. The changes in average sales prices correspond with changes in the
overall market for the sale of oil and gas.

Lease operating expenses decreased from $1,133,698 in 1994 to $963,053 in 1995.
The decrease of $170,645 (15%) is primarily due to the recognition, in 1994, of
$228,269 for gas purchases and processing fees related to prior years. Absent
these charges, lease operating expenses increased by $57,624 or 6%. This
increase was primarily due to workover expenses incurred on the A&W acquisition
in 1995.

Depreciation and depletion expense decreased from $630,184 in the first nine
months of 1994 to $508,289 in the first nine months of 1995. This represents a
decrease of $121,895 (19%). The changes in production, noted above, decreased
depreciation and depletion expense by $35,702. A 15% decrease in the depletion
rate reduced depreciation and depletion expense by an additional $86,193. The
rate decrease was primarily the result of an upward revision of the oil reserves
at December 31, 1994, partially offset by a downward revision of the gas
reserves at December 31, 1994.

General and administrative expenses decreased from $750,595 in 1994 to $653,099
in 1995. This decrease of $97,496 (13%) is primarily due to less staff time
being required to manage the Company's operations in 1995.

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 and the repayment of its debt
obligations. Accordingly, the changes in cash flow from 1994 to 1995 are
primarily due to the changes in oil and gas sales described above and the
repayment of the Company's debt obligations. It is the general partner's
intention to distribute substantially all of the Company's available cash flow,
after debt repayment, to the Company's partners.

The Company discontinued the payment of distributions during 1990. Future
distributions are dependent upon, among other things, an increase in future
prices received for oil and gas. The Company will continue to recover its
reserves and reduce its debt obligations. It is anticipated that the Company's
distributions will be reinstated in October 1995.

As of September 30, 1995, the Company had no material commitments for capital
expenditures. The Company does not intend to engage in any significant
developmental drilling activity.

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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, 1995.

II-1

SIGNATURES

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

ENEX PROGRAM I PARTNERS, 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 11, 1995 By: /s/ James A. Klein
-------------------
James A. Klein
Controller and Chief
Accounting Officer