SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB/A


|X|   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2006

                                       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)

              c/o Ann W. Green, 636 River Road, Fairhaven, NJ 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 by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). 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 October 20, 2006
--------------------------------------       -----------------------------------
Common Stock, par value $.10 per share             8,627,275 shares

<PAGE>

                                    - INDEX -

<TABLE>
<CAPTION>
                                                                                                     Page(s)
                                                                                                     -------
<S>       <C>                                                                                            <C>
PART I.    Financial Information:

ITEM 1.    Financial Statements

           Balance Sheets - September 30, 2006 (Unaudited) and December 31, 2005                         3.

           Statements of Operations (Unaudited) - Cumulative Period During the
              Development Stage (January 1, 1999 to September 30, 2006) and the
              Three and Nine Months Ended September 30, 2006 and 2005 4.

           Statements of Cash Flows (Unaudited) - Cumulative Period During
              the Development Stage (January 1, 1999 to September 30, 2006) and the Nine Months
              Ended September 30, 2006 and 2005                                                          5.

           Notes to Interim Financial Statements (Unaudited)                                             6.

ITEM 2.    Management's Discussion and Analysis or Plan of Operation                                     8.


ITEM 3.    Controls and Procedures                                                                       8.

PART II.   Other Information                                                                             9.


SIGNATURES                                                                                              10.

EXHIBITS
</TABLE>


                                                                         Page 2.
<PAGE>


PART I.  FINANCIAL INFORMATION:

ITEM I.  FINANCIAL STATEMENTS:

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

                                   - ASSETS -

<TABLE>
<CAPTION>
                                                                                          September 30,  December 31,
                                                                                              2006          2005
                                                                                          -----------    -----------
                                                                                           (unaudited)
<S>                                                                                       <C>            <C>
CURRENT ASSETS:
     Cash and cash equivalents                                                            $     4,302    $     1,186


TOTAL ASSETS                                                                              $     4,302    $     1,186
                                                                                          ===========    ===========

                    - LIABILITIES AND SHAREHOLDERS' DEFICIT -

CURRENT LIABILITIES:
     Accrued expenses                                                                     $     6,798    $     9,484
    Convertible notes payable                                                                  47,000             --
                                                                                          -----------    -----------

TOTAL CURRENT LIABILITIES                                                                      53,798          9,484
                                                                                          -----------    -----------


CONVERTIBLE NOTES PAYABLE                                                                          --         32,000
                                                                                          -----------    -----------

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 2006 and
     2005                                                                                     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                                         (51,378)       (42,180)
                                                                                          -----------    -----------

(49,496) (40,298)
                                                                                          -----------    -----------

                                                                                          $     4,302    $     1,186
                                                                                          ===========    ===========
</TABLE>


                                                                         Page 3.
<PAGE>

                           CHASE PACKAGING CORPORATION
                           ---------------------------
                          (A Development Stage Company)
                          -----------------------------
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (Unaudited)

<TABLE>
<CAPTION>
                                         Cumulative During
                                         the Development
                                               Stage           Three Months Ended              Nine Months Ended
                                         (January 1, 1999   -------------------------     --------------------------
                                          to September 30,         September 30,                  September 30,
                                                2006)          2006           2005            2006            2005
                                             -----------    -----------    -----------    -----------    -----------
<S>                                          <C>            <C>            <C>            <C>            <C>
NET SALES                                    $        --    $        --    $        --    $        --    $        --
                                             -----------    -----------    -----------    -----------    -----------

COSTS AND EXPENSES:
    General and administrative expense            48,826          1,850          3,700          7,400         11,100
    Interest expense                               3,761            630            575          1,885          1,251
    Interest and other income                     (1,209)           (30)           (17)           (87)           (33)
                                             -----------    -----------    -----------    -----------    -----------
TOTAL COSTS AND EXPENSES                          51,378          2,450          4,258          9,198         12,318
                                             -----------    -----------    -----------    -----------    -----------

(LOSS) BEFORE INCOME TAXES                       (51,378)        (2,450)        (4,258)        (9,198)       (12,318)

   Income tax expense                                 --             --             --             --             --
                                             -----------    -----------    -----------    -----------    -----------

NET (LOSS)                                   $   (51,378)   $    (2,450)   $    (4,258)   $    (9,198)   $   (12,318)
                                             ===========    ===========    ===========    ===========    ===========

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING                    8,627,275      8,627,275      8,627,275      8,627,275
                                                            ===========    ===========    ===========    ===========

BASIC AND DILUTED (LOSS) PER COMMON SHARE                   $        --    $        --    $        --    $        --
                                                            ===========    ===========    ===========    ===========
</TABLE>


                                                                         Page 4.
<PAGE>

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

<TABLE>
<CAPTION>
                                                                  Cumulative During the
                                                                    Development Stage    Nine Months Ended
                                                                   (January 1, 1999 to      September 30,
                                                                      September 30,     --------------------
                                                                          2006)          2006           2005
                                                                      -----------    -----------    -----------
<S>                                                                   <C>            <C>            <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                        $   (51,378)   $    (9,198)   $   (12,318)

    Change in assets and liabilities:
         Accounts payable and accrued expenses                            (16,481)        (2,686)           121
                                                                      -----------    -----------    -----------
              Net cash (utilized) by operating activities                 (67,859)       (11,884)       (12,197)
                                                                      -----------    -----------    -----------


CASH FLOWS FROM INVESTING ACTIVITIES                                           --             --             --
                                                                      -----------    -----------    -----------


CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from convertible notes                                        47,000         15,000         17,000
    Proceeds from private placement/exercise of stock warrants              5,500             --             --
    Proceeds from stock subscriptions                                       8,000             --             --
                                                                      -----------    -----------    -----------
              Net cash provided by financing activities                    60,500         15,000         17,000
                                                                      -----------    -----------    -----------




NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                       (7,359)         3,116          4,803

    Cash and cash equivalents, at beginning of period                      11,661          1,186            734
                                                                      -----------    -----------    -----------

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                           $     4,302    $     4,302    $     5,537
                                                                      ===========    ===========    ===========



SUPPLEMENTAL CASH FLOW INFORMATION Cash paid during the period for:
       Interest                                                       $        --    $        --    $        --
</TABLE>


                                                                         Page 5.
<PAGE>

                           CHASE PACKAGING CORPORATION
                           ---------------------------
                          (A Development Stage Company)
                          -----------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                               SEPTEMBER 30, 2006
                               ------------------
                                   (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 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 stage company, in accordance with
                Statement of Financial Accounting Standards ("SFAS") No. 7,
                effective January 1, 1999. Managements' plans for the Company
                include securing a merger or acquisition, raising additional
                capital and other strategies designed to optimize shareholder
                value. However, no assurance can be given that management will
                be successful in its efforts. The failure to achieve these plans
                will have a material adverse effect on the Company's financial
                position, results of operations and ability to continue as a
                going concern. 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, 2005 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 financial statements.

                In the opinion of management, the accompanying unaudited interim
                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 September 30, 2006 and the results of its
                operations and cash flows for the three and nine month periods
                ended September 30, 2006 and 2005 and the cumulative period
                during the development stage, January 1, 1999 to September 30,
                2006.


NOTE   2   -    LOSS PER COMMON SHARE:

                (Loss) per common share, both basic and diluted, was calculated
                by dividing net (loss) by the weighted average number of shares
                outstanding for each reporting period. The diluted loss per
                share is the same as the basic loss per share as the Company has
                incurred a net loss in all periods presented. The outstanding
                common stock equivalents that could potentially dilute basic
                earnings (loss) per share in the future that were not included
                in diluted earnings (loss) per share because their effect on the
                periods presented was antidilutive were 1,270,000 and 1,095,000
                as of September 30, 2006 and 2005, respectively.


                                                                         Page 6.
<PAGE>

                           CHASE PACKAGING CORPORATION
                           ---------------------------
                          (A Development Stage Company)
                          -----------------------------
                          NOTES TO FINANCIAL STATEMENTS
                          -----------------------------
                               SEPTEMBER 30, 2006
                               ------------------
                                   (Unaudited)

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.


NOTE   4  -     CONVERTIBLE DEBT:

                The Company has issued the following 5% Convertible Notes:

<TABLE>
<CAPTION>
<S>                        <C>                                                   <C>
                           2004 third quarter                                    $12,500
                           2005 first quarter                                      4,000
                           2005 second quarter                                     8,000
                           2005 third quarter                                      5,000
                           2005 fourth quarter                                     2,500
                           2006 first quarter                                      7,500
                           2006 second quarter                                     7,500
                                                                               ---------
                                                                                 $47,000
</TABLE>

                The investors are directors and an officer of the Company. The
                Notes are convertible into common stock at $0.01 or par value
                (currently $0.10 per share) whichever is greater. The Company
                and the Note Holders have the option to mutually extend the term
                of the Notes if the par value has not been reduced to $0.01. If
                the Notes are converted at par greater than $0.01, then the Note
                Holders will, upon conversion, receive a Unit consisting of one
                share of common stock and a 10-year warrant exercisable at the
                then par value of the common stock. The Company has analyzed the
                conversion feature as a embedded derivative using the guidance
                provided in SFAS 133 - 'Accounting for Derivative Instruments
                and Hedging Activities" and Emerging Issues Task Force 00-19 -
                "Accounting for Derivative Financial Instruments Indexed to, and
                Potentially Settled in, a Company's Own Stock" and has concluded
                that the conversion feature is afforded equity classification.
                Interest will accrue and be paid at maturity and, if unpaid,
                added to principal at the time of conversion. The notes, which
                were originally due one year from issuance, have been extended
                and are all now due on July 15, 2007. Interest accrued and
                unpaid as of September 30, 2006 and December 31, 2005,
                aggregated $2,978 and $1,436, respectively.


                                                                         Page 7.
<PAGE>

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 has generated 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 and the proceeds of convertible notes received through the
              first nine months of 2006, the Company's cash balance as of
              September 30, 2006 was $4,302.



ITEM 3.      CONTROLS AND PROCEDURES:

              (a) Evaluation of Disclosure Controls and Procedures.

              As of September 30, 2006, we carried out an evaluation, under the
              supervision of Allen McInnes, our Chief Executive Officer and Ann
              W. Green our Principal Financial Officer, of the effectiveness of
              the design and operation of our disclosure controls and procedures
              pursuant to Rule 13a-14 of the Securities Exchange Act of 1934
              (the "Exchange Act"), which disclosure controls and procedures are
              designed to insure that information required to be disclosed by a
              company in the reports that it files under the Exchange Act is
              recorded, processed, summarized and reported within required time
              periods specified by the SEC's rules and forms. Based upon that
              evaluation, the Chief Executive Officer and the Principal
              Financial Officer concluded that our disclosure controls and
              procedures are effective in timely alerting management to material
              information relating to the Company required to be included in the
              Company's periodic SEC filings.

              (b) Changes in Internal Control.

              Our evaluation, as described in subparagraph (a) above, did not
              disclose any changes during the last fiscal quarter in our
              internal controls over financial reporting that has materially
              affected or is reasonably likely to materially affect our internal
              controls over financial reporting.


                                                                         Page 8.
<PAGE>

                           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

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

         Exhibit        31.2 Certification of the Principal Financial and
                        Accounting Officer pursuant to Section 302 of the
                        Sarbanes-Oxley Act of 2002.

         Exhibit        32.1 Certification of the Chief Executive Officer
                        pursuant to 18 U.S.C. Section 1350, as adopted pursuant
                        to Section 906 of the Sarbanes-Oxley Act of 2002.

         Exhibit        32.2 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.


                                                                         Page 9.
<PAGE>

                                   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: October 16, 2007                               Ann W. Green
                                                     (Assistant Secretary
                                                     and Principal Financial and
                                                     Accounting Officer)



                                                                        Page 10.