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 September 30, 2005

                                       OR

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

              For the transition period from _________ to _________

Commission File Number: 0-21609
                        -------

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

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

              c/o Ann W. Green, 636 River Road, Fairhaven, NJ 07704
              -----------------------------------------------------
               (Address of principal executive offices) (Zip Code)

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

Check whether the Issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90
days. YES |X| NO |_|

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


                  Class                       Outstanding at October 26, 2005
--------------------------------------    --------------------------------------
Common Stock, par value $.10 per share               8,627,275 shares


<PAGE>

                                    - INDEX -

                                                                         Page(s)
                                                                         -------

PART I.  Financial Information:

ITEM 1.  Financial Statements

         Balance Sheets - September 30, 2005 (Unaudited) and
           December 31, 2004                                                3.

         Statements of Operations (Unaudited) - Cumulative Period
           During the Development Stage (January 1, 1999 to
           September 30, 2005) and the Three and Nine Months
           Ended September 30, 2005 and 2004                                4.

         Statements of Cash Flows (Unaudited) - Cumulative Period
           During the Development Stage (January 1, 1999 to
           September 30, 2005) and the Nine Months Ended
           September 30, 2005 and 2004                                      5.

         Notes to Interim Financial Statements (Unaudited)                  6.


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

ITEM 3.  Controls and Procedures                                            8.

PART II. Other Information                                                  9.


SIGNATURES                                                                 10.

EXHIBITS


                                                                         Page 2.
<PAGE>

PART I. FINANCIAL INFORMATION:

ITEM I. FINANCIAL STATEMENTS:

<TABLE>
<CAPTION>
                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                                 BALANCE SHEETS
                                 --------------

                                   - ASSETS -

                                                                                                   September 30,        December 31,
                                                                                                       2005                2004
                                                                                                    -----------         -----------
                                                                                                    (unaudited)
<S>                                                                                                 <C>                 <C>
CURRENT ASSETS:
     Cash and cash equivalents                                                                      $     5,537         $       734
                                                                                                    -----------         -----------

TOTAL ASSETS                                                                                        $     5,537         $       734
                                                                                                    ===========         ===========

                    - LIABILITIES AND SHAREHOLDERS' DEFICIT -

CURRENT LIABILITIES:
     Accrued expenses                                                                               $    12,026         $    11,905
                                                                                                    -----------         -----------

TOTAL CURRENT LIABILITIES                                                                                12,026              11,905
                                                                                                    -----------         -----------

CONVERTIBLE NOTES PAYABLE                                                                                29,500              12,500
                                                                                                    -----------         -----------

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
       in 2005 and 2004                                                                                 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                                                   (37,871)            (25,553)
                                                                                                    -----------         -----------
                                                                                                        (35,989)            (23,671)
                                                                                                    -----------         -----------

                                                                                                    $     5,537         $       734
                                                                                                    ===========         ===========
</TABLE>

                       See notes to financial statements.

                                                                         Page 3.

<PAGE>
<TABLE>
<CAPTION>
                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                            STATEMENTS OF OPERATIONS
                            ------------------------
                                   (Unaudited)

                                                    Cumulative During
                                                     the Development
                                                          Stage
                                                    (January 1, 1999 to     Three Months Ended               Nine Months Ended
                                                        September 30,          September 30,                   September 30,
                                                           2005)            2005           2004             2005            2004
                                                        -----------     -----------     -----------     -----------     -----------
<S>                                                     <C>             <C>             <C>             <C>             <C>
NET SALES                                               $        --     $        --     $        --     $        --     $        --
                                                        -----------     -----------     -----------     -----------     -----------
COSTS AND EXPENSES:
    General and administrative expense                       44,803           3,700           4,968          11,100           5,171
    Reversal of overaccrued expenses                         (7,077)             --              --              --              --
    Interest expense                                          1,251             575              --           1,251              --
    Interest and other income                                (1,106)            (17)             (7)            (33)             (7)
                                                        -----------     -----------     -----------     -----------     -----------
TOTAL COSTS AND EXPENSES                                     37,871           4,258           4,961          12,318           5,164
                                                        -----------     -----------     -----------     -----------     -----------

(LOSS) BEFORE INCOME TAXES                                  (37,871)         (4,258)         (4,961)        (12,318)         (5,164)

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

NET (LOSS)                                              $   (37,871)    $    (4,258)    $    (4,961)    $   (12,318)    $    (5,164)
                                                        ===========     ===========     ===========     ===========     ===========

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>
<TABLE>
<CAPTION>
                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
                            ------------------------
                                   (Unaudited)

                                                                                  Cumulative During the
                                                                                    Development Stage
                                                                                   (January 1, 1999 to        Nine Months Ended
                                                                                       September 30,            September 30,
                                                                                           2005             2005             2004
                                                                                         --------         --------         --------
<S>                                                                                      <C>              <C>              <C>
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH FLOWS FROM OPERATING ACTIVITIES:
    Net (loss)                                                                           $(37,871)        $(12,318)        $ (5,164)

    Change in assets and liabilities:
         Accounts payable and accrued expenses                                            (11,253)             121           (5,951)
                                                                                         --------         --------         --------
              Net cash (utilized) by operating activities                                 (49,124)         (12,197)         (11,115)
                                                                                         --------         --------         --------

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

CASH FLOWS FROM FINANCING ACTIVITIES
    Proceeds from convertible notes                                                        29,500           17,000           12,500
    Proceeds from private placement/exercise of stock warrants                              5,500               --               --
    Proceeds from stock subscriptions                                                       8,000               --               --
                                                                                         --------         --------         --------
              Net cash provided by financing activities                                    43,000           17,000           12,500
                                                                                         --------         --------         --------

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                       (6,124)           4,803            1,385

    Cash and cash equivalents, at beginning of period                                      11,661              734            1,074
                                                                                         --------         --------         --------
CASH AND CASH EQUIVALENTS, AT END OF PERIOD                                              $  5,537         $  5,537         $  2,459
                                                                                         ========         ========         ========

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
                               SEPTEMBER 30, 2005
                               ------------------
                                   (Unaudited)

NOTE 1  -   BASIS OF PRESENTATION:

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

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

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

            The Board of Directors has been devoting its efforts to establishing
            a new business and,  accordingly,  the Company is being treated as a
            development stage company, in accordance with Statement of Financial
            Accounting Standards 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 September 30, 2005, the results of its operations for the nine
            and three month  periods  ended  September 30, 2005 and 2004 and the
            results of its cash flows for the nine month periods ended September
            30, 2005 and 2004.

            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, 2004 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  -   LOSS PER COMMON SHARE:

            (Loss) per common share,  both basic and diluted,  was calculated by
            dividing  net  (loss)  by the  weighted  average  number  of  shares
            outstanding for each reporting period.

NOTE 3 -    SHAREHOLDERS' EQUITY:

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


                                                                         Page 6.
<PAGE>

                           CHASE PACKAGING CORPORATION
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2005
                               ------------------
                                   (Unaudited)

NOTE 4  -   CONVERTIBLE DEBT:

            During the 2004 third  quarter,  the  Company  issued  $12,500 of 5%
            Convertible Notes and received proceeds of $12,500; during the first
            quarter of 2005, the Company  issued $4,000 of 5% Convertible  Notes
            and received proceeds of $4,000;  during the second quarter of 2005,
            the  Company  issued  $8,000 of 5%  Convertible  Notes and  received
            proceeds  of  $8,000;  and during  the third  quarter  of 2005,  the
            Company issued $5,000 of 5% Convertible  Notes and received proceeds
            of  $5,000.  The  investors  were  directors  and an  officer of the
            Company. The Notes are convertible into common stock at $0.01 or par
            value (currently $0.10 per share) whichever is greater.  The Company
            and the Note Holders have the option to mutually  extend the term of
            the  Note(s)  if the par value has not been  reduced to $0.01 by the
            due date. If the Notes are converted at par greater than $0.01, then
            the Note Holders will, upon conversion, receive a Unit consisting of
            one share of common stock and a 10-year  warrant  exercisable at the
            then par value of the common stock. Interest will accrue and be paid
            at  maturity  and,  if  unpaid,  added to  principal  at the time of
            conversion.  The notes, which were originally due in 2006, have been
            extended until 2007.


                                                                         Page 7.
<PAGE>

ITEM 2.     MANAGEMENT'S PLAN OF OPERATIONS:

            Chase Packaging  Corporation  (the Company)  experienced cash losses
            for past years in spite of numerous infusions of working capital and
            an  aggressive  program of inventory and expense  reduction.  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 to other  packaging  companies.  The Company  also sold its
            band label  extruder  for  $125,000  with  remaining  inventory  and
            machinery  and  equipment  sold at an  August 14  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 minimal interest income on
            its remaining cash balance.

            As a result of the sale of common shares in a private  placement and
            the  exercise  of common  stock  purchase  warrants  during the last
            quarter of 2001 as well as additional capital  contributions  during
            2002 and through the first nine  months of 2005 the  Company's  cash
            balance as of September 30, 2005 was $5,537.

ITEM 3.     CONTROLS AND PROCEDURES:

            (a) Evaluation of Disclosure Controls and Procedures.

            As of September  30, 2005, 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 8.
<PAGE>

                           PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

            None

Item 2.     Changes in Securities

            None

Item 3.     Defaults upon Senior Securities

            None

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

            None

Item 5.     Other Information

            None

Item 6.     Exhibits

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

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

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

            Exhibit 32.2            Certification of the Principal Financial
                                    Officer pursuant to 18 U.S.C. Section 1350,
                                    as adopted pursuant to Section 906 of the
                                    Sarbanes-Oxley Act of 2002.


                                                                         Page 9.
<PAGE>

                                   SIGNATURES

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


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


                                        /s/ Ann W. Green
                                        ----------------------------------------
Date: November 7, 2005                  Ann W. Green
                                        (Assistant Secretary
                                        and Principal Financial and
                                        Accounting Officer)


                                                                        Page 10.