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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-QSB

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                          For the quarterly period ended March 31, 2003

                                                         OR

( )  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

              For the transition period from _________ to _________


                         Commission File Number: 0-21609


                           CHASE PACKAGING CORPORATION
-------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                 Texas                                         93-1216127
------------------------------------       ------------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                   636 River Road, Fairhaven, New Jersey 07704
               (Address of principal executive offices) (Zip Code)

                                 (732) 741-1500
                -----------------------------------------------
                (Issuer's telephone number, including area code)


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 preceding 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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.


                  Class                         Outstanding at March 31, 2003
---------------------------------------- -------------------------------------
Common Stock, par value $.10 per share           8,627,275 shares


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                                    - INDEX -


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                                                                                                                    Page(s)

PART I.        Financial Information:

ITEM 1.        Financial Statements

               Condensed Balance Sheets - March 31, 2003 (Unaudited)
               and December 31, 2002                                                                                    3.

               Condensed Statements of Operations (Unaudited) - Cumulative Period
               During the Development Stage (January 1, 1999 to March 31, 2003)
               and the Three Months Ended March 31, 2003 and 2002                                                       4.

               Condensed Statements of Cash Flows (Unaudited) - Cumulative Period
               During the Development Stage (January 1, 1999 to March 31, 2003)
               and the Three Months Ended March 31, 2003 and 2002                                                       5.

               Notes to Interim Condensed Financial Statements (Unaudited)                                              6.


ITEM 2.        Management's Discussion and Analysis or Plan of Operation                                                7.


ITEM 3.        Controls and Procedures                                                                                  7.


PART II.       Other Information                                                                                        8.

Item 6         Exhibits and Reports on Form 8-K                                                                         9.


SIGNATURES 10.

EXHIBITS

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PART I.  FINANCIAL INFORMATION:

ITEM I.  FINANCIAL STATEMENTS:

                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                            CONDENSED BALANCE SHEETS

                                   - ASSETS -

                                                                                            March                     December
                                                                                          31, 2003                    31, 2002
                                                                                         ------------              -----------
                                                                                         (unaudited)
<S>     <C>                                                                                 <C>                        <C>

CURRENT ASSETS:gfv
    Cash and cash equivalents                                                            $      5,612             $      8,100
                                                                                         ------------             ------------

TOTAL ASSETS                                                                             $      5,612             $      8,100
                                                                                         ============             ============




                                         - LIABILITIES AND SHAREHOLDERS' DEFICIT -
CURRENT LIABILITIES:
    Accrued expenses                                                                     $     25,982             $     24,787
                                                                                         ------------             ------------

TOTAL CURRENT LIABILITIES                                                                      25,982                   24,787
                                                                             ------------------------    ---------------------


COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' DEFICIT:
    Preferred stock $1.00 par value; 4,000,000
       shares authorized, none issued                                                          -                        -
    Common stock, $.10 par value 25,000,000 authorized
       8,627,275 issued in 2003 and 2002                                                      862,728                  862,728
    Additional paid-in capital                                                              2,757,275                2,757,275
    Common stock subscribed                                                                      8,000                     8,000
    Accumulated deficit                                                                    (3,626,121)              (3,626,121)
    Deficit accumulated during the development stage                                          (22,252)                 (18,569)
                                                                             -------------------------   ----------------------
                                                                                              (20,370)                 (16,687)
                                                                             -------------------------   ----------------------

                                                                                         $      5,612             $      8,100
                                                                                         ============             ============




                       See notes to financial statements.
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                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                                                           Cumulative During the
                                                                             Development Stage         Three Months Ended
                                                                            (January 1, 1999 to             March 31,
                                                                                                       ------------------
                                                                              March 31, 2003)            2003             2002
                                                                           ---------------------       ---------         ---------
<S>                                                                                <C>                      <C>

NET SALES                                                                          $        -        $        -        $       -
                                                                           ---------------------       -----------       ---------

COSTS AND EXPENSES:
    General and administrative expense                                                  23,298             3,700              500
    Interest income                                                                     (1,046)              (17)             (15)
                                                                          ---------------------    --------------   --------------
TOTAL COSTS AND EXPENSES                                                                22,252             3,683              485
                                                                          --------------------     -------------    -------------

(LOSS) BEFORE INCOME TAXES                                                             (22,252)           (3,683)            (485)
   Income tax expense                                                                       -                 -                -
                                                                          --------------------     -------------    ------------

NET (LOSS)                                                                         $   (22,252)      $    (3,683)     $      (485)
                                                                                   ============      ============     ============

WEIGHTED AVERAGE COMMON SHARES
  OUTSTANDING                                                                        7,575,819         8,627,275        8,132,275
                                                                          ====================     =============    =============

(LOSS) PER COMMON SHARE                                                            $        -        $        -       $        -
                                                                                   ===========       ===========      ==========

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                       See notes to financial statements.

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                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                                   (Unaudited)

                                                                        Cumulative During the
                                                                          Development Stage             Three Months Ended
                                                                         (January 1, 1999 to                  March 31,
                                                                                                      -----------------------
                                                                           March 31, 2003)            2003               2002
                                                                           ---------------            ----               ----
<S>                                                                             <C>                    <C>                <C>

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                                 $  (22,252)          $  (3,683)         $    (485)

    Change in assets and liabilities:
         Accounts payable and accrued expenses                                      2,703               1,195                500
                                                                       ------------------       -------------      -------------
              Net cash (utilized) provided by operating activities                (19,549)             (2,488)                15


CASH FLOWS FROM INVESTING ACTIVITIES                                               -                   -                  -


CASH FLOWS FROM FINANCING ACTIVITIES:
    Proceeds from private placement/exercise of stock warrants                     13,500                  -                  -
                                                                       ------------------       -------------      ------------

NET (DECREASE) INCREASE IN CASH                                                    (6,049)             (2,488)                15

CASH AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD                                  11,661               8,100              7,582
                                                                       ------------------       -------------      -------------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                    $    5,612           $   5,612          $   7,597
                                                                               ==========           =========          =========


SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for:
       Interest                                                                $       -            $      -           $      -


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                       See notes to financial statements.

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                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                   (Unaudited)

NOTE   1   -    BASIS OF PRESENTATION:

                Chase Packaging Corporation ("the Company"), a Texas
                Corporation, manufactured woven paper mesh for industrial
                applications, polypropylene mesh fabric bags for agricultural
                use and distributed agricultural packaging manufactured by other
                companies. The Company was a wholly-owned subsidiary of TGC
                Industries, Inc. (TGC) through July 31, 1996.

                The Company had experienced losses for the past years, and the
                Company's secured lender decided not to renew the Company's
                operating line of credit. As a result, the Company's Board of
                Directors determined that it was in the best interest of the
                Company and all of its creditors to liquidate in an orderly
                fashion.

                On June 25, 1997, the Company announced to employees and
                creditors that it would begin an orderly liquidation of all its
                assets beginning at the close of business on June 30, 1997. On
                July 25, 1997, the Company notified its creditors by mail that
                it would commence with an orderly liquidation of all its
                remaining assets outside of a formal bankruptcy or receivership
                proceeding in a manner intended to maximize asset values.
                Liquidation of the Company's assets was completed as of December
                31, 1997.

                The Board of Directors has been devoting its efforts to
                establishing a new business and, accordingly, the Company is
                being treated as a development state stage company, in
                accordance with Statement of Financial Accounting Standards No.
                7, effective January 1, 1999.

                In the opinion of management, the accompanying unaudited interim
                condensed financial statements of the Company, contain all
                adjustments necessary (consisting of normal recurring accruals
                or adjustments only) to present fairly the Company's financial
                position as of March 31, 2003 and the results of its operations
                and cash flows for the three month periods ended March 31, 2003
                and 2002.

                The accounting policies followed by the Company are set forth in
                Note 2 to the Company's financial statements included in its
                Annual Report on Form 10-KSB for the year ended December 31,
                2002 which is incorporated herein by reference. Specific
                reference is made to this report for a description of the
                Company's securities and the notes to consolidated financial
                statements.


NOTE   2   -    INCOME (LOSS) PER COMMON SHARE:

                Income (loss) per common share was calculated by dividing net
                income (loss) by the weighted average number of shares
                outstanding for each reporting period.


NOTE   3   -    SHAREHOLDERS' EQUITY:

                In July 2002, the Company received $8,000 as payment for 800,000
                shares of common stock. Such shares have not been issued as of
                the filing of this report.



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ITEM 2.       MANAGEMENT'S PLAN OF OPERATIONS:


              Chase Packaging Corporation (the Company) experienced cash losses
              for past years in spite of numerous infusions of working capital
              and an aggressive program of inventory and expense reductions.
              During 1997, the Board of Directors determined that an orderly
              liquidation was in the best interest of the Company and all of its
              creditors and retained the firm of Edward Hostmann, Inc. to assist
              the Company in such liquidation.

              As part of the liquidation process, effective July 21, 1997, the
              Company sold most of its assets in Idaho Falls, Idaho (excluding
              real estate) to Lockwood Packaging Corporation for $330,000. The
              Company also sold the Idaho Falls real estate (land and building).
              During July and August of 1997 Chase sold most of its inventory in
              Portland, Oregon to other packaging companies. The Company also
              sold its band label extruder for $125,000 and its remaining
              inventory and machinery and equipment were sold at an August 14,
              1997 auction, for gross proceeds of approximately $340,000. As of
              December 31, 1997, the Company had completed the liquidation of
              all of its assets.

              Effective January 1, 1999, the Board of Directors has been
              devoting its efforts to establishing a new business and
              accordingly, the Company is being treated as a development stage
              company, in accordance with Statement of Financial Accounting
              Standards No. 7, as of that date. The Company continues to pay for
              minor administrative expenses and is generating interest income on
              its remaining cash balance

              As a result of the sale of common shares in a private placement
              and the exercise of common stock purchase warrants during the last
              quarter of 2001 as well as additional capital contributions during
              2002, the Company's cash balance as of March 31, 2003 was $5,612.

ITEM 3.     CONTROLS AND PROCEDURES:

              An evaluation was performed, as of March 31, 2003, by our Chief
              Executive Officer and our Chief Financial Officer, of the
              effectiveness of the design and operation of our disclosure
              controls and procedures. Based on such evaluation, our management
              has concluded that our disclosure controls and procedures were
              effective as of March 31, 2003. There have been no significant
              changes in our internal controls or in other factors that could
              significantly affect our internal controls subsequent to March 31,
              2002.



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                           PART II. OTHER INFORMATION


Item 1.       Legal Proceedings

              None

Item 2.       Changes in Securities

              None

Item 3.       Defaults upon Senior Securities

              None

Item 4.       Submission of Matters to a Vote of Security Holders

              None

Item 5.       Other Information

              None

Item 6.       Exhibits and Reports

              None
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              Exhibit 99.1          Certification of the Principal Executive Officer pursuant to 18 U.S.C.  Section 1350, as adopted
                                    pursuant to Section 906 of the Sarbanes-Oxley Acto of 2002.

              Exhibit 99.2          Certification of the Principal Financial Officer pursuant to 18 U.S.C.  Section 1350, as adopted
                                    pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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                                   SIGNATURES



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



                                               CHASE PACKAGING CORPORATION
                                              ---------------------------



Date: May 15, 2003                             Ann W. Green
                                               (Assistant Secretary
                                               and Principal Financial and
                                               Accounting Officer)


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                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, Allen McInnes, president and principal executive officer of Chase
Packaging Corporation, certify that:

1.                I have reviewed this quarterly report on Form 10-QSB of Chase
                  Packaging Corporation;

2.                Based on my knowledge, this quarterly report does not contain
                  any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  quarterly report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this quarterly report,
                  fairly present in all material respects the financial
                  condition, results of operations and cash flows of the
                  registrant as of, and for, the periods presented in this
                  quarterly report.

4.                The registrant's other certifying officers and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the registrant and have:

a)                designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidating subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;
b)                evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing of this quarterly report (the "Evaluation Date");
                  and
c)                presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date.

5.                The registrant's other certifying officers and I have
                  disclosed, based on our most recent evaluation, to the
                  registrant's auditors and the audit committee of registrant's
                  board of directors (or persons performing the equivalent
                  functions):

a)                all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and
b)                any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.                The registrant's other certifying officers and I have
                  indicated in this quarterly report whether or not there were
                  significant changes in internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date of our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

         May 15, 2003
                                                          ---------------
                                                           Allen McInnes


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                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, Ann W. Green, assistant secretary and principal financial and
accounting officer of Chase Packaging Corporation, certify that:

1.                I have reviewed this quarterly report on Form 10-QSB of Chase
                  Packaging Corporation;

2.                Based on my knowledge, this quarterly report does not contain
                  any untrue statement of a material fact or omit to state a
                  material fact necessary to make the statements made, in light
                  of the circumstances under which such statements were made,
                  not misleading with respect to the period covered by this
                  quarterly report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this quarterly report,
                  fairly present in all material respects the financial
                  condition, results of operations and cash flows of the
                  registrant as of, and for, the periods presented in this
                  quarterly report.

4.                The registrant's other certifying officers and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Exchange Act Rules
                  13a-14 and 15d-14) for the registrant and have:

a)                designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidating subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;
b)                evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing of this quarterly report (the "Evaluation Date");
                  and
c)                presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date.

5.                The registrant's other certifying officers and I have
                  disclosed, based on our most recent evaluation, to the
                  registrant's auditors and the audit committee of registrant's
                  board of directors (or persons performing the equivalent
                  functions):

d)                all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and
e)                any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

6.                The registrant's other certifying officers and I have
                  indicated in this quarterly report whether or not there were
                  significant changes in internal controls or in other factors
                  that could significantly affect internal controls subsequent
                  to the date of our most recent evaluation, including any
                  corrective actions with regard to significant deficiencies and
                  material weaknesses.

         May 15, 2003

                                                      ------------------------
                                                        Ann W. Green


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                           CHASE PACKAGING CORPORATION
                         QUARTERLY REPORT ON FORM 10-QSB
                          QUARTER ENDED MARCH 31, 2003

                                  EXHIBIT INDEX


Exhibit
Number            Description
------            ------------
99.1 Certification  pursuant to 18 U.S.C.  1350, as adopted  pursuant to section
     906 of the Sarbanes-Oxley Act of 2002.

99.2 Certification  pursuant to 18 U.S.C.  1350, as adopted  pursuant to section
     906 of the Sarbanes-Oxley Act of 2002.



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