Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
OLDERMAN DAVID J
  2. Issuer Name and Ticker or Trading Symbol
GREIF INC [GEF,GEF.B]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
425 WINTER ROAD
3. Date of Earliest Transaction (Month/Day/Year)
04/01/2005
(Street)

DELAWARE, OH 43015
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 04/01/2005   M   2,000 A $ 30 2,000 D  
Class A Common Stock 04/01/2005   M   2,000 A $ 30.5 4,000 D  
Class A Common Stock 04/01/2005   M   2,000 A $ 36.531 6,000 D  
Class A Common Stock 04/01/2005   M   2,000 A $ 33.95 8,000 D  
Class A Common Stock 04/01/2005   M   2,000 A $ 36.99 10,000 D  
Class A Common Stock 04/01/2005   S   10,000 D $ 69.883 0 (1) D  
Class B Common Stock               15,414 D  
Class A Common Stock               1,000 I See footnote. (2)
Class B Common Stock               6,060 I See footnote. (3)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Common Stock Options $ 30 04/01/2005   M     2,000 09/05/1996 09/05/2006 Class A Common Stock 2,000 $ 30 10,000 D  
Class A Common Stock Options $ 30.5 04/01/2005   M     2,000 02/24/1997 02/24/2007 Class A Common Stock 2,000 $ 30.5 8,000 D  
Class A Common Stock Options $ 36.531 04/01/2005   M     2,000 02/23/1998 02/23/2008 Class A Common Stock 2,000 $ 36.531 6,000 D  
Class A Common Stock Options $ 33.95 04/01/2005   M     2,000 02/25/2002 02/25/2012 Class A Common Stock 2,000 $ 33.95 4,000 D  
Class A Common Stock Options $ 36.99 04/01/2005   M     2,000 02/23/2004 02/23/2014 Class A Common Stock 2,000 $ 36.99 2,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
OLDERMAN DAVID J
425 WINTER ROAD
DELAWARE, OH 43015
  X      

Signatures

 David J. Olderman by John K. Dieker pursuant to a POA filed with the Commission.   04/04/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reporting person does not have any direct ownership of Greif Class A Common Stock.
(2) These shares are owned by the reporting person's self-directed profit sharing plan.
(3) 800 shares are owned by the reporting person's spouse; 2,260 shares are owned by the reporting person's self-directed profit sharing plan; 1,000 shares are owned by the Jean Olderman Trust; 1,000 shares are owned by the Jill Olderman Trust and 1,000 shares are owned by the David Olderman Trust.

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