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 * MASTERS CHARLES G   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 (Last) (First) (Middle) 3030 N. ROCKY POINT DR., SUITE 150 3. Date of Earliest Transaction (Month/Day/Year) 01/07/2011 (Street) TAMPA, FL 33607 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

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

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

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
MASTERS CHARLES G 3030 N. ROCKY POINT DR. SUITE 150 TAMPA, FL 33607	X		PRESIDENT & CEO

Signatures

/s/ CHARLES G. MASTERS		06/11/2012
**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)	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.

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