SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

MASTERS CHARLES G

(Last)

(First)

(Middle)

3030 N. ROCKY POINT DR.

SUITE 150

(Street)

TAMPA

33607

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
DEER VALLEY CORP [ DVLY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	PRESIDENT & CEO

3. Date of Earliest Transaction (Month/Day/Year)
01/07/2011

4. If Amendment, Date of 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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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 Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
SERIES BD WARRANT	⁽¹⁾	08/11/2011		E			109,419⁽¹⁾	⁽¹⁾	⁽¹⁾	COMMON STOCK	109,419	⁽¹⁾	16,755,074⁽¹⁾⁽⁵⁾	I⁽⁶⁾	BY SPOUSE
SERIES A WARRANT	⁽²⁾	08/11/2011		E			33,334⁽²⁾	⁽²⁾	⁽²⁾	COMMON STOCK	33,334	⁽²⁾	16,731,740⁽²⁾	I⁽⁶⁾	BY SPOUSE
SERIES A WARRANT	⁽³⁾	12/04/2011		E			2,024⁽³⁾	⁽³⁾	⁽³⁾	COMMON STOCK	2,024	⁽³⁾	16,719,716⁽³⁾	I⁽⁶⁾	BY SPOUSE
OPTION AGREEMENT	⁽⁴⁾	03/31/2012		E			16,703,049⁽⁴⁾	⁽⁴⁾	⁽⁴⁾	COMMON STOCK	16,703,049	⁽⁴⁾	16,667⁽⁴⁾	I	BY SPOUSE

Explanation of Responses:

1. An unexercised Series BD Common Stock Purchase Warrant held by the Reporting Person expired on August 11, 2011. The Series BD Common Stock Purchase Warrant was exercisable for 109,419 shares of the Company's common stock.

2. An unexercised Series A Common Stock Purchase Warrant held by the Reporting Person's expired on August 11, 2011. The Series A Common Stock Purchase Warrant was exercisable for 33,334 shares of the Company's common stock.

3. An unexercised Series A Common Stock Purchase Warrant held by the Reporting Person's spouse expired on December 4, 2011. The Series A Common Stock Purchase Warrant was exercisable for 2,024 shares of the Company's common stock.

4. The Reporting Person's unexercised option expired on March 31, 2012. The expired option had provided the Reporting Person with the right to acquire an aggregate of 16,703,049 shares of common stock or preferred stock exercisable for common stock.

5. Column 9 of Table II of the Reporting Person's Form 4 filed on Jan 7, 2011 incorrectly reported the number of derivative securities beneficially owned following the reported transaction as 16,977,827 shares. This Form 4 amends Column 9 of Table II of the Reporting Person's Form 4 filed on Jan 7, 2011 to report that correct number of derivative securities beneficially owned following the reported transaction was 16,864,493 shares.

6. A portion of reported securities held directly by Reporting Person. A portion of reported securities held directly by Reporting Person's spouse.

	/s/ CHARLES G. MASTERS	06/11/2012
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.