SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 8-K
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              CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                          COMMISSION FILE NO.: 0-28887



                        Date of Report: October 18, 2006





                             GREENSHIFT CORPORATION
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             (Exact name of registrant as specified in its charter)


Delaware                                                            22-3328734
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 (State of other jurisdiction of                                (IRS Employer
incorporation or organization                                Identification No.)


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One Penn Plaza, Suite 1612, New York, NY                               10119
(Address of principal executive offices)                              (Zip Code)


                                 (212) 994-5374
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               (Registrant's telephone number including area code)





Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

__   Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

__   Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

__   Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

__   Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))



ITEM 2.01    COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS

On October 18, 2006, GreenShift acquired from GS Energy Corporation, of which it
is the majority  shareholder,  the following  securities:  85% of the issued and
outstanding equity of DirectView, Inc., 30% of the issued and outstanding equity
of  AirCycle  Corporation,  and 100% of the  issued  and  outstanding  equity of
Separation  and  Recovery  Technologies,  Inc. In exchange  for the  securities,
GreenShift  Corporation  waived payment of certain  debentures and other amounts
due from GS Energy to GreenShift in the aggregate amount of six hundred thousand
and four dollars  ($604,000) and  surrendered  four hundred  thousand  (400,000)
shares of GS Energy's Series C Preferred Stock.



ITEM 9.01         FINANCIAL STATEMENTS AND EXHIBITS

Exhibits:

10-a Share  Purchase   Agreement  dated  October  18,  2006  between  GreenShift
     Corporation and GS Energy Corporation.



                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



GREENSHIFT CORPORATION



               /S/      Kevin Kreisler
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                        KEVIN KREISLER
                        Chief Executive Officer

Date:                   October 24, 2006