Results of the Transaction


                  At Special  Meetings  held on December 30,  1995,  the Limited
Partners of each of Enex Oil & Gas Income  Program  II-1,  L.P.,  Enex Oil & Gas
Income Program II-2,  L.P.,  Enex Oil & Gas Income Program II-3,  L.P., and Enex
Oil & Gas Income Program II-4, L.P. (collectively,  the "Partnerships") approved
the  dissolution  and  liquidation of the  Partnerships.  In January 1996,  Enex
Resources  Corporation,  as general partner of each of the Partnerships (in such
capacity,  the  "General  Partner"),  entered  into sales  agreements  regarding
certain  Partnership  properties with the highest third-party bidders whose bids
exceeded the fair market  values of such  properties  as estimated by H. J. Gruy
and Associates, Inc. ("Gruy"), an independent petroleum consulting firm retained
by the  Partnerships to appraise the  Partnerships'  properties.  Properties for
which no bids were received at or above Gruy's  estimated fair market value were
purchased by the General  Partner in exchange for the  discharge of  outstanding
Partnership  indebtedness to the General Partner in the amount of such estimated
fair market value.

                  Pursuant to these  liquidations,  (i) all of the properties of
Enex Oil & Gas Income Program II-1, L.P. were sold for $264,192 as follows: N.W.
Esperance  Point  B & C,  Burkholder  and  Steamboat  properties  were  sold  to
third-party purchasers for $6,811 in cash, and the Comite and East Seven Sisters
properties  were sold to the  General  Partner  for  $257,381  in  discharge  of
Partnership indebtedness owed to the General Partner; (ii) all of the properties
of Enex Oil & Gas Income  Program  II-2 L.P.  were sold for $227,081 as follows:
the Steamboat property was sold to a third-party purchaser for $788 in cash, and
the Comite and East Seven Sisters  properties  were sold to the General  Partner
for  $226,293  in  discharge  of  Partnership  indebtedness  owed to the General
Partner; (iii) all of the properties of Enex Oil & Gas Income Program II-3, L.P.
were sold for $213,524 as follows: the Steamboat,  Newport and Hanson properties
were sold to third-party  purchasers  for $58,868 in cash, and the Comite,  East
Seven Sisters and Blair properties were sold to the General Partner for $154,656
in discharge of Partnership  indebtedness owed to the General Partner;  and (iv)
all of the properties of Enex Oil & Gas Income Program II-4,  L.P. were sold for
$187,098 as follows:  the Steamboat,  Newport and Hanson properties were sold to
third-party  purchasers for $56,807 in cash, and the Comite,  East Seven Sisters
and Blair  properties were sold to the General Partner for $130,291 in discharge
of Partnership indebtedness owed to the General Partner.

                  The  proceeds of such sales and each  Partnership's  remaining
assets were used to partially  discharge each  Partnership's  outstanding  debt,
principally  owed to the General  Partner.  Since such  proceeds and assets were
insufficient to fully discharge any Partnership's outstanding debt, there was no
cash or assets available for distribution to the Limited  Partners.  On February
15, 1996,  the General  Partner filed a  Certificate  of  Cancellation  for each
Partnership  with the  Office  of the  Secretary  of State of the State of Texas
pursuant  to  Section  2.03  of  the  Texas  Revised  Limited  Partnership  Act,
cancelling each Partnership's Certificate of Limited Partnership.

165777_2





                                    SIGNATURE

         After due inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Date:    March 18, 1996                          ENEX RESOURCES CORPORATION


                                                By: /s/ Robert E. Densford
                                                    -----------------------
                                                        Robert E. Densford
                                                        Vice President-Finance,
                                                        Secretary and Treasurer

166064_1