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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,              2007 |
|--------|-------------------------------------------------------------------------|
|   |   |
|--------|--------|
|   | OR |
|--------|----|
|   |   |
|--------|--------|
| o | TRANSITION REPORT PURSUANT TO SECTION              13 OR              15(d) OF THE SECURITIES EXCHANGE ACT OF              1934 |
|---|--------------------------------------------------------------------------------------------------------------------------------------|
|   | For the transition period from              _________              to              _________ |
|--------|----------------------------------------------------------------------------------------------|
|   |   |
|--------|--------|

|                                           | 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)       |                                                               |

| Class                                                                |   | Outstanding                at March 31, 2007 |
|----------------------------------------------------------------------|--------|----------------------------------------------|
| Common                Stock, par value $.10 per                share |   | 8,627,275                shares              |
|                                                                 |   |                                         |

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**-      INDEX -**

|                            |                                                                                | **Page(s)**                |
|---------------------------------|-------------------------------------------------------------------------------------|----------------------------|
| PART                  I.        | Financial                  Information:                                             |                       |
|                            |                                                                                |                       |
| ITEM                  1.        | Financial                  Statements:                                              |                       |
|                            |                                                                                |                       |
|                            | Condensed                  Balance Sheets - March 31, 2007 (Unaudited)              |                       |
|                            | and                  December 31, 2006                                              | 3.                         |
|                            |                                                                                |                       |
|                            | Condensed                  Statements of Operations (Unaudited) - Cumulative Period |                       |
|                            | During                  the Development Stage (January 1, 1999 to March 31, 2007)   |                       |
|                            | and                  the Three Months Ended March 31, 2007 and 2006                 | 4.                         |
|                            |                                                                                |                       |
|                            | Condensed                  Statements of Cash Flows (Unaudited) - Cumulative Period |                       |
|                            | During                  the Development Stage (January 1, 1999 to March 31, 2007)   |                       |
|                            | and                  the Three Months Ended March 31, 2007 and 2006                 | 5.                         |
|                            |                                                                                |                       |
|                            | Notes                  to Interim Condensed Financial Statements (Unaudited)        | 6.                  - 7.   |
|                            |                                                                                |                       |
|                            |                                                                                |                       |
| 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                  INDEX |                                                                                | 11.                        |
|                            |                                                                                |                       |
| EXHIBITS                        |                                                                                | 12.                  - 15. |

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

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

**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      BALANCE SHEETS**

| **-                ASSETS -**                                       |   |
|---------------------------------------------------------------------|--------|
|                                                                |   |   |   |   |   |
|                                                                |   | **March                31, 2007** |   | December                31, 2006 |   |
|                                                                |   | **(unaudited)** |   |   |   |
| **CURRENT                ASSETS:**                                  |   |   |   |   |   |
| Cash                and cash equivalents                            |   | **$** | **10,811** |   | $ | 2,691 |   |
|                                                                |   |   |   |   |   |   |   |
| **TOTAL                ASSETS**                                     |   | **$** | **10,811** |   | $ | 2,691 |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
| **-                LIABILITIES AND SHAREHOLDERS’ DEFICIT -**  |
| **CURRENT                LIABILITIES:**                             |   |   |   |   |   |   |   |
| Accrued                expenses                                     |   | **$** | **16,174** |   | $ | 8,696 |   |
| Convertible                notes payable                            |   |   | **56,000** |   |   | 47,000 |   |
| **TOTAL                CURRENT LIABILITIES**                        |   |   | **72,174** |   |   | 55,696 |   |
|                                                                |   |   |   |   |   |   |   |
| **COMMITMENTS                AND CONTINGENCIES**                    |   |   |   |   |   |   |   |
|                                                                |   |   |   |   |   |   |   |
| **SHAREHOLDERS’                DEFICIT:**                     |   |   |   |   |   |   |   |
| Preferred                stock $1.00 par value; 4,000,000           |   |   |   |   |   |   |   |
| shares                authorized, none issued                       |   |   | **-** |   |   | - |   |
| Common                stock, $.10 par value, 25,000,000 authorized, |   |   |   |   |   |   |   |
| 8,627,275                issued and outstanding in 2007 and 2006    |   |   | **862,728** |   |   | 862,728 |   |
| Additional                paid-in capital                           |   |   | **2,757,275** |   |   | 2,757,275 |   |
| Common                stock subscribed                              |   |   | **8,000** |   |   | 8,000 |   |
| Accumulated                deficit                                  |   |   | **(3,626,121** | **)** |   | (3,626,121 | ) |
| Deficit                accumulated during the development stage     |   |   | **(63,245** | **)** |   | (54,887 | ) |
|                                                                |   |   | **(61,363** | **)** |   | (53,005 | ) |
|                                                                |   |   |   |   |   |   |   |
|                                                                |   | **$** | **10,811** |   | $ | 2,691 |   |

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**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      STATEMENTS OF OPERATIONS**

**(Unaudited)**

|                                                           |   | Cumulative                During the Development Stage (January 1, 1999 to |        | Three                Months EndedMarch                31, |   |
|----------------------------------------------------------------|--------|----------------------------------------------------------------------------|-------------|-----------------------------------------------------------|--------|
|                                                           |   | March                31, 2007)                                             |        | **2007**                                                  |   | 2006 |   |
|                                                           |   |                                                                       |        |                                                      |   |   |   |
| **NET                SALES**                                   |   | **$**                                                                      | **-**       |                                                      | **$**  | **-** |   | $ | - |   |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| **COSTS                AND EXPENSES:**                         |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| General                and administrative expense              |   |                                                                       | **59,426**  |                                                      |   | **7,700** |   |   | 3,700 |   |
| Interest                expense                                |   |                                                                       | **5,089**   |                                                      |   | **698** |   |   | 625 |   |
| Interest                income                                 |   |                                                                       | **(1,270**  | **)**                                                     |   | **(40** | **)** |   | (20 | ) |
| **TOTAL                COSTS AND EXPENSES**                    |   |                                                                       | **63,245**  |                                                      |   | **8,358** |   |   | 4,305 |   |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| **(LOSS)                BEFORE INCOME TAXES**                  |   |                                                                       | **(63,245** | **)**                                                     |   | **(8,358** | **)** |   | (4,305 | ) |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| Income                tax expense                              |   |                                                                       | **-**       |                                                      |   | **-** |   |   | - |   |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| **NET                (LOSS)**                                  |   | **$**                                                                      | **(63,245** | **)**                                                     | **$**  | **(8,358** | **)** | $ | (4,305 | ) |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| **WEIGHTED                AVERAGE COMMON SHARES**              |   |                                                                       |        |                                                      |   |   |   |   |   |   |
|  **OUTSTANDING**                                          |   |                                                                       |        |                                                      |   | **8,627,275** |   |   | 8,627,275 |   |
|                                                           |   |                                                                       |        |                                                      |   |   |   |   |   |   |
| **(LOSS)                PER COMMON SHARE - BASIC AND DILUTED** |   |                                                                       |        |                                                      | **$**  | **-** |   | $ | - |   |

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**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**CONDENSED      STATEMENTS OF CASH FLOWS**

**(Unaudited)**

|                                                                      |   | Cumulative                During the Development Stage (January 1, 1999 to |        |  Three                Months EndedMarch                31, |   |
|---------------------------------------------------------------------------|--------|----------------------------------------------------------------------------|-------------|-----------------------------------------------------------------|--------|
|                                                                      |   | March                31, 2007)                                             |        | **2007**                                                        |   | 2006 |   |
| **INCREASE                (DECREASE) IN CASH AND CASH EQUIVALENTS**       |   |                                                                       |        |                                                            |   |   |   |
| **CASH                FLOWS FROM OPERATING ACTIVITIES:**                  |   |                                                                       |        |                                                            |   |   |   |
| Net                (loss)                                                 |   | **$**                                                                      | **(63,245** | **)**                                                           | **$**  | **(8,358** | **)** | $ | (4,305 | ) |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| Change                in assets and liabilities:                          |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| Accounts                payable and accrued expenses                      |   |                                                                       | **(7,105**  | **)**                                                           |   | **7,478** |   |   | 4,325 |   |
| **Net                cash (utilized) provided by operating activities**   |   |                                                                       | **(70,350** | **)**                                                           |   | **(880** | **)** |   | 20 |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| **CASH                FLOWS FROM INVESTING ACTIVITIES**                   |   |                                                                       | **-**       |                                                            |   | **-** |   |   | - |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| **CASH                FLOWS FROM FINANCING ACTIVITIES:**                  |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| Proceeds                from private placement/exercise of stock warrants |   |                                                                       | **5,500**   |                                                            |   | **-** |   |   | - |   |
| Proceeds                from convertible debt                             |   |                                                                       | **56,000**  |                                                            |   | **9,000** |   |   | 7,500 |   |
| Capital                contribution                                       |   |                                                                       | **8,000**   |                                                            |   | **-** |   |   | - |   |
| **Net                cash provided by financing activities**              |   |                                                                       | **69,500**  |                                                            |   | **9,000** |   |   | 7,500 |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| **NET                (DECREASE) INCREASE IN CASH**                        |   |                                                                       | **(850**    | **)**                                                           |   | **8,120** |   |   | 7,520 |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS, AT BEGINNING OF PERIOD**      |   |                                                                       | **11,661**  |                                                            |   | **2,691** |   |   | 1,186 |   |
|                                                                      |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| **CASH                AND CASH EQUIVALENTS, AT END OF PERIOD**            |   | **$**                                                                      | **10,811**  |                                                            | **$**  | **10,811** |   | $ | 8,706 |   |
|   **SUPPLEMENTAL                CASH FLOW INFORMATION**         |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| Cash                paid during the period for:                           |   |                                                                       |        |                                                            |   |   |   |   |   |   |
| Interest                                                                  |   | **$**                                                                      | **-**       |                                                            | **$**  | **-** |   | $ | - |   |

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**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**NOTES      TO INTERIM CONDENSED FINANCIAL STATEMENTS**

**MARCH      31, 2007**

**(Unaudited)**

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

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**CHASE      PACKAGING CORPORATION**

**(A      Development Stage Company)**

**NOTES      TO INTERIM CONDENSED FINANCIAL STATEMENTS**

**MARCH      31, 2007**

**(Unaudited)**

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

| **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  |   |
|                                 |   | $      | 56,000 |   |

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

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

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**PART      II. OTHER INFORMATION**

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**SIGNATURES**

|                                                    |                                                  |                                                        |
|---------------------------------------------------------|-------------------------------------------------------|-------------------------------------------------------------|
|                                                    | CHASE              PACKAGING              CORPORATION |
|                                               |                                             |                                                   |
| Date: May              15,              2007  | By:                                         | /s/ Ann              W.              Green   |
|                                                    | Ann              W. Green                             |
|                                                    | (Assistant              Secretary                     |
|                                                    | and Principal Financial and                           |
|                                                    | Accounting              Officer)                 |

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**CHASE      PACKAGING CORPORATION**

**QUARTERLY      REPORT ON FORM 10-QSB**

**QUARTER      ENDED MARCH 31, 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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