Edgar Filing: DEER VALLEY CORP

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 ^*

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	__X__ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
PRESIDENT & CEO

(Last)

(First)

(Middle)

4902 EISENHOWER BLVD., SUITE 185

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2007

(Street)

TAMPA, FL 33634

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.
	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 control number.		SEC 1474 (9-02)

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

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

COMMON STOCK PURCHASE WARRANTS

$ 1.5

08/15/2007

19,799

01/18/2006

⁽¹⁾

COMMON STOCK

19,799

⁽²⁾

194,778 ⁽³⁾

owned by spouse.

COMMON STOCK PURCHASE WARRANTS

$ 2.25

08/15/2007

9,900

01/18/2006

⁽¹⁾

COMMON STOCK

9,900

⁽²⁾

194,778 ⁽³⁾

owned by spouse.

COMMON STOCK PURCHASE WARRANTS

$ 1.5

08/15/2007

39,860

04/17/2006

⁽¹⁾

COMMON STOCK

39,860

⁽²⁾

194,778 ⁽³⁾

owned by spouse.

COMMON STOCK PURCHASE WARRANTS

$ 3

08/15/2007

39,860

04/17/2006

⁽¹⁾

COMMON STOCK

39,860

⁽²⁾

194,778 ⁽³⁾

owned by spouse.

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MASTERS CHARLES G 4902 EISENHOWER BLVD., SUITE 185 TAMPA, FL 33634	X	X	PRESIDENT & CEO

Signatures

/c/ CHARLES G. MASTERS		08/15/2007
^**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 warrant expires five (5) years from the date of issuance.
(2)	The aggregate purchase price paid for all of the warrants purchased on August 15, 2007 was $4,000.
(3)	Includes (a) the warrants referenced in this Form 4, (b) a Series A Common Stock Purchase Warrant for 33,334 shares of common stock, (c) a Series A Common Stock Purchase Warrant for 2,024 shares of common stock; (d) 2,500 shares of Series A Convertible Preferred Stock; and (e) a Series B Common Stock Purchase Warrant for 16,667 shares of common stock. The reporting person and his spouse both disclaim beneficial ownership of the other's securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

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