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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 33-34348-02
ENEX OIL & GAS INCOME
PROGRAM V - Series 3, L.P.
(Name of small business issuer in its charter)
New Jersey 76-0303876
(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. $136,151
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>
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.
FEC acquisition. Working interests in 68 wells located in Kansas, Wyoming
and Oklahoma were purchased for $908,435 effective March 1, 1991. The FEC
acquisition is operated by ten different oil and gas production companies. The
Company owns working interests ranging from 0.34% to 8.73% and royalty override
interests ranging from 0.157% to 0.169% in the wells in the FEC acquisition.
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 and Gas Reserves
For quantitative information regarding the Company's oil and gas reserves,
please see Supplementary Oil and Gas 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 and gas 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 and gas 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, 1995.
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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 V -
SERIES 3, 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
