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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-KSB/A
AMENDMENT II
(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 0-16552
ENEX OIL & GAS INCOME
PROGRAM III - Series 4, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0179822
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
800 Rockmead Drive
Three Kingwood Place
Kingwood, Texas 77339
(Adress 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. $ 128,169
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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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 less 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 from oil
and gas activities, which constitutes qualifying income within the 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.
BURNS POND, EAST acquisition. This acquisition consists of working
interests in 5 producing wells in Union County, Arkansas. Enex Resources
Corporation has assumed operation of these wells. The Company acquired its
interests effective July 1987 for $769,500. Effective March 1, 1991, the Company
sold its interests for $47,423. The Company recognized a loss of $187,971 on the
sale.
SHANA acquisition. Effective January 1, 1988, working interests in 33 oil
and gas wells located in various counties in Texas and Louisiana, were purchased
from Shana Petroleum Company of Natchez, Mississippi for $100,450. These wells
are operated by twelve oil and gas companies. In December 1992, the Company sold
a portion of its interest in the Shana acquisition for $16,550. No gain or loss
was recognized from the sale. Effective January 1, 1993, the Company sold a well
in the Shana acquisition (the Bravo Land 1-1A) for $5,130. A $611 gain was
recognized on the sale. Effective July 1, 1995, the Company sold its interests
in the Garcia 1, 2 & 5 wells in the Shana acquisition to Mueller Engineering
Corp. for $10,000. A $3,969 gain was recognized on the sale. The Company owns
working interests ranging from .01% to 1.70% of the total Shana acquisition at
December 31, 1995.
HIGHTOWER acquisition. The Company acquired working interests in 3 oil
wells in the Ellenburger formation in Andrews and Gaines Counties, Texas from
Jack D. Hightower and Amber Energy, Inc. of Midland, Texas for a purchase price
of $614,000 effective March 1, 1988. The acquisition is operated by Tamarack
Petroleum, Cross Timbers Oil Co., and Sharp Drilling Co. The Company owns a
7.53% working interest in the Hightower acquisition at December 31, 1995.
PECAN ISLAND acquisition. Mineral interests and royalty interests in 3 gas
wells were acquired from Naomi Morel Kiern effective in May 1988 for a purchase
I-3
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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 III -
SERIES 4, L.P.
By: ENEX RESOURCES CORPORATION
the General Partner
November 7, 1996 By: /s/ G. B. Eckley
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G. B. Eckley, President
In accordance with the Exchange Act, this report has been
signed below on November 7, 1996, by the following persons in the capacities
indicated.
ENEX RESOURCES CORPORATION General Partner
By: /s/ G. B. Eckley
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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
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R. E. Densford
/s/ James A. Klein Controller and Chief Accounting Officer
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James A. Klein
S-1
