**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 |
|---|-----------------------------------------------------------------------------------------------------------------------|

| o | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES                EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------------------------------------------|

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

| Class                                                 |   | Outstanding                at June 30, 2007 |
|-------------------------------------------------------|--------|---------------------------------------------|
| Common                Stock, par value $.10 per share |   | 8,627,275                shares             |

----

**-      INDEX -**

|                    |                                                                                                                                                                                                                                                     | **Page(s)** |
|-------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|
|                    |                                                                                                                                                                                                                                                     |        |
| PART                I.  | Financial                Information:                                                                                                                                                                                                                    |        |
|                    |                                                                                                                                                                                                                                                     |        |
| ITEM                1.  | Financial                Statements                                                                                                                                                                                                                      |        |
|                    |                                                                                                                                                                                                                                                     |        |
|                    | Condensed                Balance Sheets - June 30, 2007 (Unaudited) and December 31,                2006                                                                                                                                                 | 3.          |
|                    |                                                                                                                                                                                                                                                     |        |
|                    | Condensed                Statements of Operations (Unaudited) - Cumulative Period During the                Development Stage (January 1, 1999 to June 30, 2007) and the Six                and Three                Months Ended June 30, 2007 and 2006 | 4.          |
|                    |                                                                                                                                                                                                                                                     |        |
|                    | Condensed                Statements of Cash Flows (Unaudited) - Cumulative Period During the                Development Stage (January 1, 1999 to June 30, 2007) and the Six                Months                Ended June 30, 2007 and 2006           | 5.          |
|                    |                                                                                                                                                                                                                                                     |        |
|                    | Notes                to Interim Condensed 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                | 11.                                                                                                                                                                                                                                                      |

----

**PART      I.**
**FINANCIAL      INFORMATION:**

**ITEM      I.**
**FINANCIAL      STATEMENTS:**

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      BALANCE SHEETS**

|                                                                                                                                     |   | **June                30, 2007** |           | December                31, 2006 |   |
|------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------|----------------|----------------------------------|--------|
|                                                                                                                                     |   | **(unaudited)**                  |           |                             |   |
| **-                ASSETS -**                                                                                                            |   |                             |           |                             |   |
|                                                                                                                                     |   |                             |           |                             |   |
| **CURRENT                ASSETS:**                                                                                                       |   |                             |           |                             |   |
| Cash                and cash equivalents                                                                                                 |   | **$**                            | **512**        |                             | $      | 2,691 |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **TOTAL                ASSETS**                                                                                                          |   | **$**                            | **512**        |                             | $      | 2,691 |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **-                LIABILITIES AND SHAREHOLDERS’ DEFICIT -**                                                                       |   |                             |           |                             |   |   |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **CURRENT                LIABILITIES:**                                                                                                  |   |                             |           |                             |   |   |   |
| Accrued                expenses                                                                                                          |   | **$**                            | **12,741**     |                             | $      | 8,696 |   |
| Convertible                notes payable                                                                                                 |   |                             | **-**          |                             |   | 47,000 |   |
| **TOTAL                CURRENT LIABILITIES**                                                                                             |   |                             | **12,741**     |                             |   | 55,696 |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **CONVERTIBLE                NOTES PAYABLE**                                                                                             |   |                             | **56,500**     |                             |   | - |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **COMMITMENTS                AND CONTINGENCIES**                                                                                         |   |                             |           |                             |   |   |   |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **SHAREHOLDERS’                DEFICIT:**                                                                                          |   |                             |           |                             |   |   |   |
| Preferred                stock $1.00 par value; 4,000,000 shares                authorized, none issued                             |   |                             | **-**          |                             |   | - |   |
| Common                stock, $.10 par value 25,000,000 authorized, 8,627,275                issued and outstanding in 2007 and 2006 |   |                             | **862,728**    |                             |   | 862,728 |   |
| Additional                paid-in capital                                                                                                |   |                             | **2,757,275**  |                             |   | 2,757,275 |   |
| Common                stock subscribed                                                                                                   |   |                             | **8,000**      |                             |   | 8,000 |   |
| Accumulated                deficit                                                                                                       |   |                             | **(3,626,121** | **)**                            |   | (3,626,121 | ) |
| Deficit                accumulated during the development stage                                                                          |   |                             | **(70,611**    | **)**                            |   | (54,887 | ) |
| **TOTAL                SHAREHOLDERS’ DEFICIT**                                                                                     |   |                             | **(68,729**    | **)**                            |   | (53,005 | ) |
|                                                                                                                                     |   |                             |           |                             |   |   |   |
| **TOTAL                LIABILITIES AND SHAREHOLDERS’ DEFICIT**                                                                     |   | **$**                            | **512**        |                             | $      | 2,691 |   |

----

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      STATEMENTS OF OPERATIONS**

**(Unaudited)**

|                                                                   |   | Cumulative                During the Development Stage (January 1, 1999 to June                30, |        | Six                Months EndedJune                30, |   | Three                Months EndedJune                30, |   |
|------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------|--------|----------------------------------------------------------|--------|
|                                                                   |   | 2007                                                                                                    |        | **2007**                                               |   | 2006                                                     |   | **2007** |   | 2006 |   |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |
| **NET                SALES**                                           |   | **$**                                                                                                   | **-**       |                                                   | **$**  | **-**                                                    |   | $ | - |   | **$** | **-** |   | $ | - |   |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| **COSTS                AND EXPENSES:**                                 |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| General                and administrative expenses                     |   |                                                                                                    | **66,023**  |                                                   |   | **14,297**                                               |   |   | 5,550 |   |   | **6,597** |   |   | 1,850 |   |
| Interest                expense                                        |   |                                                                                                    | **5,883**   |                                                   |   | **1,492**                                                |   |   | 1,255 |   |   | **794** |   |   | 630 |   |
| Interest                income                                         |   |                                                                                                    | **(1,295**  | **)**                                                  |   | **(65**                                                  | **)**  |   | (57 | ) |   | **(25** | **)** |   | (37 | ) |
| **TOTAL                COSTS AND EXPENSES**                            |   |                                                                                                    | **70,611**  |                                                   |   | **15,724**                                               |   |   | 6,748 |   |   | **7,366** |   |   | 2,443 |   |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| **(LOSS)                BEFORE INCOME TAXES**                          |   |                                                                                                    | **(70,611** | **)**                                                  |   | **(15,724**                                              | **)**  |   | (6,748 | ) |   | **(7,366** | **)** |   | (2,443 | ) |
| Income                tax expense                                      |   |                                                                                                    | **-**       |                                                   |   | **-**                                                    |   |   | - |   |   | **-** |   |   | - |   |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| **NET                (LOSS)**                                          |   | **$**                                                                                                   | **(70,611** | **)**                                                  | **$**  | **(15,724**                                              | **)**  | $ | (6,748 | ) | **$** | **(7,366** | **)** | $ | (2,443 | ) |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| **WEIGHTED                AVERAGE COMMON SHARES** **OUTSTANDING** |   |                                                                                                    |        |                                                   |   | **8,627,275**                                            |   |   | 8,627,275 |   |   | **8,627,275** |   |   | 8,627,275 |   |
|                                                                   |   |                                                                                                    |        |                                                   |   |                                                     |   |   |   |   |   |   |   |   |   |   |
| **(LOSS)                PER COMMON SHARE-BASIC AND DILUTED**           |   |                                                                                                    |        |                                                   | **$**  | **-**                                                    |   | $ | - |   | **$** | **-** |   | $ | - |   |

----

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      STATEMENTS OF CASH FLOWS**

**(Unaudited)**

|                                                                      |   | Cumulative                During the Development Stage (January 1, 1999 to June 30, |        | Six                Months EndedJune                30, |   |
|---------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|-------------|--------------------------------------------------------|--------|
|                                                                      |   | 2007)                                                                               |        | **2007**                                               |   | 2006 |   |
| **INCREASE                (DECREASE) IN CASH AND CASH EQUIVALENTS**       |   |                                                                                |        |                                                   |   |   |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES:**                  |   |                                                                                |        |                                                   |   |   |   |
| Net                (loss)                                                 |   | **$**                                                                               | **(70,611** | **)**                                                  | **$**  | **(15,724** | **)** | $ | (6,748 | ) |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| Change                in assets and liabilities:                          |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                      |   |                                                                                | **(10,538** | **)**                                                  |   | **4,045** |   |   | (1,804 | ) |
| **Net                cash (utilized) by operating activities**            |   |                                                                                | **(81,149** | **)**                                                  |   | **(11,679** | **)** |   | (8,552 | ) |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                   |   |                                                                                | **-**       |                                                   |   | **-** |   |   | - |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES:**                  |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| Proceeds                from convertible debt                             |   |                                                                                | **56,500**  |                                                   |   | **9,500** |   |   | 15,000 |   |
| Proceeds                from private placement/exercise of stock warrants |   |                                                                                | **5,500**   |                                                   |   | - |   |   | - |   |
| Capital                contribution                                       |   |                                                                                | **8,000**   |                                                   |   | - |   |   | - |   |
| **Net                cash provided by financing activities**              |   |                                                                                | **70,000**  |                                                   |   | **9,500** |   |   | 15,000 |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| **NET                (DECREASE) INCREASE IN CASH**                        |   |                                                                                | **(11,149** | **)**                                                  |   | **(2,179** | **)** |   | 6,448 |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD**      |   |                                                                                | **11,661**  |                                                   |   | **2,691** |   |   | 1,186 |   |
|                                                                      |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS, AT END OF PERIOD**            |   | **$**                                                                               | **512**     |                                                   | **$**  | **512** |   | $ | 7,634 |   |
| **SUPPLEMENTAL                CASH FLOW INFORMATION**                     |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| Cash                paid during the period for:                           |   |                                                                                |        |                                                   |   |   |   |   |   |   |
| Interest                                                                  |   | **$**                                                                               | **-**       |                                                   | **$**  | **-** |   | $ | - |   |

----

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**NOTES      TO INTERIM CONDENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(Unaudited)**

**NOTE      1 -**
**BASIS      OF PRESENTATION:**

**NOTE      2 -**
**INCOME      (LOSS) PER COMMON SHARE:**

----

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**NOTES      TO INTERIM CONDENSED FINANCIAL STATEMENTS**

**JUNE      30, 2007**

**(Unaudited)**

**NOTE      3 -**
**SHAREHOLDERS’      EQUITY:**

**NOTE      4 -**
**CONVERTIBLE      DEBT:**

| 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  |   |
| 2007                first quarter  |   |   | 9,000  |   |
| 2007                second quarter |   |   | 500    |   |
|                               |   |   |   |   |
|                               |   | $      | 56,500 |   |

----

**ITEM      2.**
**MANAGEMENT'S      PLAN OF OPERATIONS:**

**ITEM      3.**
**CONTROLS      AND PROCEDURES:**

----

**PART      II. OTHER INFORMATION**

|  | 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. |
|--|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item                  7. Officers | Allen                  T. McInnes   | Chairman                  of the Board, President and Treasurer                   |
|-----------------------------------|-------------------------------------|-----------------------------------------------------------------------------------|
|                              | Herbert                  M. Gardner | Vice                  President                                                   |
|                              | William                  J. Barrett | Secretary                                                                         |
|                              | Ann                  C. W. Green    | Chief                  Financial Officer and Assistant                  Secretary |

----

**SIGNATURES**

|                              |                                                           |         |
|-----------------------------------|----------------------------------------------------------------|--------------|
|                              |                  CHASE PACKAGING CORPORATION              |
|                         |                                                      |    |
| Date:              August 2, 2007 |                                                                |              |
|                              | Ann C. W. Green                                                |
|                              | Chief                Financial Officer and Assistant Secretary |

----

**CHASE      PACKAGING CORPORATION**

**QUARTERLY      REPORT ON FORM 10-QSB**

**QUARTER      ENDED JUNE 30, 2007**

**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. |

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