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

FORM 10-QSB

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

For the quarterly period ended September 30, 1996

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

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

Commission file number 33-34348-04

ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
(Exact name of small business issuer as specified in its charter)

New Jersey 76-0303885
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

Suite 200, Three Kingwood Place
Kingwood, Texas 77339
(Address of principal executive offices)

Registrant's telephone number:
(713) 358-8401

Check whether the issuer (1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes x No

Transitional Small Business Disclosure Format (Check one):

Yes No x

PART I. FINANCIAL INFORMATION

Item I. Financial Statements

ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
BALANCE SHEET
- ------------------------------------------------------------------------------

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

Cash $ 105,664
Accounts receivable - oil & gas sales 124,698
Receivable from affiliated limited partnership 10,201
--------------

Total current assets 240,563
--------------

OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 1,451,194
Less accumulated depreciation and depletion 624,982
--------------

Property, net 826,212
--------------

TOTAL $ 1,066,775
==============

LIABILITIES AND PARTNERS' CAPITAL

CURRENT LIABILITIES:
Accounts payable $ 97,192
Payable to general partner 4,096
--------------

Total current liabilities 101,288
--------------

PARTNERS' CAPITAL:
Limited partners 936,885
General partner 28,602
--------------

Total partners' capital 965,487
--------------

TOTAL $ 1,066,775
==============

Number of $500 Limited Partner units outstanding 2,954

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

I-1

ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, L.P.
STATEMENTS OF OPERATIONS
- ----------------------------------------------------------------------------

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

September 30, September 30, September 30, September 30,
1996 1995 1996 1995
---------------- ----------------- ----------------- -------------------

REVENUES:

Oil and gas sales $ 270,101 $ 209,288 $ 712,272 $ 660,801
---------------- ----------------- ----------------- -------------------

EXPENSES:
Depreciation, depletion and amortization 34,819 30,142 91,951 99,937
Lease operating expenses 156,503 128,345 404,729 415,658
Production taxes 16,677 13,142 44,505 38,829
General and administrative 9,281 7,413 31,013 37,174
---------------- ----------------- ----------------- -------------------

Total expenses 217,280 179,042 572,198 591,598
---------------- ----------------- ----------------- -------------------

INCOME FROM OPERATIONS 52,821 30,246 140,074 69,203
---------------- ----------------- ----------------- -------------------

OTHER INCOME:
Interest income - - - 132
---------------- ----------------- ----------------- -------------------

NET INCOME $ 52,821 $ 30,246 $ 140,074 $ 69,335
================ ================= ================= ===================

See accompanying notes to financial statements.
- --------------------------------------------------------------
I-2

ENEX OIL AND GAS INCOME PROGRAM V - SERIES 4, L.P.
STATEMENTS OF CASH FLOWS
- -----------------------------------------------------------------------

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

September 30, September 30,
1996 1995
------------------- -------------------
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income $ 140,074 69,335
------------------- -------------------

Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation, depletion and amortization 91,951 99,937
(Increase) decrease in:
Accounts receivable - oil & gas sales (17,948) (1,770)
Increase (decrease) in:
Accounts payable 13,695 36,838
Payable to general partner (1,748) (10,632)
------------------- -------------------

Total adjustments 85,950 124,373
------------------- -------------------

Net cash provided by operating activities 226,024 193,708
------------------- -------------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Property additions - development costs - (24,250)
----------------- ------------------

CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions (153,940) (160,359)
------------------- -------------------

NET INCREASE IN CASH 72,084 9,099

CASH AT BEGINNING OF YEAR 33,580 86,044
------------------- -------------------

CASH AT END OF PERIOD $ 105,664 95,143
=================== ===================

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

ENEX OIL & GAS INCOME PROGRAM V - SERIES 4, 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. A cash distribution was made to the limited partners of the Company in
the amount of $38,368, representing net revenues from the sale of oil
and gas produced from properties owned by the Company. This
distribution was made on July 31, 1996.

3. On August 9, 1996, the Company's General Partner submitted preliminary
proxy material to the Securities Exchange Commission with respect to a
proposed consolidation of the Company with 33 other managed limited
partnerships. On November 13, 1996, the Company submitted amended
preliminary proxy material to the SEC with respect to this
consolidation. The terms and conditions of the proposed consolidation
are set forth in such preliminary proxy material.

I-4

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

Third Quarter 1995 Compared to the Third Quarter 1996

Oil and gas sales for the third quarter increased to $270,101 in 1996 from
$209,288 in 1995. This represents an increase of $60,813 (29%). Oil sales
increased by $24,907 (14%). A 33% increase in the average oil sales price
increased sales by $51,036. This increase was partially offset by a 15% decrease
in oil production. Gas sales increased by $35,906 (125%). A 212% increase in gas
production increased sales by $60,700. This increase partially was offset by a
28% decrease in the average gas sales price. The decrease in oil production is
due to natural production declines. The increase in average oil sales price
corresponds with higher prices in the overall market for the sale of oil. The
increase in gas production was a result of higher production from the S. Midway
acquisition due to the partial shut-in of production for a workover in 1995. The
decrease in the average gas sales price was due to higher production from the
S.Midway acquisition which has a relatively lower gas price.

Lease operating expenses increased to $156,503 in the third quarter of 1996 from
$128,345 in 1995. The increase of $28,158 (22%) was primarily due to the changes
in production, noted above, coupled with higher operating expenses incurred at
the Charlotte acquisition.

Depreciation and depletion expense in increased to $32,850 in the third quarter
of 1996 from $27,188 in the third quarter of 1995. This represents an increase
of $5,662 (21%). The changes in production, noted above, caused depreciation and
depletion expense to increase by $7,189. A 4% decrease in the depletion rate
offset depreciation and depletion expense by $1,527. The decrease in the
depletion rate was primarily a result of an upward revision of the oil and gas
reserves during December 1995.

General and administrative expenses increased to $9,281 in the third quarter of
1996 from $7,413 in 1995. This increase of $1,868 (25%) is due to more staff
time being required to manage the Company's operations.

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

Oil and gas sales for the first nine months increased to $712,272 in 1996 from
$660,801 in 1995. This represents an increase of $51,471 (8%). Oil sales
increased by $19,038 (3%). A 7% increase in the average oil sales price
increased sales by $41,431. This increase was partially offset by a 4% increase
in oil production. Gas sales increased by $32,433 (40%). A 2% increase in gas
production increased sales by $1,910. A 38% increase in the average sales price
increased sales by an additional $30,523. The decrease in oil production is due
to natural production declines. The increase in average oil sales price
corresponds with higher prices in the overall market for the sale of oil. The
increase in gas production was a result of higher production from the S. Midway
acquisition due to the successful completion of a workover in 1996. The increase
in the average gas sales price was due to relatively higher production from
properties with a higher gas sales price coupled with higher prices in the
overall market for the sale of gas.

I-5

Lease operating expenses decreased to $404,729 in the first nine months of 1996
from $415,658 in 1995. The decrease of $10,929 or (3%) was primarily due to the
changes in production, noted above.

Depreciation and depletion expense decreased to $84,073 in the first nine months
of 1996 from $91,074 in the first nine months of 1995. This represents a
decrease of $7,001 (8%). The changes in production, noted above, caused
depreciation and depletion expense to decrease by $1,863. A 6% decrease in the
depletion rate reduced depreciation and depletion expense by an additional
$5,138. The decrease in the depletion rate was primarily a result of an upward
revision of the oil and gas reserves during December 1995.

General and administrative expenses decreased to $31,013 in the first nine
months of 1996 from $37,174 in 1995. This decrease of $6,161 (17%) is primarily
a result of less staff time being required to manage the Company's operations.

CAPITAL RESOURCES AND LIQUIDITY

The Company's cash flow from operations is a direct result of the amount of net
proceeds realized from the sale of oil and gas production. Accordingly, the
changes in cash flow from 1995 to 1996 are primarily due to the changes in oil
and gas sales described above. It is the general partner's intention to
distribute substantially all of the Company's available cash flow to the
Company's partners. The Company's "available cash flow" is essentially equal to
the net amount of cash provided by operating activities.

The Company will continue to recover its reserves and distribute to the limited
partners the net proceeds realized from the sale of oil and gas production.
Distribution amounts are subject to change if net revenues are greater or less
than expected. Nonetheless, the general partner believes the Company will
continue to have sufficient cash flow to fund operations and to maintain a
regular pattern of distributions.

On August 9, 1996, the Company's General Partner submitted preliminary proxy
material to the Securities Exchange Commission with respect to a proposed
consolidation of the Company with 33 other managed limited partnerships. On
November 13, 1996, the Company submitted amended preliminary proxy material to
the SEC with respect to this consolidation. The terms and conditions of the
proposed consolidation are set forth in such preliminary proxy material.

As of September 30, 1996, the Company had no material commitments for capital
expenditures. The Company does not intend to engage in any significant
developmental drilling activity.

I-6

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

None

Item 2. Changes in Securities.

None

Item 3. Defaults Upon Senior Securities.

Not Applicable

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

Not Applicable

Item 5. Other Information.

Not Applicable

Item 6. Exhibits and Reports on Form 8-K.

(a) There are no exhibits to this report.

(b) The Company filed no reports on Form 8-K during the
quarter ended September 30, 1996.

II-1

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 V - SERIES 4, L.P.
(Registrant)

By:ENEX RESOURCES CORPORATION
General Partner

By: /s/ R. E. Densford
R. E. Densford
Vice President, Secretary
Treasurer and Chief Financial
Officer

November 13, 1996 By: /s/ James A. Klein
-------------------
James A. Klein
Controller and Chief
Accounting Officer