Edgar Filing: DEER VALLEY CORP

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF 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 ^*

Â Vicis Capital, LLC

2. Date of Event Requiring Statement (Month/Day/Year)
05/10/2007

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

(Last)

(First)

(Middle)

126 E. 56TH STREET,Â TOWER 56, SUITE 700

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

_____ Director	__X__ 10% Owner
_____ Officer (give title below)	_____ Other (specify below)

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

NEW YORK,Â NYÂ 10022

6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, $0.001 par value per share	1,120,153	I ⁽¹⁾	By Vicis Capital Master Fund

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Series A Cnvrtble Preferred Stock, $.01 par value per share	Â ⁽²⁾	Â ⁽³⁾	Common Stock, $0.001 par value per share	600,000	$ 0.75	I ⁽¹⁾	By Vicis Capital Master Fund
Series E Cnvrtble Preferred Stock, $.01 par value per share	Â ⁽²⁾	Â ⁽³⁾	Common Stock, $0.001 par value per share	750,000	$ 0	I ⁽¹⁾	By Vicis Capital Master Fund
Series B Warrant to Purchase Common Stock	08/11/2006	03/07/2013	Common Stock, $0.001 par value per share	3,000,000	$ 2.25	I ⁽¹⁾	By Vicis Capital Master Fund
Series D Warrant to Purchase Common Stock	08/11/2006	03/09/2013	Common Stock, $0.001 par value per share	2,000,000	$ 0.75	I ⁽¹⁾	By Vicis Capital Master Fund
Series F Warrant to Purchase Common Stock	07/23/2007	07/23/2012	Common Stock, $0.001 par value per share	250,000	$ 2.25	I ⁽¹⁾	By Vicis Capital Master Fund
Series F Warrant to Purchase Common Stock	11/16/2006	11/16/2011	Common Stock, $0.001 par value per share	750,000	$ 2.25	I ⁽¹⁾	By Vicis Capital Master Fund

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Vicis Capital, LLC 126 E. 56TH STREET TOWER 56, SUITE 700 NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â
Vicis Capital Master Fund 126 EAST 56TH STREET TOWER 56, SUITE 700 NEW YORK,Â NYÂ 10022	Â	Â X	Â	Â

Signatures

/s/ Keith Hughes, Authorized Representative of Vicis Capital LLC and Vicis Capital Master Fund		04/01/2008
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(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)	Represents the indirect holdings of Vicis Capital LLC. All of the foregoing represents securities held directly by Vicis Capital Master Fund. Vicis Capital LLC acts as investment advisor to Vicis Capital Master Fund and therefore has voting and dispositive power over all the foregoing shares. For the purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, Vicis Capital LLC may be deemed to be the beneficial owner of, but hereby disclaims such beneficial ownership of, the foregoing shares.
(2)	Immediately.
(3)	None.

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