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 June 30, 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.)
ncorporation 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 June 30, 2003
--------------------------------------             ----------------------------
Common Stock, par value $.10 per share                    8,627,275 shares


                                                                         Page 1.
<PAGE>


                                    - INDEX -

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

ITEM 1.        Financial Statements

               Condensed Balance Sheets - June 30, 2003 (Unaudited)
               and December 31, 2002                                                       2.

               Condensed Statements of Operations (Unaudited) - Cumulative Period
               During the Development Stage (January 1, 1999 to June 30, 2003)
               and the Three and Six Months Ended June 30, 2003 and 2002                   3.

               Condensed Statements of Cash Flows (Unaudited) - Cumulative Period
               During the Development Stage (January 1, 1999 to June 30, 2003)
               and the Six Months Ended June 30, 2003 and 2002                             4.

               Notes to Interim Condensed Financial Statements (Unaudited)                 5.

ITEM 2.        Management's Discussion and Analysis or Plan of Operation                   6.

ITEM 3.        Controls and Procedures                                                     6.

PART II.       Other Information                                                           7.

Item 6         Exhibits and Reports on Form 8-K                                            7.

SIGNATURES                                                                                 8.

EXHIBITS
</TABLE>

                                                                         Page 2.

<PAGE>

PART I.  FINANCIAL INFORMATION:

ITEM I.  FINANCIAL STATEMENTS:

                           CHASE PACKAGING CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                   - ASSETS -

                                                               JUNE 30,         December 31,
                                                                2003               2002
                                                             -----------        -----------
                                                             (UNAUDITED)
CURRENT ASSETS:
<S>                                                          <C>                <C>
    Cash and cash equivalents                                $     4,390        $     8,100
                                                             -----------        -----------

TOTAL ASSETS                                                 $     4,390        $     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             (23,474)           (18,569)
                                                             -----------        -----------
                                                                 (21,592)           (16,687)
                                                             -----------        -----------

                                                             $     4,390        $     8,100
                                                             ===========        ===========
</TABLE>

                       See notes to financial statements.

                                                                         Page 3.

<PAGE>

                           CHASE PACKAGING CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                  Cumulative During the
                                    Development Stage       Three Months Ended                      Six Months Ended
                                   (January 1, 1999 to           June 30,                                June 30,
                                     June 30, 2003)        2003                2002               2003               2002
                                     --------------     -----------        -----------        -----------        -----------
<S>                                  <C>                <C>                <C>                <C>                <C>
NET SALES                            $        --        $        --        $        --        $        --        $        --
                                     -----------        -----------        -----------        -----------        -----------

COSTS AND EXPENSES:

    General and administrative
    expense                               24,533              1,235              2,275              4,935              2,775
    Interest income                       (1,059)               (13)               (15)               (30)               (30)
                                     -----------        -----------        -----------        -----------        -----------

TOTAL COSTS AND EXPENSES                  23,474              1,222              2,260              4,905              2,745
                                     -----------        -----------        -----------        -----------        -----------

(LOSS) BEFORE INCOME TAXES               (23,474)            (1,222)            (2,260)            (4,905)            (2,745)
   Income tax expense                         --                 --                 --                 --                 --
                                     -----------        -----------        -----------        -----------        -----------

NET (LOSS)                           $   (23,474)       $    (1,222)       $    (2,260)       $    (4,905)       $    (2,745)
                                     ===========        ===========        ===========        ===========        ===========

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

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

                       See notes to financial statements.

                                                                         Page 4.

<PAGE>

                           CHASE PACKAGING CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                   Cumulative During the
                                                                     Development Stage         Six Months Ended
                                                                    (January 1, 1999 to           June 30,
                                                                      June 30, 2003)        2003            2002
                                                                      --------------      --------        --------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH FLOWS FROM OPERATING ACTIVITIES:
<S>                                                                       <C>             <C>             <C>
    Net (loss)                                                            $(23,474)       $ (4,905)       $ (2,745)
    Change in assets and liabilities:
         Accounts payable and accrued expenses                               2,703           1,195          (2,500)
                                                                          --------        --------        --------
              NET CASH (UTILIZED) OPERATING ACTIVITIES                     (20,771)         (3,710)         (5,245)

CASH FLOWS FROM INVESTING ACTIVITIES                                            --              --              --

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

NET (DECREASE) IN CASH                                                      (7,271)         (3,710)         (5,245)

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

CASH AND CASH EQUIVALENTS, AT END OF PERIOD                               $  4,390        $  4,390        $  2,337
                                                                          ========        ========        ========


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

                       See notes to financial statements.

                                                                         Page 5.

<PAGE>

                           CHASE PACKAGING CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 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 June 30, 2003 and the results of its operations and cash flows
            for the three month and six periods ended June 30, 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.


                                                                         Page 6.

<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 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 June 30, 2003 was $4,390.

ITEM 3. CONTROLS AND PROCEDURES:

            (a) Evaluation of Disclosure Controls and Procedures.

            As of June  30,  2003,  we  carried  out an  evaluation,  under  the
            supervision of Ann W. Green our sole 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 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 period SEC filings.

            (b) Changes in Internal Control.

            Subsequent   to  the  date  of  such   evaluation  as  described  in
            subparagraph  (a) above,  there were no  significant  changes in our
            internal controls or other factors that could  significantly  affect
            these  controls,  including  any  corrective  action  with regard to
            significant deficiencies and material weaknesses


                                                                         Page 7.

<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 and Reports

              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 8.

<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


                                        /s/ Ann W. Green
Date: June 29, 2004                     ---------------------------------------
                                        Ann W. Green
                                        (Assistant Secretary
                                        and Principal Financial and
                                        Accounting Officer)


                                                                         Page 9.

<PAGE>


                           CHASE PACKAGING CORPORATION
                         QUARTERLY REPORT ON FORM 10-QSB
                           QUARTER ENDED JUNE 30, 2003

                                  EXHIBIT INDEX

Exhibit
Number             Description
------             -----------

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

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

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.

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 10.