10-QSB
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

              /x/ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended September 30, 2006

                                       OR

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

              For the transition period from            to
                                             ----------    ----------

                         Commission File Number 0-23901

                                    GSV, INC.

        (Exact name of small business issuer as specified in its charter)



          Delaware                                   13-3979226
(State or other jurisdiction of                 (I.R.S. Employer
incorporation or organization)                  Identification No.)


                     191 Post Road West, Westport, CT 06880
                    (Address of principal executive offices)

                                 (203) 221-2690
                          (Issuer's telephone number)


Check whether the issuer:  (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 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 |_|

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes |_| No |X|

State the number of shares outstanding of each of the issuer's classes of common
equity,  as of the latest  practicable  date: As of November 9, 2006, there were
7,472,695 shares of common stock  outstanding,  excluding 168,592 shares held in
Treasury.

Transitional Small Business Disclosure Format (check one): Yes |_| No |X|.
<PAGE>
                           GSV, INC. AND SUBSIDIARIES

                              INDEX TO FORM 10-QSB

<TABLE>
<S>                                                                                                        <C>
                                                                                                           Page
                                                                                                           Number
                                                                                                           ------

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements:

        Consolidated Balance Sheet (unaudited)                                                                 2

        Consolidated Statements of Operations for the
        Three Months and Nine Months ended September 30, 2006 and 2005 (unaudited)                             3

        Consolidated Statements of Cash Flows for the
        Nine Months ended September 30, 2006 and 2005 (unaudited)                                              4

        Notes to Consolidated Financial Statements (unaudited)                                                 5

Item 2. Management's Discussion and Analysis of Financial
        Condition and Results of Operations                                                                    8

Item 3. Controls and Procedures                                                                               13

PART II. OTHER INFORMATION                                                                                    14

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                           14

Item 6. Exhibits                                                                                              14

SIGNATURES                                                                                                    15
</TABLE>


                                       -1-
<PAGE>
                          PART I. FINANCIAL INFORMATION

Item 1. - Financial Statements

                           GSV, Inc. And Subsidiaries
                           CONSOLIDATED BALANCE SHEET
                               September 30, 2006
                                   (Unaudited)
<TABLE>
<S>                                                                         <C>
ASSETS

Current assets:

Cash and cash equivalents                                                           $    119,761
Accounts receivable and other current assets                                              53,989
                                                                            --------------------------

 Total current assets                                                                    173,750

Investments:
Oil and gas wells, net                                                                   188,738
Geologic studies                                                                       2,316,721
Internet-related companies                                                                50,000

Property and equipment, net accumulated depreciation                                       3,173
                                                                            --------------------------

 Total assets                                                                       $  2,732,382
                                                                            ==========================

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Accounts payable                                                                    $    101,695
Other current liabilities                                                                267,698
Accrued interest                                                                          71,127
                                                                            --------------------------

 Total current liabilities                                                               440,520

Note payable                                                                             556,249
                                                                            --------------------------

 Total liabilities                                                                       996,769
                                                                            --------------------------

Stockholders' equity:
Series B Preferred stock, $0.001 par value; 1,500,000 shares authorized;
  1,500,000 shares issued and outstanding                                                  1,500
Series C Preferred stock, $0.001 par value; 200,000 shares authorized,
  issued and outstanding                                                                     200
Common stock, $0.001 par value; 75,000,000 shares authorized;
  7,641,303 shares issued; and 7,472,703 outstanding                                       7,641
Additional paid-in capital                                                            41,045,985
Treasury stock                                                                          (558,998)
Accumulated deficit                                                                  (38,760,715)
                                                                            --------------------------

 Total stockholders' equity                                                            1,735,613
                                                                            --------------------------

 Total liabilities and stockholders' equity                                         $  2,732,382
                                                                            ==========================
</TABLE>

                             See accompanying notes.


                                      -2-
<PAGE>
                           GSV, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)

<TABLE>
<S>                                                      <C>             <C>                <C>               <C>
                                                            Three Months Ended                  Nine Months Ended
                                                               September 30,                       September 30,
                                                            2006              2005              2006              2005
                                                       --------------    --------------     -------------     -------------
Revenues from oil and gas investments                    $    94,869       $   150,030        $  157,056        $  482,429
                                                       --------------    --------------     -------------     -------------

General and administrative expenses                          110,406           208,271           303,435           679,147
                                                       --------------    --------------     -------------     -------------

     Total operating expenses                                110,406           208,271           303,435           679,147
                                                       --------------    --------------     -------------     -------------

Loss from operations                                         (15,538)          (58,241)         (146,379)         (196,718)

Interest income                                                   --                --                --                 8
Interest expense                                             (14,234)          (26,695)          (42,703)          (44,843)
                                                       --------------    --------------     -------------     -------------

Net loss                                                 $   (29,772)      $   (84,936)       $ (189,082)       $ (241,553)
                                                       ==============    ==============     =============     =============

Net loss per common share:

Loss per common share from operations
- basic and diluted                                      $     (0.00)      $     (0.01)       $    (0.03)       $    (0.03)
                                                       ==============    ==============     =============     =============

Weighted average common shares outstanding,
basic and diluted                                          7,472,703         7,472,703         7,472,703         7,472,703
                                                       ==============    ==============     =============     =============
</TABLE>


                             See accompanying notes.


                                      -3-
<PAGE>
                           GSV, Inc. and Subsidiaries
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<S>                                                                        <C>                          <C>
                                                                                       For the Nine Months Ended
                                                                                             September 30,
                                                                                   2006                         2005
                                                                           --------------------         ----------------------
Operating activities:

Net loss                                                                     $        (189,082)           $          (241,552)

Preferred stock issued under settlement agreement                                       30,000                             --
Adjustments to reconcile net loss to net cash provided
 by operating activities:
 Depreciation                                                                            2,250                          2,250
 Depletion                                                                              60,232                        282,037
Changes in operating assets and liabilities:
 Accounts receivable and other current assets                                          164,203                          7,310
 Other assets                                                                               --                          4,598
 Accounts payable and other current liabilities                                         50,809                        104,091
                                                                           --------------------         ----------------------

 Net cash provided by operating activities                                             118,411                        158,734
                                                                           --------------------         ----------------------

Investing activities:

Purchase of investment - oil and gas wells                                            (170,389)                        (6,954)
                                                                           --------------------         ----------------------

 Net cash used in investing activities                                                (170,389)                        (6,954)
                                                                           --------------------         ----------------------
Financing activities:

Repayment of notes payable                                                                   --                       (50,000)
                                                                           --------------------         ----------------------

Net cash provided by financing activities                                                   --                        (50,000)
                                                                           --------------------         ----------------------

 Net change in cash                                                                    (51,977)                       101,780

Cash and cash equivalents, beginning of period                                         171,738                        167,223
                                                                           --------------------         ----------------------

Cash and cash equivalents, end of period                                     $         119,761            $           269,003
                                                                           ====================         ======================
</TABLE>

                             See accompanying notes.


                                      -4-
<PAGE>
GSV, INC. AND SUBSIDIARIES

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   Description of the Business and Basis of Presentation

GSV, Inc. (the "Company") manages investments in oil and gas assets.  Currently,
the Company has been pursuing  opportunities in the alternative  energies arena,
specifically  in the  biodiesel  sector.  The Company also has limited  Internet
investments with a carrying value of $500,000 as of September 30, 2006.

Effective June 1, 2002, the Company  acquired  working  interests in two oil and
gas wells in the state of Louisiana pursuant to an asset purchase agreement with
Polystick U.S. Corporation ("Polystick"), a privately held New York corporation.
Additionally,  the  Company  acquired  an  option,  including  a right  of first
refusal,  to purchase other oil and gas properties  held by Polystick U.S. Corp.
The  consideration  consisted  of  $550,000  in cash and  850,000  shares of the
Company's common stock valued at $0.25 per share.

On July 21, 2003, the Company  entered into an Agreement and Plan of Merger (the
"Merger  Agreement")  with Polystick,  Cybershop,  L.L.C.,  a New Jersey limited
liability company and wholly-owned subsidiary of the Company ("Merger Sub"), and
Polystick Oil & Gas, Inc., a Delaware corporation and a wholly-owned  subsidiary
of Polystick ("POGI"),  pursuant to which, on the same day, POGI was merged into
Merger Sub (the  "Merger") and in  consideration  thereof the Company  issued to
Polystick  4,500,000  shares of Common  Stock and  1,500,000  shares of Series B
Preferred Stock.

As a result of the Merger,  the Company,  through Merger Sub, acquired interests
in certain oil and gas properties in Texas and an undivided  one-third  interest
in Century Royalty LLC ("Century  Royalty"),  a Texas limited  liability company
that manages the oil and gas properties in Texas plus an additional  interest in
the Louisiana properties in which the Company already held an interest.  Century
Royalty also holds the rights to certain geologic studies.

On May 20, 2004, the Company elected to participate in  re-completion  of one of
the wells in Louisiana.  The work was  successfully  completed on June 10, 2004.
The total cost to the Company was  $74,063.  The Company has seen an increase in
revenues as a result of the re-completion of this well.

On November 1, 2004, the working interest partnership started work on a re-entry
prospect in Texas. After reaching 6,000 feet and logging, it was determined that
it was not  economical  to  complete  the well and it was decided on November 8,
2004, to plug and abandon the well.  Production  from the wells in Louisiana was
suspended  temporarily on or about February 9, 2006, because the water level had
risen in one of the wells.  On or about May 8, 2006 work to recomplete the wells
in a  different  sand zone was  completed  and  production  was  restarted.  The
Company's  share of the costs of  recompletion,  which was  about  $70,300,  was
deducted from the royalty payments the Company received from the operator. Also,
because of the delay  between  sales of gas by the  operator  and the  Company's
receipt of royalty  payments  from the  operator,  the  temporary  suspension of
production  had the effect of reducing the  Company's  royalty  revenues for the
second and the third quarters of 2006.

On June 28, 2006, the working interest partnership of which Century Royalty is a
member commenced  drilling on one of the prospects and planned to drill a second
prospect once the first was  completed.  The costs of drilling  these  prospects
were  expected  to exceed  Century  Royalty's  carried  interest  in the working
interest  partnership.  On June 20,  2006,  the Company  agreed to  contribute a
maximum of $100,000  towards the  drilling of these  prospects  and decrease its
working  interest in these two  prospects  to 11.918%.  On October 5, 2006,  the
Company  announced the successful  completion of drilling in the first prospect,
located in Liberty  County,  Texas.  The operators have since decided that it is
unnecessary to drill the second prospect as the first well will be sufficient to
tap the reserves  identified.  Production is expected to commence  shortly after
pipeline tie-in connections are completed. The Company is currently awaiting the
completion of an independent  engineering report to establish the estimated size
and projected cash flow to be generated by the well.

The  Company's  management  has little  practical  experience in the oil and gas
industry.  The Company's management relies to a great extent on the employees of
Century  Royalty LLC to monitor and  implement  strategy with respect to our oil
and gas assets.  The inexperience of the Company's  management may detrimentally
affect the  Company's  operations  and results  because,  for example,  it could
prevent  the Company  from taking  advantage  of  opportunities  that arise on a
timely  basis or cause  the  Company  to take  actions  that a more  experienced
management team might determine are not in the Company's best interests.


                                      -5-
<PAGE>
The accompanying  financial  statements have been prepared pursuant to the rules
and regulations of the Securities and Exchange  Commission for interim financial
reporting.  Accordingly,  certain  information  and notes required by accounting
principles  generally  accepted  in the United  States of America  for  complete
financial statements are not included. These financial statements should be read
in conjunction with the financial statements and accompanying notes for the year
ended December 31, 2005,  included in the Company's Annual Report on Form 10-KSB
as filed  with  the  Securities  and  Exchange  Commission.  In the  opinion  of
management,  the  accompanying  financial  statements  include  all  adjustments
(consisting  primarily of normal recurring  accruals) that the Company considers
necessary  for a  fair  presentation  of  its  financial  position,  results  of
operations  and cash  flows.  Results for  interim  periods are not  necessarily
indicative of the results that may be achieved for the full year.

The  Company  has  incurred  substantial  operating  losses,   resulting  in  an
accumulated  deficit of  $38,760,715  as of  September  30,  2006.  Its  current
investments  are  limited  to  certain  oil  and  gas  producing  properties  in
Louisiana,  and an interest in Century Royalty.  Century Royalty's primary
asset consists of geologic  studies to exploit oil and gas properties  which are
not  owned.  In  recent  periods  cash  flows  from  the  Company's  oil and gas
investments  has been  sufficient  to enable the Company to fund its  operating,
investing and financing needs.  However,  the Company will be required to obtain
additional  financing to fund drilling and development to recover its investment
in  geologic  studies.  There is no  assurance  that  the  Company  will  obtain
additional  adequate  financing nor is there any assurance that proved  reserves
will be discovered. These conditions raise substantial doubt about the Company's
ability to continue as a going concern. The accompanying financial statements do
not  include  any  adjustments  which  may  result  from  the  outcome  of  this
uncertainty.


2.   Investments

The Company has made investments in four  internet-related  companies which have
been  accounted  for  using  the cost  method.  Such  investments  are  reviewed
periodically  for impairment.  Impaired  investments have been written down to a
nominal amount.

As described above,  the Company  acquired working  interests in two oil and gas
wells  effective  June 1,  2002 for  $550,000  in cash and  common  stock of the
Company  valued at $212,500,  for a total  investment of $762,500.  The asset is
depleted on a periodic basis using the units of production method. In the fourth
quarter of 2002, the properties exhibited a marked decrease in the volume of oil
and gas  produced.  On May 20,  2004,  the  Company  elected to  participate  in
re-completion  of one of the  wells in  Louisiana.  The  work  was  successfully
completed  on June 10,  2004.  The total cost to the  Company was  $74,063.  The
Company has seen an increase  in  revenues as a result of the  re-completion  of
this well.  Production from the wells in Louisiana was suspended  temporarily on
or about  February  9,  2006,  because  the water  level had risen in one of the
wells. On or about May 8, 2006, work to recomplete the wells in a different sand
zone was completed and  production  was  restarted.  The wells  returned to full
production  at the  beginning  of July.  The  Company's  share  of the  costs of
recompletion,  which was about $70,300,  was deducted from the royalty  payments
the Company received from the operator. Also, because of the delay between sales
of gas by the operator,  the Company's  receipt of royalty payments were reduced
in the quarter ended September 30, 2006.  Further,  the Company expects that the
temporary  suspension  of  production  will also have the effect of reducing its
royalty  revenues for the fourth quarter of 2006. An  independent  reserve study
performed,  effective  March 2006,  estimated that the remaining  reserve in the
wells  including  PDP and PDNP,  net of  expenses  and  discounted  at 10%,  was
$263,847.

As  described  above,  on July 21,  2003,  the Company  entered  into the Merger
Agreement,  pursuant to which,  on the same day, POGI was merged into Merger Sub
and in consideration thereof the Company issued to Polystick 4,500,000 shares of
Common Stock and  1,500,000  shares of Series B Preferred  Stock.  Each share of
Series B Preferred  Stock is convertible at any time at the holder's option into
a number of shares of Common  Stock  equal to $1.00  divided  by the  conversion
price then in effect.  The conversion price is initially $1.00. No dividends are
payable on the Series B Preferred Stock,  except that in the event dividends are
declared  with  respect  to  Common  Stock,  each  holder of a share of Series B
Preferred  Stock shall be  entitled to receive an amount  equal to the amount of
dividends  that would have been paid on the shares of Common Stock issuable upon
conversion  of such  shares of Series B  Preferred  Stock had such  shares  been
converted into Common Stock immediately before such dividend was declared.  Upon
any Liquidation  Event, the holders of the outstanding  Series B Preferred Stock
will be entitled to be paid an amount equal to $1.00 per share,  plus the amount
of any declared and unpaid dividends thereon. If upon any Liquidation Event, the
net assets of the Company  are  insufficient  to permit  payment in full of such
preferential  amount to the holders of Series B Preferred Stock, then the entire
net assets of the Company will be  distributed  ratably among the holders of the
Series B Preferred Stock.

In connection with and as a condition to the Merger, the Company redeemed all of
its existing  outstanding  Series A Preferred Stock, par value $0.001 per share,
for  $400,001,  plus  dividends  payable.  The  Company  paid  $263,801  of  the
redemption price in cash and $200,000 by a full recourse promissory note bearing
interest at a rate of 8% per annum and due September 4, 2004,  secured by a lien
on all of the Company's assets.  The maturity date of the note has been extended
to March 1, 2007.


                                      -6-
<PAGE>
As a result of the  merger,  the  Company  acquired  through  Cybershop  L.L.C.,
interests in certain oil and gas properties in Texas and an undivided  one-third
interest in Century Royalty,  which manages the oil and gas properties in Texas,
plus an  additional  interest in the  Louisiana  properties in which the Company
already  held an  interest.  Century  Royalty  also  holds the rights to certain
geologic studies that are included in other long term assets on the accompanying
balance  sheet.  These  geologic  studies are currently  being  carried  without
amortization,  since the data relates to properties  which are  currently  under
evaluation,  but for which there are yet no  established  reserves.  On June 28,
2006,  the working  interest  partnership  of which Century  Royalty is a member
commenced  drilling on one of the prospects and it is  anticipated  that it will
commence  drilling  on a second  prospect  soon.  The  costs of  drilling  these
prospects  were expected to exceed  Century  Royalty's  carried  interest in the
working interest partnership. On June 20, 2006, the Company agreed to contribute
a maximum of $100,000  towards the  drilling of the first  prospect and decrease
its working interest in these two prospects to 11.918%.

On October 5, 2006, the Company announced the successful  completion of drilling
in the first  prospect,  located in Liberty  County,  Texas.  The operators have
since decided that it is unnecessary  to drill the second  prospect as the first
well will be sufficient to tap the reserves  identified.  Production is expected
to commence shortly after pipeline tie-in connections are completed. The Company
is currently  awaiting the  completion of an independent  engineering  report to
establish  the  estimated  size and  projected  cash flow to be generated by the
well.

The working  interest  partnership has begun a drilling  program for the subject
properties  in 2006,  at which time  amortization  of the geologic  studies will
begin. If the drilling program is not successful, the Company will likely record
an impairment loss of some or all of the carrying value of its geologic studies.

3.   Stockholders' Equity

As described in Note 5 below,  on January 3, 2006,  the Company  issued  200,000
shares of Series C Preferred Stock to 116 Newark Avenue Corporation.

Each share of Series C preferred  stock is convertible at any time into a number
of shares of common stock equal to $1.00 divided by the conversion  rate then in
effect.  The terms upon which the Series C  convertible  preferred  stock may be
converted into common stock are set forth in the  Certificate  of  Designations,
Preferences  and Rights of Series C  Convertible  Preferred  Stock  filed by the
Company with the  Secretary of State of the State of Delaware on January 3, 2006
("Series C Certificate of  Designations").  As of November 8, 2006, the Series C
convertible  preferred  stock owned by 116 Newark was  convertible  into 200,000
shares of common stock.

On October 27, 2006,  the Company  issued and sold an aggregate of 30,000 shares
of common  stock at a price of $0.10 per  share to  Walter M.  Epstein  upon his
exercise of an option to purchase such shares.  The sale of these securities was
determined to be exempt from  registration  under Section 4(2) of the Securities
Act as transactions by an issuer not involving a public offering.

4.   Net Loss Per Common Share

Basic and diluted net loss per common  share is  calculated  by dividing the net
loss by the  weighted-average  common  shares  outstanding.  Potential  dilution
related to the warrant was excluded because it was anti-dilutive.

5.   Lease Termination and Issuance of Series C Preferred Stock

On January 3, 2006,  the Company  entered  into a  Termination,  Settlement  and
Release Agreement with 116 Newark Avenue  Corporation,  dated as of November 30,
2005, pursuant to which the Company agreed to terminate the lease for its former
offices  in Jersey  City,  New  Jersey.  Under the terms of the  agreement,  the
Company paid 116 Newark  $70,000 in cash,  and issued a  promissory  note in the
principal  amount of $356,249.04  and 200,000 shares of Series C Preferred Stock
to 116 Newark and  reimbursed  116 Newark  for  $10,000 of its legal  fees.  The
promissory  note matures on November 29, 2007 and bears interest at a rate of 7%
per annum. Payment and performance under the promissory note has been guaranteed
by Polystick and secured by a pledge agreement  between Polystick and 116 Newark
pursuant to which Polystick has pledged 356,249 shares of the Company's Series B
preferred stock that it holds to 116 Newark. The estimated fair value of the 200
shares of Series C Preferred Stock was $30,000.


                                      -7-
<PAGE>
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

Overview

Since  July 2003 our  business  operations  have been  focused on  managing  our
existing  investments in oil and gas assets and entering into new investments in
this industry. Currently, we have been pursuing opportunities in the alternative
energies  arena,  specifically in the biodiesel  sector.  From June 2001 to July
2003, our business  operations  included  managing our existing  investments and
entering into new business operations through acquisitions or mergers.

Prior to June 2001, we had sought to identify and develop attractive early stage
Internet  companies in exchange for equity positions in such companies.  We have
since made  substantial  write  downs of these  investments  to more  accurately
reflect  current  market  valuations,  and these  investments do not represent a
significant  asset. As of September 30, 2006,  these  investments were valued at
approximately  1.8%  of  the  total  value  of  our  assets.  We  are  presently
investigating  whether or not there are any  business  prospects  through  which
material value can be realized from the remaining Internet investments.

Effective June 1, 2002, we acquired  working  interests in two oil and gas wells
in the state of Louisiana pursuant to an asset purchase agreement with Polystick
U.S.  Corporation  ("Polystick"),  a privately  held New York  corporation.  The
consideration  consisted  of $550,000  in cash and 850,000  shares of our common
stock  valued at $0.25 per share.  Additionally,  we acquired a one-year  option
valued at $80,210, including a right of first refusal, to purchase other oil and
gas properties held by Polystick.

On July  21,  2003,  we  entered  into an  Agreement  and  Plan of  Merger  with
Polystick,  Cybershop,  L.L.C.,  a New  Jersey  limited  liability  company  and
wholly-owned  subsidiary of GSV, Inc. and Polystick Oil & Gas,  Inc., a Delaware
corporation  and  wholly-owned  subsidiary  of Polystick  ("POGI"),  pursuant to
which,  on  the  same  day,  POGI  was  merged  into  Cybershop,  L.L.C.  and in
consideration  thereof  we issued to  Polystick  4,500,000  shares of our common
stock and 1,500,000 shares of our Series B convertible preferred stock.

As a result of the merger we acquired,  through Cybershop  L.L.C.,  interests in
certain oil and gas  properties in Texas and an interest in Century  Royalty LLC
("Century Royalty"),  a Texas limited liability company that manages the oil and
gas properties in Texas plus an additional interest in the Louisiana  properties
in which we already held an interest.  Century  Royalty also holds the rights to
certain  geologic  studies.  Century  Royalty is a member of a working  interest
partnership that has identified  several  prospects  derived from the geological
studies and is working towards drilling these  prospects.  Century Royalty had a
carried  interest with this partnership of 20% for the first well drilled in the
first 5 prospects or $1.25 million of investment, whichever comes first. Century
Royalty has a 20% participation  interest in all subsequent wells drilled in the
first 5 prospects.  For later  prospects,  Century Royalty is entitled to an 80%
participation  interest.  Century  Royalty's net carried  interest  falls to 14%
after  royalty  payments for the leases.  Due to the  existence of these revenue
overrides,  the operations of Century  Royalty are included in the  accompanying
statements of operations.

On June 28, 2006, the working interest partnership of which Century Royalty is a
member commenced  drilling on one of the prospects and planned to drill a second
prospect once the first was  completed.  The costs of drilling  these  prospects
were  expected  to exceed  Century  Royalty's  carried  interest  in the working
interest  partnership.  On June 20, 2006,  we agreed to  contribute a maximum of
$100,000  towards the drilling of these two  prospects  and decrease our working
interest in these two prospects to 11.918%. On October 5, 2006, we announced the
successful  completion  of  drilling in the first  prospect,  located in Liberty
County,  Texas. The operators have since decided that it is unnecessary to drill
the second  prospect as the first well will be  sufficient  to tap the  reserves
identified.  Production is expected to commence  shortly after  pipeline  tie-in
connections  are  completed.  We are  currently  awaiting the  completion  of an
independent  engineering  report to establish the  estimated  size and projected
cash flow to be generated by the well.

Our management has little practical experience in the oil and gas industry.  Our
management  relies to a great extent on the employees of Century  Royalty LLC to
monitor and  implement  strategy  with  respect to our oil and gas  assets.  Our
management's  inexperience may  detrimentally  affect our operations and results
because, for example, it could prevent us from taking advantage of opportunities
that arise on a timely basis or cause us to take actions that a more experienced
management team might determine are not in our best interests.

The  sole  shareholder  of  Polystick  is  RT  Sagi  Holding  Ltd.,  an  Israeli
corporation.  The sole stockholder of RT Sagi and indirect owner of Polystick is
Mr. Sagi Matza.  Effective as of the  consummation of the Merger,  Mr. Matza was
appointed to our board of directors as the designee of Polystick.  Polystick has
the right to elect two additional  persons to our board of directors but has not
yet done so.


                                      -8-
<PAGE>
Each share of Series B convertible preferred stock is convertible at any time at
the  holder's  option  into a number of shares  of common  stock  equal to $1.00
divided by the conversion price then in effect.  The terms upon which the Series
B convertible  preferred  stock may be converted into common stock are set forth
in  the  Certificate  of  Designations,  Preferences  and  Rights  of  Series  B
Convertible  Preferred Stock filed by the Company with the Secretary of State of
the State of Delaware on July 18, 2003 ("Series B Certificate of Designations").
As of  November  8, 2006,  the Series B  convertible  preferred  stock  owned by
Polystick was convertible into 1,500,000 shares of common stock.

No dividends are payable on the Series B  convertible  preferred  stock,  except
that in the event  dividends  are declared with respect to the common stock each
holder of shares of Series B  convertible  preferred  stock will be  entitled to
receive an amount equal to the amount of dividends  that would have been paid on
the shares of common stock  issuable upon  conversion of such shares of Series B
convertible  preferred  stock had such shares of Series B convertible  preferred
stock been  converted  into common  stock  immediately  before the  dividend was
declared.

Upon  any  Liquidation  Event,  as  defined  in  the  Series  B  Certificate  of
Designations,  the holders of the  outstanding  Series B  convertible  preferred
stock will be entitled, before any distribution or payment is made to any holder
of  common  stock  or any  other  Junior  Stock  (as  defined  in the  Series  B
Certificate of Designations), to be paid an amount equal to $1.00 per share plus
the amount of any declared and unpaid dividends thereon. If upon any Liquidation
Event our net assets distributable among the holders of the Series B convertible
preferred  stock  are  insufficient  to  permit  the  payment  in  full  of such
preferential amount to the holders of the Series B convertible  preferred stock,
then our net assets will be distributed  ratably among the holders of the Series
B convertible  preferred stock in proportion to the amounts they otherwise would
have been entitled to receive.

The Series B Certificate of Designations  provides that so long as any shares of
Series B convertible  preferred stock are outstanding,  we will not, without the
written  approval of the holders of at least a majority of the  then-outstanding
Series B convertible  preferred stock,  increase the maximum number of directors
constituting our board of directors to more than seven. The Series B Certificate
of  Designations  also  provides  that,  so  long  as any  shares  of  Series  B
convertible  preferred  stock  are  outstanding,  the  holders  of the  Series B
convertible  preferred stock,  voting separately as a class, will be entitled to
designate  and elect three of the  members of our board of  directors.  Also,  a
vacancy in any  directorship  elected by the holders of the Series B convertible
preferred  stock may be filled only by vote or written consent of the holders of
at least a  majority  of the then  outstanding  shares of  Series B  convertible
preferred  stock.  The Series B convertible  preferred stock has no other voting
rights except as provided by applicable law.

In  connection  with and as a condition  to  consummation  of the merger in July
2003, we redeemed all of our outstanding  Series A convertible  preferred stock,
par value  $0.001  per share,  for  $400,001  plus  dividends  payable.  We paid
$263,801  of the  redemption  price in cash and  $200,000 by a  promissory  note
secured by a lien on all of our assets.

In June 2001, we sublet to  Nekema.com  our former  offices in Jersey City,  New
Jersey  through  December 31, 2008.  The rent on the sublease was  guaranteed by
Lumbermens Mutual Casualty Company,  d/b/a Kemper Insurance  Company,  until May
2003. In September 2002 Nekema ceased  business  operations and defaulted on the
sublease.  Kemper  Insurance  Company  made all  payments  of rent due under the
sublease  through May 2003. We ceased paying rent under the lease for this space
in July 2003. On May 5, 2004 we filed a proof of claim against  Nekema's  estate
in the United States Bankruptcy Court for the Southern District of New York. The
proof of claim was for the total sum of  $421,455.15 as permitted by law and the
court approved a settlement of $363,048.88. On November 15, 2005, the trustee in
the bankruptcy filed a notice of filing of final accounts. On February 15, 2006,
we received $22,300.77 in settlement of our claim.

On January 3,  2006,  we entered  into a  Termination,  Settlement  and  Release
Agreement  with 116 Newark  Avenue  Corporation,  dated as of November 30, 2005,
pursuant  to which we agreed to  terminate  the lease for our former  offices in
Jersey City, New Jersey.  Under the terms of the  agreement,  we paid 116 Newark
$70,000 in cash, issued a promissory note in the principal amount of $356,249.04
and 200,000  shares of Series C  convertible  preferred  stock to 116 Newark and
reimbursed 116 Newark for $10,000 of its legal fees. The promissory note matures
on November 29, 2007 and bears  interest at a rate of 7% per annum.  Payment and
performance  under the  promissory  note has been  guaranteed by Polystick  U.S.
Corporation and secured by a pledge agreement  between  Polystick and 116 Newark
pursuant  to  which  Polystick  has  pledged  356,249  shares  of our  Series  B
convertible preferred stock that it holds to 116 Newark.

Each share of Series C preferred  stock is convertible at any time into a number
of shares of common stock equal to $1.00 divided by the conversion  rate then in
effect.  The terms upon which the Series C  convertible  preferred  stock may be
converted into common stock are set forth in the  Certificate  of  Designations,
Preferences  and Rights of Series C  Convertible  Preferred  Stock  filed by the
Company with the  Secretary of State of the State of Delaware on January 3, 2006
("Series C Certificate of  Designations").  As of November 8, 2006, the Series C
convertible  preferred  stock owned by 116 Newark was  convertible  into 200,000
shares of common stock.


                                      -9-
<PAGE>
No dividends are payable on the Series C convertible preferred stock.

Upon  any  Liquidation  Event,  as  defined  in  the  Series  C  Certificate  of
Designations,  the holders of the  outstanding  Series C  convertible  preferred
stock will be entitled, before any distribution or payment is made to any holder
of  common  stock  or any  other  Junior  Stock  (as  defined  in the  Series  C
Certificate of Designations),  to be paid an amount equal to $1.00 per share. If
upon any Liquidation Event our net assets distributable among the holders of the
Series C convertible  preferred stock are  insufficient to permit the payment in
full of such  preferential  amount to the  holders of the  Series C  convertible
preferred  stock,  then our net assets  will be  distributed  ratably  among the
holders of the Series C convertible preferred stock in proportion to the amounts
they otherwise would have been entitled to receive.

The Series C Certificate of Designations  provides that so long as any shares of
Series C convertible  preferred stock are outstanding,  we will not, without the
written  approval of the holders of at least a majority of the  then-outstanding
Series C convertible  preferred stock, (i) issue any additional shares of Series
C convertible  preferred  stock,  or (ii) issue any Senior Stock or Parity Stock
(as such terms are defined in the Series C Certificate of Designations),  unless
such Senior  Stock or Parity  Stock is to be issued in exchange  for (A) cash or
services  rendered  or to be  rendered  by parties  who are not  Affiliates  (as
defined in the Series C Certificate of Designations)  of the Company,  in either
case having a value  greater than the aggregate  liquidation  preference of such
Senior Stock or Parity Stock, or (B) equity  securities or assets of one or more
businesses that are not Affiliates of the Company, in either case having a value
that is equal to or greater than the  aggregate  liquidation  preference of such
Senior Stock or Parity Stock.  The Series C convertible  preferred  stock has no
other voting rights except as provided by applicable law.

Off-Balance Sheet Transactions

There are no off-balance  sheet  arrangements that have or are reasonably likely
to have a current  or future  effect on the small  business  issuer's  financial
condition,  changes in financial  condition,  revenues or  expenses,  results of
operations,  liquidity,  capital  expenditures  or  capital  resources  that  is
material to investors.

Results of Operations

Three Months Ended  September 30, 2006 compared to Three Months Ended  September
30, 2005 Revenues:  Revenues for the quarter decreased by $55,161,  or 36.8%, to
$94,869 in 2006 from  $150,030  in 2005.  This  decrease  was due to a temporary
suspension of production from the two Louisiana wells. Production from the wells
was suspended  temporarily on or about February 9, 2006, because the water level
had risen in one of the wells.  On or about May 8, 2006 work to  recomplete  the
wells in a different sand zone was completed and  production was restarted.  The
wells  returned to full  production at the  beginning of July.  Our share of the
costs of  recompletion,  which was about $70,300,  was deducted from the royalty
payments we received from the operator.

General  and  administrative:   General  and  administrative   expenses  consist
primarily  of  payroll  and  payroll   related   expenses  for   administrative,
information  technology,  accounting,  and  management  personnel,  legal  fees,
depletion and general corporate  expenses.  General and administrative  expenses
decreased by $97,865,  or 47.0%,  to $110,406 in the quarter ended September 30,
2006 from  $208,271 in the quarter  ended  September  30,  2005,  primarily as a
result of the decrease in depletion.

Interest  expense:  Interest  expense for the quarter  ended  September 30, 2006
decreased by $12,461,  or 46.7%,  to $14,234 in the quarter ended  September 30,
2006 as compared with $26,695 in the corresponding  period of the preceding year
due to the accrual in the quarter  ended  September  30,  2005,  of interest and
penalties  owed in  connection  with  the  settlement  with  116  Newark  Avenue
Corporation.

Net Losses: Loss from operations decreased by $55,164 from $84,936 in the second
quarter of 2005, or ($0.01) per basic and diluted  common  share,  to $29,772 in
the third quarter of 2006, or ($0.00) per basic and diluted common share.

Nine Months Ended September 30, 2006 compared to Nine Months Ended September 30,
2005

Revenues: Revenues for the period decreased by $325,373, or 67.4%, to 157,056 in
2006 from $482,429 in 2005. This decrease was due to the temporary suspension of
production from the wells in Louisiana.

General  and  administrative:   General  and  administrative   expenses  consist
primarily  of  payroll  and  payroll   related   expenses  for   administrative,
information  technology,  accounting,  and  management  personnel,  legal  fees,
depletion and general corporate  expenses.  General and administrative  expenses
decreased by $375,712,  or 55.3%, to $303,435 in the nine months ended September
30, 2006 from $679,147 in the nine months ended September 30, 2005, primarily as
a result of a drop in  depletion  resulting  from the  temporary  suspension  of
production from the Louisiana wells.


                                      -10-
<PAGE>
Interest expense:  Interest expense for the nine months ended September 30, 2006
decreased by $2,140,  or 4.8%, to $42,703 in the nine months ended September 30,
2006 as compared with $44,843 in the corresponding period of the preceding year.

Net Losses: Loss from operations decreased by $52,471 from $241,553 in the first
nine months of 2005, or ($0.03) per basic and diluted common share,  to $189,082
in the first nine months of 2006, or ($0.03) per basic and diluted common share.

Liquidity and Capital Resources

Net cash provided by operations decreased by $40,323, from $158,734 for the nine
months ended September 30, 2005, to $118,411 for the nine months ended September
30, 2006.  The decrease in cash provided by operations  was primarily due to the
temporary suspension of production from the wells in Louisiana.. Production from
the wells was suspended  temporarily on or about  February 9, 2006,  because the
water  level  had  risen in one of the  wells.  On or about  May 8, 2006 work to
recomplete  the wells in a different  sand zone was completed and production was
restarted.  The wells returned to full  production at the beginning of July. Our
share of the costs of recompletion,  which was about $70,300,  was deducted from
the royalty payments we received from the operator.

Net cash provided by investing activities during the nine months ended September
30, 2006, was $(170,389), as compared to $(6,954) in the corresponding period of
the prior year. The increase was due to our contribution of $100,000_towards the
drilling of the prospects in Texas by the working interest  partnership of which
Century  Royalty  LLC is a  member  and  to  payments  of  $70,389  towards  the
recompletion of the wells in Louisiana.

Net cash provided by financing activities during the quarter ended September 30,
2006,  was $0, as  compared  to  $(50,000)  in the prior  year.  This  change is
attributable  to the  repayment of an  outstanding  note in the first quarter of
2005.

In 2003, we issued to Polystick  4,500,000  shares of common stock and 1,500,000
shares of Series B convertible  preferred  stock valued at $2,625,000 to acquire
assets in a non-cash transaction.

In 2003, we issued to Polystick  4,500,000  shares of common stock and 1,500,000
shares of Series B convertible  preferred  stock valued at $2,625,000 to acquire
assets in a non-cash transaction.

On February 11, 2004, we borrowed $25,000 from Brooks Station Holdings,  Inc., a
private investment corporation ("Brooks Station").  In partial consideration for
the loan, we issued 100,000 shares of common stock to Brooks  Station.  On March
18,  2004,  we  borrowed  another  $25,000  from  Brooks  Station and in partial
consideration  for the loan issued  another  100,000  shares of common  stock to
Brooks Station. Each loan was evidenced by a promissory note bearing interest at
8% per annum  secured by a lien on all of our assets.  On September 20, 2004, we
negotiated  an  extension  of the  maturity  of the notes  from  their  original
maturity  date of  September  1, 2004 to March 1, 2005.  On March 10,  2005,  we
repaid the note issued on February 11, 2004 and  negotiated  an extension of the
maturity of the note dated March 18, 2004 to September 1, 2005. We also extended
to the same date the  maturity  of an 8%  secured  promissory  note we issued to
Brooks Station on July 21, 2003 in the principal  amount of $200,000.  On August
31, 2005,  we repaid the March 18, 2004 note and  negotiated an extension of the
maturity  date of the July 21, 2003 note to March 1, 2006. On March 20, 2006, we
repaid $20,000 of the accrued and unpaid  interest on the July 21, 2003 note and
negotiated  an extension of the maturity  date of the note to September 1, 2006.
On September  20, 2006,  we  negotiated an extension of the maturity date of the
note to March 1, 2007.

On May 11, 2004, we sold a convertible  promissory note in the principal  amount
of $200,000 and a warrant to purchase up to 1,142,857 shares of our common stock
at a  price  of $.70  per  share  to D.  Emerald  Investments  Ltd.,  a  private
investment  corporation  ("Emerald").  The note bears interest at the rate of 8%
per annum and is convertible  into shares of our common stock at a price of $.70
per share.  The aggregate  purchase price of these  securities was $200,000.  In
connection with the sale of these securities we agreed that if Emerald exercises
the  warrant  in full  and  converts  the  convertible  note in full,  then,  at
Emerald's  request,  we will appoint a person designated by Emerald to our Board
of Directors and, in addition, for so long as Emerald holds at least eighty-five
percent (85%) of the common stock issued upon such exercise and  conversion,  we
will  nominate such person (or a different  person  designated by Emerald) to be
reelected  to the Board of  Directors  in  connection  with any  meeting  of our
stockholders  at which  directors are to be elected.  We also agreed that within
120 days of the  exercise of the warrant  and/or  conversion  of the note for an
aggregate of at least 428,572  shares of common stock (subject to adjustment for
dilutive  events as set forth in the warrant and the note) we will  register all
of the shares  issuable upon  conversion of the note and exercise of the warrant
under the Securities  Act of 1933.  Additionally,  we granted  Emerald rights to
have the shares  included in other  registration


                                      -11-
<PAGE>
statements  we may file  for the  public  offering  of our  securities  for cash
proceeds.  In 2004, we recorded a charge to operations of $129,000 for the value
of the warrants and the beneficial conversion feature of the convertible note.

Our  principal  stockholder,  Polystick,  entered  into a guaranty  and a pledge
agreement  with Emerald  under which  Polystick  pledged  200,000  shares of our
Series B  convertible  preferred  stock as  collateral  security  for the  note.
Polystick  also  entered  into a  voting  agreement  with  Emerald  under  which
Polystick  agreed that if we fail to fully and timely fulfill our obligations to
appoint or nominate a  representative  for  election to our board of  directors,
then,  at  Emerald's  request,  Polystick  will  vote  its  shares  of  Series B
convertible  preferred stock in favor of a nominee  designated by Emerald in any
election  of  directors  occurring  during  such time and for so long as Emerald
holds at least 85% of the common stock  issued upon  exercise of the warrant and
conversion of the note.  Polystick  also agreed that,  provided  that  Polystick
continues  to have the right to  designate  and  elect  three  directors  to the
Company's  board  of  directors  under  the  terms of the  Series B  convertible
preferred  stock,  any  such  nominee  will  count  as  one of  such  directors.
Additionally, Polystick agreed to use all its power and authority as provided by
our  by-laws  and the  Series  B  convertible  preferred  stock to  convene,  at
Emerald's  request,  meetings  of  stockholders  as may be  necessary  to  elect
Emerald's nominee to the board of directors.

On July 3, 2005,  we entered into an agreement  with Emerald dated as of May 10,
2005,  pursuant to which we agreed to extend and renew the note and the warrant.
Under the terms of the  agreement,  the  maturity  date of the note was extended
from May 10,  2006 to May 10, 2007 and  Emerald's  right to convert the note and
all accrued  interest on the note into common stock at a price of $.70 per share
was extended  until any time prior to May 10, 2006.  The term of the warrant was
also extended from May 10, 2005 to May 10, 2006.

On July 11, 2006, we entered into an agreement  with Emerald dated as of May 10,
2006,  pursuant to which we agreed to further  extend and renew the note and the
warrant.  Under the terms of the  agreement,  the maturity  date of the note was
extended  from May 10, 2007 to January 10, 2008 and  Emerald's  right to convert
the note and all accrued  interest  on the note into common  stock at a price of
$.70 per share was extended  until any time prior to May 10,  2007.  The term of
the warrant was also extended from May 10, 2006 to May 10, 2007.

On January 3,  2006,  we entered  into a  Termination,  Settlement  and  Release
Agreement  with 116 Newark  Avenue  Corporation,  dated as of November 30, 2005,
pursuant  to which we agreed to  terminate  the lease for our former  offices in
Jersey City, New Jersey.  Under the terms of the  agreement,  we paid 116 Newark
$70,000 in cash, issued a promissory note in the principal amount of $356,249.04
and 200,000 shares of Series C preferred  stock to 116 Newark and reimbursed 116
Newark for $10,000 of its legal fees.  The  promissory  note matures on November
29, 2007 and bears interest at a rate of 7% per annum.  Payment and  performance
under the  promissory  note has been  guaranteed  by Polystick  and secured by a
pledge  agreement  between  Polystick and 116 Newark pursuant to which Polystick
has pledged  356,249 shares of our Series B Preferred Stock that it holds to 116
Newark.  116 Newark has the right to include any shares of common stock received
upon  conversion  of the Series C  preferred  stock and upon  conversion  of the
pledged  shares  as  part of any  registration  statement  that  we may  file in
connection  with any public offering of our securities  (excluding  registration
statements on Forms S-4 and S-8).

We believe that our existing  capital  resources  will enable us to maintain our
operations at existing  levels for at least the next 12 months.  However,  it is
difficult to project our capital needs. We cannot assure you that any additional
financing or other  sources of capital  will be available to us upon  acceptable
terms,  if at all. The inability to obtain  additional  financing,  when needed,
would have a material  adverse effect on our business,  financial  condition and
operating results.

Forward-Looking Statements:

Some of the  statements  in this  report  are  forward-looking  statements  that
involve  risks  and  uncertainties.  These  forward-looking  statements  include
statements about our plans, objectives, expectations, intentions and assumptions
that are not statements of historical fact. You can identify these statements by
the following words:

- "may"
- "will"
- "should"
- "estimates"
- "plans"
- "expects"
- "believes"
- "intends"


                                      -12-
<PAGE>
and similar expressions. We cannot guarantee our future results,  performance or
achievements.  Our actual results and the timing of corporate  events may differ
significantly from the expectations discussed in the forward-looking statements.
You  are  cautioned  not  to  place  undue  reliance  on  any  forward-  looking
statements.  Potential  risks and  uncertainties  that  could  affect our future
operating  results  include,  but are not  limited  to,  our  limited  operating
history,  history of losses,  need to raise  additional  capital,  the high risk
nature of our business,  and other risks  described in our Annual Report on Form
10-KSB for the year ended December 31, 2005.

Item 3. Controls and Procedures

We performed an evaluation  under the supervision and with the  participation of
our management,  including our chief executive and chief financial  officer,  of
the effectiveness of our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e)  under the Securities  Exchange Act of 1934, as amended)
as of  September  30, 2006. A control  system,  no matter how well  designed and
operated,  can provide only  reasonable,  not absolute,  assurance  that it will
detect or uncover failures within our company to disclose  material  information
otherwise  required  to be set  forth in our  periodic  reports.  Following  the
evaluation  described above,  our management,  including our chief executive and
chief financial  officer,  concluded that based on the evaluation our disclosure
controls and procedures were effective at that time.

There has been no change in our internal  control over  financial  reporting (as
defined in Rules  13a-15(f) and 15d-15(f)  under the Securities  Exchange Act of
1934, as amended) that  occurred in the quarter ended  September 30, 2006,  that
has  materially  affected,  or is reasonably  likely to materially  affect,  our
internal control over financial reporting.


                                      -13-
<PAGE>
                           PART II. OTHER INFORMATION


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(a) Recent Sales of Unregistered Securities

On October 27, 2006,  we issued and sold an aggregate of 30,000 shares of common
stock at a price of $0.10 per share to Walter M. Epstein upon his exercise of an
option to purchase such shares.  The sale of these  securities was determined to
be  exempt  from  registration  under  Section  4(2)  of the  Securities  Act as
transactions by an issuer not involving a public offering.

(b) Use of Proceeds

Not applicable.

(c) Repurchase of Securities

We did not repurchase any shares of our common stock during the third quarter of
2006.


Item 6. Exhibits

10.1 Agreement by and between GSV, Inc. and Brooks Station dated as of September
     20, 2006.

31.1 Certification of Chief Executive and Financial  Officer pursuant to Section
     302 of the Sarbanes-Oxley Act of 2002.

32.1 Certification of Chief Executive and Financial  Officer pursuant to Section
     906 of the Sarbanes-Oxley Act of 2002.



                                      -14-
<PAGE>
                                   SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


Date: November 13, 2006              By:   /s/ Gilad Gat
                                           -------------
                                           Gilad Gat
                                           Chief Executive Officer and President
                                           (principal executive officer)
                                           Chief Financial Officer
                                           (principal financial and accounting
                                            officer)


                                      -15-