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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT III
(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, 1995
[ ] 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 0-14233
ENEX PROGRAM I PARTNERS, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0175128
(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: (713) 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. $2,862,275
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>
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, 1996)
----------------- ---------------------------
General Partner's Interests 1
Limited Partnership Interests 4,739
Dividends
The Company made cash distributions to partners of $4 per $500
investment in 1995. The Company made no cash distributions to limited partners
in 1994. 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 periodic distributions will be in the future as
cash becomes available.
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, gas and gas plant sales decreased to $2,862,275 in 1995 from
$3,245,603 in 1994. This represents a decrease of $383,328 or 12%. Oil sales
decreased by $111,822 or 10%. A 19% decrease in oil production due to natural
production declines caused sales to decrease by $203,554. This decrease was
partially offset by a 10% increase in the average oil sales price. Gas sales
decreased by $224,269 or 16%. A 15% decrease in the average gas sales price
reduced revenues by $218,022. A 1% decrease in gas production reduced sales by
an additional $6,247. Sales of natural gas liquids and gas plant gas decreased
by $47,237 or 7%. A 5% decrease in the production of gas plant products reduced
sales by $35,321. A 2% decrease in the average gas plant products sales price
reduced sales by an additional $11,916. The decreases in oil production and the
production of gas plant products were primarily a result of natural production
declines. The slight decrease in gas production was primarily the result of
natural production declines, partially offset by new gas wells drilled on the
Schlensker and Dent acquisitions. The changes in average sales prices correspond
with changes in the overall market for the sale of oil, gas and gas plant
products.
Lease operating expenses decreased to $1,249,648 in 1995 from
$1,415,711 in 1994. The decrease of $166,063 or 12% was primarily due to
$232,322 of non-recurring gas plant processing charges incurred in 1994.
Depreciation and depletion expense increased to $768,485 in 1995
from $758,359 in 1994. This represents an increase of $10,126 or 1%. A 9%
increase in the depletion rate increased depreciation and depletion expense by
$66,517. This increase was partially offset by the changes in production, noted
above. The increase in the depletion rate was primarily a result of downward
revisions of the oil and gas reserves during 1995.
General and administrative expenses decreased to $915,527 in 1995
from $1,046,913 in 1994. This represents a decrease of $131,386 or 13% from 1994
to 1995. This decrease was primarily a result of less staff time being required
to manage the Company's operations.
In 1994 the Company recognized a $758,938 credit to expense related
to the a litigation accrual reversal and recognition of a receivable related to
a judgement originally granted against the Company by the 101st District Court
of Texas in 1993. In 1994, this verdict was reversed by the Fifth District Court
of Appeals and a judgement granted in favor of the Company for $163,019 plus
interest of $91,569. (See Note 6 to the Notes to the Financial Statements.)
Effective September 1, 1995, the Company sold 85% of its future
assignments from the HNG Drilling Program to American Exploration Corp and Louis
Dreyfus Natural Gas Corp. for $742,662. A gain of $427,964 was recognized from
the sale. Effective July 1, 1995, the Company sold its interests in the
Esperance Point acquisition to Wilcox Energy Co. for $1,465. A gain of $952 was
recognized from the sale. The impact of these sales on current and future
revenues is not expected to be material, as such interests represented less than
10% of historical and future net revenues. In 1994, the Company sold certain
interests in low margin, nonoperated properties for $45,000. The Company
recorded a net gain on such sales of $6,937 in 1994.
II-2
<PAGE>
Capital Resources and Liquidity
The Company's cash flow provided by operating, financing and
investing activitites 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 1994 to 1995 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 net cash flow to the Company's
partners.
The Company discontinued the payment of the distributions during
1990. In the fourth quarter of 1995, the Company paid a distribution of $730,913
to its limited partners. The distribution in 1995 was primarily a result of the
$744,127 of proceeds from the sale of properties, as noted above. Future
distributions are dependent upon, among other things, future prices received for
oil and gas remaining at satisfactory levels. 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 after payment of debt
obligations. The Company plans to repay the amount owed to the general partner
in 1996. It is anticipated that periodic distributions will be in the future as
cash becomes available.
At December 31, 1995, the Company had no material commitments for
capital expenditures. The Company does not intend to engage in any significant
developmental drilling activity. The Company does not intend to purchase
additional properties or fund extensive development of existing oil and gas
properties, and as such; has no long-term liquidity needs. The Company's
projected cash flows from operations will provide sufficient funding to pay its
operating expenses and debt obligations.
II-3
<PAGE>
Item 7. Financial Statements and Supplementary Data
INDEPENDENT AUDITORS' REPORT
The Partners
Enex Program I Partners, L.P.:
We have audited the accompanying balance sheet of Enex Program I Partners, L.P.
(a New Jersey limited partnership) as of December 31, 1995 and the related
statements of operations, changes in partners' capital, and cash flows for each
of the two years in the period ended December 31, 1995. These financial
statements are the responsibility of the general partner of Enex Program I
Partners, L.P. Our responsibility is to express an opinion on the financial
statements based on our audits.
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 Program I Partners, L.P. at December
31, 1995 and the results of its operations and its cash flows for each of the
two years in the period ended December 31, 1995 in conformity with generally
accepted accounting principles.
DELOITTE & TOUCHE LLP
Houston, Texas
March 18, 1996
II-4
<PAGE>
<TABLE>
<CAPTION>
ENEX PROGRAM I PARTNERS, L.P.
BALANCE SHEET, DECEMBER 31, 1995
- ------------------------------------------------------------------------------
ASSETS
1995
--------------
CURRENT ASSETS:
<S> <C>
Cash $ 380,368
Accounts receivable - oil & gas sales 380,407
Receivable from litigation settlement 280,050
Other current assets 131,440
--------------
Total current assets 1,172,265
--------------
OIL & GAS PROPERTIES
(Successful efforts accounting method) - Proved
mineral interests and related equipment & facilities 85,553,852
Less accumulated depreciation and depletion 81,898,978
--------------
Property, net 3,654,874
--------------
TOTAL $ 4,827,139
==============
LIABILITIES AND PARTNERS' CAPITAL
CURRENT LIABILITIES:
Accounts payable $ 275,455
Payable to general partner 26,985
--------------
Total current liabilities 302,440
--------------
PARTNERS' CAPITAL:
Limited partners 3,551,208
General partner 973,491
--------------
Total partners' capital 4,524,699
--------------
TOTAL $ 4,827,139
==============
Number of $500 Limited Partner units outstanding 193,629
</TABLE>
See accompanying notes to financial statements.
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II-5
<PAGE>
ENEX PROGRAM I PARTNERS, L.P.
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ---------------------------------------------------------------------------
1995 1994
--------------- ------------
REVENUES:
<S> <C> <C> <C>
Oil, gas and gas plant sales $ 2,862,275 $ 3,245,603 $
--------------- ------------
EXPENSES:
Depreciation and depletion 768,485 758,359
Lease operating expenses 1,249,648 1,415,711
Production taxes 150,248 167,102
General and administrative:
Allocated from general partner 766,060 905,089
Direct expense 149,467 141,824
Litigation (income) - (758,938)
--------------- ------------
Total expenses 3,083,908 2,629,147
--------------- ------------
INCOME (LOSS) FROM OPERATIONS (221,633) 616,456
--------------- ------------
OTHER INCOME (EXPENSE):
Other income 12,091 -
Interest expense - (17,727)
Interest income 29,140 19,671
Gain on sale of property 428,916 6,937
--------------- ------------
Other income, net 470,147 8,881
--------------- ------------
NET INCOME $ 248,514 $ 625,337 $
=============== ============
</TABLE>
See accompanying notes to financial statements.
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II-6
<PAGE>
ENEX PROGRAM I PARTNERS, L.P.
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- -----------------------------------------------------------------------
PER $500
LIMITED
PARTNER
GENERAL LIMITED UNIT OUT-
TOTAL PARTNER PARTNERS STANDING
--------------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
BALANCE JANUARY 1, 1994 $ 4,381,761 $ 937,044 $ 3,444,717 18
NET INCOME 625,337 36,447 588,890 3
--------------- ----------- ------------ -------
BALANCE, DECEMBER 31, 1994 5,007,098 973,491 4,033,607 21
CASH DISTRIBUTIONS (730,913) - (730,913) (4)
NET INCOME 248,514 - 248,514 1
--------------- ----------- ------------ -------
BALANCE, DECEMBER 31, 1995 $ 4,524,699 $ 973,491 $ 3,551,208 (1) 18
=============== =========== ============ =======
</TABLE>
(1) Includes 103,067 units purchased by the general partner as a limited
partner.
See accompanying notes to financial statements.
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II-7
<PAGE>
ENEX PROGRAM I PARTNERS, L.P.
<TABLE>
<CAPTION>
STATEMENTS OF CASH FLOWS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- --------------------------------------------------------------------------------
1995 1994
------------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
<S> <C> <C>
Net income $ 248,514 $ 625,337
------------- ----------
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and depletion 768,485 758,359
Litigation settlement - (758,938)
Gain on sale of property (428,916) (6,937)
(Increase) decrease in:
Accounts receivable - oil & gas sales (20,325) 82,513
Other current assets (61,337) (49,952)
Increase (decrease) in:
Accounts payable 41,229 (54,302)
Payable to general partner (58,342) 13,246
------------- ----------
Total adjustments 240,794 (16,011)
------------- ----------
Net cash provided by operating activities 489,308 609,326
------------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of properties 744,127 45,000
Property additions - development costs (134,423) (234,233)
------------- ----------
Net cash provided (used) by investing activities 609,704 (189,233)
------------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash distributions (730,913) -
Reduction in note payable to bank - (410,000)
------------- ----------
Net cash provided (used) by financing activities (730,913) (410,000)
NET INCREASE IN CASH 368,099 10,093
CASH AT BEGINNING OF YEAR 12,269 2,176
------------- ----------
CASH AT END OF YEAR $ 380,368 $ 12,269
============= ==========
Cash paid during the year for interest $ - $ 17,727
============= ==========
</TABLE>
See accompanying notes to financial statements.
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II-8
<PAGE>
ENEX PROGRAM I PARTNERS, L.P.
NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ------------------------------------------------------------------------------
1. PARTNERSHIP ORGANIZATION
Enex Program I Partners, L.P. (the "Company"), a New Jersey limited
partnership, was formed on October 10, 1985 to effect a
consolidation of twelve existing partnerships. Total limited
partner contributions were $96,814,500, of which $976,378 was
contributed by Enex Resources Corporation ("Enex"), the general
partner.
Enex has been the general partner of the Company since its
inception, except for the period from April 18, 1990 until August
17, 1991 when Energy Development Company, an unrelated company in
Denver, Colorado was the general partner.
In accordance with the partnership agreement, the Company paid
commissions of $9,357,600 for solicited subscriptions to Enex
Securities Corporation, a subsidiary of Enex, and reimbursed Enex
for organization expenses of approximately $3,265,000.
Information relating to the allocation of costs and revenues
between Enex, as general partner, and the limited partners is as
follows:
Limited
Enex Partners
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%
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.
In May 1994, as the aggregate purchase price of the interests in
the Company plus the cumulative distributions to the limited
partners did not equal limited partner subscriptions (the
"Deficiency"),
II-9
<PAGE>
the general partner forfeited its 10% share of the Company's net
revenues. The foregone net revenues will be allocated to the
limited partners until such time as no Deficiency exists.
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
proved oil and gas properties are capitalized and periodically
assessed for impairments.
The Financial Accounting Standards Board has issued Statement of
Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long Lived Assets and for Long-Lived Assets to Be
Disposed Of." This statement requires that long-lived assets and
certain identifiable intangibles held and used by the Company be
reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of an asset may not be
recoverable.
The Company has not determined the effect, if any, on its financial
position or results of operations which may result from the
adoption of this statement in the first quarter of 1996.
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.
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
contigent 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-10
<PAGE>
Set forth below is a reconciliation of net income as reflected in the
accompanying financial statements and net (loss) for federal income tax purposes
for the year ended December 31, 1995:
<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 $ 248,514 0 $ 248,514 $ 1
Reconciling items:
Intangible drilling costs capitalized
for financial reporting purposes
which were charged-off for federal
income tax purposes (85,254) - (85,254) -
Difference in depreciation and depletion
computed for federal income tax
purposes and the amount computed
for financial reporting purposes (2,273,303) - (2,273,303) (12)
Litigation accrual reversal (25,462) - (25,462) -
------------- -------- ------------ -----------
Net (loss) for federal
income tax purposes $ (2,135,505) 0 $(2,135,505) $ (11)
============= ======== ============ ===========
</TABLE>
Net (loss) for federal 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 federal 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, 1995:
<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 $ 4,524,699 $ 973,491 $ 3,551,208 $ 18
Reconciling items:
Intangible drilling costs capitalized
for financial reporting purposes
which were charged-off for federal
income tax purposes (1,330,210) (109,494) (1,220,716) (6)
Difference in accumulated depreciation,
depletion and amortization for financial
reporting purposes and federal
tax purposes 14,759,748 - 14,759,748 77
Commissions and syndication
fees capitalized for federal
income tax purposes 9,357,600 - 9,357,600 48
Costs of consolidation 485,435 48,544 436,891 2
Other timing differences (547,396) 123,424 (670,820) (3)
------------- ------------ ------------ ---------
Partners' capital for federal
income tax purposes $27,249,876 $ 1,035,965 $26,213,911 $ 135
============= ============ ============ =========
</TABLE>
II-11
<PAGE>
4. SIGNIFICANT PURCHASERS
Exxon Company, USA, Koch Hydrocarbons, Inc. accounted for 14% and 10%,
respectively, of the Company's total sales in 1995. American
Exploration and Exxon Company, USA accounted for 15% and 14%,
respectively, of the Company's total sales in 1994. No other purchaser
individually accounted for more than 10% of such sales.
5. NOTE PAYABLE TO BANK
The Company has a $700,000 line-of-credit with a bank. At December 31,
1993 the amount outstanding was $410,000. The note payable, which was
completely repaid in 1994, had a stated interest rate of prime plus
three fourths of one percent. The weighted average outstanding
principal during 1994 was $237,370 and bore interest at a weighted
average rate of 7.47%.
6. LITIGATION SETTLEMENTS
The Company was named as a party to a suit filed by Texas Crude, Inc.
("Texas Crude"). In the suit, Texas Crude sought to recover legal and
other fees totaling $600,000. In August 1993, a judgement was granted
in favor of Texas Crude for $414,203 plus interest by the 101st
Judicial District Court of Texas. The Company recognized a contingent
liability at December 31, 1993 for $504,350.
The Company appealed the verdict and filed a counterclaim for funds
that were wrongfully withheld by Texas Crude. In December 1994, the
Fifth District Court of Appeals reversed the judgement of the trial
court and rendered judgement in favor of the Company, in which the
Company will recover $163,019 from Texas Crude plus interest.
Accordingly, the contingent liability, initially recognized in 1993,
was reversed in December 1994 and a receivable for $254,588 was
established.
Both the Company and Texas Crude have filed Motions for Rehearing,
which have been pending for more than a year. The accrued receivable
balance at December 31, 1995 was $280,050, including $25,462 of
additional interest earned during 1995.
7. PROPERTY TRANSACTIONS
Effective September 1, 1995, the Company sold 85% of its future assignments from
the HNG Drilling Program to American Exploration Corp. and Louis Dreyfus
Natural Gas Corp. for $742,662. A gain of $427,964 was recognized from the
sale. Effective July 1, 1995, the Company sold its interests in the
Esperance Point acquisition to Wilcox Energy Co. for $1,465. A gain of $952
was recognized from the sale.
The Company sold certain interests in low margin, nonoperated
properties in 1994. Such sales yielded proceeds of $45,000. The Company
recorded a net gain on such sales of $6,937 in 1994.
II-12
<PAGE>
ENEX PROGRAM I PARTNERS, L.P.
SUPPLEMENTARY OIL AND GAS INFORMATION
FOR THE TWO YEARS ENDED DECEMBER 31, 1995
- ------------------------------------------------------------------------------
Proved Oil and Gas 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, 1995. Oil reserves are stated in barrels ("BBLS") and natural gas
in thousand cubic feet ("MCF"). 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 Per $500
Limited Natural Limited
Oil Partner Unit Gas Partner Unit
(BBLS) Outstanding (MCF) Outstanding
------------ ----------- ----------- -------------
PROVED DEVELOPED AND
UNDEVELOPED RESERVES:
<S> <C> <C> <C> <C>
January 1, 1994 240,597 1 7,398,905 38
Revisions of previous estimates 81,662 - (118,499) -
Sales of minerals in place (170) - (38,587) -
Production (74,694) - (708,621) (4)
------------ ------------ ----------- -----------
December 31, 1994 247,395 1 6,533,198 34
Revisions of previous estimates (4,722) - (172,631) (1)
Sales of minerals in place (285) - (580,261) (3)
Production (60,875) - (705,517) (4)
------------ ------------ ----------- -----------
December 31, 1995 181,513 1 5,074,789 26
============ ============ =========== ===========
PROVED DEVELOPED RESERVES:
January 1, 1994 240,597 1 7,398,905 38
============ ============ =========== ===========
December 31, 1994 247,395 1 6,533,198 34
============ ============ =========== ===========
December 31, 1995 181,513 1 5,074,789 26
============ ============ =========== ===========
</TABLE>
II-13
<PAGE>
Item 8. Changes In and Disagreements with Accountants on Accounting and
Financial Disclosure
Not Applicable
II-14
<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 PROGRAM I PARTNERS, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
December 23, 1996 By: /s/ G. B. Eckley
-------------------
G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on December 23, 1996, 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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
(Replace this text with the legend)
</LEGEND>
<CIK> 0000842832
<NAME> Enex Program I Partners, L.P.
<S> <C>
<PERIOD-TYPE> year
<FISCAL-YEAR-END> dec-31-1995
<PERIOD-START> jan-01-1995
<PERIOD-END> dec-31-1995
<CASH> 380368
<SECURITIES> 0
<RECEIVABLES> 660457
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 1172265
<PP&E> 85553852
<DEPRECIATION> 81898978
<TOTAL-ASSETS> 4827139
<CURRENT-LIABILITIES> 302440
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 4524699
<TOTAL-LIABILITY-AND-EQUITY> 4827139
<SALES> 2862275
<TOTAL-REVENUES> 3332422
<CGS> 1399896
<TOTAL-COSTS> 3083908
<OTHER-EXPENSES> 915527
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 248514
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
